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): September 7, 2022
ASTRONOVA, INC.
(Exact name of registrant as specified in its charter)
| Rhode Island | 0-13200 | 05-0318215 |
|---|---|---|
| (State<br><br><br> or other jurisdiction<br><br> <br>of<br> incorporation) | (Commission<br><br> <br>File<br> Number) | (I.R.S.<br><br><br> Employer<br><br> <br>Identification<br><br><br> 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 September 7, 2022, we issued a press release reporting the financial results for our fiscal 2023 second quarter ended July 30, 2022. 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 September 7, 2022 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2
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: September 7, 2022 | By: | /s/ David S. Smith |
| David S. Smith | ||
| Vice President, Chief Financial Officer and Treasurer |
3
Exhibit 99.1
AstroNova Announces Second-Quarter Fiscal 2023 Financial Results
Company to Host Conference Call at 9:00 a.m. ET Today
Second-Quarter Fiscal 2023 Summary
- Bookings of $34.8 million - Revenue of $32.3 million - Operating income of $1.2 million - GAAP net income of $0.6 million, or $0.08 per diluted share - Adjusted EBITDA of $2.2 million
WEST WARWICK, R.I.--(BUSINESS WIRE)--September 7, 2022--AstroNova, Inc. **** (Nasdaq: ALOT), a global leader in data visualization **** technologies, today announced financial results for its fiscal 2023 second quarter ended July 30, 2022.
“The strong secular trends of our business, such as increasing air travel and the growth of digital print for packaging, continue to drive demand for our products and services,” said Greg Woods, AstroNova President and CEO. “We achieved solid orders growth in the quarter, with bookings up over the prior quarter, as well as the prior year. For the first half of fiscal 2023, total bookings nearly set a record, just missing the previous high set in fiscal 2020 by a mere half percent.
“Revenue was also up nicely in the quarter, however, less than expected as certain areas of our business continued to be affected by supply chain disruptions, higher component costs, and increased freight expenses. We have taken several actions, including selective implementation of price increases, to lessen the impact of those challenges,” Woods said.
“Reflecting our demand drivers, we generated 8% top-line growth in the second quarter, while bookings increased 14% year-over-year and 7% from the first quarter of fiscal 2023,” Woods said. “These increases were primarily driven by our Test & Measurement segment, with the continued production ramp of the Boeing 737 MAX, an increase in military-related orders, and higher demand for our repair and parts services associated with the rebound of commercial air travel.
“As we move into the second half of the year, we are very excited about our recent acquisition of Astro Machine, which expands our label business and adds new market adjacencies for us in areas such as custom-branded packaging, promotional inserts, and other e-commerce solutions. The acquisition also significantly enhances our material handling and automation capabilities and creates what we expect will be meaningful cross-selling opportunities.”
CARES Act Benefits in Q2 FY 2022
During the second quarter of fiscal 2022, the principal and interest were forgiven on the Paycheck Protection Program (PPP) loan AstroNova received in fiscal 2021. In addition, the Company became eligible for an Employee Retention Credit (ERC) authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In total, for the fiscal 2022 second quarter, these two items (the CARES Act benefits) benefited net income by $6.0 million, or $0.83 per diluted share. There were no similar adjustments in the second quarter of fiscal 2023.
Q2 FY 2023 Operating Segment Results
Product Identification segment revenue in the second quarter of fiscal 2023 was $23.4 million, down 0.5% from $23.5 million in the prior-year period. GAAP segment operating income was $1.6 million, or 7.0% of revenue, compared with $4.4 million, or 18.8% of revenue, a year earlier, reflecting less favorable mix and higher costs in the 2023 period. On a non-GAAP basis, excluding the CARES Act benefits, segment income in the second quarter of fiscal 2022 was $3.0 million, or 12.7% of revenue.
Test & Measurement segment revenue in the second quarter of fiscal 2023 increased 39.7% to $8.9 million from $6.4 million in the same period of fiscal 2022. GAAP segment operating income was $2.2 million, or 24.4% of revenue, compared with operating income of $1.7 million, or 26.9% of revenue, in the second quarter of fiscal 2022. On a non-GAAP basis, excluding the CARES Act benefits, segment income in the second quarter of fiscal 2022 was $0.9 million, or 14.3% of revenue.
Q2 FY 2023 Results Summary
Revenue for the second quarter of fiscal 2023 totaled $32.3 million, up 8.1% from $29.8 million in the year-earlier period, which was attributable to higher revenue in the Test & Measurement segment.
