8-K
AstroNova, Inc. (ALOT)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, 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): March 22, 2024 |
|---|
Astronova, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Rhode Island | 0-13200 | 05-0318215 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 600 East Greenwich Avenue | ||
| West Warwick, Rhode Island | 02893 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: (401) 828-4000 | ||
| --- | ||
| 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:
☐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 the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under 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>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $.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 2.02 Results of Operations and Financial Condition.
On March 22, 2024, we issued a press release reporting the financial results for our fiscal fourth quarter and full year ended January 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information contained in Item 2.02 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.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Exhibit
99.1 Press Release dated March 22, 2024
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
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. | |||
|---|---|---|---|
| Date: | March 22, 2024 | By: | /s/ David S. Smith |
| David S. Smith<br>Vice President, Chief Financial Officer and Treasurer |
EX-99.1
Exhibit 99.1
| News Release |
|---|
AstroNova Reports Fiscal 2024 Fourth-Quarter and Full-Year Financial Results
• Posts Company Record Full-Year GAAP Operating Income of $8.8 Million; Non-GAAP Operating Income of $12.0 Million
• Delivers Full-Year GAAP Net Income of $4.7 Million, or $0.63 Per Diluted Share; Non-GAAP Net Income of $7.2 Million, or $0.97 Per Diluted Share
• Generates Full-Year Adjusted EBITDA of $14.4 Million, or $17.6 Million Excluding Restructuring and Retrofit-Related Items
• Provides FY 2025 Financial Targets and Outlook
• Hosts Earnings Conference Call at 9:00 a.m. ET Today
WEST WARWICK, R.I., March 22, 2024 — AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today reported financial results for the fiscal 2024 fourth quarter and full year ended January 31, 2024.
CEO Commentary
“We capped a year of solid growth in fiscal 2024 with a strong fourth quarter that highlighted our strategic focus on enhancing margins and maintaining disciplined cost management, while continuing to invest for the future,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “Our fourth-quarter operating income of $3.9 million joined our third quarter as the two best quarters in our history, and reflected contributions from both our Product Identification (PI) and Test & Measurement (T&M) segments.
“T&M generated a 28% segment operating profit for the quarter on 10% top-line growth, driven primarily by the continued momentum of our Aerospace product line. The rebound in airline passenger traffic toward pre-pandemic levels, the increasing number of daily flights and favorable commercial aircraft order and delivery trends provide a favorable growth runway for our business. The data acquisition product line within our T&M segment also performed well in the quarter.
“Our PI segment delivered strong year-over-year margin improvement in the quarter. Segment operating profit increased a healthy 560 basis points from the fourth quarter of fiscal 2023, in part reflecting the success of the strategic realignment announced last summer,” Woods said. “Additionally, at the end of the quarter we completed the previously discussed retrofit program of certain PI printers affected by faulty ink provided by one of our larger suppliers. On the innovation front, our PI development teams recently launched new digital printers and accessories under both our flagship QuickLabel and TrojanLabel brands.
“Looking ahead, we see several growth opportunities for our business,” Woods said. “We are focused on applying the tools of the AstroNova Operating System to drive sustained product innovation, operating efficiencies and margin improvement. Our fiscal 2025 financial targets and outlook, which we are introducing today, reflect both confidence in the dynamics that are driving demand across our end markets and our commitment to continuing the margin improvement programs that we kicked off in FY24.”
FY 2025 Financial Targets and Outlook
For fiscal 2025, AstroNova expects to achieve full-year organic revenue percentage growth in the mid-single digits. Additionally, as AstroNova continues to drive operational improvements throughout the business, the Company expects its full-year adjusted EBITDA margin to be 13% to 14% this year and further improve by 100 basis points per year over the following two fiscal years.
