AstroNova Reports Fiscal 2025 First Quarter Financial Results
Company Reiterates Fiscal 2025 Full-Year Outlook
-
Bookings of
$33.1 million -
Revenue of
$33.0 million -
Operating income of
$1.3 million -
Net income of
$1.2 million -
Earnings per diluted share of
$0.15 -
Adjusted EBITDA of
$2.5 million -
Earnings conference call at
9:00 a.m. ET today
CEO Commentary
“Our first-quarter results were hampered by supplier shortages and an order push-out by one customer, both of which we expect to be remedied this fiscal year,” said
“In our Product Identification segment, the year-over-year decrease in first-quarter revenue was partly the result of the push-out of a
Business Outlook
“Looking ahead, we are excited about the prospects for both segments of our business,” Woods said. “With our recent acquisition of
Q1 FY 2025 Financial Highlights
(in thousands, except per share data) |
Q1 FY 2025 |
Q1 FY 2024 |
YoY |
Revenue |
|
|
(7%) |
Gross Profit |
11,972 |
12,385 |
(3%) |
Gross Margin |
36.3% |
35.0% |
130 pts. |
Operating Expenses |
10,626 |
10,924 |
(3%) |
Operating Income |
1,346 |
1,461 |
(8%) |
Operating Margin |
4.1% |
4.1% |
-- |
Net Income |
|
|
39% |
Net Income per Common Share - Diluted |
|
|
36% |
Adjusted EBITDA |
|
|
(19%) |
Revenue by Type
(in thousands) |
Q1 FY 2025 |
Q1 FY 2024 |
YoY |
Hardware |
|
|
(24%) |
Supplies |
|
|
(2%) |
Service/Other |
|
|
17% |
Bookings totaled
Backlog as of
Segment Results
Product Identification
Product Identification (PI) segment revenue was
Test & Measurement
Test & Measurement (T&M) segment revenue was
Earnings Conference Call Information
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 measure Adjusted EBITDA, which we define as earnings before interest, taxes, depreciation and amortization, stock-based compensation and acquisition-related costs.
About
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.
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 MTEX NS, (ii) the risk that apparent improvements in the Aerospace and Defense sectors may not continue, (iii) the risk that supply chain issues may persist longer than we expect, (iv) the risk that we may not be able to incorporate customer-requested design enhancements into our products on the timeframe that we expect or at all, and (v) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended
|
||||||||
Condensed Consolidated Statements of Income | ||||||||
In Thousands Except for Per Share Data | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
2024 |
2023 |
|||||||
Net Revenue |
$ |
32,961 |
|
$ |
35,419 |
|
||
Cost of Revenue |
|
20,989 |
|
|
23,034 |
|
||
Gross Profit |
|
11,972 |
|
|
12,385 |
|
||
Total Gross Profit Margin |
|
36.3 |
% |
|
35.0 |
% |
||
Operating Expenses: | ||||||||
Selling & Marketing |
|
5,656 |
|
|
6,010 |
|
||
Research & Development |
|
1,603 |
|
|
1,788 |
|
||
General & Administrative |
|
3,367 |
|
|
3,126 |
|
||
Total Operating Expenses |
|
10,626 |
|
|
10,924 |
|
||
Operating Income |
|
1,346 |
|
|
1,461 |
|
||
Total Operating Margin |
|
4.1 |
% |
|
4.1 |
% |
||
Other Expense, net |
|
599 |
|
|
434 |
|
||
Income Before Taxes |
|
747 |
|
|
1,027 |
|
||
Income Tax Provision (Benefit) |
|
(434 |
) |
|
179 |
|
||
Net Income |
$ |
1,181 |
|
$ |
848 |
|
||
Net Income per Common Share - Basic |
$ |
0.16 |
|
$ |
0.12 |
|
||
Net Income per Common Share - Diluted |
$ |
0.15 |
|
$ |
0.11 |
|
||
Weighted Average Number of Common Shares - Basic |
|
7,459 |
|
|
7,370 |
|
||
Weighted Average Number of Common Shares - Diluted |
|
7,628 |
|
|
7,450 |
|
|
|||||||||
Consolidated Balance Sheets | |||||||||
In Thousands | |||||||||
(Unaudited) | |||||||||
2024 |
2024 |