Hardware revenue was $8.6 million, a 9.6% increase from the prior-year period. Supplies revenue was $19.2 million, up 2.6%. Revenue from Service/Other was $4.5 million, up 35.5% from the comparable quarter of fiscal 2022.
GAAP gross profit for the second quarter of fiscal 2023 was $11.4 million, or 35.3% of revenue, compared with $12.7 million, or 42.6% of revenue, in the same period of fiscal 2022. On a non-GAAP basis, excluding the CARES Act benefits, gross profit for the second quarter of fiscal 2022 was $11.1 million, or 37.1% of revenue.
GAAP operating expenses for the second quarter of fiscal 2023 totaled $10.1 million, up 9.5% compared with $9.3 million in the second quarter of fiscal 2022, primarily reflecting higher selling and marketing expenses in the 2023 period. On a non-GAAP basis, excluding the CARES Act benefits, operating expenses for the second quarter of fiscal 2022 were $9.8 million.
GAAP operating income for the second quarter of fiscal 2023 was $1.2 million, or 3.8% of revenue, compared with $3.5 million, or 11.6% of revenue, in the same period of fiscal 2022. On a non-GAAP basis, excluding the CARES Act benefits, operating income for the second quarter of fiscal 2022 was $1.3 million, or 4.4% of revenue.
GAAP net income for the second quarter of fiscal 2023 was $0.6 million, or $0.08 per diluted share, compared with $7.0 million, or $0.96 per diluted share, in the second quarter of fiscal 2022. On a non-GAAP basis, excluding the CARES Act benefits, net income for the second quarter of fiscal 2022 was $1 million, or $0.13 per diluted share.
Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) was $2.2 million, or 6.7% of revenue, for the second quarter of fiscal 2023, compared with $9.2 million, or 30.8% of revenue, in the comparable period of fiscal 2022. Excluding the effect of the CARES Act benefits, Adjusted EBITDA was $2.6 million, or 8.7% of revenue, in the second quarter of fiscal 2022.
Non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP segment operating income, Adjusted EBITDA, and Adjusted EBITDA excluding the 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 in this news release for a reconciliation of non-GAAP measures to the closest comparable GAAP measures for the three and six months ended July 30, 2022, and July 31, 2021.
Bookings for the second quarter of fiscal 2023 increased 14.0% to $34.8 million from $30.6 million in the second quarter of fiscal 2022.
Backlog as of July 30, 2022 increased 30.6% to $31.8 million from $24.4 million on July 31, 2021.
Q2 FY 2023 Conference Call Details
AstroNova will discuss its second-quarter fiscal 2023 results in an investor conference call at 9:00 a.m. ET today. To participate in the conference call, please dial (888) 882-4478 (U.S. and Canada) or (773) 377-9070 (International) approximately 10 minutes prior to the start time and enter confirmation code 8162612.
You can hear a replay of the conference call from 12:00 p.m. ET Wednesday, September 7, 2022, until 12:00 p.m. ET Wednesday, September 14, 2022, by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International). The confirmation code is 8162612.
A real-time and 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 earnings per diluted share, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP segment operating income, EBITDA, EBITDA excluding CARES Act items, Adjusted EBITDA, which AstroNova defines as earnings before interest, taxes, depreciation, amortization, and share-based compensation, and Adjusted EBITDA excluding CARES Act 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 also 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.
