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.