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): December 8, 2021
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> the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under<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 2.02 Results of Operations and Financial Condition.
On December 8, 2021, we issued a press release reporting the financial results for our fiscal third quarter ended October 30, 2021. 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 Statement and Exhibits.
(d) Exhibits
| Exhibit No. | Exhibit |
|---|---|
| 99.1 | Press Release dated<br> December 8, 2021 |
| 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: December 8, 2021 | By: | /s/ David S. Smith |
| David S. Smith | ||
| Vice President, Chief Financial<br><br> <br>Officer and Treasurer | ||
| Exhibit 99.1 | ||
| --- |
AstroNova Reports Financial Results for the Third Quarter of Fiscal 2022
Continued Recovery of Commercial Air Travel Drives 35% YoY Increase in Test & Measurement Revenue
Third-Quarter Fiscal 2022 Summary
- Bookings of $32.3 million, up 16% year-over-year - Revenue of $28.9 million, up 3% year-over-year - Backlog of $26.8 million, up 16% year-over-year - GAAP operating income of $0.3 million - GAAP net loss of $0.4 million, or $0.06 per share, which includes costs associated with the write-off of the Company’s legacy enterprise resource planning (ERP) system - Non-GAAP net income of $0.1 million, or $0.01 per diluted share, excluding ERP write-off costs - Adjusted EBITDA of $1.1 million excluding ERP write-off costs, or 3.8% of revenue - Company expects sequential and year-over-year top-line growth in the fourth quarter of FY 2022
WEST WARWICK, R.I.--(BUSINESS WIRE)--December 8, 2021--AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies, today announced financial results for the fiscal 2022 third quarter ended October 30, 2021.
CEO Commentary
Gregory A. Woods, AstroNova’s President and Chief Executive Officer, stated, “Orders were strong again this quarter, as demand for our products continued to expand. Although sales were somewhat hampered by supply chain challenges affecting both segments of our business, total revenue nevertheless increased 3% year-over-year, as the ongoing recovery of the commercial aviation market helped drive double-digit growth in our Test & Measurement segment. In the Product Identification segment, in-person tradeshow activity continued to pick up in the quarter, as we demonstrated our latest printing and labeling products at major industry events including PACK EXPO in the U.S. and FACHPACK, the European trade fair for packaging, technology and processing.
Business Outlook
“Third-quarter bookings increased 16% to $32.3 million, highlighting strong demand trends heading into the final quarter of the year,” Woods continued. “Based on these trends and our expanding backlog, we believe we are well positioned for sequential and year-over-year growth in the fourth quarter of fiscal 2022.”
Q3 FY 2022 Operating Segment Results
Product Identification segment revenue in the third quarter of fiscal 2022 was $21.9 million compared with $22.9 million in the same period of fiscal 2021. Segment operating income was $1.8 million, or 8.3% of revenue, compared with $3.5 million, or 15.4% of revenue, in the prior year.
Test & Measurement segment revenue in the third quarter of fiscal 2022 increased 35.4% to $6.9 million from $5.1 million in the same period of fiscal 2021. The Test & Measurement segment recorded operating income of $0.8 million, or 12.2% of revenue, compared with a segment operating loss of $0.8 million, or a loss of 14.7% of revenue, in the comparable period of fiscal 2021.
Q3 FY 2022 Results Summary
Revenue for the third quarter of fiscal 2022 totaled $28.9 million, up 3.0% compared with $28.0 million in the year-earlier period.
Gross profit for the third quarter of fiscal 2022 was $10.4 million, or 36.0% of revenue, compared with $9.7 million, or 34.7% of revenue, in the same period of fiscal 2021. The increase compared with the same quarter last year reflects higher revenue and the impact of favorable product mix.
Operating expenses for the third quarter of fiscal 2022 totaled $10.1 million, compared with $9.3 million in the third quarter fiscal 2021, primarily reflecting investments in Research & Development and marketing expenses to support the business.
