Company to Host Conference Call at 9:00 a.m. ET
Today
Fiscal First-Quarter 2024 Summary (Comparisons with Q1 FY
2023)
- Bookings of $38.4 million, up 18.2%
- Revenue of $35.4 million, up 14.2%
- Operating income of $1.5 million, up 91.2%
- Net income of $0.8 million, up 99.5%
- Earnings per diluted share of $0.11, up 83.3%
- Adjusted EBITDA of $3.1 million, up 59.9%
AstroNova, Inc. (Nasdaq: ALOT), a global leader in data
visualization technologies, today announced financial results for
the first quarter ended April 29, 2023.
CEO Commentary
“Our strong first-quarter results reflected our solid
performance integrating the Astro Machine acquisition, maintaining
cost discipline and capitalizing on the expanding recovery of the
commercial aviation market,” stated Greg Woods, AstroNova’s
President and Chief Executive Officer. “The hard work of our teams
around the globe helped to deliver an 18% increase in orders, a 14%
increase in revenue and a 91% increase in operating profit. These
results were driven by the contribution of Astro Machine in our
Product Identification (Product ID) segment and the momentum of the
commercial aerospace products in our Test & Measurement
(T&M) segment.
“In the Product ID segment, we expect that revenue from the
retrofitted printers in the field that were sidelined last year by
a supplier-related ink quality issue will increase over the coming
quarters, as more units are returned to full production. Last month
marked the launch of AstroNova’s first eCommerce site, and we
kicked off the 2023 trade show season with a great response at two
large shows in Germany: interpack in Düsseldorf and FESPA Global
Print Expo in Munich. Our eCommerce site features some of our
latest products, including those demonstrated at interpack and
FESPA, and lead generation from these activities has been very
strong. We have several exciting new products in the pipeline for
this year, with our next new printer scheduled to launch in just a
few weeks.
“In our T&M segment, the continued strong growth in air
travel and the increasing number of aircraft in service, continue
to bode well for the hardware, supplies and service areas of our
aerospace product lines. As we move through the year, we remain
focused on executing on the key tenets of our growth strategy:
operational excellence, product innovation, strategic M&A and
geographic expansion,” Woods concluded.
First-Quarter Fiscal 2024 Financial Summary
Revenue increased 14.2% to $35.4 million from $31.0 million in
the year-earlier period, driven primarily by the Product
Identification segment.
Hardware revenue grew 25.4% to $11.7 million compared with $9.3
million in the first quarter of fiscal 2023. Supplies revenue
increased 6.3% to $19.1 million from $17.9 million in the
comparable period of fiscal 2023. Revenue from Service/Other
increased 24.4% to $4.7 million from $3.8 million in the first
quarter of fiscal 2023.
Gross profit increased 15.4% to $12.4 million, or 35.0% of
revenue, from $10.7 million, or 34.6% of revenue, in the first
quarter of fiscal 2023, primarily reflecting the effect of higher
revenue in the fiscal 2024 period.
Operating expenses totaled $10.9 million, an increase of 9.6%
from $10.0 million in the year-earlier period, primarily reflecting
higher general and administrative expenses associated with the
addition of Astro Machine in the third quarter of fiscal 2023.
Operating income increased 91.2% to $1.5 million from $0.8
million in the first quarter of fiscal 2023, primarily reflecting
the acquisition of Astro Machine.
Net income was $0.8 million, or $0.11 per diluted share,
compared with net income of $0.4 million, or $0.06 per diluted
share, in the first quarter of fiscal 2023.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) was $2.7 million compared with $1.6 million for the same
period in fiscal 2023.
Adjusted EBITDA, which the Company defines as earnings before
interest, taxes, depreciation, amortization and share-based
compensation, was $3.1 million for the first quarter of fiscal
2024, compared with $1.9 million in the first quarter of fiscal
2023.
Bookings totaled $38.4 million, compared with $32.5 million in
the first quarter of fiscal 2023, reflecting an increase in orders
for both segments.
Backlog as of April 29, 2023 was $38.7 million versus $29.3
million at the end of the fiscal 2023 first quarter.
