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 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
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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
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Income Before Taxes 623 1,031
Income Tax Benefit (Provision) (224) 567
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Net Income $ 399 $ 1,598
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Net Income Per Share - Basic $ 0.08 $ 0.30
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Net Income Per Share - Diluted $ 0.07 $ 0.27
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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
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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.
