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 16, 2005
Astro-Med, Inc.
(401) 828-4000
Astro-Med Reports Record Second Quarter Sales;
Directors Declare Regular Cash Dividend
West Warwick, RI, August 16, 2005 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net
income of $622,000, equal to 11 cents per diluted share, on record sales of
$14,648,000 for the Second Quarter ended July 30, 2005. For the corresponding
period of the previous year, the Company reported net income of $602,000, equal
to 10 cents per diluted share, on sales of $13,990,000. For the six-month period
ended July 30, 2005 net income was $1,020,000, equal to 18 cents per diluted
share, on sales of $28,841,000.
During the corresponding period of the prior year, the Company reported net
income of $2,201,000 or 38 cents per diluted share on sales of $28,232,000. The
previous year's net income included a one time non-cash benefit of $939,000, or
16 cents per diluted share, reported in the First Quarter due 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: "We
are very pleased the Company has achieved both record sales and bookings during
this second quarter. New customer orders reached $15,326,000, representing a 10%
increase over the corresponding period of the previous year. Demand was
especially strong for QuickLabel Systems®;(QLS) products where new orders were
up 20% from the prior year. We experienced a healthy order rate for the
Grass-Telefactor®(G-T) and Test & Measurement (T&M) product lines as well.
"The Company continued its increased funding of selling and marketing activities
in the Second Quarter. These initiatives are designed to promote the brand
recognition strategy for QLS, G-T and Astro-Med T&M products throughout our
global markets. We also affirmed our commitment to new product development as
our growth engine, by investing 7% of sales in research & development projects
during the quarter. Astro-Med's financial position remains solid with
$13,722,000 in cash and marketable securities, a current ratio of 5:1 and no
debt."
On August 15, 2005, the Directors of Astro-Med declared the regular quarterly
cash dividend of 4 cents per share payable on October 3, 2005 to shareholders of
record on September 9, 2005.
The Second Quarter conference call will be held today, August 16, 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 Statements of Operations
In Thousands, Except for Per Share Data
(Unaudited)
Three-Months Ended Six-Months Ended
July 30, July 31, July 30, July 31,
2005 2004 2005 2004
----- -------- ---- ----
Net Sales $14,648 $13,990 $28,841 $28,232
Gross Profit 6,331 5,920 12,019 11,714
43.2% 42.3% 41.7% 41.5%
Operating Expenses:
Selling, General & Administrative 4,434 4,036 8,654 7,937
Research & Development 991 966 1,944 1,924
---- ----- ----- ----
5,425 5,002 10,598 9,861
Operating Income 906 918 1,421 1,853
6.2% 6.6% 4.9% 6.6%
Other, Net 91 23 199 120
----- ------ ------- ------
Income Before Taxes 997 941 1,620 1,973
Income Tax Benefit (Provision) (375) (339) (600) 228
----- ----- ----- -----
Net Income $ 622 $ 602 $1,020 $ 2,201
===== ===== ====== =======
Net Income Per Share - Basic $ 0.12 $ 0.11 $ 0.19 $ 0.42
====== ====== ====== ======
Net Income Per Share - Diluted $ 0.11 $ 0.10 $ 0.18 $ 0.38
====== ====== ====== ======
Weighted Average Number of Common Shares
- Basic 5,276 5,307 5,277 5,276
Weighted Average Number of Common Shares
- Diluted 5,728 5,817 5,720 5,834
Dividends Declared Per Common Share $ 0.04 $ 0.04 $ 0.08 $ 0.08
Selected Balance Sheet Data
In Thousands
(Unaudited)
As of As of
July 30, 2005 January 31, 2005
------------- ----------------
Cash & Marketable Securities $13,722 $13,983
Current Assets 37,345 36,726
Total Assets 47,272 47,039
Current Liabilities 7,449 7,458
Shareholders' Equity 38,766 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.
