Exhibit 99.1 - Press Release - -------------------------------------------------------------------------------- PRESS RELEASE - -------------------------------------------------------------------------------- ASTRO-MED, INC. 600 East Greenwich Avenue West Warwick, Rhode Island 02893 Astro-Med Reports First Quarter Results; Directors Declare Regular Cash Dividend For Immediate Release Contact: Albert W. Ondis Joseph P. O'Connell May 24, 2004 Astro-Med, Inc. (401) 828-4000 West Warwick, RI, May 24, 2004 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net income of $1,598,000, equal to 27* cents per diluted share, on sales of $14,242,000, for the First Quarter ended May 1, 2004. During the First Quarter, the Company realized a one-time non-cash tax benefit of $939,000. Excluding the tax benefit, on a pro forma basis, net income was $659,000, equal to 11* cents per diluted share. (See reconciliation of non-GAAP financial information for pro forma net income and pro forma net income per diluted share.) During the corresponding period of the previous year, the Company reported net income of $506,000, equal to 11* cents per diluted share, on sales of $13,214,000. Commenting on the results, Albert W. Ondis, Chief Executive Officer, stated: "Sales from all three of the Company's product groups are pointing upward. QuickLabel(R)Systems grew 15% from the corresponding period of last year, while Test & Measurement grew 52%. During the First Quarter, Grass-Telefactor(R)resumed the growth pattern that began early in FY 2004. "Operating income of $936,000 in the First Quarter was nearly double the $487,000 earned in the corresponding period of last year. New orders continue strong and with several new products about to be introduced, we are optimistic about the balance of the year. "Our balance sheet remains strong with cash and marketable securities of $12,000,000, a current ratio of 5:1 and no debt." On May 24, 2004, Directors of Astro-Med declared the regular quarterly cash dividend of four cents per share payable on July 1, 2004 to shareholders of record on June 18, 2004. The First Quarter conference call will be held on Monday, May 24, 2004 at 5:00 PM EDT. It will be broadcast in real time on the Internet through our website at www.astro-med.com. We invite you to log on and listen in on May 24th, or access the broadcast any time for up to 5 days following the event. Astro-Med, Inc. is a leading manufacturer of high tech specialty printing systems, electronic medical instrumentation, and test and measurement instruments employed around the world in a wide range of industrial, scientific, and medical applications. ASTRO-MED, INC. First Quarter May 1, 2004 May 3, 2003 ----------- ----------- Net Sales $14,242,000 $13,214,000 Net Income $ 1,598,000 $ 506,000 Basic Net Income Per Share $0.30 $0.11 Diluted Net Income Per Share $0.27 $0.11 Dividends Per Share $0.04 $0.04 Weighted Average Common Shares Outstanding - Basic 5,245,385* 4,678,072* Weighted Average Common Shares Outstanding - Diluted 5,850,848* 4,681,537* * Net income per diluted share for all periods has been restated to reflect the impact of the 10% stock dividend declared on April 19, 2004 by the Board of Directors for shareholders of record on May 4, 2004. The impact of the restated net income per share on the prior year is a follows: Net Income Per Net Income Per Share - Diluted Share - Diluted As Reported As Restated ----------- ----------- May 3, 2003 - Quarter $0.12 $0.11 August 2, 2003 - Quarter $0.18 $0.16 November 3, 2003 - Quarter $0.17 $0.16 January 31, 2004 - Quarter $0.18 $0.17 ----- ----- Fiscal Year January 31, 2004 $0.66 $0.60 ===== ===== Reconciliation of Non-GAAP Financial Information - ------------------------------------------------ In an effort to provide investors information regarding the Company's results, the Company disclosed certain Non-GAAP information which management believes provides useful information to the investor. A reconciliation of net income and net income per diluted share as reported under GAAP to the pro forma net income and pro forma net income per diluted share excluding the one-time non-cash tax valuation allowance benefit adjustment for the three-months ending May 1, 2004 is as follows: GAAP Basis Adjusted Pro Forma Basis ---------- -------- --------------- Income Before Taxes $1,031,000 $ $1,031,000 - Income Tax Benefit (Expense) 567,000 939,000 (372,000) ---- ------- -- ------- --- --------- Net Income $1,598,000 $939,000 $ 659,000 ========= ======== ========= Net Income Per Share - Diluted $0.27 $0.16 $0.11 ===== ===== ===== Safe Harbor Statement This news release contains forward-looking statements, and actual results may vary from those expressed or implied herein. Factors that could affect these results include those mentioned in Astro-Med's FY2004 annual report and its annual and quarterly filings with the Securities and Exchange Commission.
AstroNova (ALOT) 8-KFinancial statements and exhibits
Filed: 25 May 04, 12:00am