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Last10K.com | 10-K Annual Report Fri Apr 10 2020
Exhibit 99.1
|
News Release |
Contact:
Scott Solomon
Senior Vice President
Sharon Merrill Associates
(617) 542-5300
ALOT@investorrelations.com
AstroNova Announces Financial Results for
Fourth-Quarter and Full-Year Fiscal 2020
Board of Directors Declares Regular Quarterly Cash Dividend of $0.07 Per Share
Fourth-Quarter Fiscal 2020 Summary
| • | Bookings of $36.0 million |
| • | Backlog of $25.2 million |
| • | Revenue of $30.5 million |
| • | Operating loss of $1.6 million |
| • | Loss per diluted share of $0.19 |
Full-Year Fiscal 2020 Summary
| • | Bookings of $136.3 million |
| • | Revenue of $133.4 million |
| • | Operating income of $2.4 million |
| • | Earnings per diluted share of $0.24 |
West Warwick, R.I. – March 12, 2020 – AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies, today announced financial results for the fiscal 2020 fourth quarter and full year ended January 31, 2020.
The following information was filed by Astronova, Inc. (ALOT) on Thursday, March 12, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Revenue - Product Highlight
Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in revenue, earnings or cash flows, or material adverse changes in the business climate, indicate that the carrying value of an asset might be impaired.
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Revenue - Product Highlight
We also continue to invest in sales and marketing initiatives by expanding the existing sales force and using various marketing campaigns to achieve our goals of sales growth and increased profitability notwithstanding the challenging economic environment.
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Other - Other Highlight
The Fourth Amendment amended the Credit Agreement to, among other things, (i) increase the aggregate amount available for borrowings under the revolving line of credit prior to November 1, 2020 from $10.0 million to $17.5 million through the second quarter of fiscal 2021 and (ii) modify the financial covenants with which the Company must comply thereunder by excluding certain capital expenditures from the calculation of the Company's consolidated fixed charge coverage ratio, providing that the minimum consolidated fixed charge coverage ratio covenant will be suspended through the second quarter of fiscal 2021, and adding a minimum consolidated EBITDA covenant commencing with the fourth quarter of fiscal 2020 and continuing through the second quarter of fiscal 2021.
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Financial - Earnings Highlight
The decrease in net cash provided by operations for the current year is primarily due to a decrease in net income of $4.0 million partially offset by a decrease in cash used for working capital of $2.1 million from fiscal 2019.
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Other - Other Highlight
The decline in air travel and the impact of that decline on demand for our products from our airplane manufacturing customers, the airlines to which we sell directly and through the manufacturers, and the repair and overhaul market and the market for the paper consumed in the printers, could have a material adverse impact on the company's financial results.
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Summary Of Accrued Expenses (Detail)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Changes In Balance Of Accumulated Other Comprehensive Loss (Detail)
Commitments And Contingencies
Concentration Of Risk
Concentration Of Risk - Additional Information (Detail)
Derivative Financial Instruments And Risk Management
Derivative Financial Instruments And Risk Management (Tables)
Derivative Financial Instruments And Risk Management - Additional Information (Detail)
Derivative Financial Instruments And Risk Management - Schedule Of Impact Of The Derivative Instruments In The Condensed Consolidated Financial Statements (Detail)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Schedule Of Company's Long-Term Debt Including The Current Portion Not Reflected In Financial Statements At Fair Value (Detail)
Fair Value Measurements - Summary Of Financial Assets And Liabilities Measured At Fair Value (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Change In Balance Of Unrecognized Tax Benefits, Excluding Interest And Penalties (Detail)
Income Taxes - Components Of Income Before Income Taxes (Detail)
Income Taxes - Components Of Provision For Income Taxes (Detail)
Income Taxes - Reconciliation Of The Provision For Income Taxes With The Amount Computed By Applying The Statutory Federal Income Tax Rate To The Income Before Income Tax Provision (Detail)
Income Taxes - Tax Effects Of Temporary Differences That Gave Rise To Significant Portions Of Deferred Tax Assets And Liabilities (Detail)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Detail)
Intangible Assets - Fair Value Of Acquired Identifiable Intangible Assets And Related Estimated Useful Lives (Detail)
Intangible Assets - Summary Of Estimated Amortization Expense (Detail)
Inventories
Inventories (Tables)
Inventories - Additional Information (Detail)
Inventories - Components Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Lease Cost Information (Detail)
Leases - Maturities Of Lease Liabilities (Detail)
Leases - Schedule Of Balance Sheet And Other Information Related To Operating Leases (Detail)
Leases - Supplemental Cash Flow Information (Detail)
Long- Term Debt And Other Financing Arrangements
Long- Term Debt And Other Financing Arrangements (Tables)
Long- Term Debt And Other Financing Arrangements - Additional Information (Detail)
Long- Term Debt And Other Financing Arrangements - Schedule Of Long Term Debt In The Accompanying Condensed Consolidated Balance Sheets (Detail)
Long- Term Debt And Other Financing Arrangements - Schedule Of Long Term Debt In The Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail)
Long- Term Debt And Other Financing Arrangements - Schedule Of Required Principal Payments Remaining On Long Term Debt Outstanding (Detail)
Nature Of Operations, Segment Reporting And Geographical Information
Nature Of Operations, Segment Reporting And Geographical Information (Tables)
Nature Of Operations, Segment Reporting And Geographical Information - Additional Information (Detail)
Nature Of Operations, Segment Reporting And Geographical Information - Net Sales And Segment Operating Profit For Each Reporting Segment (Detail)
Nature Of Operations, Segment Reporting And Geographical Information - Summary Of Other Information By Segment (Detail)
Nature Of Operations, Segment Reporting And Geographical Information - Summary Of Selected Financial Information By Geographic Area (Detail)
Product Warranty Liability
Product Warranty Liability (Tables)
Product Warranty Liability - Activity In Product Warranty Liability (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Detail)
Property, Plant And Equipment - Summary Of Property, Plant And Equipment (Detail)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Detail)
Revenue Recognition - Summary Of Revenues Disaggregated By Primary Geographic Markets (Detail)
Revenue Recognition - Summary Of Revenues Disaggregated By Primary Product Type (Detail)
Royalty Obligation
Royalty Obligation - Additional Information (Detail)
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves (Detail)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation - Aggregated Information Regarding Rsus And Rsas Granted (Detail)
Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail)
Share-Based Compensation - Fair Value Of Stock Options Granted (Detail)
Share-Based Compensation - Share-Based Compensation Expense (Detail)
Share-Based Compensation - Summarized Plan Activity (Detail)
Share-Based Compensation - Summary Of Options Outstanding (Detail)
Shareholders' Equity
Shareholders' Equity - Additional Information (Detail)
Subsequent Event
Subsequent Event - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Material Contracts, Statements, Certifications & more
Astronova, Inc. provided additional information to their SEC Filing as exhibits
Exhibit 4.2: Instruments Defining The Rights Of Security Holders, Including Indentures
Exhibit 21: Subsidaries Of The Registrant
Exhibit 23.1: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: ALOT
CIK: 8146
Form Type: 10-K Annual Report
Accession Number: 0001193125-20-103834
Submitted to the SEC: Fri Apr 10 2020 4:22:55 PM EST
Accepted by the SEC: Fri Apr 10 2020
Period: Friday, January 31, 2020
Industry: Computer Peripheral Equipment
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