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Exhibit 99.1 |
Company to Host Conference Call at 9:00 a.m. ET Today
Third-Quarter Fiscal 2024 Financial Highlights
WEST WARWICK, R.I.--(BUSINESS WIRE)--December 6, 2023--AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today reported financial results for the fiscal 2024 third quarter ended October 28, 2023. GAAP diluted earnings per share were $0.37 compared with $0.04 per diluted share in the year-earlier period. Last year’s third-quarter GAAP results included transaction costs of $0.07 per diluted share associated with the acquisition of Astro Machine, Inc. at the beginning of that quarter. This is the first quarter in which Astro Machine’s results are included in all comparisons with the prior-year periods.
Commentary from Greg Woods, President and Chief Executive Officer
“We delivered significantly improved earnings performance in the third quarter despite an 11% YoY revenue decline in our Product Identification (PI) segment. This decline was largely driven by sidelined printers that were affected by the previously discussed ink quality issues from one of our suppliers and, to a lesser degree, the exit of some low margin printers last quarter from our portfolio. As our retrofitting program continues, the supplies revenue from these printers is expected to recover over the coming quarters.
“Our strong profit and cash flow improvement was fueled by a combination of favorable product mix in both segments, continued focus on expense control and the benefits of the PI segment realignment last quarter.
“Our PI segment generated a 62% increase in third-quarter operating profit as we focus on more profitable products, transition more printer manufacturing from Asia and West Warwick to the Astro Machine plant in Illinois, exit low margin or low volume label printer models, consolidate international sales and distribution facilities, and streamline our global channel partner network.
“Our Test and Measurement segment maintained its strong performance in the third quarter, bolstered by the ongoing post-pandemic rebound of the commercial aviation market. Segment revenue increased 16%, while segment operating profit was up 50%.
“The recently completed strategic restructuring has significantly improved the cost structure and margin profile of the business and we expect both segments to perform in line with these results again in the fourth quarter.”
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Astronova, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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The increased gross profit and related profit margin for the current year compared to the prior year is primarily attributable to higher margins on a favorable product mix.
The current quarter decrease is attributable to the decline in revenue from inkjet supplies sales and certain tabletop label hardware sales, particularly in North America resulting primarily from the adverse market reaction to the deterioration of certain label printers due to the ink quality issues related to one of our large suppliers.
The increase in the current year PI segment operating profit and margin is primarily due to the inclusion of Astro Machine for the full nine months of fiscal 2024, lower manufacturing and operating expenses and a favorable product mix, partially offset by the impact of $2.6 million of costs related to the restructuring plan and $0.9 million of product retrofit costs recognized in the current year.
The increase in T&Ms current year third quarter segment operating profit margin is due to higher revenue from high-margin product lines.
The increase in T&Ms current year segment operating profit margin is due to higher revenue from high-margin product lines.
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Financial Statements, Disclosures and Schedules
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Astronova, Inc. provided additional information to their SEC Filing as exhibits
Ticker: ALOT
CIK: 8146
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-23-068533
Submitted to the SEC: Wed Dec 06 2023 2:34:46 PM EST
Accepted by the SEC: Wed Dec 06 2023
Period: Saturday, October 28, 2023
Industry: Computer Peripheral Equipment