WEST WARWICK, R.I. — Astro-Med, Inc. reported increased income and sales for the fourth quarter, although net income for the year was down.
The company, which manufactures high tech specialty printing systems, electronic medical instrumentation and test and measurement instruments, said it reached record sales of $13.9 million in the fourth quarter, compared to sales of $13.2 million during the same period a year ago. Net income for the fourth quarter reached $573,000, or 13 cents per common share, compared to $526,000, or 12 cents per share, during the year-ago period.
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For the year ended January 31, Astro-Med saw sales increase 12 percent — from $46 million a year ago to $51.7 million. Net income was down for the year — at $302,000, or 7 cents per common share in 2000, compared to $937,000, or 21 cents per common share during the year-ago period.
In a statement accompanying the fiscal results, Astro-Med CEO Albert W. Ondis noted the company consolidated manufacturing of its Grass-Telefactor product during the third quarter and eliminated several Grass-Telefactor sales and administrative positions last month. The consolidation is expected to reduce expenses annually by some $500,000, he said, with the reduction in staff saving the company additional money.
The company has declared a regular quarterly cash dividend of 4 cents per common share, payable March 30 to shareholders of record on March 19.
Astro-Med has scheduled a fourth quarter conference call for tomorrow at 11 a.m. To access the call, visit www.redchip.com.