Q4 FY 2024 Financial Results
| GAAP | Non-GAAP | |||||
|---|---|---|---|---|---|---|
| ($ in thousands, except per share data) | Q4 FY 2024 | Q4 FY 2023 | YoY | Q4 FY 2024 | Q4 FY 2023 | YoY |
| Revenue | $39,594 | $39,853 | (1%) | |||
| Gross Profit | $14,746 | $13,562 | 9% | $14,504 | $13,562 | 9% |
| Gross Margin | 37.2% | 34.0% | 320 pts. | 36.6% | 34.0% | 260 pts. |
| Operating Expenses | $10,831 | $11,465 | (6%) | $10,874 | $11,465 | (5%) |
| Operating Income | $3,915 | $2,097 | 87% | $3,630 | $2,097 | 73% |
| Operating Margin | 9.9% | 5.3% | 460 pts. | 9.2% | 5.3% | 390 pts. |
| Net Income | $2,711 | $1,363 | 99% | $2,491 | $1,363 | 83% |
| Net Income per Common Share | $0.36 | $0.18 | 100% | $0.33 | $0.18 | 83% |
| Adjusted EBITDA | $5,521 | $3,930 | 40% | |||
| Adjusted EBITDA Less Restructuring & Retrofit-Related Items | $5,236 | $3,930 | 33% |
Full reconciliations between GAAP and Non-GAAP items are provided below.
FY 2024 Financial Results
| GAAP | Non-GAAP | |||||
|---|---|---|---|---|---|---|
| ($ in thousands, except per share data) | FY 2024 | FY 2023 | YoY | FY 2024 | FY 2023 | YoY |
| Revenue | $148,086 | $142,527 | 4% | |||
| Gross Profit | $51,621 | $48,156 | 7% | $54,327 | $48,156 | 13% |
| Gross Margin | 34.9% | 33.8% | 330 pts. | 36.7% | 33.8% | 290 pts. |
| Operating Expenses | $42,825 | $42,713 | 0% | $42,313 | $41,996 | 1% |
| Operating Income | $8,796 | $5,443 | 62% | $12,014 | $6,160 | 95% |
| Operating Margin | 5.9% | 3.8% | 210 pts. | 8.1% | 4.3% | 380 pts. |
| Net Income | $4,694 | $2,661 | 76% | $7,180 | $3,201 | 124% |
| Net Income per Common Share | $0.63 | $0.36 | 75% | $0.97 | $0.43 | 126% |
| Adjusted EBITDA | $14,383 | $10,294 | 40% | |||
| Adjusted EBITDA Less Restructuring & Retrofit-Related Items | $17,601 | $11,010 | 60% |
Full reconciliations between GAAP and Non-GAAP items are provided below.
Revenue by Type
| ($ in thousands) | Q4 FY 2024 | Q4 FY 2023 | YoY | FY 2024 | FY 2023 | YoY |
|---|---|---|---|---|---|---|
| Hardware | $13,640 | $12,561 | 9% | $49,440 | $42,445 | 17% |
| Supplies | $20,507 | $22,016 | (7%) | $79,252 | $82,072 | (3%) |
| Service/Other | $5,446 | $5,277 | 3% | $19,394 | $18,010 | 8% |
Adjusted EBITDA was $5.5 million in the fourth quarter of fiscal 2024 versus $3.9 million in the year earlier period. Further adjusted to exclude restructuring and retrofit-related items, Adjusted EBITDA was $5.2 million in the 2024 period. For the full year, Adjusted EBITDA was $14.4 million compared with $10.3 million in the comparable period of fiscal 2023. Further adjusted to exclude restructuring and retrofit-related items, Adjusted EBITDA was $17.6 million in fiscal 2024 compared with $11.0 million in fiscal 2023.
Bookings in the fourth quarter of fiscal 2024 were $39.8 million, compared with $36.3 million in the fourth quarter of fiscal 2023, reflecting an increase in orders for both segments. Bookings were $143.7 million in fiscal 2024, compared with $138.6 million in fiscal 2023.
Backlog as of January 31, 2024 was $31.4 million versus $35.8 million at the end of fiscal 2023.
Segment Results
Product Identification
Product Identification (PI) segment revenue was $26.6 million in the fourth quarter of fiscal 2024, compared with $28.1 million in the fiscal 2023 fourth quarter. Segment operating profit was $3.2 million, or 12.2% of segment revenue, compared with segment operating profit of $1.9 million, or 6.6% of segment revenue, in the fourth quarter of fiscal 2023, reflecting more favorable mix in the 2024 period.
