PROVIDENCE – AstroNova Inc. reported a profit of $3,000 in the fiscal 2021 second quarter ended Aug. 1, a decline from $951,000 one year prior.
Earnings per diluted share were $0, compared with 13 cents one year prior.
Quarterly revenue was $27.7 million, a decline from $33.5 million in the company’s fiscal 2020 second quarter.
The company partially attributed the slowdown to the effects of the COVID-19 pandemic, as well as the grounding of Boeing’s 737 MAX aircraft.
“While a full rebound in the aerospace industry is likely to take many quarters, we are starting to see some positive signs. During the second quarter our repair business started to rebound as the number of global flights increased,” said Gregory A. Woods, AstroNova’s CEO and president. “We believe that this momentum will continue based on the gradual but steady increase in the number of aircraft being flown. Additionally, many of the final steps required for the Boeing 737 MAX’s return-to-service authorization have now been completed.”
Woods said that the company has continued to make “aggressive cost-cutting measures.”
Company operating expenses totaled $9.6 million in the quarter, a decline of 11.4% year over year. The company also received a $4.4 million Paycheck Protection Program loan in May.
- Product identification revenue totaled $21.6 million in the fiscal second quarter, a decline of $515,000 year over year.
- Test and measurement revenue declined 46.8% year over year to $6 million.
“After a slow start to the quarter, we were pleased to see that our largest segment, product identification, representing nearly 80% of AstroNova revenue, made good progress adapting to the new normal by accelerating the transition to digital business practices from our traditional in-person sales and marketing approach,” said Woods.
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