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 6, 2023
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 December 6, 2023, we issued a press release reporting the financial results for our fiscal 2024 third quarter ended October 28, 2023. 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 December 6, 2023 |
| 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: December 6, 2023 | By: | /s/ David S. Smith |
| David S. Smith | ||
| Vice President, Chief Financial Officer and Treasurer |
3
| Exhibit 99.1 |
|---|
AstroNova Reports Fiscal 2024 Third-Quarter Financial Results
Company to Host Conference Call at 9:00 a.m. ET Today
Third-Quarter Fiscal 2024 Financial Highlights
- Revenue of $37.5 million, down 4.7% year over year (YoY) - Gross margin of 39.4%, up 770 basis points YoY - Operating margin of 12.3%, up 890 basis points YoY - Diluted EPS of $0.37, up 825% YoY - Record quarterly Adjusted EBITDA of $5.7 million, or 15% of revenue, up 135% YoY
WEST WARWICK, R.I.--(BUSINESS WIRE)--December 6, 2023--AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today reported financial results for the fiscal 2024 third quarter ended October 28, 2023. GAAP diluted earnings per share were $0.37 compared with $0.04 per diluted share in the year-earlier period. Last year’s third-quarter GAAP results included transaction costs of $0.07 per diluted share associated with the acquisition of Astro Machine, Inc. at the beginning of that quarter. This is the first quarter in which Astro Machine’s results are included in all comparisons with the prior-year periods.
Commentary from Greg Woods, President and Chief Executive Officer
“We delivered significantly improved earnings performance in the third quarter despite an 11% YoY revenue decline in our Product Identification (PI) segment. This decline was largely driven by sidelined printers that were affected by the previously discussed ink quality issues from one of our suppliers and, to a lesser degree, the exit of some low margin printers last quarter from our portfolio. As our retrofitting program continues, the supplies revenue from these printers is expected to recover over the coming quarters.
“Our strong profit and cash flow improvement was fueled by a combination of favorable product mix in both segments, continued focus on expense control and the benefits of the PI segment realignment last quarter.
“Our PI segment generated a 62% increase in third-quarter operating profit as we focus on more profitable products, transition more printer manufacturing from Asia and West Warwick to the Astro Machine plant in Illinois, exit low margin or low volume label printer models, consolidate international sales and distribution facilities, and streamline our global channel partner network.
“Our Test and Measurement segment maintained its strong performance in the third quarter, bolstered by the ongoing post-pandemic rebound of the commercial aviation market. Segment revenue increased 16%, while segment operating profit was up 50%.
“The recently completed strategic restructuring has significantly improved the cost structure and margin profile of the business and we expect both segments to perform in line with these results again in the fourth quarter.”
Third-Quarter Fiscal 2024 Income Statement Summary
| ($ in thousands, except per share data) | Q3 2024 | Q3 2023 | YoY |
|---|---|---|---|
| Revenue | $37,549 | $39,405 | (5%) |
| Gross Profit | $14,779 | $12,482 | 18% |
| Gross Margin | 39.4% | 31.7% | 770 bps |
| Operating Expenses | $10,161 | $11,136 | (9%) |
| Operating Income | $4,618 | $1,346 | 243% |
| Operating Margin | 12.3% | 3.4% | 890 bps |
| Net Income | $2,752 | $289 | 870% |
| Net Income Per Diluted Share | $0.37 | $0.04 | 825% |
Third-Quarter Fiscal 2024 Financial Summary
Total revenue was $37.5 million, down 4.7% from the year-earlier period. The decrease reflected lower revenue in the PI segment, due primarily to lower supplies revenue from printers impacted by the defective ink from one of our larger suppliers and, in part, to the Company’s product rationalization initiatives. The decline in PI was partly offset by higher revenue from the Test & Measurement segment.
Hardware revenue was $12.9 million, a 7.7% increase from the prior-year period. Supplies revenue was $20.0 million, down 13% from the same period in fiscal 2023. Revenue from Service/Other was $4.7 million, up 4.4% from the comparable period last year.
Gross profit totaled $14.8 million, or 39.4% of revenue, compared with gross profit of $12.5 million, or 31.7% of revenue, in the year-earlier period. The increase was attributable primarily to favorable product mix, lower manufacturing variances and reduced period costs and the Company’s strategic realignment of its PI segment.