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 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, and the benefits expected to be realized from the acquisition of Astro Machine, 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, 2022, 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 | Six Months Ended | |||||||||||
| July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | |||||||||
| Revenue | $ | 32,259 | $ | 29,845 | $ | 63,269 | $ | 58,923 | ||||
| Cost of Revenue | 20,877 | 17,129 | 41,158 | 35,320 | ||||||||
| Gross Profit | 11,382 | 12,716 | 22,111 | 23,603 | ||||||||
| Total Gross Profit Margin | 35.3 | % | 42.6 | % | 34.9 | % | 40.1 | % | ||||
| Operating Expenses: | ||||||||||||
| Selling & Marketing | 5,981 | 5,061 | 11,863 | 11,154 | ||||||||
| Research & Development | 1,595 | 1,539 | 3,118 | 3,255 | ||||||||
| General & Administrative | 2,571 | 2,664 | 5,131 | 5,008 | ||||||||
| Total Operating Expenses | 10,147 | 9,264 | 20,112 | 19,417 | ||||||||
| Operating Income | 1,235 | 3,452 | 1,999 | 4,186 | ||||||||
| Total Operating Margin | 3.8 | % | 11.6 | % | 3.2 | % | 7.1 | % | ||||
| Other Income (Expense), net: | ||||||||||||
| Extinguishment of Debt - PPP Loan | - | 4,466 | - | 4,466 | ||||||||
| Interest Expense | (210 | ) | (171 | ) | (385 | ) | (392 | ) | ||||
| Gain (Loss) on Foreign Currency Transactions | (241 | ) | 50 | (377 | ) | (114 | ) | |||||
| Other, net | 20 | (79 | ) | 52 | (63 | ) | ||||||
| (431 | ) | 4,266 | (710 | ) | 3,897 | |||||||
| Income Before Taxes | 804 | 7,718 | 1,289 | 8,083 | ||||||||
| Income Tax (Benefit) Provision | 220 | 699 | 280 | 471 | ||||||||
| Net Income | $ | 584 | $ | 7,019 | $ | 1,009 | $ | 7,612 | ||||
| Net Income per Common Share - Basic | $ | 0.08 | $ | 0.97 | $ | 0.14 | $ | 1.06 | ||||
| Net Income per Common Share - Diluted | $ | 0.08 | $ | 0.96 | $ | 0.14 | $ | 1.04 | ||||
| Weighted Average Number of Common Shares - Basic | 7,310 | 7,209 | 7,287 | 7,177 | ||||||||
| Weighted Average Number of Common Shares - Diluted | 7,348 | 7,329 | 7,355 | 7,297 |
| ASTRONOVA, INC. | ||||||
|---|---|---|---|---|---|---|
| Balance Sheet | ||||||
| In Thousands | ||||||
| (Unaudited) | ||||||
| July 30, 2022 | January 31, 2022 | |||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash and Cash Equivalents | $ | 4,285 | $ | 5,276 | ||
| Accounts Receivable, net | 17,382 | 17,124 | ||||
| Inventories, net | 41,727 | 34,609 | ||||
| Employee Retention Credit Receivable | 0 | 3,135 | ||||
| Prepaid Expenses and Other Current Assets | 4,268 | 3,634 | ||||
| Total Current Assets | 67,662 | 63,778 | ||||
| PROPERTY, PLANT AND EQUIPMENT | 50,764 | 50,821 | ||||
| Less Accumulated Depreciation | (40,187 | ) | (39,380 | ) | ||
| Property, Plant and Equipment, net | 10,577 | 11,441 | ||||
| OTHER ASSETS | ||||||
| Intangible Assets, net | 18,314 | 19,200 | ||||
| Goodwill | 11,501 | 12,156 | ||||
| Deferred Tax Assets | 5,582 | 5,591 | ||||
| Right of Use Asset | 887 | 1,094 | ||||
| Other Assets | 1,775 | 1,695 | ||||
| TOTAL ASSETS | $ | 116,298 | $ | 114,955 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Accounts Payable | $ | 7,624 | $ | 8,590 | ||
| Accrued Compensation | 2,437 | 3,512 | ||||
| Other Liabilities and Accrued Expenses | 3,334 | 4,113 | ||||
| Revolving Line of Credit | 4,500 | - | ||||
| Current Portion of Royalty Obligation | 1,875 | 2,000 | ||||
| Current Portion of Long-Term Debt | 1,000 | 1,000 | ||||
| Current Liability – Excess Royalty Payment Due | 301 | 235 | ||||
| Income Taxes Payable | 1,169 | 323 | ||||
| Deferred Revenue | 281 | 262 | ||||
| Total Current Liabilities | 22,521 | 20,035 | ||||
| NON-CURRENT LIABILITIES | ||||||
| Long-Term Debt, net of current portion | 7,917 | 8,154 | ||||
| Royalty Obligation, net of current portion | 3,611 | 4,361 | ||||
| Lease Liability, net of current portion | 627 | 808 | ||||
| Income Taxes Payable | 399 | 399 | ||||
