8-K
AstroNova, Inc. (ALOT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 22, 2022
ASTRONOVA, INC.
(Exact name of registrant as specified in its charter)
| Rhode Island | 0-13200 | 05-0318215 |
|---|---|---|
| (State or other jurisdiction<br><br> <br>of incorporation) | (Commission<br><br> <br>File Number) | (I.R.S. Employer<br><br> <br>Identification No.) |
| 600 East Greenwich Avenue | ||
| --- | ||
| West Warwick, RI<br> 02893 | ||
| (Address of principal executive offices) (Zip Code) |
(401) 828-4000
Registrant’s telephone number, including area code
Not applicable
(Former name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions \(see General Instruction A.2. below\):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under<br><br><br><br><br><br><br> the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under<br><br><br><br><br><br><br> the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities
registered pursuant to Section 12\(b\) of the Act:
| Title of Each Class | Trading<br><br> <br>Symbol(s) | Name of Each Exchange<br><br> <br>on which Registered |
|---|---|---|
| Common Stock, $0.05 Par Value | ALOT | NASDAQ Global Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 \(§230.405 of this chapter\) or Rule 12b-2 of the Securities Exchange Act of 1934 \(§240.12b-2 of this chapter\).
Emerging
growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation
FD Disclosure.
On April 22, 2022, we posted to our website https://investors.astronovainc.com a revised version of our press release dated April 14, 2022 that corrects errors in our Adjusted EBITDA for our fiscal year ended January 31, 2021 and the reconciliations of our EBITDA and Adjusted EBITDA to net income for our fiscal year and quarter ended January 31, 2021. A copy of the corrected press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information contained in Item 7.01 of this report and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing. Information contained on or accessible through our website is not a part of this Current Report on Form 8-K.
Item 9.01 Financial
Statement and Exhibits.
(d) Exhibits
| Exhibit No. | Exhibit |
|---|---|
| 99.1 | Corrected Press Release dated April 14,<br> 2022 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ASTRONOVA, INC. | ||
|---|---|---|
| Dated: April 22, 2022 | By: | /s/ David S. Smith |
| David S. Smith | ||
| Vice President, Chief Financial Officer and Treasurer |
Exhibit 99.1
AstroNova Reports Fiscal Fourth-Quarter and Full-Year 2022
Financial Results
Company to Host Conference Call at 9:00 a.m. ET Today
Fiscal Fourth-Quarter 2022 Financial Summary
| ● | 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 |
| --- | --- |
Fiscal Full-Year 2022 Financial Summary
| ● | 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 |
| --- | --- |
WEST WARWICK, R.I., April 14, 2022 — This press release was updated April 22, 2022, to correct the EBITDA and Adjusted EBITDA reconciliation tables for the three and 12 months ended January 31, 2021, and, in the text, to correct the Adjusted EBITDA amount for the 12 months ended January 31, 2021. The corrected release follows:
AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies, today announced financial results for the fiscal fourth quarter and full year ended January 31, 2022.
CEO Commentary
“Our fourth-quarter results were mixed, as we continued to manage through a range of pandemic-induced global supply chain disruptions, including parts delays and shortages, supplier price increases and surcharges, and much higher transportation costs,” stated Gregory A. Woods, AstroNova’s President and Chief Executive Officer. “Despite those challenges, the pace of new orders continued its encouraging trend in the fourth quarter of fiscal 2022, increasing 13% year-over-year on continued strong product demand.
“Our Test & Measurement segment posted revenue and operating margin growth in the quarter, helped by the continuing recovery of the commercial aviation market,” Woods continued. “While domestic passenger traffic has rebounded faster than other routes, the airline industry expects to see a steady ramp up to pre-pandemic levels over the next several quarters.
“In our Product Identification segment, revenue and operating margin declined in the fourth quarter, due to warranty charges, mix and the effect of higher manufacturing costs related to the macroeconomic environment,” Woods said. “Despite those short-term challenges, we are encouraged by the strong performance of our direct-to-package printing solutions such as the T3-OPX, which had a record year in fiscal 2022, its second full year of availability.”
