David Smith

“I want to start by discussing our financial results for the first quarter, referring to slide eight. Our revenue for the quarter was $33 million, reflecting a decrease of 7% compared to the same period last year, attributed to declining sales in both the P&I and T&M segments, as Greg mentioned.”

“Greg acknowledged the tremendous AstroNova team effort and I'll say that I'm happy and proud that we’re making great strides in focusing our investments and streamlining our cost structure and we all share our great enthusiasm about the future.”

“I'll reinforce and add some comments about the third quarter financial performance. As Greg said, total revenue for the quarter was $37.5 million, down about 5% year-over-year with the lower revenue in the PI segment, partly offset by growth on the test and measurement side.”

“I'll start with an overview of the impact of the restructuring charges on our GAAP and non-GAAP results in the quarter. Restructuring expenses totaled $2.7 million in this quarter.”

“At the top line, we posted revenue of a 13% increase to $35.4 million and solid contributions from both segments. We always highlight the recurring revenue nature of our overall business model.”