First-Quarter Fiscal 2024 Operating Segment Results
Product Identification
Product Identification segment revenue was $25.1 million in the
first quarter of fiscal 2024, compared with $21.7 million in the
fiscal 2023 first quarter. Segment operating profit was $2.5
million, or 10.0% of revenue, compared with segment operating
profit of $1.4 million, or 6.5% of revenue, in the first quarter of
fiscal 2023.
Test & Measurement
Test & Measurement segment revenue increased to $10.3
million in the first quarter of fiscal 2024 from $9.3 million in
the first quarter of fiscal 2023. Segment operating profit was $2.1
million, or 20.1% of revenue, compared with segment operating
profit of $1.9 million, or 20.6% of revenue, in the first quarter
of fiscal 2023.
Earnings Conference Call
AstroNova will discuss its first-quarter fiscal 2024 financial
results in an investor conference call at 9:00 a.m. ET today. To
participate on the conference call, please dial (404) 975-4839
(U.S. and Canada) or (833) 470-1428 (International) approximately
10 minutes prior to the start time and enter access code 177418. A
real-time and an archived audio webcast of the call will be
available through the “Investors” section of the AstroNova website,
https://investors.astronovainc.com.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
generally accepted accounting principles (GAAP), this news release
contains the non-GAAP financial measures EBITDA and Adjusted
EBITDA.
AstroNova believes that the inclusion of these non-GAAP
financial measures helps investors gain a meaningful understanding
of changes in the Company’s core operating results and can help
investors who wish to make comparisons between AstroNova and other
companies on both a GAAP and a non-GAAP basis. AstroNova’s
management uses these non-GAAP financial measures, in addition to
GAAP financial measures, as the basis for measuring its core
operating performance and comparing such performance to that of
prior periods and to the performance of its competitors. These
measures are also used by the Company’s management to assist with
their financial and operating decision-making. Please refer to the
financial reconciliation tables included in this news release for a
reconciliation of GAAP measures to the most directly comparable
non-GAAP measures for the three months ended April 29, 2023 and
April 30, 2022.
About AstroNova
AstroNova (Nasdaq: ALOT), a global leader in data visualization
technologies since 1969, designs, manufactures, distributes, and
services a broad range of products that acquire, store, analyze,
and present data in multiple formats.
The Product Identification segment provides a wide array of
digital, end-to-end product marking and identification solutions
including hardware, software, and supplies for OEMs, commercial
printers, and brand owners. The Test and Measurement segment
provides products designed for airborne printing solutions,
avionics, and data acquisition. Our aerospace products include
flight deck printing solutions, networking hardware, and
specialized aerospace-grade supplies. Our data acquisition systems
are used in research and development, flight testing, missile and
rocket telemetry production monitoring, power, and maintenance
applications.
AstroNova is a member of the Russell Microcap® Index and the LD
Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is
available by visiting https://astronovainc.com/.
Forward-Looking Statements
Information included in this news release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are not statements of historical fact, but rather
reflect our current expectations concerning future events and
results. These statements may include the use of the words
“believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,”
“continues,” “may,” “will,” and similar expressions to identify
forward-looking statements. Such forward-looking statements,
including those concerning the Company’s anticipated performance,
involve risks, uncertainties and other factors, some of which are
beyond our control, which may cause our actual results, performance
or achievements to be materially different from those expressed or
implied by such forward-looking statements. These risks,
uncertainties and factors include, but are not limited to, (i) the
risk that we may not be able to realize the expected synergies from
our acquisition of Astro Machine, (ii) the risk that apparent
improvements in the Aerospace and Defense sectors may not continue
and (iii) those factors set forth in the Company’s Annual Report on
Form 10-K for the fiscal year ended January 31, 2023 and subsequent
filings AstroNova makes with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. The reader is
cautioned not to unduly rely on such forward-looking statements
when evaluating the information presented in this news release.