| Deferred Tax Liabilities | 127 | 186 | ||||
| TOTAL LIABILITIES | 35,202 | 33,943 | ||||
| SHAREHOLDERS’ EQUITY | ||||||
| Common Stock | 533 | 528 | ||||
| Additional Paid-in Capital | 60,347 | 59,692 | ||||
| Retained Earnings | 57,523 | 56,514 | ||||
| Treasury Stock | (34,223 | ) | (33,974 | ) | ||
| Accumulated Other Comprehensive Loss, net of tax | (3,084 | ) | (1,748 | ) | ||
| TOTAL SHAREHOLDERS’ EQUITY | 81,096 | 81,012 | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 116,298 | $ | 114,955 |
| ASTRONOVA, INC. | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue and Segment Operating Profit | ||||||||||||||||||
| In Thousands | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Revenue | Segment Operating Profit | Revenue | Segment Operating Profit | |||||||||||||||
| Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||
| July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | |||||||||||
| Product Identification | $ | 23,382 | $ | 23,492 | $ | 1,644 | $ | 4,406 | $ | 45,106 | $ | 46,590 | $ | 3,058 | $ | 7,134 | ||
| Test & Measurement | 8,877 | 6,353 | 2,162 | 1,710 | 18,163 | 12,333 | 4,072 | 2,060 | ||||||||||
| Total | $ | 32,259 | $ | 29,845 | 3,806 | 6,116 | $ | 63,269 | $ | 58,923 | 7,130 | 9,194 | ||||||
| Corporate Expenses | 2,571 | 2,664 | 5,131 | 5,008 | ||||||||||||||
| Operating Income | 1,235 | 3,452 | 1,999 | 4,186 | ||||||||||||||
| Other Income (Expense), net | (431 | ) | 4,266 | (710 | ) | 3,897 | ||||||||||||
| Income Before Income Taxes | 804 | 7,718 | 1,289 | 8,083 | ||||||||||||||
| Income Tax Provision | 220 | 699 | 280 | 471 | ||||||||||||||
| Net Income | $ | 584 | $ | 7,019 | $ | 1,009 | $ | 7,612 | ||||||||||
| ASTRONOVA, INC. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| Reconciliation of GAAP to Non-GAAP - Gross Profit | ||||||||||||||||||
| Amounts in Thousands | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | |||||||||||||||
| Gross Profit − GAAP | $ | 11,382 | $ | 12,716 | $ | 22,111 | $ | 23,603 | ||||||||||
| Employee Retention Credit, net | $ | - | $ | (1,641 | ) | $ | - | $ | (1,641 | ) | ||||||||
| Gross Profit − Non-GAAP | $ | 11,382 | $ | 11,075 | $ | 22,111 | $ | 21,962 | ||||||||||
| ASTRONOVA, INC. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||
| Reconciliation of GAAP to Non-GAAP - Operating Expenses | ||||||||||||||||||
| Amounts in Thousands | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | |||||||||||||||
| Operating Expenses − GAAP | $ | 10,147 | $ | 9,264 | $ | 20,112 | $ | 19,417 | ||||||||||
| Employee Retention Credit, net | $ | - | $ | 489 | $ | - | $ | 489 | ||||||||||
| Operating Expenses − Non-GAAP | $ | 10,147 | $ | 9,753 | $ | 20,112 | $ | 19,906 |
| ASTRONOVA, INC. | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP to Non-GAAP - Operating Income | ||||||||||
| Amounts in Thousands | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||
| July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | |||||||
| Operating Income − GAAP | $ | 1,235 | $ | 3,452 | $ | 1,999 | $ | 4,186 | ||
| Employee Retention Credit, net | $ | - | $ | (2,130 | ) | $ | - | $ | (2,130 | ) |
| Operating Income − Non-GAAP | $ | 1,235 | $ | 1,322 | $ | 1,999 | $ | 2,056 | ||
| ASTRONOVA, INC. | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reconciliation of GAAP to Non-GAAP - Net Income | ||||||||||
| Amounts in Thousands | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||
| July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | |||||||
| Net Income − GAAP | $ | 584 | $ | 7,019 | $ | 1,009 | $ | 7,612 | ||
| Employee Retention Credit, net | $ | - | $ | (1,615 | ) | $ | - | $ | (1,615 | ) |
| PPP Loan Forgiveness | $ | - | $ | (4,426 | ) | $ | - | $ | (4,426 | ) |
| Net Income − Non-GAAP | $ | 584 | $ | 978 | $ | 1,009 | $ | 1,571 | ||