For fiscal full-year 2024, Product Identification revenue increased to $104.0 million from $103.1 million for fiscal full-year 2023. Segment operating profit was $10.1 million, or 9.7% of segment revenue, in fiscal 2024 compared with segment operating profit of $7.9 million, or 7.7% of segment revenue, in fiscal 2023.
Test & Measurement
Test & Measurement (T&M) segment revenue increased to $13.0 million in the fourth quarter of fiscal 2024 from $11.7 million in the fourth quarter of fiscal 2023, primarily as a result of favorable pricing actions and the continued recovery of the commercial aviation market. Segment operating profit was $3.7 million, or 28.2% of segment revenue, compared with segment operating profit of $3.2 million, or 27.3% of segment revenue, in the fourth quarter of fiscal 2023, reflecting higher revenues, increased manufacturing efficiencies and favorable pricing actions.
For fiscal full-year 2024, Test & Measurement revenue was $44.0 million, compared with $39.4 million in fiscal full-year 2023. Segment operating profit was $10.2 million, or 23.2% of segment revenue, in fiscal 2024, compared with $9.0 million, or 22.8% of segment revenue, in fiscal 2023.
Earnings Conference Call Information
AstroNova will discuss its fourth-quarter and full-year fiscal 2024 financial results and business outlook in an investor conference call at 9:00 a.m. ET today. To access the conference call, please dial (833) 470-1428 (U.S. and Canada) or (404) 975-4839 (International) approximately 10 minutes prior to the start time and enter access code 966245. 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.
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 Adjusted EBITDA, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP net income per common share.
We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation and acquisition-related costs. We define non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP net income per common share, as the respective GAAP measure, excluding the impact of acquisition-related costs and restructuring and retrofit-related items.
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 non-GAAP financial 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 are also 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, 2024 and January 31, 2023.
AstroNova has not reconciled the forward-looking Adjusted EBITDA growth percentage included in its 2025 financial targets and outlook to the most directly comparable forward-looking GAAP measure because this cannot be done without unreasonable effort due to the lack of predictability regarding cost of sales, operating expenses, depreciation and amortization, and stock-based compensation. The impact of any of these items, individually or in the aggregate, may be significant.
About AstroNova
AstroNova (Nasdaq: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes, and services a broad range of products that acquire, store, analyze, and present data in multiple formats.
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.
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/.
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 Astro Machine, (ii) the risk that apparent improvements in the Aerospace and Defense sectors may not continue and (iii) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023 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 Advisors
(857) 383-2409
ALOT@investorrelations.com
ASTRONOVA, INC.
Condensed Consolidated Statements of Income
In Thousands Except for Per Share Data
(Unaudited)
| Three Months Ended | Twelve Months | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| January 31,<br>2024 | January 31,<br>2023 | January 31,<br>2024 | January 31,<br>2023 | |||||||||
| Net Revenue | $ | 39,594 | $ | 39,853 | $ | 148,086 | $ | 142,527 | ||||
| Cost of Revenue | 24,848 | 26,291 | 96,465 | 94,371 | ||||||||
| Gross Profit | 14,746 | 13,562 | 51,621 | 48,156 | ||||||||
| Total Gross Profit Margin | 37.2 | % | 34.0 | % | 34.9 | % | 33.8 | % | ||||
| Operating Expenses: | ||||||||||||
| Selling & Marketing | 5,977 | 6,686 | 24,428 | 24,456 | ||||||||
| Research & Development | 1,878 | 1,801 | 6,906 | 6,822 | ||||||||
| General & Administrative | 2,976 | 2,978 | 11,491 | 11,435 | ||||||||
| Total Operating Expenses | 10,831 | 11,465 | 42,825 | 42,713 | ||||||||
| Operating Income | 3,915 | 2,097 | 8,796 | 5,443 | ||||||||
| Total Operating Margin | 9.9 | % | 5.3 | % | 5.9 | % | 3.8 | % | ||||
| Other Expense, net | 563 | 367 | 2,723 | 2,033 | ||||||||
| Income Before Taxes | 3,352 | 1,730 | 6,073 | 3,410 | ||||||||
| Income Tax Provision | 641 | 367 | 1,379 | 749 | ||||||||
| Net Income | $ | 2,711 | $ | 1,363 | $ | 4,694 | $ | 2,661 | ||||
| Net Income per Common Share - Basic | $ | 0.36 | $ | 0.19 | $ | 0.63 | $ | 0.36 | ||||
| Net Income per Common Share - Diluted | $ | 0.36 | $ | 0.18 | $ | 0.63 | $ | 0.36 | ||||
| Weighted Average Number of Common Shares - Basic | 7,438 | 7,330 | 7,415 | 7,307 | ||||||||
| Weighted Average Number of Common Shares - Diluted | 7,550 | 7,406 | 7,496 | 7,374 |
ASTRONOVA, INC.