Operating expenses were $10.2 million, a decrease of 8.8% from $11.1 million in the same period last year, driven primarily by lower general and administrative expenses.
Operating income increased to $4.6 million, or 12.3% of revenue, from $1.3 million, or 3.4% of revenue, in the same period of fiscal 2023.
The Company reported net income of $2.8 million, or $0.37 per diluted share, compared with $289,000, or $0.04 per diluted share, a year earlier. Net income under Generally Accepted Accounting Principles (GAAP) for the third quarter of fiscal 2023 included transaction costs of $540,000, or $0.07 per diluted share, associated with the August 2022 acquisition of Astro Machine. On a non-GAAP basis, net income for the third quarter of fiscal 2023 was $829,000, or $0.11 per diluted share.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $5.3 million for the third quarter of fiscal 2024, compared with $2.0 million for the same period in fiscal 2023. Excluding the Astro Machine transaction costs, EBITDA for the third quarter of fiscal 2023 was $2.7 million.
Adjusted EBITDA, which the Company defines as earnings before interest, taxes, depreciation, amortization and share-based compensation, was $5.7 million, or 15% of revenue, in the third quarter of fiscal 2024, compared with $2.4 million, or 6% of revenue, in the same period of fiscal 2023. Excluding transaction costs, Adjusted EBITDA for the third quarter of fiscal 2023 was $3.1 million.
Bookings for the third quarter of fiscal 2024 increased 1% to $35.5 million from $35.0 million in the third quarter of fiscal 2023.
Backlog as of October 28, 2023 decreased 20% to $31.2 million from $39.3 million as of October 29, 2022.
Third-Quarter Fiscal 2024 Operating Segment Results
Product Identification
PI segment revenue was $26.5 million in the third quarter of fiscal 2024, down 11.2% from $29.9 million in the same period a year earlier. Segment operating profit was $4.8 million, or 18.1% of revenue, compared with $3.0 million, or 9.9% of revenue, in the same period of fiscal 2023.
Test & Measurement
Test & Measurement segment revenue increased 15.5% to $11.0 million in the third quarter of fiscal 2024 from $9.5 million in the same period last year. Segment operating profit was $2.6 million, or 23.2% of revenue, compared with $1.7 million, or 18.0% of revenue, a year earlier.
Earnings Conference Call Information
AstroNova will discuss the third-quarter fiscal 2024 financial results 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 519743. 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 EBITDA, Adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share.
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 nine months ended October 28, 2023 and October 29, 2022.
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.
| ASTRONOVA, INC. | ||||||||
|---|---|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Income (Loss) | ||||||||
| In Thousands Except for Per Share Data | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | |||||
| Net Revenue | $ | 37,549 | $ | 39,405 | $ | 108,493 | $ | 102,674 |
| Cost of Revenue | 22,770 | 26,923 | 71,618 | 68,080 | ||||
| Gross Profit | 14,779 | 12,482 | 36,875 | 34,594 | ||||
| Total Gross Profit Margin | 39.4% | 31.7% | 34.0% | 33.7% | ||||
| Operating Expenses: | ||||||||
