Astro-Med profit jumps 109K in 3Q, supported by $400K tax benefit

By Kimberley Donoghue
PBN Web Editor

WEST WARWICK – High-tech printing systems manufacturer Astro-Med Inc. posted a profit of $792,000, or 11 cents per diluted share, in the three months ended Oct. 30, compared with $683,000, or 9 cents per diluted share, registered in the third quarter of 2009.

The company said on Tuesday that quarterly net income was supported by a tax benefit of about $400,000, or 5 cents per diluted share. Net sales increased $1.67 million to $18.33 million.

Operating income slouched, however, to $707,000 in the third quarter from $961,000 for the same 2009 period.

“We foresee continued growth and profitability for the quarter and the year ahead,” said CEO Albert W. Ondis in a news release. He also noted that Astro-Med’s Vivo! Touch “color labels on-the-fly” printer, announced on Nov. 1, has been well-received and the company will begin shipments in December. Management also said there are several new products for the Astro-Med Test & Measurement and Grass Technologies brands under development.

The manufacturer also posted its nine-month results. Net income in the period swelled to $1.55 million in 2010 from $1.04 million a year earlier. Sales also increased to $53.16 million from $47.75 million for the period. The company said that its dividend of 7 cents per share, announced Nov. 15, will be paid on Dec. 29.