Astro-Med Reports Second Quarter Results; Directors Declare Regular Cash Dividend and Authorize Additional Stock Buyback.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. -- 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 net income of $602,000, equal to 10 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on sales of $13,990,000 for the Second Quarter ending July July: see month. 31, 2004. During the corresponding period of the previous year, the Company reported net income of $810,000, equal to 16 cents per diluted share, on sales of $14,023,000. During the Six-Month Period of the current fiscal year, earnings were $2,201,000, equal to 38 cents per diluted share, on sales of $28,232,000. For the corresponding period last year the Company reported a net profit of $1,316,000, equal to 27 cents per diluted share, on sales of $27,237,000. Commenting on the results, Albert W. Ondis, Chief Executive Officer, stated: "Although the QuickLabel Systems product group, famous for its unique color label printers, grew by 19%, the other two product groups lagged as customers postponed purchases. We believe the purchase deferrals were seasonal in nature and not the result of competitive activities. Nevertheless, we made a significant increase in our field sales force during the quarter, in order to take advantage of the significant number of new sales opportunities generated by the continuous stream of new product introductions now underway. Remaining focused on our goal to grow as rapidly as possible, we will continue to develop and introduce new products and to strengthen our sales and marketing activities. "The Company's financial position remains very strong with cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has at $13.1 million, a current ratio of 4.7 to 1, no long term debt, and a book value of $7.22 per share." On August 16, 2004, the Directors of Astro-Med increased the authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may of the Company's shares of common stock to 600,000, and declared the regular quarterly cash dividend of 4 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. payable on October 1, 2004 to shareholders of record on September 10, 2004. The Second Quarter conference call will be held on Tuesday, August 17, 2004 at 5:00 PM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . It will be broadcast in real time on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the through our website at www.astro-med.com. We invite you to log on and listen in on August 17th, or access the broadcast any time for up to 5 days following the event. Astro-Med, Inc. is a leading manufacturer of high tech specialty printing systems, electronic medical instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. , and test and measurement instruments employed around the world in a wide range of industrial, scientific, and medical applications.
ASTRO-MED, INC.
Consolidated Statement of Operations
In Thousands Except for Per Share Data
(Unaudited)
Three-Months Ending Six-Months Ending
July 31, August 2, July 31, August 2,
2004 2003 2004 2003
------- ------- ------- -------
Net Sales $13,990 $14,023 $28,232 $27,237
Gross Profit 5,920 5,816 11,714 10,866
42.3% 41.5% 41.5% 39.9%
Operating Expenses:
Selling, General &
Administrative 4,037 3,932 7,938 7,625
Research & Development 966 907 1,924 1,776
------- ------- ------- -------
5,003 4,839 9,861 9,402
Operating Income 917 977 1,853 1,465
6.6% 7.0% 6.6% 5.4%
Other, Net 24 33 120 84
------- ------- ------- -------
Income Before Taxes 941 1,010 1,973 1,548
Income Tax Benefit (Provision) (339) (200) 228 (232)
------- ------- ------- -------
Net Income $ 602 $ 810 $ 2,201 $ 1,316
======= ======= ======= =======
Net Income Per Share - Basic $ 0.11 $ 0.17 $ 0.42 $ 0.28
======= ======= ======= =======
Net Income Per Share - Diluted $ 0.10 $ 0.16 $ 0.38 $ 0.27
======= ======= ======= =======
Weighted Average Number of
Common Shares - Basic 5,307 4,638 5,276 4,658
Weighted Average Number of
Common Shares - Diluted 5,817 5,032 5,834 4,857
Dividends Declared Per Common
Share $ 0.04 $ 0.04 $ 0.08 $ 0.08
Selected Balance Sheet Data
In Thousands Except for Per Share Data
As of As of
July 31, 2004 January 31, 2004
---------------- ----------------
Cash & Marketable Securities $13,140 $12,677
Current Assets $36,917 $32,017
Total Assets $47,158 $42,065
Current Liabilities $ 7,599 $ 7,518
Shareholders' Equity $38,339 $34,547
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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , and actual results may vary from those expressed or implied herein. Factors that could affect these results include those mentioned in Astro-Med's FY2004 annual report and its annual and quarterly filings with the Securities and Exchange Commission. |
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