West Warwick-based Astro-Med Inc. – a maker of high-tech specialty printing systems, electronic medical instrumentation and test and measurement instruments – has recently reported net income of $398,444, equal to 7 cents per diluted share, on sales of $14,193,266 for their first quarter ending April 30. During the corresponding period of the previous year, the company reported net income of $1,598,270, equal to 27 cents per diluted share, on sales of $14,242,268. The prior year’s net income includes the one-time non-cash benefit of $939,000 or 16 cents per diluted share which is related to the release of the valuation allowance on the net deferred tax asset that was established in fiscal year 2003.
Commenting on the results, Albert W. Ondis, chief executive officer, stated in a Business Wire release: “Although our sales in the first quarter were flat, new bookings reached $15.0 million, an improvement over the previous quarter and the prior year. Each product group experienced increases from the prior year including QuickLabel Systems with $7.3 million in new orders, Grass-Telefactor with $4.4 million in new orders and Test & Measurement had $3.3 million in new orders.
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“The company’s first-quarter’s sales volume was comparable to our sales in the prior year’s first quarter. However, QuickLabel Systems sales of $7.1 million and Grass-Telefactor sales of $4.5 million exceeded their respective sales in the prior year. Although sales of our Dash series portable recorders and ruggedized products were up 10 percent and 22 percent respectively during the quarter, total sales for the Test & Measurement group were behind last year’s sales for the quarter, due to the continuing decline in the aerospace industry. Our backlog grew 28 percent from year-end to $4.0 million at the end of the first quarter.
“The company’s financial position remains very strong with a solid balance sheet including cash and marketable securities of $13.7 million.”
On May 23, the directors of Astro-Med declared the regular quarterly cash dividend of 4 cents per share payable on July 1 to shareholders of record on June 17.