On a GAAP basis, AstroNova reported a net loss of $425,000, or $0.06 per share, which includes costs of $0.5 million (after-tax) associated with the write-off of the Company’s legacy enterprise resource planning (ERP) system. During the quarter, AstroNova completed the initial transition to a new global ERP system. On a non-GAAP basis, excluding the ERP write-off, net income was $0.1 million, or $0.01 per diluted share, in the third quarter of fiscal 2022. Net income for the third quarter of fiscal 2021 was $12,000, or $0.00 per share.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $0.3 million for the third quarter of fiscal 2022, compared with $1.7 million for the same period in fiscal 2021. Third-quarter fiscal 2022 EBITDA, excluding ERP write-off costs, was $0.7 million, or 2.4% of revenue.
Adjusted EBITDA, which is EBITDA further adjusted for share-based compensation, was $0.7 million, or 2.5% of revenue, and $1.1 million, or 3.8% of revenue, excluding ERP write-off costs. This compares with Adjusted EBITDA of $2.3 million, or 8.2% of revenue, in the same period of the prior year.
Non-GAAP net income, non-GAAP earnings per diluted share, EBITDA, EBITDA excluding ERP write-off costs, EBITDA excluding ERP write-off costs and CARES Act benefits, Adjusted EBITDA, Adjusted EBITDA excluding ERP write-off costs, and Adjusted EBITDA excluding ERP write-off costs and CARES Act benefits are non-GAAP financial measures explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to the financial reconciliation table included in this news release for a reconciliation of non-GAAP measures to the closest comparable GAAP measures for the fiscal third quarter and nine months ended October 30, 2021 and October 31, 2020.
Bookings for the third quarter of fiscal 2022 were $32.3 million, compared with $27.9 million in the third quarter of fiscal 2021.
Backlog at October 30, 2021 was $26.8 million versus $23.2 million as of October 31, 2020.
Third-Quarter Fiscal 2022 Conference Call
AstroNova will discuss its third-quarter fiscal 2022 financial results in an investor conference call at 9:00 a.m. ET today. To participate on the conference call, please dial (800) 430-8332 (U.S. and Canada) or (773) 341-1662 (International) approximately 10 minutes prior to the start time and enter confirmation code 3080960.
You can hear a replay of the conference call from 12:00 p.m. ET Wednesday, December 8, 2021 until 12:00 p.m. ET Wednesday, December 15, 2021 by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International). The passcode is 3080960. 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: non-GAAP net income, non-GAAP net income per diluted share, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP segment operating income, 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.
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 and 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 www.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, 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.
| ASTRONOVA, INC. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Income | ||||||||||||
| In Thousands Except for Per Share Data | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||
| Revenue | $ | 28,857 | $ | 28,017 | $ | 87,780 | $ | 86,595 | ||||
| Cost of Revenue | 18,472 | 18,282 | 53,792 | 56,218 | ||||||||
| Gross Profit | 10,385 | 9,735 | 33,988 | 30,377 | ||||||||
| Total Gross Profit Margin | 36.0 | % | 34.7 | % | 38.7 | % | 35.1 | % | ||||
