MANUFACTURING

Astro-Med profits surge 63.5% in 3Q

COURTESY ASTRO-MED INC.
HIGH-TECH MANUFACTURER Astro-Med Inc. saw its year-over-year profits surge 63.5 percent during the third quarter and 37.5 percent for the first nine months of 2012.
Posted 11/21/12

WEST WARWICK – Profits for Astro-Med Inc. surged 63.5 percent to $1.3 million, or 18 cents per diluted share, during the third quarter of 2012, compared with $800,000, or 11 cents per diluted share, during the third quarter of 2011.

The West Warwick-based high-tech manufacturer saw its net sales grow 5 percent to $20.6 million during the three months ended Oct. 27 from $19.6 million during the same quarter in 2011.

In addition, Astro-Med attributed a sales loss of $204,000, or 1 percent, to unfavorable foreign currency exchange rates.

Astro-Med’s third-quarter net income included a tax benefit of $113,000 or 2 cents per diluted share, due to the favorable adjustment in the filing of the previous year’s tax returns, according to the company.

According to company President and CEO Everett V. Pizzuti, Astro-Med achieved a new record in the volume of customer orders, with bookings reaching $21.3 million for the quarter, a 17.2 percent increase year over year.

For the nine months ended Oct. 27, Astro-Med reported net income of $3.1 million, or 42 cents per diluted share, a 37.5 percent increase from the $2.3 million, or 31 cents per diluted share, reported during the first nine months of 2011.

Through September the company saw its sales drop slightly – by 0.35 percent – to $58.6 million. The company attributed a $872,000 sales loss to unfavorable foreign exchange rates.

“Notwithstanding the uncertainty in today’s domestic and international markets, we are cautiously optimistic with Astro-Med’s prospects for the fourth Quarter and FY 2013 as a whole,” said Pizzuti in prepared remarks. “We will continue to drive sales growth and improved profitability from a combination of strategic initiatives, product innovations, selective acquisitions and productivity improvements.”

The directors of Astro-Med declared the regular quarterly cash dividend of 7 cents per share, payable on Dec. 27 to shareholders of record as of Dec. 7.

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