Business Excellence Awards
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By PBN Staff
By PBN Staff
PROVIDENCE – Astro-Med Inc., maker of specialty printers and data-acquisition systems, posted fiscal first-quarter net income of $1.1 million, or 14 cents per diluted share, reversing the net loss of $449,000, or six cents per diluted share, reported during the same period last year.
Net sales also improved during the quarter ended May 3, rising 34.2 percent to $20.8 million from $15.5 million in the first quarter last year.
“Strong demand in both our QuickLabel Systems and Test & Measurement segments drove excellent results for Astro-Med in the first quarter of fiscal 2015,” said Gregory A. Woods, who succeeded Everett V. Pizzuti as president and CEO earlier this year, following Pizzuti’s retirement. “We posted first-quarter orders of $23.5 million, a 42 percent increase over last year.”
QuickLabel Systems sales increased 27 percent in the first quarter to $14.4 million, Woods said, while Test & Measurement sales grew 55 percent to $6.4 million. Astro-Med finished the first quarter with a record backlog of $16.2 million.
“We continue to focus on expanding our global sales channel to complement our direct presence in the United States, Canada and Western Europe,” said Woods. The company added salespeople in Europe and North America during the quarter, he added. Astro-Med hopes to establish an office in Asia by the end of fiscal year 2015 to serve customers in China and Southeast Asia.