| Operating Expenses: | ||||||||||||
| Selling & Marketing | 5,777 | 5,553 | 16,931 | 17,033 | ||||||||
| Research & Development | 1,948 | 1,412 | 5,203 | 4,845 | ||||||||
| General & Administrative | 2,364 | 2,353 | 7,372 | 7,214 | ||||||||
| Total Operating Expenses | 10,089 | 9,318 | 29,506 | 29,092 | ||||||||
| Operating Income | 296 | 417 | 4,482 | 1,285 | ||||||||
| Total Operating Margin | 1.0 | % | 1.5 | % | 5.1 | % | 1.5 | % | ||||
| Other Income (Expense), net: | ||||||||||||
| Extinguishment of Debt - PPP Loan | - | - | 4,466 | - | ||||||||
| Loss on Disposal of Assets | (696 | ) | - | (696 | ) | - | ||||||
| Interest Expense | (135 | ) | (286 | ) | (526 | ) | (776 | ) | ||||
| Gain (Loss) on Foreign Currency Transactions | (117 | ) | (85 | ) | (231 | ) | 314 | |||||
| Other, net | 53 | (66 | ) | (11 | ) | 3 | ||||||
| (895 | ) | (437 | ) | 3,002 | (459 | ) | ||||||
| Income (Loss) Before Taxes | (599 | ) | (20 | ) | 7,484 | 826 | ||||||
| Income Tax (Benefit) Provision | (174 | ) | (32 | ) | 297 | 379 | ||||||
| Net Income (Loss) | $ | (425 | ) | $ | 12 | $ | 7,187 | $ | 447 | |||
| Net Income (Loss) per Common Share - Basic | $ | (0.06 | ) | $ | 0.00 | $ | 1.00 | $ | 0.06 | |||
| Net Income (Loss) per Common Share - Diluted | $ | (0.06 | ) | $ | 0.00 | $ | 0.98 | $ | 0.06 | |||
| Weighted Average Number of Common Shares - Basic | 7,234 | 7,120 | 7,196 | 7,100 | ||||||||
| Weighted Average Number of Common Shares - Diluted | 7,234 | 7,185 | 7,325 | 7,137 |
| ASTRONOVA, INC. | ||||
|---|---|---|---|---|
| Balance Sheet | ||||
| In Thousands | ||||
| (Unaudited) | ||||
| October 30, 2021 | January 31, 2021 | |||
| ASSETS | ||||
| CURRENT ASSETS | ||||
| Cash and Cash Equivalents | $ | 8,727 | $ | 11,439 |
| Accounts Receivable, net | 16,351 | 17,415 | ||
| Inventories, net | 31,661 | 30,060 | ||
| Prepaid Expenses and Other Current Assets | 6,451 | 1,807 | ||
| Total Current Assets | 63,190 | 60,721 | ||
| PROPERTY, PLANT AND EQUIPMENT | 50,624 | 50,839 | ||
| Less Accumulated Depreciation | (38,950) | (38,828) | ||
| Property, Plant and Equipment, net | 11,674 | 12,011 | ||
| OTHER ASSETS | ||||
| Intangible Assets, net | 19,637 | 21,502 | ||
| Goodwill | 12,415 | 12,806 | ||
| Deferred Tax Assets | 5,942 | 5,941 | ||
| Right of Use Asset | 1,106 | 1,389 | ||
| Other Assets | 1,658 | 1,103 | ||
| TOTAL ASSETS | $ | 115,622 | $ | 115,473 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
| CURRENT LIABILITIES | ||||
| Accounts Payable | $ | 6,866 | $ | 5,734 |
| Accrued Compensation | 4,370 | 2,852 | ||
| Other Liabilities and Accrued Expenses | 3,835 | 3,939 | ||
| Current Portion of Royalty Obligation | 2,000 | 2,000 | ||
| Current Portion of Long-Term Debt | 938 | 5,326 | ||
| Current Liability – Excess Royalty Payment Due | 220 | 177 | ||
| Deferred Revenue | 284 | 285 | ||
| Income Taxes Payable | - | 655 | ||
| Total Current Liabilities | 18,513 | 20,968 | ||
| NON-CURRENT LIABILITIES | ||||
| Long-Term Debt, net of current portion | 8,397 | 7,109 | ||
| Royalty Obligation, net of current portion | 4,811 | 6,161 | ||
| Long-Term Debt - PPP Loan | - | 4,422 | ||
| Lease Liability, net of current portion | 826 | 1,065 | ||
| Other Long-Term Liabilities | 557 | 681 | ||
| Deferred Tax Liabilities | 336 | 384 | ||
| TOTAL LIABILITIES | 33,440 | 40,790 | ||
| SHAREHOLDERS’ EQUITY | ||||
| Common Stock | 528 | 521 | ||
| Additional Paid-in Capital | 59,502 | 58,049 | ||
| Retained Earnings | 57,272 | 50,085 | ||
