AstroNova reports record revenue, but profit decline in Q4, fiscal 2017

ASTRONOVA, BASED in West Warwick, reported profit declines, but revenue gains, in the fourth quarter and fiscal 2017. / COURTESY ASTRONOVA
ASTRONOVA, BASED in West Warwick, reported profit declines, but revenue gains, in the fourth quarter and fiscal 2017. / COURTESY ASTRONOVA

WEST WARWICK – AstroNova Inc. said it had record revenue in the fourth quarter and fiscal 2017, but it also reported declines in net income during the same periods.
AstroNova, a maker of data visualization technologies, on Wednesday reported an 8 percent increase in revenue in the fourth quarter to $25.7 million from $23.8 million in the fourth quarter of 2016. The company also said revenue for the year ended Jan. 31 reached $98.4 million, a 4 percent increase compared with revenue of $94.7 million during the same 12-month period in the previous year.
Net income fell 7.5 percent, however, in the fourth quarter to $766,000, or 10 cents a diluted share, compared with $828,000, or 11 cents per diluted share, in the previous fourth quarter. For the year, net income decreased 6.6 percent to $4.2 million, or 56 cents per diluted share, compared with net income of $4.5 million, or 61 cents per diluted share, during the prior year.
The company said financial results for the fiscal 2017 fourth quarter were negatively affected by costs associated with acquiring TrojanLabel ApS, a European manufacturer of digital color label presses and specialty printing systems. TrojanLabel was purchased for approximately $9.1 million.
“In TrojanLabel, we acquired a complementary business with a product line that delivers a unique value proposition for customers in the mini-press and specialty printing markets,” AstroNova President and CEO Gregory A. Woods said in a statement. “We are quite excited about integrating the talented TrojanLabel management team, along with their innovative technology and outstanding product lines, into the AstroNova family.”
Woods described 2016 as a “year of growth” with a fourth quarter highlighted by “increased revenue, improved operating margin and a stronger cash position.”
“Revenue growth in our international markets was especially strong, up 27 percent over the prior year, reflecting our strategic focus on broadening AstroNova’s global reach through expansion in regions including Asia and Latin America,” Woods said.
Looking ahead, Woods said the company plans to grow its business through new product introductions and investments “that will expand the addressable markets for our technology and increase our recurring revenue stream.”

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