WEST WARWICK, RI -- (Marketwire) -- 03/19/13 -- Astro-Med, Inc. (NASDAQ: ALOT) reports Net Income on a GAAP basis of $7,489,000, equal to $1.00 per diluted share, on sales of $16,186,000, for the Fourth Quarter ended January 31, 2013. For the corresponding period of the previous year, the Company reported Net Income of $854,000 on a GAAP basis, equal to $0.11 per diluted share, on sales of $15,810,000. Net Income in the Fourth Quarter includes the gain on the sale of the Company's Grass Technologies (GT) business segment on an after tax basis of $6,216,000 or $0.83 per diluted share.
Net Income on a GAAP basis for the twelve month period of fiscal year 2013 was $10,620,000, equal to $1.42 per diluted share on sales of $61,224,000. For the previous year the Company earned $3,132,000, equal to $0.42 per diluted share, on annual sales of $60,724,000.
GAAP requires the Company to report Grass Technologies financial results as a Discontinued Operation due to the sale of the Grass Technologies business segment during the Fourth Quarter of FY 2013. Therefore, Astro-Med's GAAP Fourth Quarter and Annual Results exclude Grass Technologies Business Segment for all periods presented. The Company has also presented its financial results for the Fourth Quarter and the Twelve Month period of FY 2013 on a Non-GAAP basis including the GT business segment, as the Company believes that the presentation of these results including GT operations provides meaningful supplemental information to both management and investors that is indicative of the Company's operating results across reporting periods. A reconciliation between the Company's results on a GAAP and Non-GAAP basis for the periods reported is included in a table at the end of this release. The non-GAAP financial results for the Fourth Quarter are as follows:
•Sales for the Fourth Quarter achieved a record at $21,860,000. For the prior year Fourth Quarter the Company reported sales of $20,429,000. •Gross Profits on Fourth Quarter sales were $9,341,000 with a margin of 42.7%. For the comparable Fourth Quarter in the prior year, Gross Profits were $8,367,000, reflecting a margin of 41.0%. •Operating Income in the Fourth Quarter was $2,186,000, earning a margin of 10.0% on sales. Operating Income in the prior year Fourth Quarter was $1,630,000, representing a margin of 8.0% of sales.
On a Non-GAAP basis, including the sales of Grass Technologies, the Company's annual financial results are as follows:
•Sales reached a record level of $80,419,000 for FY 2013. In the previous year, the Company reported annual sales of $79,193,000. •The Company achieved Gross Profit on those sales of $33,851,000, with a margin of 42.1%. In the prior year, the Company reported Gross Profit of $31,783,000, reflecting a margin of 40.1% on sales. •Annual Operating Income for the current year was $6,845,000, earning a margin of 8.5%, while Operating Income in the previous year was $4,598,000, representing a margin of 5.8%.
Commenting on the FY 2013 results, Everett V. Pizzuti, Chief Executive Officer, stated: "We are very pleased with the Company's financial results in the Fourth Quarter and for the Fiscal Year ended January 31, 2013. In addition to the record Non-GAAP sales and earnings, we also achieved record Bookings in FY 2013 of $82,024,000, a 9.3% increment over the prior year's Bookings, excluding the divested North Carolina label business. Each of our business segments, including Test & Measurement, QuickLabel Systems and Grass Technologies reported growth rates in FY 2013 as customer demand for our product lines was solid.
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