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WEST WARWICK – Specialty electronics manufacturer Astro-Med Inc. improved its fourth-quarter performance over last year’s, but for the year the company saw revenue decrease.
West Warwick-based Astro-Med posted a profit of $1.73 million, or 23 cents per diluted share, in the three months ended Jan. 31, compared with a profit of $263,000, or 4 cents per diluted share, a year earlier. Revenue rose 4.2 percent to $16.28 million.
However, for the full year ended Jan. 31, Astro-Med recorded net income of $2.77 million, or 38 cents per diluted share, compared with net income of $2.96 million, or 40 cents per share, in the previous fiscal year. Revenue fell 11 percent to $64.03 million.
In a news release, the company noted a 15 percent increase in orders for the fourth quarter compared with the prior year, giving credit to “strong fundamentals” and new products such as the Astro-Med Toughwriter 5 Airborne Ruggedized printer.
“I am pleased with the good progress we have made in implementing the first leg of the company’s [three-year strategic plan] … without compromising [on marketing or research and development], which has allowed us to preserve these key drivers of our growth for the year to come,” CEO Albert W. Ondis said in a statement.
The company said it expects this year’s revenue to be in the range of $71 million to $73 million and earnings per diluted share to be in the range of 35 to 40 cents.
Additionally, Astro-Med’s board of directors voted to increase the quarterly dividend by 1 cent per share to 7 cents.