CARES Act Benefits and ERP Write-Off Costs
On a Generally Accepted Accounting Principles (GAAP) basis, net income for the 12 months ended January 31, 2022 includes $6.0 million, or $0.83 per diluted share, in benefits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. GAAP net income for the period also includes costs of $0.5 million, net of tax, or $0.07 per diluted share, associated with the write-off of the Company’s legacy enterprise resource planning (ERP) system.
Operating Segment Results
Product Identification segment revenue was $22.4 million in the fourth quarter of fiscal 2022, compared with $23.4 million in the fiscal 2021 fourth quarter. Segment operating profit was $1.5 million, or 6.5% of revenue, compared with revenue of $3.1 million, or 13.2% of revenue, in the fourth quarter of fiscal 2021. These results reflected the impact of unusually high warranty charges and the global supply chain challenges on the business.
For fiscal full-year 2022, Product Identification revenue increased 0.7% to $90.9 million from $90.3 million for fiscal full-year 2021. GAAP segment operating profit was $10.4 million, or 11.5% of revenue, compared with $12.9 million, or 14.3% of revenue, in fiscal 2021. On a non-GAAP basis, excluding the CARES Act benefits, segment operating profit for fiscal full-year 2022 was $9.0 million, or 9.9% of revenue.
Test & Measurement segment revenue was $7.3 million in the fourth quarter of fiscal 2022, compared with $6.1 million in the fourth quarter of fiscal 2021, primarily reflecting the gradual recovery of the commercial aviation industry from the lows of the COVID-19 pandemic. The Test & Measurement segment recorded operating profit for the fourth quarter of fiscal 2022 of $0.5 million, or 6.8% of segment revenue, compared with operating profit of $0.3 million, or 4.6% of segment revenue, in the fourth quarter of fiscal 2021, as higher manufacturing costs were offset by an increase in aerospace printer sales and lower operating expenses.
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For fiscal full-year 2022, Test & Measurement revenue was $26.6 million, compared with $25.8 million in fiscal full-year 2021. Segment operating profit was $3.4 million in fiscal 2022, or 12.8% of segment revenue, compared with a segment operating loss of $1.0 million in fiscal 2021. On a non-GAAP basis, excluding the CARES Act benefits, segment operating profit for fiscal 2022 was $2.6 million, or 9.8% of revenue.
Financial Results Summary
Revenue totaled $29.7 million in the fourth quarter of fiscal 2022, compared with $29.4 million in the year-earlier period, with a decline in Product Identification revenue offset by higher revenue in the Test & Measurement segment. For fiscal full-year 2022, revenue was $117.5 million compared with $116.0 million in fiscal full-year 2021.
Hardware revenue in the fourth quarter of fiscal 2022 was $8.3 million, compared with $9.1 million in the fourth quarter of fiscal 2021. Supplies revenue was $18.3 million versus $17.5 million in the fourth quarter of fiscal 2021. Revenue from Service/Other was $3.1 million, compared with $2.8 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, hardware revenue was $31.5 million, compared with $34.1 million in fiscal full-year 2021. Supplies revenue was $73.2 million in fiscal 2022 versus $71.8 million in fiscal 2021. Revenue from Service/Other was $12.7 million in fiscal 2022, compared with $10.2 million in fiscal 2021.
Gross profit was $9.8 million, or 32.8% of revenue, in the fourth quarter of fiscal 2022, compared with $11.0 million, or 37.3% of revenue, in the fourth quarter of fiscal 2021. The decrease reflected higher manufacturing costs in the 2022 period. For fiscal full-year 2022, gross profit was $43.7 million, or 37.2% of revenue, compared with $41.4 million, or 35.6% of revenue, in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits, fiscal 2022 gross profit was $42.1 million.
Operating expenses totaled $10.0 million in the fourth quarter of fiscal 2022, up 1.5% compared with $9.8 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, operating expenses were $39.5 million, up 1.4% compared with $38.9 million in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits, fiscal 2022 operating expenses were $40.0 million.
3
Operating loss in the fourth quarter of fiscal 2022 was $0.2 million, compared with operating income of $1.1 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, operating income was $4.3 million, compared with $2.4 million in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits, fiscal 2022 operating income was $2.1 million.
