WEST WARWICK – AstroNova Inc. earned $1.3 million in its fiscal year 2021 ended Jan. 31, or 18 cents per diluted share, a decline from a $1.8 million profit one year prior, or 24 cents per diluted share, the company said Thursday.
Fiscal year revenue totaled $116 million, a decline from $133.4 million one year prior.
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“Our Product Identification segment performed extremely well in fiscal 2021, which marked the segment’s eighth consecutive year of revenue growth,” said Gregory A. Woods, AstroNova’s CEO and president, noting that the COVID-19 pandemic and the grounding of Boeing 737 MAX planes continued to hamper the performance of the company’s Test & Measurement segment.
“But with the MAX’s recent return to service and positive news on the vaccine front, we are hopeful that the sequential revenue improvement we saw in our Test & Measurement segment in the fourth quarter marks the early signs of a recovery for the aerospace industry,” Woods said.
Product Identification segment revenue totaled $90.3 million for the fiscal year, a rise from $88.1 million one year prior. Test & Measurement segment revenue totaled $25.8 million, a decline from $45.3 million in fiscal 2020.
“We navigated a challenging fiscal 2021 by focusing on the things within our control. Our first priority was protecting our team by deploying comprehensive global COVID-19 safety measures,” Woods said. “Additionally, we moved quickly to realign our workforce, reduce costs and increase liquidity to ensure that we continued to make progress on our long-term strategic growth initiatives, including our innovation investments. As a result, we had no serious COVID-19-related illnesses among our global team; all our facilities remained open and operational; and – despite a $17.4 million aerospace-driven decline in revenue – we posted a full-year operating profit equal to fiscal 2020 and increased Adjusted EBITDA [earnings before interest, taxes, depreciation and amortization]. We remain on pace to launch at least one major product each year, coupled with a range of technology innovations and ancillary products.”
Fiscal fourth-quarter profit totaled $836,000, or 12 cents per diluted share, compared with a $1.3 million loss in the fiscal first quarter one year prior, or 19 cents per diluted share.
Quarterly revenue totaled $29.4 million in the quarter, a $1 million decline year over year.
