Exhibit 99.1 - Press Release ---------------------------- - -------------------------------------------------------------------------------- PRESS RELEASE - -------------------------------------------------------------------------------- ASTRO-MED, INC. 600 East Greenwich Avenue West Warwick, Rhode Island 02893 Astro-Med Comments on Share Price; Affirms Stock Buyback Program For Immediate Release Contact: Albert W. Ondis Joseph P. O'Connell May 26, 2004 Astro-Med, Inc. (401) 828-4000 West Warwick, RI, May 26, 2004 -- Astro-Med, Inc. (NASDAQ:ALOT) today commented on its recent share price decline in response to inquiries from shareholders or their representatives. Albert W. Ondis, CEO, stated: "I see no reason for the recent decrease in Astro-Med's stock price. The Company reported healthy financial results for the first quarter including sales of $14,242,000, operating income increasing 92% to $936,000, and net income of $1,598,000. Excluding the one-time non-cash tax benefit of $939,000 related to the reversal of the valuation allowance established during the fourth quarter of FY2003, our net income on a pro forma basis was $659,000, a 30% increase over the first quarter of the previous year. Our balance sheet remains solid with $12,000,000 in cash, an excellent current ratio of 5:1 and no debt. In addition, during the first quarter, the Board of Directors declared a 10% stock dividend to our shareholders of record on May 4, 2004. "We have an exciting suite of new products in our QuickLabel(R)Systems, Grass-Telefactor(R)and Test and Measurement Product Groups, each of which experienced growth over last year during the first quarter. The Company's fundamentals remain strong with a diverse distribution system including sales and marketing personnel, a global dealer network and a skilled technical service organization to support our broad customer base. "Presently, we have an active Stock Buyback Program of Astro-Med common shares which has allowed the company to repurchase 939,624 shares of ALOT common stock over the past eight years. At present, we have Board of Directors' authorization to purchase an additional 218,600 shares of the Company stock. We are prepared to take advantage of attractive buying opportunities." 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 as reported under GAAP to the pro forma net income 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 ========= ======== ========= 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.
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Filed: 27 May 04, 12:00am