Astro-Med profits plunge 70% in 2013, even as revenue shows gains

Astro-Med Inc., maker of specialty printers and data-acquisition systems, posted full-year fiscal 2014 net income of $3.2 million, or 42 cents per diluted share, a decline of 70.2 percent compared with fiscal 2013 reported net income of $10.8 million, or $1.44 per diluted share. More

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Astro-Med profits plunge 70% in 2013, even as revenue shows gains

COURTESY ASTRO-MED INC.
PRINTER MANUFACTURER Astro-Med Inc. reported that its profits fell 70.2 percent in fiscal year 2014 to $3.2 million, compared with $10.8 million in fiscal 2013. Revenue, however, rose 12 percent to $68.6 million from $61.2 million the year before.
Posted 3/19/14

PROVIDENCE – Astro-Med Inc., maker of specialty printers and data-acquisition systems, posted full-year fiscal 2014 net income of $3.2 million, or 42 cents per diluted share, a decline of 70.2 percent compared with fiscal 2013 reported net income of $10.8 million, or $1.44 per diluted share.

The company had previously reported that its fiscal first-quarter results – when Astro-Med posted a net loss of $449,000, or 6 cents per diluted share – were negatively affected by a reserve established to address a non-compliance issue in a limited population of Astro-Med’s ToughWriter printers.

Revenue, however, increased during the 12 months ended Jan. 31, rising 12 percent to $68.6 million from $61.2 million the year before.

In the fourth quarter alone, Astro-Med reported net income of $1.9 million, or 24 cents per diluted share, a 75.7 percent decline compared with the $7.6 million, or 24 cents per diluted share, reported in the fourth quarter of fiscal 2013. Net revenue during the three months ended Jan. 31 totaled $17.7 million, representing a 9.6 percent increase over the $16.2 million in sales for the same period the previous year.

Gregory A. Woods, president and CEO of Astro-Med, attributed the revenue bump to strong color label printer and ruggedized printer sales.

“Coming off our busiest tradeshow period of the year in Q3, we saw good demand in the fourth quarter for unveiled QLS products, particularly the Kiaro series of inkjet color label printers,” said Woods in a release announcing the results. “Orders for the quarter were up 39.8 percent from the fourth quarter last year, reflecting strong demand across most of the business.”

Excluding costs and gains related to the company’s acquisition of Miltope Corp., a legal settlement related to a product recall and a $359,000 retirement package for former CEO Everett V. Pizzuti, who stepped down in January, income from continuing operations totaled $586,000 in the fourth quarter, compared with $399,000 when those costs and gains are included in the calculation.

In the fourth quarter of fiscal 2013, income from continuing operations totaled $442,000.

Looking ahead, Woods said the company expects to see its top and bottom lines improve, as Astro-Med works to maximize efficiency by integrating production of the VT Miltope line of printers acquired last month from Miltope Corp. at the Astro-Med facility in West Warwick.

Miltope’s ruggedized aerospace printers are sold to aircraft manufacturers and contractors and directly to airlines around the world. Astro-Med acquired the product line for approximately $6.7 million.

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