||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents |
$ |
3,990 |
|
$ |
4,527 |
|
|||
Accounts Receivable, net |
|
17,863 |
|
|
23,056 |
|
|||
Inventories, net |
|
45,177 |
|
|
46,371 |
|
|||
Prepaid Expenses and Other Current Assets |
|
3,242 |
|
|
2,720 |
|
|||
Total Current Assets |
|
70,272 |
|
|
76,674 |
|
|||
PROPERTY, PLANT AND EQUIPMENT |
|
57,441 |
|
|
57,046 |
|
|||
Less Accumulated Depreciation |
|
(43,235 |
) |
|
(42,861 |
) |
|||
Property, Plant and Equipment, net |
|
14,206 |
|
|
14,185 |
|
|||
OTHER ASSETS | |||||||||
Identifiable Intangibles, net |
|
18,402 |
|
|
18,836 |
|
|||
|
|
14,536 |
|
|
14,633 |
|
|||
Deferred Tax Assets, net |
|
6,880 |
|
|
6,882 |
|
|||
Right of Use Asset |
|
894 |
|
|
603 |
|
|||
Other Assets |
|
1,411 |
|
|
1,438 |
|
|||
TOTAL ASSETS |
$ |
126,601 |
|
$ |
133,251 |
|
|||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Accounts Payable |
$ |
7,012 |
|
$ |
8,068 |
|
|||
Accrued Compensation |
|
2,934 |
|
|
2,923 |
|
|||
Other Accrued Expenses |
|
2,787 |
|
|
2,706 |
|
|||
Revolving Line of Credit |
|
3,400 |
|
|
8,900 |
|
|||
Current Portion of Long-Term Debt |
|
2,844 |
|
|
2,842 |
|
|||
Current Liability – Royalty Obligation |
|
1,700 |
|
|
1,700 |
|
|||
Current Liability – Excess Royalty Payment Due |
|
572 |
|
|
935 |
|
|||
Income Taxes Payable |
|
512 |
|
|
349 |
|
|||
Deferred Revenue |
|
1,151 |
|
|
1,338 |
|
|||
Total Current Liabilities |
|
22,912 |
|
|
29,761 |
|
|||
NON-CURRENT LIABILITIES | |||||||||
Long-Term Debt, net of current portion |
|
9,343 |
|
|
10,050 |
|
|||
Royalty Obligation, net of current portion |
|
1,816 |
|
|
2,093 |
|
|||
Lease Liabilities, net of current portion |
|
680 |
|
|
415 |
|
|||
Income Tax Payables |
|
551 |
|
|
551 |
|
|||
Deferred Tax Liabilities |
|
92 |
|
|
99 |
|
|||
TOTAL LIABILITIES |
|
35,394 |
|
|
42,969 |
|
|||
SHAREHOLDERS’ EQUITY | |||||||||
Common Stock |
|
545 |
|
|
541 |
|
|||
|
|
63,053 |
|
|
62,684 |
|
|||
Retained Earnings |
|
65,050 |
|
|
63,869 |
|
|||
Treasury Stock |
|
(35,025 |
) |
|
(34,593 |
) |
|||
Accumulated Other Comprehensive Loss, net of tax |
|
(2,416 |
) |
|
(2,219 |
) |
|||
TOTAL SHAREHOLDERS’ EQUITY |
|
91,207 |
|
|
90,282 |
|
|||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
126,601 |
|
$ |
133,251 |
|
|||
|
||||||||||||||
Revenue and Segment Operating Profit | ||||||||||||||
In Thousands | ||||||||||||||
(Unaudited) | ||||||||||||||
Revenue | Segment Operating Profit | |||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||
Product Identification |
$ |
23,185 |
$ |
25,095 |
$ |
2,991 |
|
$ |
2,515 |
|||||
Test & Measurement |
|
9,776 |
|
10,324 |
|
1,722 |
|
|
2,072 |
|||||
Total |
$ |
32,961 |
$ |
35,419 |
|
4,713 |
|
|
4,587 |
|||||
Corporate Expenses |
|
3,367 |
|
|
3,126 |
|||||||||
Operating Income |
|
1,346 |
|
|
1,461 |
|||||||||
Other Expense, net |
|
599 |
|
|
434 |
|||||||||
Income Before Income Taxes |
|
747 |
|
|
1,027 |
|||||||||
Income Tax Provision (Benefit) |
|
(434 |
) |
|
179 |
|||||||||
Net Income |
$ |
1,181 |
|
$ |
848 |
|||||||||
|
|||||||||
Reconciliation of Net Income to Adjusted EBITDA | |||||||||
Amounts In Thousands | |||||||||
(Unaudited) | |||||||||
Three Months Ended | |||||||||
2024 |
2023 |
||||||||
GAAP Net Income |
$ |
1,181 |
|
$ |
848 |
||||
Interest Expense |
|
482 |
|
|
615 |
||||
Income Tax Expense (Benefit) |
|
(434 |
) |
|
179 |
||||
Depreciation/Amortization |
|
911 |
|
|
1,055 |
||||
Share-Based Compensation |
|
325 |
|
|
356 |
||||
Adjusted EBITDA |
$ |
2,465 |
|
$ |
3,053 |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240605959386/en/
Senior Vice President
(857) 383-2409
ALOT@investorrelations.com
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