WEST WARWICK – Astro-Med Inc. swung to a profit in its fiscal first quarter as sales of its specialty electronics rose 16 percent and the company benefited from favorable currency rates.
Astro-Med posted a profit of $430,000, or 6 cents a share, in the three months ended May 1, compared with a net loss of $231,000, or 3 cents a share, a year earlier. Revenue rose 16.4 percent to $17.1 million.
“The quarter was driven by consumables sales, especially those of our QuickLabel Systems brand,” Astro-Med Chairman and CEO Albert W. Ondis said in a news release. “Now that orders for our higher-profit printers, data recorders, and neurological and sleep instruments are rising, we are increasingly confident about the balance of the year.”
He also attributed $250,000 of its sales in the quarter to favorable foreign exchange rates.
Astro-Med’s cash on hand was roughly flat at $23.7 million compared with the same quarter a year earlier. The company has no debt.
Astro-Med shares have risen 4 percent since the start of the year, closing at $7.40 on May 19 in Nasdaq trading.
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.