Astro-Med Reports Third Quarter Results

Astro-Med, Inc. reported on Tuesday net income of $674,000, equal to $0.11 per diluted share, on sales of $14,455,000 for the third quarter ended October 29. Net Income in the quarter includes $361,000, or $0.06 per diluted share for a tax-related benefit related to the favorable resolution of certain income tax examinations. Excluding the tax related benefit in the third quarter, earnings were $313,000, or $0.05 per diluted share. During the corresponding period of the previous year, the company reported net income of $53,000, equal to $0.01 per diluted share, on sales of $13,246,000.

During the nine-month period of the current fiscal year, net income was $1,694,000, equal to $0.29 per diluted share, on sales of $43,297,000. Net income in the nine-month period includes $361,000, or $0.06 per diluted share for a tax-related benefit related to the favorable resolution of certain income tax examinations. Excluding the tax related benefit, earnings were $1,333,000, or $0.23 per diluted share. For the corresponding period last year, the company reported net income of $2,253,000, equal to $0.39 per diluted share, on sales of $41,478,000. Net income in the prior fiscal year includes $939,000, or $0.16 per diluted share in tax benefits from the release of the valuation allowance on the net deferred tax asset reported in the first quarter of the prior fiscal year. Excluding the tax related benefit, earnings were $1,314,000, or $0.23 per diluted share.

“We are pleased with our third quarter results, which were achieved despite experiencing significant start-up expenses related to the commencement of manufacturing of our very successful Toughwriter Series cockpit printers as well as start-up expenses related to the commencement of manufacturing of our new VIVO! Color label printer, said Albert W. Ondis, CEO. “We remain optimistic that with a continuous flow of new products together with the continued expansion of marketing initiatives globally, we will realize our planned growth and profitability goals,” he said.

The third quarter conference call will be available at www.astro-medinc.com. until Nov 20.

On November 14, 2005, the directors of Astro-Med declared the regular quarterly cash dividend of $0.04 per share payable on January 3, 2006 to shareholders of record on December 9, 2005.

The West Warwick-based Astro-Med, Inc. is a leading manufacturer of high tech specialty printing systems, electronic medical instrumentation, and test and measurement instruments employed around the world in a wide range of industrial, scientific, and medical applications.