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.
AstroNova (ALOT) 8-KResults of Operations and Financial Condition
Filed: 16 Aug 05, 12:00am