| Selling & Marketing | 5,744 | 5,908 | 18,451 | 17,771 | ||||
| Research & Development | 1,683 | 1,903 | 5,028 | 5,021 | ||||
| General & Administrative | 2,734 | 3,325 | 8,514 | 8,456 | ||||
| Total Operating Expenses | 10,161 | 11,136 | 31,993 | 31,248 | ||||
| Operating Income | 4,618 | 1,346 | 4,882 | 3,346 | ||||
| Total Operating Margin | 12.3% | 3.4% | 4.5% | 3.3% | ||||
| Other Expense, net | 917 | 955 | 2,161 | 1,665 | ||||
| Income Before Taxes | 3,701 | 391 | 2,721 | 1,681 | ||||
| Income Tax Provision | 949 | 102 | 738 | 383 | ||||
| Net Income | $ | 2,752 | $ | 289 | $ | 1,983 | $ | 1,298 |
| Net Income per Common Share - Basic | $ | 0.37 | $ | 0.04 | $ | 0.27 | $ | 0.18 |
| Net Income per Common Share - Diluted | $ | 0.37 | $ | 0.04 | $ | 0.27 | $ | 0.18 |
| Weighted Average Number of Common Shares - Basic | 7,428 | 7,324 | 7,407 | 7,299 | ||||
| Weighted Average Number of Common Shares - Diluted | 7,485 | 7,485 | 7,477 | 7,363 |
| ASTRONOVA, INC. | ||||||
|---|---|---|---|---|---|---|
| Consolidated Balance Sheets | ||||||
| In Thousands | ||||||
| (Unaudited) | ||||||
| October 28, 2023 | January 31, 2023 | |||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash and Cash Equivalents | $ | 4,827 | $ | 3,946 | ||
| Accounts Receivable, net | 21,999 | 21,598 | ||||
| Inventories, net | 47,005 | 51,324 | ||||
| Prepaid Expenses and Other Current Assets | 3,056 | 2,894 | ||||
| Total Current Assets | 76,887 | 79,762 | ||||
| PROPERTY, PLANT AND EQUIPMENT | 56,572 | 55,394 | ||||
| Less Accumulated Depreciation | (42,320 | ) | (41,106 | ) | ||
| Property, Plant and Equipment, net | 14,252 | 14,288 | ||||
| OTHER ASSETS | ||||||
| Intangible Assets, net | 19,420 | 21,232 | ||||
| Goodwill | 14,440 | 14,658 | ||||
| Deferred Tax Assets | 6,903 | 6,907 | ||||
| Right of Use Asset | 650 | 794 | ||||
| Other Assets | 1,651 | 1,566 | ||||
| TOTAL ASSETS | $ | 134,203 | $ | 139,207 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Accounts Payable | $ | 4,893 | $ | 8,479 | ||
| Accrued Compensation | 3,256 | 2,750 | ||||
| Other Liabilities and Accrued Expenses | 4,410 | 3,308 | ||||
| Revolving Line of Credit | 14,900 | 15,900 | ||||
| Current Portion of Long-Term Debt | 2,700 | 2,100 | ||||
| Current Portion of Royalty Obligation | 1,500 | 1,725 | ||||
| Current Liability – Excess Royalty Payment Due | 542 | 562 | ||||
| Income Taxes Payable | 56 | 786 | ||||
| Deferred Revenue | 1,441 | 1,888 | ||||
| Total Current Liabilities | 33,698 | 37,498 | ||||
| NON-CURRENT LIABILITIES | ||||||
| Long-Term Debt, net of current portion | 10,039 | 12,040 | ||||
| Royalty Obligation, net of current portion | 2,476 | 3,415 | ||||
| Lease Liability, net of current portion | 459 | 555 | ||||
| Income Taxes Payable | 491 | 491 | ||||
| Deferred Revenue | - | 674 | ||||
| Deferred Tax Liabilities | 152 | 167 | ||||
| TOTAL LIABILITIES | 47,315 | 54,840 | ||||
| SHAREHOLDERS’ EQUITY | ||||||
| Common Stock | 540 | 534 | ||||
| Additional Paid-in Capital | 62,340 | 61,131 | ||||
| Retained Earnings | 61,158 | 59,175 | ||||
| Treasury Stock | (34,588 | ) | (34,235 | ) | ||
| Accumulated Other Comprehensive Loss, net of tax | (2,562 | ) | (2,238 | ) | ||
| TOTAL SHAREHOLDERS’ EQUITY | 86,888 | 84,367 | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 134,203 | $ | 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 | Nine Months Ended | Nine Months Ended | |||||||||||||||||
