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 May 24, 2005 Astro-Med, Inc. (401) 828-4000 Astro-Med Reports First Quarter Results; Directors Declare Regular Cash Dividend West Warwick, RI, May 24, 2005 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net income of $398,444, equal to 7 cents per diluted share, on sales of $14,193,266 for the First Quarter ending April 30, 2005. During the corresponding period of the previous year, the Company reported net income of $1,598,270, equal to 27 cents per diluted share, on sales of $14,242,268. The prior year's net income includes the one-time non-cash benefit of $939,000 or 16 cents per diluted share which is related to the release of the valuation allowance on the net deferred tax asset that was established in fiscal year 2003. Commenting on the results, Albert W. Ondis, Chief Executive Officer, stated: "Although our sales in the First Quarter were flat, new bookings reached $15.0 million, an improvement over the previous quarter and the prior year. Each product group experienced increases from the prior year including QuickLabelSystems® with $7.3 million in new orders, Grass-Telefactor® with $4.4 million in new orders and Test & Measurement had $3.3 million in new orders. "The Company's First Quarter's sales volume was comparable to our sales in the prior year's First Quarter. However, QuickLabel Systems sales of $7.1 million and Grass-Telefactor sales of $4.5 million exceeded their respective sales in the prior year. Although sales of our Dash series portable recorders and ruggedized products were up 10% and 22% respectively during the quarter, total sales for the Test & Measurement group were behind last year's sales for the quarter, due to the continuing decline in the aerospace industry. Our backlog grew 28% from year-end to $4.0 million at the end of the First Quarter. "The Company's financial position remains very strong with a solid balance sheet including cash and marketable securities of $13.7 million. A current ratio of 4.6 to 1.0, no short or long term debt and a book value of $7.30 per share. "We are confident that with our expanded and experienced field selling organization now in place, and a broad suite of existing and new product offerings available, the Company will report continued improvement in its quarterly sales volume and profitability throughout the balance of the current fiscal year." On May 23, 2005, the Directors of Astro-Med declared the regular quarterly cash dividend of 4 cents per share payable on July 1, 2005 to shareholders of record on June 17, 2005. The First Quarter conference call will be held today, May 24, 2005, at 5:00 PM EDT. It will be broadcast in real time on the Internet through our website at www.astro-medinc.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 April 30, May 1, 2005 2004 ---- ---- Net Sales $14,193 $14,242 Gross Profit 5,688 5,794 40.1% 40.7% Operating Expenses: Selling, General & Administrative 4,219 3,901 Research & Development 953 957 5,172 4,858 Operating Income 516 936 3.6% 6.6% Other, Net 107 95 --- -- Income Before Taxes 623 1,031 Income Tax Benefit (Provision) (224) 567 ----- --- Net Income $ 399 $ 1,598 ===== ======= Net Income Per Share - Basic $ 0.08 $ 0.30 ====== ====== Net Income Per Share - Diluted $ 0.07 $ 0.27 ====== ====== Weighted Average Number of Common Shares - Basic 5,277 5,245 Weighted Average Number of Common Shares - Diluted 5,712 5,851 Dividends Declared Per Common Share $ 0.04 $ 0.04 Selected Balance Sheet Data In Thousands Except for Per Share Data As of As of April 30, 2005 January 31, 2005 -------------- ---------------- Cash & Marketable Securities $13,723 $13,983 Current Assets $37,540 $36,726 Total Assets $47,824 $47,039 Current Liabilities $ 8,106 $ 7,458 Shareholders' Equity $38,548 $38,408 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 FY2005 annual report and its annual and quarterly filings with the Securities and Exchange Commission.
AstroNova (ALOT) 8-KResults of Operations and Financial Condition
Filed: 25 May 05, 12:00am