Astro-Med sheds staff, freezes pay in effort to trim expenses

WEST WARWICK – Specialty electronics manufacturer Astro-Med Inc. has laid off employees and taken other steps to cut costs after losing money during the first three months of the year, the company said in a regulatory filing.
In its 10-Q quarterly report, Astro-Med said it has laid off workers, frozen compensation and reduced employees’ hours since the start of this year. The number of employees who lost their jobs was not disclosed. The company also is putting off “all nonessential capital expenditures” until the economy improves.
However, Astro-Med emphasized that it would not cut spending on research and development, “as we believe that the development of new products and the enhancement of existing products will promote future growth and profitability.”
In May, Astro-Med posted a first-quarter loss of $231,007, or 3 cents a share, as sales dropped 21.5 percent to $14.68 million.
Astro-Med said its “customers are reluctant to make capital equipment purchases and are only purchasing consumable products in order to satisfy immediate needs.” &#8226