| October 28, 2023 | October 29, <br><br> 2022 | October 28, 2023 | October 29, <br><br> 2022 | October 28, 2023 | October 29, <br><br> 2022 | October 28, 2023 | October 29, <br><br> 2022 | |||||||||||||
| Product Identification | $ | 26,543 | $ | 29,879 | $ | 4,794 | $ | 2,960 | $ | 77,416 | $ | 74,985 | $ | 6,848 | $ | 6,019 | ||||
| Test & Measurement | 11,006 | 9,526 | 2,558 | 1,711 | 31,077 | 27,689 | 6,548 | 5,783 | ||||||||||||
| Total | $ | 37,549 | $ | 39,405 | 7,352 | 4,671 | $ | 108,493 | $ | 102,674 | 13,396 | 11,802 | ||||||||
| Corporate Expenses | 2,734 | 3,325 | 8,514 | 8,456 | ||||||||||||||||
| Operating Income | 4,618 | 1,346 | 4,882 | 3,346 | ||||||||||||||||
| Other Income (Expense), net | (917 | ) | (955 | ) | (2,161 | ) | (1,665 | ) | ||||||||||||
| Income Before Income Taxes | 3,701 | 391 | 2,721 | 1,681 | ||||||||||||||||
| Income Tax Provision | 949 | 102 | 738 | 383 | ||||||||||||||||
| Net Income | $ | 2,752 | $ | 289 | $ | 1,983 | $ | 1,298 |
| ASTRONOVA, INC. | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of GAAP to Non-GAAP Results | |||||||||||||
| In Thousands Except for Per Share Data | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||
| October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | ||||||||||
| GAAP Revenues | $ | 37,549 | $ | 39,405 | $ | 108,493 | $ | 102,674 | |||||
| Non-GAAP Revenues | $ | 37,549 | $ | 39,405 | $ | 108,493 | $ | 102,674 | |||||
| GAAP Cost of Revenues | $ | 22,770 | $ | 26,923 | $ | 71,618 | $ | 68,080 | |||||
| Restructuring Charges | - | - | 2,096 | - | |||||||||
| Product Retrofit Costs | - | - | 852 | - | |||||||||
| Non-GAAP Cost of Revenues | $ | 22,770 | $ | 26,923 | $ | 68,670 | $ | 68,080 | |||||
| GAAP Gross Profit | $ | 14,779 | $ | 12,482 | $ | 36,875 | $ | 34,594 | |||||
| Restructuring Charges | - | - | 2,096 | - | |||||||||
| Product Retrofit Costs | - | - | 852 | - | |||||||||
| Non-GAAP Gross Profit | $ | 14,779 | $ | 12,482 | $ | 39,823 | $ | 34,594 | |||||
| GAAP Operating Expenses | $ | 10,161 | $ | 11,136 | $ | 31,993 | $ | 31,248 | |||||
| Transaction Costs | - | (717 | ) | - | (717 | ) | |||||||
| Restructuring Charges | - | - | (555 | ) | - | ||||||||
| Non-GAAP Operating Expenses | $ | 10,161 | $ | 10,419 | $ | 31,438 | $ | 30,531 | |||||
| GAAP Operating Income | $ | 4,618 | $ | 1,346 | $ | 4,882 | $ | 3,346 | |||||
| Transaction Costs | - | 717 | - | 717 | |||||||||
| Restructuring Charges | - | - | 2,651 | - | |||||||||
| Product Retrofit Costs | - | - | 852 | - | |||||||||
| Non-GAAP Operating Income | $ | 4,618 | $ | 2,063 | $ | 8,385 | $ | 4,063 | |||||
| GAAP Other Income/(Expense) | $ | (917 | ) | $ | (955 | ) | $ | (2,161 | ) | $ | (1,665 | ) | |
| Non-GAAP Other Income/(Expense) | $ | (917 | ) | $ | (955 | ) | $ | (2,161 | ) | $ | (1,665 | ) | |
| GAAP Income Tax Expense | $ | 949 | $ | 102 | $ | 738 | $ | 383 | |||||
| Tax Adjustments of Non-GAAP Adjustments | - | 177 | 797 | 177 | |||||||||
| Non-GAAP Income Tax Expense | $ | 949 | $ | 279 | $ | 1,535 | $ | 560 | |||||
| GAAP Net Income | $ | 2,752 | $ | 289 | $ | 1,983 | $ | 1,298 | |||||
| Transaction Costs | - | 540 | - | 540 | |||||||||
| Restructuring Charges | - | - | 2,048 | - | |||||||||
| Product Retrofit Costs | - | - | 658 | - | |||||||||
