Astro-Med profit dropped in fourth quarter, grew year over year

HIGH-TECH MANUFACTURER Astro-Med Inc.'s profit dropped in the fourth quarter, but grew 45 percent year over year. / COURTESY ASTRO-MED INC.
HIGH-TECH MANUFACTURER Astro-Med Inc.'s profit dropped in the fourth quarter, but grew 45 percent year over year. / COURTESY ASTRO-MED INC.

WEST WARWICK – Astro-Med Inc.’s profit dropped in the fourth quarter, but grew 45 percent year over year, the manufacturer reported in its earnings release Wednesday.

Astro-Med, which makes visualization technology products for the specialty printing, and test and measurement markets, reported profit of $543,000, or 7 cents per diluted share, in the fourth quarter, a drop from the $1.9 million, or 24 cents per diluted share, during the prior-year quarter. The latter figure also included $1.5 million, or 19 cents per diluted share, from discontinued operations.

Excluding the discontinued operations, profit for fiscal 2014 fourth quarter would have been $399,000, or 5 cents per diluted share, the company said.

For the 12 months that ended Jan. 31, profit was $4.7 million, or 60 cents per diluted share, compared with $3.2 million, or 42 cents per diluted share, for the previous year period, which also includes $2 million, or 26 cents per diluted share, from discontinued operations. Excluding the discontinued operations, profit for fiscal 2014 would have been $1.2 million, or 16 cents per diluted share.

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Revenue increased in the fourth quarter and for the year, 24.5 percent, and 28.8 percent respectively. Fourth quarter revenue was $22 million compared with $17.8 million in the prior-year quarter, and full-year revenue was $88.3 million compared with $68.6 million.

“Strong demand throughout our business drove double-digit increases in net sales for the fourth quarter and full year of fiscal 2015,” Astro-Med President and CEO Gregory A. Woods said in a statement. “QuickLabel Systems increased approximately 15 percent and 22 percent for the quarter and full-year periods, respectively, while our Test & Measurement segment posted corresponding growth of 51 percent and 46 percent.”
“In 2015 we also continued to make significant strides in key strategic areas such as new product development, geographic expansion and manufacturing efficiencies,” Woods said. “Through focused investments in technology, marketing and personnel, we continue to put the pieces in place to generate sustained margin improvement and profitable growth.”
The company highlighted several new initiatives in the report, including its agreement with China’s Donghai Airlines to produce ruggedized flight deck printers for its fleet of Boeing 737 aircraft and its opening of a technology center in Shanghai – marking the company’s entry to China.

“Astro-Med is well positioned as we move through fiscal 2016 and beyond,” Woods said. “We’re supporting our marketing objectives by adding talented personnel in the Americas, Europe and Asia, and opening new offices in China and Southeast Asia. A commitment to product innovation, operational excellence and global distribution has enabled us to build a leadership position in data visualization technology, and in the coming year we are focused on extending these competitive advantages.”

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