Consolidated Balance Sheets
In Thousands
(Unaudited)
| January 31,<br>2024 | January 31,<br>2023 | |||||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash and Cash Equivalents | $ | 4,527 | $ | 3,946 | ||
| Accounts Receivable, net | 23,056 | 21,598 | ||||
| Inventories, net | 46,371 | 51,324 | ||||
| Prepaid Expenses and Other Current Assets | 2,606 | 2,894 | ||||
| Total Current Assets | 76,560 | 79,762 | ||||
| PROPERTY, PLANT AND EQUIPMENT | 57,046 | 55,394 | ||||
| Less Accumulated Depreciation | (42,861 | ) | (41,106 | ) | ||
| Property, Plant and Equipment, net | 14,185 | 14,288 | ||||
| OTHER ASSETS | ||||||
| Intangible Assets, net | 18,836 | 21,232 | ||||
| Goodwill | 14,633 | 14,658 | ||||
| Deferred Tax Assets | 6,882 | 6,907 | ||||
| Right of Use Asset | 603 | 794 | ||||
| Other Assets | 1,438 | 1,566 | ||||
| TOTAL ASSETS | $ | 133,137 | $ | 139,207 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Accounts Payable | $ | 8,068 | $ | 8,479 | ||
| Accrued Compensation | 2,923 | 2,750 | ||||
| Other Liabilities and Accrued Expenses | 2,706 | 3,308 | ||||
| Revolving Line of Credit | 8,900 | 15,900 | ||||
| Current Portion of Long-Term Debt | 2,842 | 2,100 | ||||
| Current Portion of Royalty Obligation | 1,700 | 1,725 | ||||
| Current Liability – Excess Royalty Payment Due | 935 | 562 | ||||
| Income Taxes Payable | 235 | 786 | ||||
| Deferred Revenue | 1,338 | 1,888 | ||||
| Total Current Liabilities | 29,647 | 37,498 | ||||
| NON-CURRENT LIABILITIES | ||||||
| Long-Term Debt, net of current portion | 10,050 | 12,040 | ||||
| Royalty Obligation, net of current portion | 2,093 | 3,415 | ||||
| Lease Liability, net of current portion | 415 | 555 | ||||
| Income Tax Payables | 551 | 491 | ||||
| Deferred Revenue | - | 674 | ||||
| Deferred Tax Liabilities | 99 | 167 | ||||
| TOTAL LIABILITIES | 42,855 | 54,840 | ||||
| SHAREHOLDERS’ EQUITY | ||||||
| Common Stock | 541 | 534 | ||||
| Additional Paid-in Capital | 62,684 | 61,131 | ||||
| Retained Earnings | 63,868 | 59,175 | ||||
| Treasury Stock | (34,592 | ) | (34,235 | ) | ||
| Accumulated Other Comprehensive Loss, net of tax | (2,219 | ) | (2,238 | ) | ||
| TOTAL SHAREHOLDERS’ EQUITY | 90,282 | 84,367 | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 133,137 | $ | 139,207 |
ASTRONOVA, INC.
