Business Excellence Awards
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By Kimberley Donoghue
PBN Web Editor
WEST WARWICK - High-tech printing systems manufacturer Astro-Med Inc. said Tuesday its net income was virtually unchanged in the first quarter, at $431,000, when compared with a year earlier, when it was $430,000.
Income was 6 cents per diluted share for both quarters. Sales were $18.86 million in the quarter ended April 30, 10.4 percent greater than a year earlier. Astro-Med noted a favorable foreign currency exchange rate contributed $191,000 in the first quarter revenue.
“I am quite pleased with our first-quarter results and proud to see that we’ve beaten our own best record for first quarter sales,” said Albert W. Ondis, Astro-Med Inc. chairman and CEO. The company declared a quarterly cash dividend of 7 cents per share.
Incoming orders were “strong” in the first quarter as new orders reached $19.81 million, increasing 13.8 percent from a year earlier. International shipments were “especially robust” at $6.29 million, representing a year-over-year growth rate of 28.2 percent, it said.