AstroNova Reports Fiscal 2024 Fourth-Quarter and Full-Year Financial Results
- AstroNova reports record full-year GAAP and non-GAAP operating income and net income.
- The company generated full-year adjusted EBITDA of $14.4 million.
- AstroNova provides FY 2025 financial targets with mid-single digit revenue growth expectations.
- Q4 FY 2024 results show positive revenue and operating income for AstroNova.
- Product Identification segment revenue increased, and Test & Measurement segment benefited from commercial aviation market recovery.
- AstroNova focuses on sustained product innovation and operational efficiencies for future growth.
- None.
Insights
The reported financial results for AstroNova, Inc. indicate a positive trajectory in operating and net income, both on a GAAP and non-GAAP basis. The distinction between GAAP and non-GAAP figures, often used to eliminate the effects of one-time events and provide a clearer picture of ongoing operations, suggests that the company is actively managing its cost structure and possibly benefiting from strategic initiatives such as the retrofit program of PI printers and realignment strategies.
From a financial perspective, the increase in operating margin and net income per common share is indicative of operational efficiency and profitability enhancement. The reported growth in Adjusted EBITDA, particularly when excluding restructuring and retrofit-related items, further underscores the company's ability to generate earnings before interest, taxes, depreciation and amortization, which is a key metric for assessing a company's operating performance.
However, a slight decrease in revenue alongside an increase in bookings suggests a potential lag in revenue recognition, which could be due to longer sales cycles or deferred revenue. Additionally, the backlog reduction from fiscal 2023 to fiscal 2024 might raise questions regarding future revenue streams, although this could also be a result of improved delivery and execution capabilities.
The segment results reveal significant developments that could influence investor sentiment. The Test & Measurement (T&M) segment's operating profit margin of 28.2% and its positive revenue growth reflect strong demand, likely driven by the rebound in airline passenger traffic and favorable commercial aircraft trends. This is a positive indicator for investors, as it suggests resilience in the face of industry-wide challenges and potential for sustained growth.
On the other hand, the Product Identification (PI) segment shows a decrease in revenue, yet an improvement in operating profit margin. This dichotomy suggests a strategic shift towards higher-margin products or services, which can be a double-edged sword. While it may lead to improved profitability, reliance on fewer, higher-margin products could also increase vulnerability to market fluctuations or competitive pressures.
Investors should note the company's forward-looking statements, including expected organic revenue growth and margin improvements. These projections are based on current market conditions and the company's strategic initiatives but are subject to change due to external factors such as economic shifts or technological advancements in data visualization technologies.
The financial targets and outlook for fiscal 2025, projecting organic revenue growth and adjusted EBITDA margin expansion, suggest that AstroNova is anticipating continued economic stability and demand in its markets. The commitment to improve margins by 100 basis points per year could be reflective of a broader industry trend towards operational excellence and cost optimization.
However, it's important to contextualize these targets within the current macroeconomic environment. Factors such as inflationary pressures, supply chain disruptions and geopolitical tensions could impact the cost of sales and operational expenses, potentially affecting the company's ability to meet these targets. Investors should monitor these external factors closely, as they could have a material impact on the company's financial performance.
The company's reliance on non-GAAP measures, while providing additional insight into its operations, should be evaluated critically, as these measures exclude certain costs that are real and can affect the overall financial health of the company. While non-GAAP measures can be useful for comparisons and understanding core operations, they should not be viewed in isolation but rather alongside GAAP measures for a comprehensive financial analysis.
-
Posts Company Record Full-Year GAAP Operating Income of
$8.8 Million $12.0 Million -
Delivers Full-Year GAAP Net Income of
$4.7 Million $0.63 $7.2 Million $0.97 -
Generates Full-Year Adjusted EBITDA of
$14.4 Million $17.6 Million - Provides FY 2025 Financial Targets and Outlook
- Hosts Earnings Conference Call at 9:00 a.m. ET Today
CEO Commentary
“We capped a year of solid growth in fiscal 2024 with a strong fourth quarter that highlighted our strategic focus on enhancing margins and maintaining disciplined cost management, while continuing to invest for the future,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “Our fourth-quarter operating income of
“T&M generated a
“Our PI segment delivered strong year-over-year margin improvement in the quarter. Segment operating profit increased a healthy 560 basis points from the fourth quarter of fiscal 2023, in part reflecting the success of the strategic realignment announced last summer,” Woods said. “Additionally, at the end of the quarter we completed the previously discussed retrofit program of certain PI printers affected by faulty ink provided by one of our larger suppliers. On the innovation front, our PI development teams recently launched new digital printers and accessories under both our flagship QuickLabel and TrojanLabel brands.
