By Kimberley Donoghue PBN Web Editor Twitter: @kydonoghue
WEST WARWICK - High-tech printing systems manufacturer Astro-Med Inc. said on Tuesday that its profit in the fourth quarter and full year dropped.
Profit for the three months ending Jan. 31 declined to $517,000, or 7 cents per diluted share, from $1.73 million, or 23 cents per diluted share, compared with the three months that ended Jan. 31, 2010.
For the 12 months that ended Jan. 31, 2011, profit slumped to $2.06 million, 28 cents per diluted share, from $2.77 million, 38 cents per diluted share, the prior fiscal year.
The 2010 annual net income included a tax benefit of approximately $371,000, or 5 cents per diluted share, due to the favorable resolution of a previously uncertain tax position and a favorable adjustment in the filing of the prior year’s tax returns, Astro-Med said.
Sales in the fourth quarter were $17.86 million, up from $16.28 million as seen in the same quarter 2010; an unfavorable foreign currency exchange rate lowered 2011 fourth quarter sales by about 1.2 percent.
“We are pleased to see that customer demand has returned to pre-recession levels and our backlog is back up,” said CEO Albert W. Ondis, while noting that the Vivo!Touch digital color label printer was launched globally during the fourth quarter and is expected to contribute favorably to sales in the fiscal year 2012.
Net sales for the full year increased to $71.02 million from $64.03 million. Operating income for the fourth quarter was $779,000, down from $1.97 million, and for the full year, $2.66 million, down from $3.35 million.
Astro-Med noted its previously-announced quarterly cash dividend of 7 cents per share payable on April 1.