●
|
Bookings of $32.9 million
|
●
|
Backlog at quarter end of $27.8 million
|
●
|
Revenue of $29.7 million
|
●
|
Operating loss of $0.2 million
|
●
|
Net loss of $0.8 million, or $0.10 per share
|
●
|
Adjusted EBITDA of $0.8 million, or 2.6% of revenue
|
●
|
Bookings of $128.6 million
|
●
|
Revenue of $117.5 million
|
●
|
GAAP operating income of $4.3 million
|
●
|
Non-GAAP operating income of $2.1 million
|
●
|
GAAP net income of $6.4 million, or $0.88 per diluted share, which includes CARES Act benefits and ERP system write-off costs
|
●
|
Non-GAAP net income of $916,000, or $0.12 per diluted share
|
●
|
Adjusted EBITDA of $13.2 million, or 11.2% of revenue
|
ASTRONOVA, INC.
| ||||||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||
In Thousands Except for Per Share Data | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
| |||||||||||||
Revenue
|
$
|
29,700
|
$
|
29,438
|
$
|
117,480
|
$
|
116,033
| ||||||||
Cost of Revenue
|
19,949
|
18,456
|
73,741
|
74,673
| ||||||||||||
Gross Profit
|
9,751
|
10,982
|
43,739
|
41,360
| ||||||||||||
Total Gross Profit Margin
|
32.8
|
%
|
37.3
|
%
|
37.2
|
%
|
35.6
|
%
| ||||||||
Operating Expenses:
| ||||||||||||||||
Selling & Marketing
|
6,247
|
6,267
|
23,177
|
23,301
| ||||||||||||
Research & Development
|
1,549
|
1,361
|
6,753
|
6,206
| ||||||||||||
General & Administrative
|
2,182
|
2,206
|
9,553
|
9,420
| ||||||||||||
Total Operating Expenses
|
9,978
|
9,834
|
39,483
|
38,927
| ||||||||||||
Operating Income
|
(227
|
)
|
1,148
|
4,256
|
2,433
| |||||||||||
Total Operating Margin
|
-0.8
|
%
|
3.9
|
%
|
3.6
|
%
|
2.1
|
%
| ||||||||
Other Income (Expense) , net:
| ||||||||||||||||
Gain on Extinguishment of Debt - PPP Loan
|
-
|
-
|
4,466
|
-
| ||||||||||||
Loss on Disposal of Assets
|
-
|
-
|
(696
|
)
|
-
| |||||||||||
Interest Expense
|
(150
|
)
|
(255
|
)
|
(677
|
)
|
(955
|
)
| ||||||||
Gain(Loss) on Foreign Currency Transactions
|
(57
|
)
|
276
|
(288
|
)
|
590
| ||||||||||
Other, net
|
(17
|
)
|
183
|
(27
|
)
|
111
| ||||||||||
(224
|
)
|
204
|
2,778
|
(254
|
)
| |||||||||||
Income (Loss) Before Taxes
|
(451
|
)
|
1,352
|
7,034
|
2,179
| |||||||||||
Income Tax Provision
|
308
|
516
|
605
|
895
| ||||||||||||
Net Income (Loss)
|
$
|
(759
|
)
|
$
|
836
|
$
|
6,429
|
$
|
1,284
| |||||||
Net Income (Loss) per Common Share - Basic
|
$
|
(0.10
|
)
|
$
|
0.12
|
$
|
0.89
|
$
|
0.18
| |||||||
Net Income (Loss) per Common Share - Diluted
|
$
|
(0.10
|
)
|
$
|
0.12
|
$
|
0.88
|
$
|
0.18
| |||||||
Weighted Average Number of Common Shares - Basic
|
7,237
|
7,124
|
7,207
|
7,104
| ||||||||||||
Weighted Average Number of Common Shares - Diluted
|
7,237
|
7,261
|
7,339
|
7,166
|
ASTRONOVA, INC.