| Treasury Stock | (33,944) | (33,588) | ||
| Accumulated Other Comprehensive Loss, net of tax | (1,176) | (384) | ||
| TOTAL SHAREHOLDERS’ EQUITY | 82,182 | 74,683 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 115,622 | $ | 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 | Nine Months Ended | Nine Months Ended | ||||||||||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||
| Product Identification | $ | 21,928 | $ | 22,898 | $ | 1,818 | $ | 3,521 | $ | 68,519 | $ | 66,907 | $ | 8,952 | $ | 9,813 | |||
| Test & Measurement | 6,929 | 5,119 | 842 | (751 | ) | 19,261 | 19,688 | 2,902 | (1,314 | ) | |||||||||
| Total | $ | 28,857 | $ | 28,017 | 2,660 | 2,770 | $ | 87,780 | $ | 86,595 | 11,854 | 8,499 | |||||||
| Corporate Expenses | 2,364 | 2,353 | 7,372 | 7,214 | |||||||||||||||
| Operating Income | 296 | 417 | 4,482 | 1,285 | |||||||||||||||
| Other Income (Expense), net | (895 | ) | (437 | ) | 3,002 | (459 | ) | ||||||||||||
| Income (Loss) Before Income Taxes | (599 | ) | (20 | ) | 7,484 | 826 | |||||||||||||
| Income Tax (Benefit) Provision | (174 | ) | (32 | ) | 297 | 379 | |||||||||||||
| Net Income (Loss) | $ | (425 | ) | $ | 12 | $ | 7,187 | $ | 447 |
| ASTRONOVA, INC. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP to Non-GAAP - Gross Profit | |||||||||
| Amounts in Thousands | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||
| Gross Profit − GAAP | $ | 10,385 | $ | 9,735 | $ | 33,988 | $ | 30,377 | |
| Employee Retention Credit, net | - | - | (1,641 | ) | - | ||||
| Gross Profit − Non-GAAP | $ | 10,385 | $ | 9,735 | $ | 32,347 | $ | 30,377 |
| ASTRONOVA, INC. | ||||||||
|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP to Non-GAAP - Operating Expenses | ||||||||
| Amounts in Thousands | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||
| Operating Expenses − GAAP | $ | 10,089 | $ | 9,318 | $ | 29,506 | $ | 29,092 |
| Employee Retention Credit, net | - | - | 489 | - | ||||
| Operating Expenses − Non-GAAP | $ | 10,089 | $ | 9,318 | $ | 29,995 | $ | 29,092 |
| ASTRONOVA, INC. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP to Non-GAAP - Operating Income | |||||||||
| Amounts in Thousands | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||
| Operating Income − GAAP | $ | 296 | $ | 417 | $ | 4,482 | $ | 1,285 | |
| Employee Retention Credit, net | - | - | (2,130 | ) | - | ||||
| Operating Income − Non-GAAP | $ | 296 | $ | 417 | $ | 2,352 | $ | 1,285 |
| ASTRONOVA, INC. | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP to Non-GAAP - Net Income (Loss) | ||||||||||
| Amounts in Thousands | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||
| Net Income (Loss) − GAAP | $ | (425 | ) | $ | 12 | $ | 7,187 | $ | 447 | |
| Oracle EnterpriseOne ERP Write-off | $ | 528 | - | $ | 528 | - | ||||
| Employee Retention Credit, net | - | - | (1,615 | ) | - | |||||
| PPP Loan Forgiveness | - | - | (4,426 | ) | - | |||||
| Net Income (Loss) − Non-GAAP | $ | 103 | $ | 12 | $ | 1,674 | $ | 447 |
| ASTRONOVA, INC. | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP to Non-GAAP - Diluted Earnings Per Share | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||
| Diluted Earnings Per Share − GAAP | $ | (0.06 | ) | $ | 0.00 | $ | 0.98 | $ | 0.06 | |
| Oracle EnterpriseOne ERP Write-off | 0.07 | - | 0.07 | - | ||||||
| Employee Retention Credit, net | - | - | (0.22 | ) | - | |||||
| PPP Loan Forgiveness | - | - | (0.60 | ) | - | |||||
| Diluted Earnings Per Share − Non-GAAP | $ | 0.01 | $ | 0.00 | $ | 0.23 | $ | 0.06 |
