SOURCE: Astro-Med, Inc.

May 22, 2007 16:00 ET

Astro-Med Reports First Quarter Results; Directors Declare Regular Cash Dividend

WEST WARWICK, RI -- (MARKET WIRE) -- May 22, 2007 -- Astro-Med, Inc. (NASDAQ: ALOT) reports net income of $522,000, equal to 7 cents per diluted share, on sales of $16,407,000, for the Fiscal 2008 First Quarter ended May 5, 2007. During the corresponding period of the previous year, the Company reported net income of $543,000, equal to 7 cents per diluted share, on sales of $15,642,000.

Commenting on the results, Albert W. Ondis, Chief Executive Officer, stated: "We experienced good all-around growth in the First Quarter, and we are especially pleased with the performance of our QuickLabel Systems brand label printer and consumable products, which posted a 22.7% increase in revenue and a 24% increase in new orders, compared to the First Quarter of the prior year. We are also pleased with the performance of another Astro-Med growth engine, our Astro-Med brand ruggedized products, which include our airborne cockpit printers. Revenue grew more than 17% while new orders grew by almost 50% over the prior year. Revenue from our third growth engine, Grass Technologies-brand sleep study-related products, did not meet our objectives in the quarter but we expect this product group will return to solid growth in the months ahead.

In keeping with our strategy of organic growth, the Company's QuickLabel Systems product group introduced an exciting new color label printer shortly after the end of the first quarter. Called the Zeo!, this new digital color label printer, which was developed in concert with Hewlett-Packard, brings to the in-house label printing markets a color label printer for under $3,000. The Zeo! joins the Company's distinguished line-up of innovative color label printers and consumables, each targeting a specific market segment. Zeo! shipments will commence in the Second Quarter of Fiscal 2008."

On May 21, 2007, the Directors of Astro-Med declared the regular quarterly cash dividend of 5 cents per share, payable on July 3, 2007 to shareholders of record on June 15, 2007.

The First Quarter conference call will be held on Wednesday, May 23, 2007, at 11:00 AM EDT. It will be broadcast in real time on the Internet through our website at We invite you to log on and listen in or access the broadcast any time for up to five days following the event. If you would like, you can participate in the conference call by dialing in to 800-867-0448.

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 Condensed Statements of Operations
                   In Thousands Except for Per Share Data

                                             Three Months   Three Months
                                                Ended           Ended
                                              May 5, 2007   April 29, 2006
                                            --------------  --------------

Net Sales                                   $       16,407  $       15,642

Gross Profit                                         6,846           6,276
                                                     41.7%           40.1%
Operating Expenses:
   Selling, General & Administrative                 5,127           4,511
   Research & Development                            1,098           1,053
                                            --------------  --------------
                                                     6,225           5,564

Operating Income                                       621             712
                                                      3.8%            4.6%

Other, Net                                             249             150
                                            --------------  --------------

Income Before Taxes                                    870             862

Income Tax Provision                                   348             319
                                            --------------  --------------

Net Income                                  $          522  $          543
                                            --------------  --------------

Net Income Per Share - Basic                $         0.08  $         0.08
                                            --------------  --------------
Net Income Per Share - Diluted              $         0.07  $         0.07
                                            --------------  --------------

Weighted Average Number of Common
 Shares - Basic                                      6,832           6,738
Weighted Average Number of Common
 Shares - Diluted                                    7,570           7,335

Dividends Declared Per Common Share         $         0.05  $         0.05

                     Selected Balance Sheet Data
                            In Thousands

                                            As of             As of
                                         May 5, 2007     January 31, 2007
                                        ---------------   --------------

Cash & Marketable Securities            $        16,506   $       16,930(2)

Current Assets                          $        43,569   $       44,168

Total Assets                            $        57,295   $       58,001

Current Liabilities (1)                 $         8,121   $        9,874

Shareholders' Equity (2)                $        46,964   $       45,958

(1) The Company is evaluating the impact, if any, on its Balance Sheet from
    the adoption of FASB Interpretation No. 48, "Accounting for Uncertainty
    in Income Taxes: an interpretation of FASB Statement No. 109" as of
    February 1, 2007. The Company will reach a final disposition prior to
    the filing of the Form 10-Q for the quarter ended May 5, 2007.

(2) Excludes $3,200,000 of cash and marketable securities earmarked for
    long-term investment in real estate.
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 FY2007 annual report and its annual and quarterly filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Albert W. Ondis
    Joseph P. O'Connell
    Astro-Med, Inc.
    (401) 828-4000