EXHIBIT 99.1
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PRESS RELEASE
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ASTRO-MED, INC.
600 East Greenwich Avenue
West Warwick, Rhode Island 02893
For Immediate Release
Contact: Albert W. Ondis
Joseph P. O'Connell March 22, 2005
Astro-Med, Inc.
(401) 828-4000
Astro-Med Reports Fourth Quarter and Fiscal 2005 Results;
Directors Declare Regular Cash Dividend
West Warwick, RI, March 22, 2005 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net
income of $456,000, equal to 8 cents per diluted share, on record sales of
$14,496,000 for the Fourth Quarter ending January 31, 2005. During the
corresponding period of the previous year, the Company reported net income of
$1,000,000, equal to 17 cents per diluted share, on sales of $14,157,000.
For the twelve month period ended January 31, 2005, net income was $2,710,000,
equal to 47 cents per diluted share, on sales of $55,975,000. For the
corresponding period last year the Company reported net income of $3,217,000,
equal to 60 cents per diluted share, on sales of $55,781,000.
Commenting on the results, Albert W. Ondis, Chief Executive Officer, stated: "We
are pleased that the Company achieved record sales in the Fourth Quarter. We
experienced healthy demand from our QuickLabel Systems(R)product group, where
sales increased 5% over the Third Quarter and 12% for the year, as well as our
Grass-Telefactor(R)product group, which grew 14% over the Third Quarter sales.
Our Test & Measurement product group sales grew 15% over the Third Quarter
figures. Although T&M sales declined from the prior year, this product group
is benefiting from growing industry acceptance of its ruggedized airborne
products including Cockpit Printers and Ethernet Switches.
"During the year we fulfilled our plan to increase revenue by expanding our
overall selling and marketing activities. We hired additional field sales
personnel, increased our trade shows representation and broadened our global
dealer organization. Additionally, we strengthened the technical capabilities in
our R&D team by adding software and electrical engineering personnel. There
is great promise in the suite of new products currently under development for
all three product groups.
"At the end of the year our balance sheet is even stronger with an increase in
cash and marketable securities, improved current ratio and no long or short term
debt. We expect continuous improvement in the year ahead as we drive the
Company's strategy of sales growth and profitability."
On March 8, 2005, the Directors of Astro-Med declared the regular quarterly cash
dividend of 4 cents per share payable on April 1, 2005 to shareholders of record
on March 25, 2005.
The Fourth Quarter and Fiscal Year conference call will be held today, March 22,
2005, at 5:00 PM EST. 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
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 Twelve-Months Ending
January 31, January 31, January 31, January 31,
2005 2004 2005 2004
---- ---- ---- ----
Net Sales $14,496 $14,157 $55,975 $55,781
Gross Profit 6,180 6,197 23,046 22,989
42.6% 43.8% 41.2% 41.2%
Operating Expenses:
Selling, General & Administrative 4,416 4,136 16,429 15,673
Research & Development 1,054 954 4,047 3,686
Restructuring and Impairment -- (15) -- (15)
------ ------ -------- ------
5,470 5,075 20,476 19,344
Operating Income 710 1,122 2,570 3,645
4.9% 7.9% 4.6% 6.5%
Other, Net 2 54 198 139
------- ------ ----- ------
Income Before Taxes 712 1,176 2,768 3,784
Income Tax Benefit (Provision) (256) (176) (58) (567)
----- ------ ---- -----
Net Income $ 456 $ 1,000 $2,710 $3,217
====== ======= ====== ======
Net Income Per Share - Basic $ 0.09 $ 0.19 $ 0.51 $ 0.67
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Net Income Per Share - Diluted $ 0.08 $ 0.17 $ 0.47 $ 0.60
====== ======= ====== ======
Weighted Average Number of Common
Shares - Basic 5,296 5,154 5,290 4,837
Weighted Average Number of Common
Shares - Diluted 5,687 5,971 5,781 5,342
Dividends Declared Per Common Share
$ 0.04 $ 0.04 $ 0.16 $ 0.16
Selected Balance Sheet Data
In Thousands Except for Per Share Data
As of As of
January 31, 2005 January 31, 2004
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Cash & Marketable Securities $13,983 $12,677
Current Assets $36,842 $32,017
Total Assets $47,155 $42,065
Current Liabilities $7,574 $7,518
Shareholders' Equity $38,408 $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.
