Astro-Med Reports Fourth Quarter and Fiscal 2003 Results; Directors Declare Regular Cash Dividend.Business Editors/High-Tech Writers WEST WARWICK West Warwick (wôr`wĭk, –`ĭk), town (1990 pop. 29,268), Kent co., central R.I., on the Pawtuxet River; set off from Warwick and inc. 1913. Textile manufacturing remains a leading industry. West Warwick includes the village of River Point. , R.I.--(BUSINESS WIRE)--March 25, 2003 Astro-Med, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALOT ALOT Allotment ALOT Adaptive Large Optics Technologies ALOT Airborne Lightweight Optical Tracking ALOT Maybe you're looking for the two word phrase 'a lot' meaning many? ) reports sales of $12,922,000 in the Fourth Quarter, up 4% from $12,424,000 reported for the corresponding quarter of the prior year. Proforma net income in the Quarter totaled $431,000, equal to 10 cents per common share. Proforma net income excludes restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $490,000 and a one-time non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $1,036,000 to the valuation allowance for deferred tax assets. While proforma financial measures can be useful in analyzing operating performance, it should be used only in conjunction with results presented in accordance with Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). On a GAAP basis, Astro-Med had a net loss of $1,095,000 for the Fourth Quarter, equal to 26 cents per common share. For the corresponding Quarter of the prior year Astro-Med had net income of $41,000, equal to 1 cent per common share. For the twelve-month period ended January 31, 2003, sales were $48,973,000, compared to $49,391,000 in the prior year. On a proforma basis, the net loss for the year was $572,000, equal to 13 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to a net loss of $233,000, equal to 5 cents per common share for the prior year. Proforma net loss excludes restructuring charges of $490,000 and a one-time non-cash charge of $820,000 to the valuation allowance for deferred tax assets. On a GAAP basis, Astro-Med had a net loss of $1,882,000, equal to 44 cents per share. Mr. Albert W. Ondis, Chairman and Chief Executive Officer of Astro-Med commented: "I am gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that as a result of increased sales and our restructuring, we achieved strong proforma net income in the Fourth Quarter. Incoming new orders in the Fourth Quarter exceeded sales by some $530,000 and this bodes well for the future. New orders in the Fourth Quarter grew by 10% over the Third Quarter. "Our balance sheet remains strong. We ended the year with more that $7.3 million in cash and investments, up by more than $1.4 million from the prior year-end. "We are committed to extending the sales and profit improvements we experienced in the Fourth Quarter, and to this end we will continue to develop and introduce powerful new products, improve our distribution channels, and manage our cost structure wisely." On March 24, 2003, Directors of Astro-Med declared the regular quarterly cash dividend of four cents per common share payable on April 4, 2003 to shareholders of record on March 27th, 2003. The Fourth Quarter and Fiscal Year 2003 conference call will be held on Tuesday, March 25, 2003 at 11:00 AM EST EST electroshock therapy. EST abbr. electroshock therapy . It will be broadcast in real time on the Internet through our website at www.astro-med.com. We invite you to log on and listen in on March 25th, or access the broadcast any time for up to 30 days following the event. Astro-Med, Inc. is a leading manufacturer of high tech specialty printing systems, electronic medical instrumentation, and test and measurement instruments employed around the world in a wide range of industrial, scientific, and medical applications.
ASTRO-MED, INC.
Fourth Quarter Fiscal Year Ended
January 31, January 31, January 31, January 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
Net Sales $12,922,000 $12,424,000 $48,973,000 $49,391,000
Net Income (Loss) ($1,095,000) $41,000 ($1,882,000) ($233,000)
Basic and Diluted
Net Income (Loss)
Per Share ($0.26) $0.01 ($0.44) ($0.05)
Dividends Per Share $0.04 $0.04 $0.16 $0.16
Weighted Average
Common Shares
Outstanding -
Basic 4,269,759 4,266,556 4,268,506 4,259,423
Weighted Average
Common Shares
Outstanding -
Diluted 4,269,759 4,268,744 4,268,506 4,259,423
Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This news release contains forward-looking statements, and actual results may vary from those expressed or implied herein. Factors that could affect these results include those mentioned in Astro-Med's FY2002 annual report and its annual and quarterly filings with the Securities and Exchange Commission. |
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