| ||||||||
Balance Sheet
| ||||||||
In Thousands
| ||||||||
(Unaudited)
| ||||||||
January 31, 2022
|
January 31, 2021
| |||||||
ASSETS
| ||||||||
CURRENT ASSETS
| ||||||||
Cash and Cash Equivalents
|
$
|
5,276
|
$
|
11,439
| ||||
Accounts Receivable, net
|
17,124
|
17,415
| ||||||
Inventories, net
|
34,609
|
30,060
| ||||||
Prepaid Expenses and Other Current Assets
|
6,769
|
1,807
| ||||||
Total Current Assets
|
63,778
|
60,721
| ||||||
PROPERTY, PLANT AND EQUIPMENT
|
50,821
|
50,839
| ||||||
Less Accumulated Depreciation
|
(39,380
|
)
|
(38,828
|
)
| ||||
Property, Plant and Equipment, net
|
11,441
|
12,011
| ||||||
OTHER ASSETS
| ||||||||
Intangible Assets, net
|
19,200
|
21,502
| ||||||
Goodwill
|
12,156
|
12,806
| ||||||
Deferred Tax Assets
|
5,591
|
5,941
| ||||||
Right of Use Asset
|
1,094
|
1,389
| ||||||
Other Assets
|
1,695
|
1,103
| ||||||
TOTAL ASSETS
|
$
|
114,955
|
$
|
115,473
| ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||
CURRENT LIABILITIES
| ||||||||
Accounts Payable
|
$
|
8,590
|
$
|
5,734
| ||||
Accrued Compensation
|
3,512
|
2,917
| ||||||
Other Liabilities and Accrued Expenses
|
4,113
|
3,874
| ||||||
Current Portion of Royalty Obligation
|
2,000
|
2,000
| ||||||
Current Portion of Long-Term Debt
|
1,000
|
5,326
| ||||||
Current Liability - Excess Royalty Payment Due
|
235
|
177
| ||||||
Income Taxes Payable
|
323
|
655
| ||||||
Deferred Revenue
|
262
|
285
| ||||||
Total Current Liabilities
|
20,035
|
20,968
| ||||||
NON-CURRENT LIABILITIES
| ||||||||
Long-Term Debt, net of current portion
|
8,154
|
7,109
| ||||||
Royalty Obligation, net of current portion
|
4,361
|
6,161
| ||||||
Long-Term Debt - PPP Loan
|
-
|
4,422
| ||||||
Lease Liability, net of current portion
|
808
|
1,065
| ||||||
Other Long-Term Liabilities
|
399
|
681
| ||||||
Deferred Tax Liabilities
|
186
|
384
| ||||||
TOTAL LIABILITIES
|
33,943
|
40,790
| ||||||
SHAREHOLDERS' EQUITY
| ||||||||
Common Stock
|
528
|
521
| ||||||
Additional Paid-in Capital
|
59,692
|
58,049
| ||||||
Retained Earnings
|
56,514
|
50,085
| ||||||
Treasury Stock
|
(33,974
|
)
|
(33,588
|
)
| ||||
Accumulated Other Comprehensive Loss, net of tax
|
(1,748
|
)
|
(384
|
)
| ||||
TOTAL SHAREHOLDERS' EQUITY
|
81,012
|
74,683
| ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
114,955
|
$
|
115,473
|
ASTRONOVA, INC.
| ||||||||||||||||||||||||||||||||
Revenue and Segment Operating Profit (Loss)
| ||||||||||||||||||||||||||||||||
In Thousands
| ||||||||||||||||||||||||||||||||
(Unaudited)
| ||||||||||||||||||||||||||||||||
Revenue
|
Segment Operating Profit (Loss)
|
Revenue
|
Segment Operating Profit (Loss)
| |||||||||||||||||||||||||||||
Three Months Ended
|
Three Months Ended
|
Twelve Months Ended
|
Twelve Months Ended
| |||||||||||||||||||||||||||||
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
| |||||||||||||||||||||||||
Product Identification
|
$
|
22,396
|
$
|
23,361
|
$
|
1,460
|
$
|
3,072
|
$
|
90,915
|
$
|
90,268
|
$
|
10,411
|
$
|
12,885
| ||||||||||||||||
Test & Measurement
|
7,304
|
6,077
|
495
|
282
|
26,565
|
25,765
|
3,398
|
(1,032
|
)
| |||||||||||||||||||||||
Total
|
$
|
29,700
|
$
|
29,438
|
1,955
|
3,354
|
$
|
117,480
|
$
|
116,033
|
13,809
|
11,853
| ||||||||||||||||||||
Corporate Expenses
|
2,182
|
2,206
|
9,553
|
9,420
| ||||||||||||||||||||||||||||
Operating Income
|
(227
|
)
|
1,148
|
4,256
|
2,433
| |||||||||||||||||||||||||||
Other Income (Expense), net
|
(224
|
)
|
204
|
2,778
|
(254
|
)
| ||||||||||||||||||||||||||
Income (Loss) Before Income Taxes
|
(451
|
)
|
1,352
|
7,034
|
2,179
| |||||||||||||||||||||||||||
Income Tax Provision
|
308
|
516
|
605
|
895
| ||||||||||||||||||||||||||||
Net Income (Loss)
|
$
|
(759
|
)
|
$
|
836
|
$
|
6,429
|
$
|
1,284
|
ASTRONOVA, INC.
