SOURCE: Astro-Med, Inc.

Astro-Med, Inc.

November 16, 2010 16:00 ET

Astro-Med, Inc. Reports Continued Sales Growth in the Third Quarter; Directors Declare Regular Cash Dividend

WEST WARWICK, RI--(Marketwire - November 16, 2010) - Astro-Med, Inc. (NASDAQ: ALOT) reports Net Sales of $18,329,000 and Net Income of $792,000, equal to 11 cents per diluted share for the Third Quarter ended October 30, 2010. For the corresponding period of the prior year, Astro-Med, Inc. reported Net Sales of $16,658,000 and Net Income of $683,000, equal to 9 cents per diluted share. Net Income in the Third Quarter included a tax benefit of approximately $400,000, or 5 cents per diluted share, due to favorable resolution of a previously uncertain tax position, and a favorable adjustment in the filing of the prior year's tax returns.

For the nine months ended October 30, 2010, Astro-Med reported Net Sales of $53,159,000 and Net Income of $1,545,000, equal to 21 cents per diluted share, after giving effect to the favorable tax benefit recognized in the Third Quarter of approximately $400,000, or 5 cents per diluted share. For the corresponding nine month period last year, the Company reported Net Sales of $47,751,000 and Net Income of $1,037,000, equal to 14 cents per diluted share.

Commenting on the results, Albert W. Ondis, Chief Executive Officer, said: "I am pleased to see Third Quarter results demonstrating clearly that all elements of our Strategic Plan are coming together. We experienced a 10% sales growth and a 22% EPS growth over the prior year, and had excellent growth across all our brands. As the Quarter ended, we were poised to introduce the Vivo! Touch intelligent color label printer at several important trade shows. Reaction to the Vivo! Touch and its ability to print color labels on-the-fly has been outstanding, and we will begin shipments in December. We also have several new products under development earmarked for our Astro-Med Test & Measurement and Grass Technologies brands. We foresee continued growth and profitability for the Quarter and the year ahead.

"At the end of the Third Quarter, we are well positioned to support the Company's continued growth. Our Balance Sheet remains solid with $21 million in cash and marketable securities and we are making efficient use of our working capital investments in accounts receivable and inventory. We are also enhancing Astro-Med, Inc.'s manufacturing capacity with strategic expenditures on plant and equipment.

"We remain committed to growing Astro-Med, Inc. by funding R&D, Sales, and Marketing resources to ensure that we continue to achieve our goals of double digit sales growth and profitability notwithstanding today's challenging economic environment."

Astro-Med, Inc. Directors Declare Regular Cash Dividend

On November 15, 2010, the Directors of Astro-Med, Inc. declared the regular quarterly cash dividend of $0.07 per share, payable on December 29, 2010 to shareholders of record as of December 10, 2010.

Third Quarter Conference Call to be held Wednesday, November 17, 2010

The Astro-Med, Inc. Third Quarter conference call will be held on Wednesday, November 17, 2010, at 11:00 AM EST. It will be broadcast in real time on the Internet and will be available through the Investing Section of our website. We invite you to log on and listen in or participate in real time by dialing 877-941-2332 and referencing ID number 4374732.

The Astro-Med, Inc. webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.

Following the live broadcast, a webcast of the recorded call will be available for seven days at www.Astro-MedInc.com. A telephone replay of the conference call will also be available for seven days by dialing 800-406-7325 with conference ID # 4374732.

Astro-Med, Inc.
 
Consolidated Statements of Operations
In Thousands Except for Per Share Data
(Unaudited)
 
    Three-Months Ended     Nine-Months Ended  
    October 30,  2010     October 31, 2009     October 30, 2010     October 31, 2009  
Net Sales   $ 18,329     $ 16,658     $ 53,159     $ 47,751  
Gross Profit     7,401       7,059       21,290       19,822  
                                 
      40.4 %     42.4 %     40.0 %     41.5 %
Operating Expenses:                                
  Marketing & Selling     4,232       3,840       12,349       11,447  
  Research & Development     1,383       1,163       3,737       3,565  
  General & Administrative     1,079       1,095       3,327       3,423  
      6,694       6,098       19,413       18,435  
                                 
Operating Income     707       961       1,877       1,387  
      3.9 %     5.8 %     3.5 %     2.9 %
                                 
Other Income Net     24       75       130       194  
                                 
Income Before Taxes     731       1,036       2,007       1,581  
                                 
Income Tax Provision (Benefit)     (61 )     353       462       544  
                                 
Net Income   $ 792     $ 683     $ 1,545     $ 1,037  
                                 
Net Income Per Share - Basic   $ 0.11     $ 0.10     $ 0.21     $ 0.15  
Net Income Per Share - Diluted   $ 0.11     $ 0.09     $ 0.21     $ 0.14  
                                 
Weighted Average Number of Common Shares - Basic     7,335       7,151       7,277       7,129  
Weighted Average Number of Common Shares - Diluted     7,492       7,396       7,488       7,349  
                                 
Dividends Declared Per Common Share   $ 0.07     $ 0.06     $ 0.21     $ 0.18  
 
 
Selected Balance Sheet Data
In Thousands
(Unaudited)
 
  As of October 30, 2010   As of January 31, 2010
       
Cash & Marketable Securities $ 21,279   $ 23,760
           
Current Assets $ 49,411   $ 49,868
           
Total Assets $ 64,975   $ 64,676
           
Current Liabilities $ 8,206   $ 8,158
           
Shareholders' Equity $ 53,996   $ 53,819

About Astro-Med, Inc.
Astro-Med, Inc. is a leading manufacturer of specialty high tech printing systems, electronic medical instrumentation, and test and measurement data acquisition systems. Astro-Med, Inc. products are sold under the brand names Astro-Med®, Grass® Technologies and QuickLabel® Systems, and are employed around the world in a wide range of aerospace, medical, military, industrial, labeling and packaging applications. Astro-Med, Inc. is a member of the Russell Microcap® Index. Additional information is available by visiting www.Astro-MedInc.com

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 FY2010 annual report and its annual and quarterly filings with the Securities and Exchange Commission.

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