| ASTRONOVA, INC. | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reconciliation of GAAP to Non-GAAP - Diluted Earnings Per Share | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||
| July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | |||||||
| Diluted Earnings Per Share − GAAP | $ | 0.08 | $ | 0.96 | $ | 0.14 | $ | 1.04 | ||
| Employee Retention Credit, net | $ | - | $ | (0.22 | ) | $ | - | $ | (0.22 | ) |
| PPP Loan Forgiveness | $ | - | $ | (0.60 | ) | $ | - | $ | (0.60 | ) |
| Diluted Earnings Per Share − Non-GAAP | $ | 0.08 | $ | 0.13 | $ | 0.14 | $ | 0.22 |
| ASTRONOVA, INC. | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of Net Income to EBITDA | ||||||||||||||||||||||||||||||
| Amounts in Thousands | ||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | |||||||||||||||||||||||||||
| Net Income − GAAP | $ | 584 | $ | 7,019 | $ | 1,009 | $ | 7,612 | ||||||||||||||||||||||
| Interest Expense | 210 | 171 | 385 | 392 | ||||||||||||||||||||||||||
| Income Tax Expense | 220 | 699 | 280 | 471 | ||||||||||||||||||||||||||
| Depreciation/Amortization | 908 | 849 | 1,820 | 2,276 | ||||||||||||||||||||||||||
| EBITDA | $ | 1,922 | $ | 8,738 | $ | 3,494 | $ | 10,751 | ||||||||||||||||||||||
| Employee Retention Credit | - | (1,615 | ) | - | (1,615 | ) | ||||||||||||||||||||||||
| PPP Loan Forgiveness | - | (4,426 | ) | - | (4,426 | ) | ||||||||||||||||||||||||
| Income Tax Expense - Employee Retention Credit | - | (515 | ) | - | (515 | ) | ||||||||||||||||||||||||
| Income Tax Expense - PPP Loan Forgiveness | - | (40 | ) | - | (40 | ) | ||||||||||||||||||||||||
| EBITDA - Less CARES Act Items | $ | 1,922 | $ | 2,142 | $ | 3,494 | $ | 4,155 | ||||||||||||||||||||||
| ASTRONOVA, INC. | ||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||||||
| Reconciliation of Net Income to Adjusted EBITDA | ||||||||||||||||||||||||||||||
| Amounts in Thousands | ||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021 | |||||||||||||||||||||||||||
| Net Income − GAAP | $ | 584 | $ | 7,019 | $ | 1,009 | $ | 7,612 | ||||||||||||||||||||||
| Interest Expense | 210 | 171 | 385 | 392 | ||||||||||||||||||||||||||
| Income Tax Expense | 220 | 699 | 280 | 471 | ||||||||||||||||||||||||||
| Depreciation/Amortization | 908 | 849 | 1,820 | 2,276 | ||||||||||||||||||||||||||
| Share-Based Compensation | 235 | 469 | 572 | 947 | ||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 2,157 | $ | 9,207 | $ | 4,066 | $ | 11,698 | ||||||||||||||||||||||
| Net Income - Employee Retention Credit | - | (1,615 | ) | - | (1,615 | ) | ||||||||||||||||||||||||
| Net Income - PPP Loan Forgiveness | - | (4,426 | ) | - | (4,426 | ) | ||||||||||||||||||||||||
| Income Tax Expense - Employee Retention Credit | - | (515 | ) | - | (515 | ) | ||||||||||||||||||||||||
| Income Tax Expense - PPP Loan Forgiveness | - | (40 | ) | - | (40 | ) | ||||||||||||||||||||||||
| Adjusted EBITDA - Less CARES Act Items | $ | 2,157 | $ | 2,611 | $ | 4,066 | $ | 5,102 | ||||||||||||||||||||||
| ASTRONOVA, INC. | ||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reconciliation of Segment GAAP to Non-GAAP Operating Income | ||||||||||||||||||||||||||||||
| Amounts in Thousands | ||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| July 30, 2022 | July 31, 2021 | July 30, 2022 | July 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 - GAAP | $ | 1,644 | $ | 2,162 | $ | 3,806 | $ | 4,406 | $ | 1,710 | $ | 6,116 | $ | 3,058 | $ | 4,072 | $ | 7,130 | $ | 7,134 | $ | 2,060 | $ | 9,194 | ||||||
| Employee Retention Credit, net | $ | - | $ | - | $ | - | $ | (1,430 | ) | $ | (802 | ) | $ | (2,232 | ) | $ | - | $ | - | $ | - | $ | (1,430 | ) | $ | (802 | ) | $ | (2,232 | ) |
| Segment Operating Profit - Non-GAAP | $ | 1,644 | $ | 2,162 | $ | 3,806 | $ | 2,976 | $ | 908 | $ | 3,884 | $ | 3,058 | $ | 4,072 | $ | 7,130 | $ | 5,705 | $ | 1,258 | $ | 6,963 |
Contacts
Scott Solomon
Senior Vice President
Sharon Merrill Associates, Inc.
\(857\) 383-2409
ALOT@investorrelations.com