WEST WARWICK – AstroNova reported a nearly 3 percent drop in profit for fiscal 2016, to $4.5 million or 61 cents per diluted share, but a 7.1 percent increase in revenue, to $94.7 million.
That compares with profit of $4.7 million, or 60 cents per share, and revenue of $88 million during the prior-year period.
The maker of technology for the aerospace, specialty printing, test and measurement markets reported its full-year and fourth-quarter earnings on Wednesday for the fiscal year ended Jan. 31.
The company said lower foreign exchange rates negatively impacted sales last year by approximately $3 million.
It also said non-GAAP net income ¬ a measure that adjusts net income and removes effects of financing, investments, inventory re-valuing, depreciation, amortization and other adjustments – was $5.7 million, or 77 cents per share, last fiscal year compared with non-GAAP net income of $5 million, or 65 cents per share, during the prior-year period.
“The investments we are making in new products, processes and distribution position AstroNova for growth in fiscal 2017 and beyond,” President and CEO Greg Woods said in a statement. “We will continue to support that growth through focused, carefully planned strategies designed to advance our leadership in data visualization technology.”
Fourth-quarter profit rose 52.5 percent to $828,000, or 11 cents per diluted share, compared with $543,000, or 7 cents per share, in the year-ago quarter. On a non-GAAP basis, profit of $1.3 million, or 17 cents per share, was recorded in the fourth quarter, compared with profit of $758,000, or 10 cents per share, in the same prior-fiscal year quarter.
“We capped a successful fiscal 2016 with our 14th consecutive quarter of year-on-year revenue growth, supported by double-digit percentage increases in orders and backlog,” Woods said. “Domestic revenue grew 14.9 percent for the quarter and accounted for 73.4 percent of total sales. International sales – despite a challenging economic environment – were comparable with the prior-year’s fourth-quarter sales, aided by the addition of new dealers in Asia and Latin America as part of our overseas expansion.
Woods said that over the past two years the company has made “significant strides in transforming the way we do business, implementing lean initiatives and a rigorous product planning process that have empowered our employees and benefited our customers.”