| ||||||||||||||||
Reconciliation of GAAP to Non-GAAP - Gross Profit
| ||||||||||||||||
Amounts in Thousands
| ||||||||||||||||
(Unaudited)
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
| |||||||||||||
Gross Profit − GAAP
|
$
|
9,751
|
$
|
10,982
|
$
|
43,739
|
$
|
41,360
| ||||||||
Employee Retention Credit, net
|
-
|
-
|
(1,641
|
)
|
-
| |||||||||||
Gross Profit − Non-GAAP
|
$
|
9,751
|
$
|
10,982
|
$
|
42,098
|
$
|
41,360
|
ASTRONOVA, INC.
| ||||||||||||||||
Reconciliation of GAAP to Non-GAAP - Operating Expenses
| ||||||||||||||||
Amounts in Thousands
| ||||||||||||||||
(Unaudited)
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
| |||||||||||||
Operating Expenses − GAAP
|
$
|
9,978
|
$
|
9,834
|
$
|
39,483
|
$
|
38,927
| ||||||||
Employee Retention Credit, net
|
-
|
-
|
489
|
-
| ||||||||||||
Operating Expenses − Non-GAAP
|
$
|
9,978
|
$
|
9,834
|
$
|
39,972
|
$
|
38,927
|
ASTRONOVA, INC.
| ||||||||||||||||
Reconciliation of GAAP to Non-GAAP - Operating Income
| ||||||||||||||||
Amounts in Thousands
| ||||||||||||||||
(Unaudited)
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
| |||||||||||||
Operating Income − GAAP
|
$
|
(227
|
)
|
$
|
1,148
|
$
|
4,256
|
$
|
2,433
| |||||||
Employee Retention Credit, net
|
-
|
-
|
(2,130
|
)
|
-
| |||||||||||
Operating Income − Non-GAAP
|
$
|
(227
|
)
|
$
|
1,148
|
$
|
2,126
|
$
|
2,433
|
ASTRONOVA, INC.
| ||||||||||||||||
Reconciliation of GAAP to Non-GAAP - Net Income (Loss)
| ||||||||||||||||
Amounts in Thousands
| ||||||||||||||||
(Unaudited)
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
| |||||||||||||
Net Income (Loss) − GAAP
|
$
|
(759
|
)
|
$
|
836
|
$
|
6,429
|
$
|
1,284
| |||||||
Oracle EnterpriseOne ERP Write-off
|
$
|
-
|
-
|
$
|
528
|
-
| ||||||||||
Employee Retention Credit, net
|
-
|
-
|
(1,615
|
)
|
-
| |||||||||||
PPP Loan Forgiveness
|
-
|
-
|
(4,426
|
)
|
-
| |||||||||||
Net Income (Loss) − Non-GAAP
|
$
|
(759
|
)
|
$
|
836
|
$
|
916
|
$
|
1,284
|
ASTRONOVA, INC.
| ||||||||||||||||
Reconciliation of GAAP to Non-GAAP - Diluted Earnings Per Share
| ||||||||||||||||
(Unaudited)
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
| |||||||||||||
Diluted Earnings Per Share − GAAP
|
$
|
(0.10
|
)
|
$
|
0.12
|
$
|
0.88
|
$
|
0.18
| |||||||
Oracle EnterpriseOne ERP Write-off
|
-
|
-
|
0.07
|
-
| ||||||||||||
Employee Retention Credit, net
|
-
|
-
|
(0.22
|
)
|
-
| |||||||||||
PPP Loan Forgiveness
|
-
|
-
|
(0.60
|
)
|
-
| |||||||||||
Diluted Earnings Per Share − Non-GAAP
|
$
|
(0.10
|
)
|
$
|
0.12
|
$
|
0.12
|
$
|
0.18
|
ASTRONOVA, INC.