“Looking ahead, we see several growth opportunities for our business,” Woods said. “We are focused on applying the tools of the AstroNova Operating System to drive sustained product innovation, operating efficiencies and margin improvement. Our fiscal 2025 financial targets and outlook, which we are introducing today, reflect both confidence in the dynamics that are driving demand across our end markets and our commitment to continuing the margin improvement programs that we kicked off in FY24.”
FY 2025 Financial Targets and Outlook
For fiscal 2025, AstroNova expects to achieve full-year organic revenue percentage growth in the mid-single digits. Additionally, as AstroNova continues to drive operational improvements throughout the business, the Company expects its full-year adjusted EBITDA margin to be
Q4 FY 2024 Financial Results
|
GAAP |
|
Non-GAAP |
|||||
($ in thousands, except per share data) |
Q4 FY 2024 |
Q4 FY 2023 |
YoY |
Q4 FY 2024 |
Q4 FY 2023 |
YoY |
||
|
|
|
|
|
|
|
|
|
Revenue |
|
|
( |
|
|
|
|
|
Gross Profit |
|
|
|
|
|
|
|
|
Gross Margin |
|
|
320 pts. |
|
|
|
260 pts. |
|
Operating Expenses |
|
|
( |
|
|
|
( |
|
Operating Income |
|
|
|
|
|
|
|
|
Operating Margin |
|
|
460 pts. |
|
|
|
390 pts. |
|
Net Income |
|
|
|
|
|
|
|
|
Net Income per Common Share |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
Adjusted EBITDA Less Restructuring & Retrofit-Related Items |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
Gross Profit |
|
|
|
|
|
|
|
Gross Margin |
|
|
330 pts. |
|
|
|
290 pts. |
Operating Expenses |
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
Operating Margin |
|
|
210 pts. |
|
|
|
380 pts. |
Net Income |
|
|
|
|
|
|
|
Net Income per Common Share |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
Adjusted EBITDA Less Restructuring & Retrofit-Related Items |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
Supplies |
|
|
|
( |
|
|
|
( |
Service/Other |
|
|
|
|
|
|
|
|
Adjusted EBITDA was
Bookings in the fourth quarter of fiscal 2024 were
Backlog as of January 31, 2024 was
Segment Results
Product Identification
Product Identification (PI) segment revenue was
For fiscal full-year 2024, Product Identification revenue increased to
Test & Measurement
Test & Measurement (T&M) segment revenue increased to
For fiscal full-year 2024, Test & Measurement revenue was
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 (
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.
| ASTRONOVA, INC. | ||||||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||||||
| In Thousands Except for Per Share Data | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Twelve Months | |||||||||||||||
| January 31, 2024 |
January 31, 2023 |
January 31, 2024 |
January 31, 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, 2024 |
January 31, 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, 2024 |
January 31, 2023 |
January 31, 2024 |
January 31, 2023 |
January 31, 2024 |
January 31, 2023 |
January 31, 2024 |
January 31, 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, 2024 |
January 31, 2023 |
January 31, 2024 |
January 31, 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, 2024 |
January 31, 2023 |
January 31, 2024 |
January 31, 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 Identification |
Test & Measurement |
Total | Product Identification |
Test & Measurement |
Total | Product Identification |
Test & Measurement |
Total | Product Identification |
Test & 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 |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240321584134/en/
Scott Solomon
Senior Vice President
Sharon Merrill Advisors
(857) 383-2409
ALOT@investorrelations.com
Source: AstroNova
FAQ
What were AstroNova's full-year GAAP and non-GAAP operating income figures for fiscal year 2024?
What were AstroNova's full-year GAAP and non-GAAP net income figures for fiscal year 2024?
What was AstroNova's full-year adjusted EBITDA for fiscal year 2024?
What are AstroNova's FY 2025 financial targets and outlook?
How did AstroNova's Q4 FY 2024 financial results look like?
What growth opportunities is AstroNova focusing on?
Which segment saw revenue growth in AstroNova's Q4 FY 2024 results?
How did the Test & Measurement segment perform in AstroNova's Q4 FY 2024 results?
What is AstroNova's strategic focus for future growth?