Revenue and Segment Operating Profit
In Thousands
(Unaudited)
| Revenue | Segment Operating Profit | Revenue | Segment Operating Profit | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||||||||||||
| January 31,<br>2024 | January 31,<br>2023 | January 31,<br>2024 | January 31,<br>2023 | January 31,<br>2024 | January 31,<br>2023 | January 31,<br>2024 | January 31,<br>2023 | |||||||||||||
| Product Identification | $ | 26,626 | $ | 28,105 | $ | 3,239 | $ | 1,869 | $ | 104,041 | $ | 103,089 | $ | 10,087 | $ | 7,889 | ||||
| Test & Measurement | 12,968 | 11,748 | 3,652 | 3,206 | 44,045 | 39,438 | 10,200 | 8,989 | ||||||||||||
| Total | $ | 39,594 | $ | 39,853 | 6,891 | 5,075 | $ | 148,086 | $ | 142,527 | 20,287 | 16,878 | ||||||||
| Corporate Expenses | 2,976 | 2,978 | 11,491 | 11,435 | ||||||||||||||||
| Operating Income | 3,915 | 2,097 | 8,796 | 5,443 | ||||||||||||||||
| Other Income (Expense), net | (563 | ) | (367 | ) | (2,723 | ) | (2,033 | ) | ||||||||||||
| Income Before Income Taxes | 3,352 | 1,730 | 6,073 | 3,410 | ||||||||||||||||
| Income Tax Provision | 641 | 367 | 1,379 | 749 | ||||||||||||||||
| Net Income | $ | 2,711 | $ | 1,363 | $ | 4,694 | $ | 2,661 |
ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Results
In Thousands Except for Per Share Data
(Unaudited)
| Three Months Ended | Twelve Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| January 31,<br>2024 | January 31,<br>2023 | January 31,<br>2024 | January 31,<br>2023 | |||||||||
| GAAP Revenues | $ | 39,594 | $ | 39,853 | $ | 148,086 | $ | 142,527 | ||||
| Non-GAAP Revenues | $ | 39,594 | $ | 39,853 | $ | 148,086 | $ | 142,527 | ||||
| GAAP Cost of Revenues | $ | 24,848 | $ | 26,291 | $ | 96,465 | $ | 94,371 | ||||
| Restructuring Charges, net | (32 | ) | - | 2,064 | - | |||||||
| Product Retrofit Costs, net | (410 | ) | - | 642 | - | |||||||
| Non-GAAP Cost of Revenues | $ | 25,290 | $ | 26,291 | $ | 93,759 | $ | 94,371 | ||||
| GAAP Gross Profit | $ | 14,746 | $ | 13,562 | $ | 51,621 | $ | 48,156 | ||||
| Restructuring Charges, net | (32 | ) | - | 2,064 | - | |||||||
| Product Retrofit Costs, net | (210 | ) | - | 642 | - | |||||||
| Non-GAAP Gross Profit | $ | 14,504 | $ | 13,562 | $ | 54,327 | $ | 48,156 | ||||
| GAAP Operating Expenses | $ | 10,831 | $ | 11,465 | $ | 42,825 | $ | 42,713 | ||||
| Transaction Costs | - | - | - | (717 | ) | |||||||
| Restructuring Charges, net | 43 | - | (512 | ) | - | |||||||
| Non-GAAP Operating Expenses | $ | 10,874 | $ | 11,465 | $ | 42,313 | $ | 41,996 | ||||
| GAAP Operating Income | $ | 3,915 | $ | 2,097 | $ | 8,796 | $ | 5,443 | ||||
| Transaction Costs | - | - | - | 717 | ||||||||
| Restructuring Charges, net | (75 | ) | - | 2,576 | - | |||||||
| Product Retrofit Costs, net | (210 | ) | - | 642 | - | |||||||
| Non-GAAP Operating Income | $ | 3,630 | $ | 2,097 | $ | 12,014 | $ | 6,160 | ||||
| GAAP Other Income/(Expense) | $ | (563 | ) | $ | (367 | ) | $ | (2,723 | ) | $ | (2,033 | ) |
| Non-GAAP Other Income/(Expense) | $ | (563 | ) | $ | (367 | ) | $ | (2,723 | ) | $ | (2,033 | ) |
| GAAP Income Tax Expense | $ | 641 | $ | 367 | $ | 1,379 | $ | 749 | ||||
| Tax Adjustments of Non-GAAP Adjustments | (65 | ) | - | 732 | 177 | |||||||
| Non-GAAP Income Tax Expense | $ | 576 | $ | 367 | $ | 2,111 | $ | 926 | ||||
| GAAP Net Income | $ | 2,711 | $ | 1,363 | $ | 4,694 | $ | 2,661 | ||||
| Transaction Costs | - | - | - | 540 | ||||||||
| Restructuring Charges, net | (58 | ) | - | 1,990 | - | |||||||
| Product Retrofit Costs, net | (162 | ) | - | 496 | - | |||||||
| Non-GAAP Net Income | $ | 2,491 | $ | 1,363 | $ | 7,180 | $ | 3,201 | ||||
| GAAP Diluted Earnings Per Share | $ | 0.36 | $ | 0.18 | $ | 0.63 | $ | 0.36 | ||||
| Transaction Costs | - | - | - | 0.07 | ||||||||
| Restructuring Charges, net | (0.01 | ) | - | 0.27 | - | |||||||
| Product Retrofit Costs, net | (0.02 | ) | - | 0.07 | - | |||||||
| Non-GAAP Diluted Earnings Per Share | $ | 0.33 | $ | 0.18 | $ | 0.97 | $ | 0.43 |
ASTRONOVA, INC.
