- -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Exhibit 99.1 PRESS RELEASE ASTRO-MED, INC. 600 East Greenwich Avenue West Warwick, Rhode Island 02893 For Immediate Release Contact: Albert W. Ondis Joseph P. O'Connell August 17, 2004 Astro-Med, Inc. (401) 828-4000 Astro-Med Reports Second Quarter Results; Directors Declare Regular Cash Dividend and Authorize Additional Stock Buyback West Warwick, RI, August 17, 2004 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net income of $602,000, equal to 10 cents per diluted share, on sales of $13,990,000 for the Second Quarter ending July 31, 2004. During the corresponding period of the previous year, the Company reported net income of $810,000, equal to 16 cents per diluted share, on sales of $14,023,000. During the Six-Month Period of the current fiscal year, earnings were $2,201,000, equal to 38 cents per diluted share, on sales of $28,232,000. For the corresponding period last year the Company reported a net profit of $1,316,000, equal to 27 cents per diluted share, on sales of $27,237,000. Commenting on the results, Albert W. Ondis, Chief Executive Officer, stated: "Although the QuickLabel Systems product group, famous for its unique color label printers, grew by 19%, the other two product groups lagged as customers postponed purchases. We believe the purchase deferrals were seasonal in nature and not the result of competitive activities. Nevertheless, we made a significant increase in our field sales force during the quarter, in order to take advantage of the significant number of new sales opportunities generated by the continuous stream of new product introductions now underway. Remaining focused on our goal to grow as rapidly as possible, we will continue to develop and introduce new products and to strengthen our sales and marketing activities. "The Company's financial position remains very strong with cash and marketable securities at $13.1 million, a current ratio of 4.7 to 1, no long term debt, and a book value of $7.22 per share." On August 16, 2004, the Directors of Astro-Med increased the authorized buyback of the Company's shares of common stock to 600,000, and declared the regular quarterly cash dividend of 4 cents per share payable on October 1, 2004 to shareholders of record on September 10, 2004. The Second Quarter conference call will be held on Tuesday, August 17, 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 August 17th, 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. Consolidated Statement of Operations In Thousands Except for Per Share Data (Unaudited) Three-Months Ending Six-Months Ending July 31, 2004 August 2, July 31, 2004 August 2, 2003 2003 Net Sales $13,990 $14,023 $28,232 $27,237 Gross Profit 5,920 5,816 11,714 10,866 42.3% 41.5% 41.5% 39.9% Operating Expenses: Selling, General & Administrative 4,037 3,932 7,938 7,625 Research & Development 966 907 1,924 1,776 5,003 4,839 9,861 9,402 Operating Income 917 977 1,853 1,465 6.6% 7.0% 6.6% 5.4% Other, Net 24 33 120 84 Income Before Taxes 941 1,010 1,973 1,548 Income Tax Benefit (Provision) (339) (200) 228 (232) Net Income $ 602 $ 810 $2,201 $1,316 Net Income Per Share - Basic $ 0.11 $ 0.17 $ 0.42 $ 0.28 Net Income Per Share - Diluted $ 0.10 $ 0.16 $ 0.38 $ 0.27 Weighted Average Number of Common Shares - Basic 5,307 4,638 5,276 4,658 Weighted Average Number of Common Shares - Diluted 5,817 5,032 5,834 4,857 Dividends Declared Per Common Share $ 0.04 $ 0.04 $ 0.08 $ 0.08 Selected Balance Sheet Data In Thousands Except for Per Share Data As of As of July 31, 2004 January 31, 2004 Cash & Marketable Securities $13,140 $12,677 Current Assets $36,917 $32,017 Total Assets $47,158 $42,065 Current Liabilities $7,599 $7,518 Shareholders' Equity $38,339 $34,547 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-KResults of Operations and Financial Condition
Filed: 18 Aug 04, 12:00am