| ASTRONOVA, INC. | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of Net Income to EBITDA | |||||||||||
| Amounts in Thousands | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||
| Net Income − GAAP | $ | (425 | ) | $ | 12 | $ | 7,187 | $ | 447 | ||
| Interest Expense | 135 | 286 | 526 | 776 | |||||||
| Income Tax Expense (Provision) | (174 | ) | (32 | ) | 297 | 379 | |||||
| Depreciation/Amortization | 796 | 1,438 | 3,070 | 4,571 | |||||||
| EBITDA | $ | 332 | $ | 1,704 | $ | 11,080 | $ | 6,173 | |||
| Net Income - Employee Retention Credit | - | - | (1,615 | ) | - | ||||||
| Net Income - PPP Loan Forgiveness | - | - | (4,426 | ) | - | ||||||
| Net Income - Oracle EnterpriseOne ERP Write-off | 528 | - | 528 | - | |||||||
| Income Tax Expense - Employee Retention Credit | - | - | 515 | - | |||||||
| Income Tax Expense - PPP Loan Forgiveness | - | - | 40 | - | |||||||
| Income Tax Expense - Oracle EnterpriseOne ERP Write-off | (168 | ) | - | (168 | ) | - | |||||
| EBITDA Excluding ERP Write-off and CARES Act Benefits | $ | 692 | $ | 1,704 | $ | 5,954 | $ | 6,173 |
| ASTRONOVA, INC. | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of Net Income (Loss) to Adjusted EBITDA | |||||||||||
| Amounts in Thousands | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||
| Net Income (Loss) − GAAP | $ | (425 | ) | $ | 12 | $ | 7,187 | $ | 447 | ||
| Interest Expense | 135 | 286 | 526 | 776 | |||||||
| Income Tax (Provision) Expense | (174 | ) | (32 | ) | 297 | 379 | |||||
| Depreciation/Amortization | 796 | 1,438 | 3,070 | 4,571 | |||||||
| Share-Based Compensation | 398 | 591 | 1,345 | 1,687 | |||||||
| Adjusted EBITDA | $ | 730 | $ | 2,295 | $ | 12,425 | $ | 7,860 | |||
| Net Income - Employee Retention Credit | - | - | (1,615 | ) | - | ||||||
| Net Income - PPP Loan Forgiveness | - | - | (4,426 | ) | - | ||||||
| Net Income - Oracle EnterpriseOne ERP Write-off | 528 | - | 528 | - | |||||||
| Income Tax Expense - Employee Retention Credit | - | - | 515 | - | |||||||
| Income Tax Expense - PPP Loan Forgiveness | - | - | 40 | - | |||||||
| Income Tax Expense - Oracle EnterpriseOne ERP Write-off | (168 | ) | - | (168 | ) | - | |||||
| Adjusted EBITDA Excluding ERP Write-off and CARES Act Benefits | $ | 1,090 | $ | 2,295 | $ | 7,299 | $ | 7,860 |
| ASTRONOVA, INC. | |||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of Segment GAAP to Non-GAAP Operating Income (Loss) | |||||||||||||||||||||||||||||
| Amounts in Thousands | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||||||||
| Product<br><br> <br>Identification | Test &<br><br> <br>Measurement | Total | Product<br><br> <br>Identification | Test &<br><br> <br>Measurement | Total | Product<br><br> <br>Identification | Test &<br><br> <br>Measurement | Total | Product<br><br> <br>Identification | Test &<br><br> <br>Measurement | Total | ||||||||||||||||||
| Segment Operating Profit (Loss) - GAAP | $ | 1,818 | $ | 842 | $ | 2,660 | $ | 3,521 | $ | (751 | ) | $ | 2,770 | $ | 8,952 | $ | 2,902 | $ | 11,854 | $ | 9,813 | $ | (1,314 | ) | $ | 8,499 | |||
| Employee Retention Credit, net | - | - | - | - | - | - | (1,430 | ) | (802 | ) | (2,232 | ) | - | - | - | ||||||||||||||
| Segment Operating Profit - Non-GAAP | $ | 1,818 | $ | 842 | $ | 2,660 | $ | 3,521 | $ | (751 | ) | $ | 2,770 | $ | 7,523 | $ | 2,100 | $ | 9,623 | $ | 9,813 | $ | (1,314 | ) | $ | 8,499 |
Contacts
Scott Solomon
Senior Vice President
Sharon Merrill Associates
\(617\) 542-5300
ALOT@investorrelations.com