--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Exhibit 99.1
PRESS RELEASE
ASTRO-MED, INC.
000 Xxxx Xxxxxxxxx Xxxxxx
Xxxx Xxxxxxx, Xxxxx Xxxxxx 00000
For Immediate Release
Contact: Xxxxxx X. Xxxxx
Xxxxxx X. X'Xxxxxxx August 17, 2004
Astro-Med, Inc.
(000) 000-0000
Astro-Med Reports Second Quarter Results;
Directors Declare Regular Cash Dividend and
Authorize Additional Stock Buyback
West Warwick, RI, August 17, 2004 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net
income of $602,000, equal to 10 cents per diluted share, on sales of $13,990,000
for the Second Quarter ending July 31, 2004. During the corresponding period of
the previous year, the Company reported net income of $810,000, equal to 16
cents per diluted share, on sales of $14,023,000.
During the Six-Month Period of the current fiscal year, earnings were
$2,201,000, equal to 38 cents per diluted share, on sales of $28,232,000. For
the corresponding period last year the Company reported a net profit of
$1,316,000, equal to 27 cents per diluted share, on sales of $27,237,000.
Commenting on the results, Xxxxxx X. Xxxxx, Chief Executive Officer, stated:
"Although the QuickLabel Systems product group, famous for its unique color
label printers, grew by 19%, the other two product groups lagged as customers
postponed purchases. We believe the purchase deferrals were seasonal in nature
and not the result of competitive activities. Nevertheless, we made a
significant increase in our field sales force during the quarter, in order to
take advantage of the significant number of new sales opportunities generated by
the continuous stream of new product introductions now underway. Remaining
focused on our goal to grow as rapidly as possible, we will continue to develop
and introduce new products and to strengthen our sales and marketing activities.
"The Company's financial position remains very strong with cash and marketable
securities at $13.1 million, a current ratio of 4.7 to 1, no long term debt, and
a book value of $7.22 per share."
On August 16, 2004, the Directors of Astro-Med increased the authorized buyback
of the Company's shares of common stock to 600,000, and declared the regular
quarterly cash dividend of 4 cents per share payable on October 1, 2004 to
shareholders of record on September 10, 2004.
The Second Quarter conference call will be held on Tuesday, August 17, 2004 at
5:00 PM EDT. It will be broadcast in real time on the Internet through our
website at xxx.xxxxx-xxx.xxx. We invite you to log on and listen in on
August 17th, or access the broadcast any time for up to 5 days following the
event.
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.
ASTRO-MED, INC.
Consolidated Statement of Operations
In Thousands Except for Per Share Data
(Unaudited)
Three-Months Ending Six-Months Ending
July 31, 2004 August 2, July 31, 2004 August 2, 2003
2003
Net Sales $13,990 $14,023 $28,232 $27,237
Gross Profit 5,920 5,816 11,714 10,866
42.3% 41.5% 41.5% 39.9%
Operating Expenses:
Selling, General & Administrative 4,037 3,932 7,938 7,625
Research & Development 966 907 1,924 1,776
5,003 4,839 9,861 9,402
Operating Income 917 977 1,853 1,465
6.6% 7.0% 6.6% 5.4%
Other, Net 24 33 120 84
Income Before Taxes 941 1,010 1,973 1,548
Income Tax Benefit (Provision) (339) (200) 228 (232)
Net Income $ 602 $ 810 $2,201 $1,316
Net Income Per Share - Basic $ 0.11 $ 0.17 $ 0.42 $ 0.28
Net Income Per Share - Diluted $ 0.10 $ 0.16 $ 0.38 $ 0.27
Weighted Average Number of Common
Shares - Basic 5,307 4,638 5,276 4,658
Weighted Average Number of Common
Shares - Diluted 5,817 5,032 5,834 4,857
Dividends Declared Per Common Share
$ 0.04 $ 0.04 $ 0.08 $ 0.08
Selected Balance Sheet Data
In Thousands Except for Per Share Data
As of As of
July 31, 2004 January 31, 2004
Cash & Marketable Securities $13,140 $12,677
Current Assets $36,917 $32,017
Total Assets $47,158 $42,065
Current Liabilities $7,599 $7,518
Shareholders' Equity $38,339 $34,547
Safe Harbor Statement
This news release contains forward-looking statements, and actual results may
vary from those expressed or implied herein. Factors that could affect these
results include those mentioned in Astro-Med's FY2004 annual report and its
annual and quarterly filings with the Securities and Exchange Commission.
