By PBN Staff
WEST WARWICK – Astro-Med Inc., maker of specialty printers and data-acquisition systems, posted net income of $10.6 million, or $1.42 per diluted share, for the fiscal 2013 period, a gain of 239 percent on its fiscal 2012 results.
The company reported, however, that $8.6 million of its profit for the year came from its sold-off Grass Technologies unit, which contributed $2.4 million in operational income and a $6.2 million gain on the sale itself, which was expected to bring Astro-Med $18.6 million. Removing the results attributable to Grass Technologies, as well as other discontinued operations in fiscal 2012, Astro-Med posted income from continuing operations of $2 million for the year, an increase of 175 percent over fiscal 2012.
Revenue for the year totaled $61.2 million, an improvement of 0.8 percent. The company ended the year with cash and marketable securities of $39.5 million, an increase of 71.5 percent.
Everett V. Pizzuti, Astro-Med’s CEO, said that the company was pleased with its results and that it “achieved record bookings in FY 2013. … Each of our business segments, including Test & Measurement, QuickLabel Systems and Grass Technologies reported growth” in fiscal 2013, which ended Jan. 31. He said that QuickLabel Systems saw revenue grow 10.4 percent to $43.6 million. Ruggedized products saw 19.9 percent sales growth.
He added that “we believe the opportunities for the company’s strategic growth and improved profitability center on the QuickLabel Systems and Test & Measurement Ruggedized product lines.”
Astro-Med has reported previously that it will retain the Grass Technologies manufacturing facility and will continue to manufacture the products for the acquirer of the business, Natus Medical Inc., for an unspecified period of time.