| ||||||||||||||||
Reconciliation of Net Income to EBITDA
| ||||||||||||||||
Amounts in Thousands
| ||||||||||||||||
(Unaudited)
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
| |||||||||||||
Net Income − GAAP
|
$
|
(759
|
)
|
$
|
836
|
$
|
6,429
|
$
|
1,284
| |||||||
Interest Expense
|
150
|
253
|
675
|
955
| ||||||||||||
Income Tax Expense (Provision)
|
308
|
516
|
605
|
895
| ||||||||||||
Depreciation/Amortization
|
926
|
1,412
|
3,996
|
5,983
| ||||||||||||
EBITDA
|
$
|
625
|
$
|
3,017
|
$
|
11,705
|
$
|
9,117
| ||||||||
Net Income - Employee Retention Credit
|
-
|
-
|
(1,615
|
)
|
-
| |||||||||||
Net Income - PPP Loan Forgiveness
|
-
|
-
|
(4,426
|
)
|
-
| |||||||||||
Net Income -Oracle EnterpriseOne ERP Write-off
|
-
|
-
|
528
| |||||||||||||
Income Tax Expense - Employee Retention Credit
|
-
|
-
|
515
|
-
| ||||||||||||
Income Tax Expense - PPP Loan Forgiveness
|
-
|
-
|
40
|
-
| ||||||||||||
Income Tax Expense - Oracle EnterpriseOne ERP Write-off
|
-
|
(168
|
)
| |||||||||||||
EBITDA
|
$
|
625
|
$
|
3,017
|
$
|
6,579
|
$
|
9,117
|
ASTRONOVA, INC.
| ||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA
| ||||||||||||||||
Amounts in Thousands
| ||||||||||||||||
(Unaudited)
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
| |||||||||||||
Net Income (Loss) − GAAP
|
$
|
(759
|
)
|
$
|
836
|
$
|
6,429
|
$
|
1,284
| |||||||
Interest Expense
|
150
|
253
|
675
|
955
| ||||||||||||
Income Tax (Provision) Expense
|
308
|
516
|
605
|
895
| ||||||||||||
Depreciation/Amortization
|
926
|
1,412
|
3,996
|
5,983
| ||||||||||||
Share-Based Compensation
|
148
|
132
|
1,493
|
1,819
| ||||||||||||
Adjusted EBITDA
|
$
|
773
|
$
|
3,149
|
$
|
13,198
|
$
|
10,936
| ||||||||
Net Income - Employee Retention Credit
|
-
|
-
|
(1,615
|
)
|
-
| |||||||||||
Net Income - PPP Loan Forgiveness
|
-
|
-
|
(4,426
|
)
|
-
| |||||||||||
Net Income - Oracle EnterpriseOne ERP Write-off
|
-
|
528
| ||||||||||||||
Income Tax Expense - Employee Retention Credit
|
-
|
-
|
515
|
-
| ||||||||||||
Income Tax Expense - PPP Loan Forgiveness
|
-
|
-
|
40
|
-
| ||||||||||||
Income Tax Expense - Oracle EnterpriseOneERP Write-off
|
-
|
(168
|
)
| |||||||||||||
Adjusted EBITDA
|
$
|
773
|
$
|
3,149
|
$
|
8,072
|
$
|
10,936
|
ASTRONOVA, INC.
| ||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Segment GAAP to Non-GAAP Operating Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amounts in Thousands | ||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended |
Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
January 31, 2022
|
January 31, 2021
|
January 31, 2022
|
January 31, 2021
| |||||||||||||||||||||||||||||||||||||||||||||
Product Identification
|
Test & Measurement
|
Total
|
Product Identification
|
Test & Measurement
|
Total
|
Product Identification
|
Test & Measurement
|
Total
|
Product Identification
|
Test & Measurement
|
Total
| |||||||||||||||||||||||||||||||||||||
Segment Operating Profit (Loss) - GAAP
|
$
|
1,460
|
$
|
495
|
$
|
1,955
|
$
|
3,072
|
$
|
282
|
$
|
3,354
|
$
|
10,411
|
$
|
3,398
|
$
|
13,809
|
$
|
12,885
|
$
|
(1,032
|
)
|
$
|
11,853
| |||||||||||||||||||||||
Employee Retention Credit, net
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,430
|
)
|
(802
|
)
|
(2,232
|
)
|
-
|
-
|
-
| |||||||||||||||||||||||||||||||||
Segment Operating Profit - Non-GAAP
|
$
|
1,460
|
$
|
495
|
$
|
1,955
|
$
|
3,072
|
$
|
282
|
$
|
3,354
|
$
|
8,982
|
$
|
2,596
|
$
|
11,578
|
$
|
12,885
|
$
|
(1,032
|
)
|
$
|
11,853
|
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AstroNova Inc. published this content on 22 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2022 11:37:05 UTC.