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.
Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.