WEST WARWICK – Astro-Med Inc., a manufacturer of high-tech specialty printing systems, electronic medical instrumentation, and test and measurement instruments reported net income of $897,000 for the first quarter on sales of $18.69 million, a 13.9-percent increase over the 2007 first quarter and a first-quarter sales record.
Earnings per diluted share increased to 12 cents from 7 cents, as net income grew 71.84 percent in the period when compared with a year ago.
“We are pleased with our first-quarter results and gratified that all product families participated in” the sales increase, said Albert W. Ondis, Astro-Med’s CEO. “Certainly, we are in a tough business environment but we are confident that the current fiscal year will be another successful one for Astro-Med – probably the best yet.”
Astro-Med’s QuickLabel Systems brand reported sales of $9,749,000, a 9.3-percent increase over the prior year; its Grass Technologies brand reported sales of $4,979,000, a 23.7-percent increase over the prior year; and its Astro-Med brand, comprised of test and measurement devices and ruggedized products, reported sales of $3,960,000, a 14.3-percent increase over the previous year. In addition, the company reported that favorable foreign currency exchange rates added approximately $473,000 to the period’s revenue.
Astro-Med’s domestic sales increased by 9.1 percent, and its export sales, which represent 30.2 percent of total sales, rose 26.7 percent. The company’s gross profit margin in the quarter was 43.8 percent, compared with 41.7 percent in the prior year.
“We are especially optimistic about our growing export sales due to the favorable currency exchange rates,” Ondis said. “Our balance sheet remains strong with a cash and marketable securities position of $19,193,000, a current ratio of 6.03 to 1 and no debt.”
On May 19, the directors of Astro-Med declared the regular quarterly cash dividend of 6 cents per share, payable on July 1 to shareholders of record on June 13.
Astro-Med will conduct a conference call at 11 a.m. today to discuss its first quarter results. The call will be broadcast in real time on the Internet. Investors and analysts in North America are invited to participate by dialing in to 800-218-8862 or to listen by logging on to www.astro-medinc.com. The broadcast will be accessible for up to five days following the event.
Astro-Med Inc. (Nasdaq: ALOT) is a maker of specialty printing, testing and measurement systems for industrial, scientific and medical applications. Additional information is available at www.astro-medinc.com.
