West Warwick-based high tech manufacturer Astro-Med, Inc. expects to report a weak first quarter of Fiscal Year 2003, the company announced in a news release.
Sales will be down from the prior year’s first quarter sales and the company will report a loss for the first quarter versus a profit of 4 cents for the first quarter of the prior year.
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“Despite the lower shipments during the first quarter, we experienced a resurgence in customer demand for our products during the latter weeks of March and all of April,” said Albert W. Ondis, Astro-Med chairman and chief executive officer at the company’s annual shareholder’s meeting yesterday.
“The result increased our bookings for the first quarter to $12.7 million, an 8 percent increase over the fourth quarter’s bookings and a 2 percent increase over the prior year’s first quarter bookings.”
The company’s actual final results of the first quarter will be released on Tuesday, May 21, and management will discuss the results in detail during our conference call on Wednesday, May 22 at 11 a.m. EDT. It will be broadcast in real time over the Internet, on the company’s Web site at http://www.astro-med.com.
