PROVIDENCE – Astro-Med Inc., maker of specialty printers and data-acquisition systems, posted net income of $696,000, or 9 cents per diluted share, during the second quarter of its 2014 fiscal year, a decline of 29.5 percent on net income in the fiscal 2013 second quarter of $987,000, or 13 cents per diluted share. The earnings, however, did mark a resurgence from the first quarter, when Astro-Med reported a net loss of $449,000, or 6 cents per diluted share.
Net sales for the period increased as well, by 17.3 percent to $17.2 million compared with the fiscal 2013 second quarter.
The company reported that the first-quarter results include an estimated negative impact from a reserve established to address a non-compliance issue in a limited population of Astro-Med’s ToughWriter printers.
“We feel quite confident in Astro-Med’s prospects for the balance of fiscal year 2014,” said CEO Everette V. Pizzuti, in a press release announcing the results.
The second quarter results came alongside last week’s announcement that Gregory A. Woods was promoted to president and chief operating officer. Woods has served as the company’s executive vice president and chief operating officer since September 2012.
“Greg’s efforts over the past 12 months have already paid dividends in our sales, manufacturing, and research and development departments,” said Pizzuti in a release. “He has had a considerable impact on the implementation of the company’s strategic plans, and he is a major asset to the company.”
Wednesday, Astro-Med announced it has been awarded the flight deck printer contract for Irkut Corp.’s new MS-21 passenger aircraft, expected to launch in 2017.
Astro-Med’s ToughWriter 5 weighs less than 9 pounds and is 7.3 inches deep, making it the world’s smallest flight deck printer, according to the company.
“This contract allows Astro-Med to increase its worldwide presence, and we are proud that UAC-Integration Center and Irkut have chosen the ToughWriter 5 for MS-21 cockpits,” said Thomas W. Carll, Astro-Med’s vice president and worldwide director of sales.