| Non-GAAP Net Income | $ | 2,752 | $ | 829 | $ | 4,689 | $ | 1,838 | |||||
| GAAP Diluted Earnings Per Share | $ | 0.37 | $ | 0.04 | $ | 0.27 | $ | 0.18 | |||||
| Transaction Costs | - | - | - | 0.07 | |||||||||
| Restructuring Charges | - | - | 0.28 | - | |||||||||
| Product Retrofit Costs | - | - | 0.09 | - | |||||||||
| Non-GAAP Diluted Earnings Per Share | $ | 0.37 | $ | 0.04 | $ | 0.63 | $ | 0.25 |
| ASTRONOVA, INC. | ||||||||
|---|---|---|---|---|---|---|---|---|
| Reconciliation of Net Income to EBITDA | ||||||||
| Amounts In Thousands | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | |||||
| GAAP Net Income | $ | 2,752 | $ | 289 | $ | 1,983 | $ | 1,298 |
| Interest Expense | 630 | 701 | 1,919 | 1,086 | ||||
| Income Tax Expense | 949 | 102 | 738 | 383 | ||||
| Depreciation/Amortization | 1,014 | 915 | 3,158 | 2,737 | ||||
| EBITDA | $ | 5,345 | $ | 2,007 | $ | 7,798 | $ | 5,504 |
| Transaction Costs | - | 540 | - | 540 | ||||
| Restructuring Charges | - | - | 2,048 | - | ||||
| Product Retrofit Costs | - | - | 658 | - | ||||
| Income Tax Expense - Transaction Costs | - | 176 | - | 176 | ||||
| Income Tax Expense - Restructuring Charges | - | - | 603 | - | ||||
| Income Tax Expense - Product Retrofit Costs | - | - | 194 | - | ||||
| EBITDA Less Restructuring & Retrofit Items | $ | 5,345 | $ | 2,723 | $ | 11,301 | $ | 6,220 |
| ASTRONOVA, INC. | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reconciliation of Net Income to Adjusted EBITDA | ||||||||
| Amounts In Thousands | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | |||||
| GAAP Net Income | $ | 2,752 | $ | 289 | $ | 1,983 | $ | 1,298 |
| Interest Expense | 630 | 701 | 1,919 | 1,086 | ||||
| Income Tax Expense | 949 | 102 | 738 | 383 | ||||
| Depreciation/Amortization | 1,014 | 915 | 3,158 | 2,737 | ||||
| Share-Based Compensation | 311 | 405 | 1,065 | 977 | ||||
| Adjusted EBITDA | $ | 5,656 | $ | 2,412 | $ | 8,863 | $ | 6,481 |
| Transaction Costs | - | 540 | - | 540 | ||||
| Restructuring Charges | - | - | 2,048 | - | ||||
| Product Retrofit Costs | - | - | 658 | - | ||||
| Income Tax Expense - Transaction Costs | - | 176 | - | 176 | ||||
| Income Tax Expense - Restructuring Charges | - | - | 603 | - | ||||
| Income Tax Expense - Product Retrofit Costs | - | - | 194 | - | ||||
| Adjusted EBITDA Less Restructuring & Retrofit Items | $ | 5,656 | $ | 3,128 | $ | 12,366 | $ | 7,197 |
| ASTRONOVA, INC. | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of Segment GAAP to Non-GAAP Operating Income | ||||||||||||||||||||||||
| Amounts In Thousands | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022 | |||||||||||||||||||||
| 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 | |||||||||||||
| GAAP - Segment Operating Profit | $ | 4,794 | $ | 2,558 | $ | 7,352 | $ | 2,960 | $ | 1,711 | $ | 4,671 | $ | 6,848 | $ | 6,548 | $ | 13,396 | $ | 6,019 | $ | 5,783 | $ | 11,802 |
| Restructuring Charges | - | - | - | - | - | - | 2,568 | - | 2,568 | - | - | - | ||||||||||||
| Product Retrofit Costs | - | - | - | - | - | - | 852 | - | 852 | - | - | - | ||||||||||||
| Non-GAAP - Segment Operating Profit | $ | 4,794 | $ | 2,558 | $ | 7,352 | $ | 2,960 | $ | 1,711 | $ | 4,671 | $ | 10,268 | $ | 6,548 | $ | 16,816 | $ | 6,019 | $ | 5,783 | $ | 11,802 |
Contacts
Scott Solomon
Senior Vice President
Sharon Merrill Advisors
\(857\) 383-2409
ALOT@investorrelations.com