Net loss was $0.8 million, or $0.10 per share, in the fourth quarter of fiscal 2022 compared with net income of $0.8 million, or $0.12 per diluted share, in the fourth quarter of fiscal 2021. For fiscal full-year 2022, net income was $6.4 million, or $0.88 per diluted share, compared with net income of $1.3 million, or $0.18 per diluted share, in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits and the ERP write-off cost, fiscal 2022 net income was $916,000, or $0.12 per diluted share.
Adjusted EBITDA, which the Company defines as earnings before interest, taxes, depreciation, amortization and share-based compensation, was $0.8 million for the fourth quarter of fiscal 2022, compared with $3.1 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, Adjusted EBITDA was $13.2 million, or $8.1 million excluding the effect of the CARES Act benefits and ERP write-off costs. Adjusted EBITDA for fiscal full-year 2021 was $10.9 million.
Bookings in the fourth quarter of fiscal 2022 were $32.9 million, compared with $29.2 million in the fourth quarter of fiscal 2021, reflecting an increase in orders for both segments. Bookings were $128.6 million in fiscal full-year 2022, compared with $113.6 million in fiscal full-year 2021.
Backlog as of January 31, 2022 was $27.8 million versus $22.5 million at the end of the fiscal 2021 fourth quarter.
Earnings Conference Call
AstroNova will discuss its fiscal fourth-quarter and full-year 2022 financial results in an investor conference call at 9:00 a.m. ET today. To participate on the conference call, please dial (888) 394-8218 (U.S. and Canada) or (773) 377-9070 (International) approximately 10 minutes prior to the start time and enter confirmation code 2097621.
You can hear a replay of the conference call from 12:00 p.m. ET Thursday, April 14, 2022 until 12:00 p.m. ET on Thursday, April 21, 2022 by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International). The confirmation code is 2097621. A real-time and an archived audio webcast of the call will be available through the “Investors” section of the AstroNova website, https://investors.astronovainc.com.
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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 measures: non-GAAP net income excluding CARES Act benefits and ERP write-off costs, non-GAAP net income per diluted share excluding CARES Act benefits and ERP write-off costs, non-GAAP operating income excluding CARES Act benefits, non-GAAP gross profit excluding CARES Act benefits, non-GAAP operating expenses excluding CARES Act benefits, non-GAAP segment operating profit excluding CARES Act benefits, earnings before interest, taxes, depreciation and amortization (EBITDA), EBITDA excluding ERP write-off costs and CARES Act benefits, Adjusted EBITDA, and Adjusted EBITDA excluding ERP write-off costs and CARES Act benefits. AstroNova believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of changes in the Company's core operating results, and can help investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a non-GAAP basis. AstroNova’s management uses these measures, in addition to GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures also are used by the Company’s management to assist with their financial and operating decision-making. Please refer to the financial reconciliation tables included in this news release for a reconciliation of GAAP measures to the most directly comparable Non-GAAP measures for the three and 12 months ended January 31, 2022 and 2021.
About AstroNova
AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies since 1969, is focused on designing, manufacturing, distributing and servicing a broad range of products that acquire, store, analyze and present data in multiple formats. The Company's Product Identification segment offers a complete line-up of label and direct-to-package printing hardware and supplies, allowing customers to mark, track and enhance their products' appearance. Supported by AstroNova's customer application experts and technology leadership in printing, material science and high-speed data processing, customers benefit from an optimized, "total solution" approach. The Test & Measurement segment includes the AstroNova Aerospace business unit. This segment designs and manufactures flight deck printers, networking hardware and related accessories serving the world's aerospace and defense industries with proven advanced airborne technology solutions for the cockpit, the cabin and so much more. AstroNova is a member of the Russell Microcap® Index and the LD Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is available by visiting https://astronovainc.com/.
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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, those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021 and subsequent filings AstroNova makes with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release.
Contact:
Scott Solomon
Senior Vice President
Sharon Merrill
(617) 320-8282
ALOT@investorrelations.com
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
14
| 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 |
15
| 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 |
16
| 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 |
17