ASTRONOVA, INC. Condensed Consolidated Statements
of Income In Thousands Except for Per Share Data
(Unaudited) Three Months Ended
April 29, 2023
April 30, 2022 Net Revenue
$
35,419
$
31,010
Cost of Revenue
23,034
20,281
Gross Profit
12,385
10,729
Total Gross Profit Margin
35.0
%
34.6
%
Operating Expenses: Selling & Marketing
6,010
5,883
Research & Development
1,788
1,522
General & Administrative
3,126
2,560
Total Operating Expenses
10,924
9,965
Operating Income
1,461
764
Total Operating Margin
4.1
%
2.5
%
Other Expense, net
434
279
Income Before Taxes
1,027
485
Income Tax Provision
179
60
Net Income
$
848
$
425
Net Income per Common Share - Basic
$
0.12
$
0.06
Net Income per Common Share - Diluted
$
0.11
$
0.06
Weighted Average Number of Common Shares - Basic
7,370
7,263
Weighted Average Number of Common Shares - Diluted
7,450
7,396
ASTRONOVA, INC. Consolidated Balance Sheets In
Thousands (Unaudited) April 29, 2023
January 31, 2023 ASSETS CURRENT ASSETS Cash and Cash Equivalents
$
5,413
$
3,946
Accounts Receivable, net
19,285
21,598
Inventories, net
53,126
51,324
Prepaid Expenses and Other Current Assets
2,678
2,894
Total Current Assets
80,502
79,762
PROPERTY, PLANT AND EQUIPMENT
55,474
55,394
Less Accumulated Depreciation
(41,556
)
(41,106
)
Property, Plant and Equipment, net
13,918
14,288
OTHER ASSETS Intangible Assets, net
20,630
21,232
Goodwill
14,760
14,658
Deferred Tax Assets
6,907
6,907
Right of Use Asset
858
794
Other Assets
1,621
1,566
TOTAL ASSETS
$
139,196
$
139,207
LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts
Payable
$
8,000
$
8,479
Accrued Compensation
3,267
2,750
Other Liabilities and Accrued Expenses
3,484
3,308
Revolving Line of Credit
15,900
15,900
Current Portion of Long-Term Debt
2,100
2,100
Current Portion of Royalty Obligation
1,600
1,725
Current Liability – Excess Royalty Payment Due
379
562
Income Taxes Payable
730
786
Deferred Revenue
1,971
1,888
Total Current Liabilities
37,431
37,498
NON-CURRENT LIABILITIES Long-Term Debt, net of current portion
11,678
12,040
Royalty Obligation, net of current portion
3,102
3,415
Lease Liability, net of current portion
581
555
Income Taxes Payable
491
491
Deferred Revenue
267
674
Deferred Tax Liabilities
172
167
TOTAL LIABILITIES
53,722
54,840
SHAREHOLDERS’ EQUITY Common Stock
538
534
Additional Paid-in Capital
61,526
61,131
Retained Earnings
60,023
59,175
Treasury Stock
(34,585
)
(34,235
)
Accumulated Other Comprehensive Loss, net of tax
(2,028
)
(2,238
)
TOTAL SHAREHOLDERS’ EQUITY
85,474
84,367
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
139,196
$
139,207
ASTRONOVA, INC. Revenue and Segment Operating Profit
In Thousands (Unaudited) Revenue
Segment Operating Profit Three Months Ended Three Months
Ended
April 29, 2023 April 30, 2022
April 29, 2023
April 30, 2022 Product Identification
$
25,095
$
21,724
$
2,515
$
1,413
Test & Measurement
10,324
9,286
2,072
1,911
Total
$
35,419
$
31,010
4,587
3,324
Corporate Expenses
3,126
2,560
Operating Income
1,461
764
Other Expense, net
434
279
Income Before Income Taxes
1,027
485
Income Tax Provision
179
60
Net Income
$
848
$
425
ASTRONOVA, INC. Reconciliation of Net Income to
EBITDA In Thousands (Unaudited) Three
Months Ended
April 29, 2023 April 30, 2022 Net Income − GAAP
$
848
$
425
Interest Expense
615
175
Income Tax Provision
179
60
Depreciation/Amortization
1,055
912
EBITDA
$
2,697
$
1,572
ASTRONOVA, INC. Reconciliation of Net Income to Adjusted
EBITDA In Thousands (Unaudited) Three
Months Ended
April 29, 2023 April 30, 2022 Net Income − GAAP
$
848
$
425
Interest Expense
615
175
Income Tax Provision
179
60
Share-Based Compensation
356
337
Depreciation/Amortization
1,055
912
Adjusted EBITDA
$
3,053
$
1,909
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230607005889/en/
Scott Solomon Senior Vice President Sharon Merrill Associates,
Inc. (857) 383-2409 ALOT@investorrelations.com
AstroNova (NASDAQ:ALOT)
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