Reconciliation of Net Income to Adjusted EBITDA
Amounts In Thousands
(Unaudited)
| Three Months Ended | Twelve Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| January 31,<br>2024 | January 31,<br>2023 | January 31,<br>2024 | January 31,<br>2023 | ||||||
| GAAP Net Income | $ | 2,711 | $ | 1,363 | $ | 4,694 | $ | 2,661 | |
| Interest Expense | 779 | 592 | 2,697 | 1,678 | |||||
| Income Tax Expense | 641 | 367 | 1,379 | 749 | |||||
| Depreciation/Amortization | 1,108 | 1,295 | 4,266 | 3,916 | |||||
| Share-Based Compensation | 282 | 313 | 1,347 | 1,290 | |||||
| Adjusted EBITDA | $ | 5,521 | $ | 3,930 | $ | 14,383 | $ | 10,294 | |
| Transaction Costs | - | - | - | 540 | |||||
| Restructuring Charges, net | (58 | ) | - | 1,990 | - | ||||
| Product Retrofit Costs, net | (162 | ) | - | 496 | - | ||||
| Income Tax Expense - Transaction Costs | - | - | - | 176 | |||||
| Income Tax Expense - Restructuring Charges, net | (17 | ) | - | 586 | - | ||||
| Income Tax Expense - Product Retrofit Costs, net | (48 | ) | - | 146 | - | ||||
| Adjusted EBITDA Less Restructuring & Retrofit Items | $ | 5,236 | $ | 3,930 | $ | 17,601 | $ | 11,010 |
ASTRONOVA, INC.
Reconciliation of Segment GAAP to Non-GAAP Operating Income
Amounts In Thousands
(Unaudited)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| January 31, 2024 | January 31, 2023 | January 31, 2024 | January 31, 2023 | |||||||||||||||||||||||
| Product<br>Identification | Test &<br>Measurement | Total | Product<br>Identification | Test &<br>Measurement | Total | Product<br>Identification | Test &<br>Measurement | Total | Product<br>Identification | Test &<br>Measurement | Total | |||||||||||||||
| GAAP - Segment Operating Profit | $ | 3,239 | $ | 3,652 | $ | 6,891 | $ | 1,869 | $ | 3,206 | $ | 5,075 | $ | 10,087 | $ | 10,200 | $ | 20,287 | $ | 7,889 | $ | 8,989 | $ | 16,878 | ||
| Restructuring Charges, net | (75 | ) | - | (75 | ) | - | - | - | 2,494 | - | 2,494 | - | - | - | ||||||||||||
| Product Retrofit Costs, net | (210 | ) | - | (210 | ) | - | - | - | 642 | - | 642 | - | - | - | ||||||||||||
| Non-GAAP - Segment Operating Profit | $ | 2,954 | $ | 3,652 | $ | 6,606 | $ | 1,869 | $ | 3,206 | $ | 5,075 | $ | 13,223 | $ | 10,200 | $ | 23,423 | $ | 7,889 | $ | 8,989 | $ | 16,878 |