AstroNova Reports Fiscal 2025 Second Quarter Financial Results
AstroNova (NASDAQ: ALOT) reported its fiscal 2025 Q2 results, showing revenue growth of 14.1% year-over-year to $40.5 million. The company saw improvements in both its Product Identification (PI) and Test & Measurement (T&M) segments. Gross margin increased to 35.3%, up 800 basis points from the previous year. However, the company reported a net loss of $(0.04) per share, compared to $(0.22) in Q2 FY2024. Non-GAAP diluted EPS was $0.08.
The company's recent acquisition of MTEX NS is still in the integration phase, contributing $0.8 million in revenue but an operating loss of $1.4 million. AstroNova expects MTEX to meet its target revenue contribution of $8-10 million for FY2025. The company has revised its FY2025 Adjusted EBITDA margin estimate to 9-10% due to the MTEX integration.
AstroNova (NASDAQ: ALOT) ha riportato i risultati del secondo trimestre fiscale 2025, mostrando una crescita dei ricavi del 14,1% anno su anno, raggiungendo i 40,5 milioni di dollari. L'azienda ha registrato miglioramenti sia nel segmento Identificazione Prodotto (PI) che in quello Test & Misurazione (T&M). Il margine lordo è aumentato al 35,3%, con un incremento di 800 punti base rispetto all'anno precedente. Tuttavia, l'azienda ha riportato una perdita netta di $(0,04) per azione, rispetto a $(0,22) nel secondo trimestre del FY2024. L'EPS diluito non-GAAP era di $0,08.
L'acquisizione recente di MTEX NS da parte dell'azienda è ancora nella fase di integrazione, contribuendo con 0,8 milioni di dollari di ricavi ma con una perdita operativa di 1,4 milioni di dollari. AstroNova si aspetta che MTEX raggiunga il suo obiettivo di contribuzione ai ricavi di 8-10 milioni di dollari per l'FY2025. L'azienda ha rivisto la stima del margine EBITDA rettificato per l'FY2025 a 9-10% a causa dell'integrazione di MTEX.
AstroNova (NASDAQ: ALOT) reportó sus resultados del segundo trimestre fiscal 2025, mostrando un crecimiento de ingresos del 14,1% interanual, alcanzando los 40,5 millones de dólares. La compañía vio mejoras en sus segmentos de Identificación de Productos (PI) y Pruebas y Medición (T&M). El margen bruto aumentó al 35,3%, lo que supone un incremento de 800 puntos básicos desde el año anterior. Sin embargo, la empresa reportó una pérdida neta de $(0,04) por acción, en comparación con $(0,22) en el segundo trimestre del FY2024. El EPS diluido no-GAAP fue de $0,08.
La reciente adquisición de MTEX NS por parte de la empresa aún está en la fase de integración, contribuyendo con 0,8 millones de dólares en ingresos, pero con una pérdida operativa de 1,4 millones de dólares. AstroNova espera que MTEX cumpla con su objetivo de contribución de ingresos de 8-10 millones de dólares para el FY2025. La empresa ha revisado su estimación del margen EBITDA ajustado para el FY2025 a 9-10% debido a la integración de MTEX.
AstroNova (NASDAQ: ALOT)는 2025 회계연도 2분기 실적을 발표하며 전년 대비 14.1%의 매출 성장으로 4050만 달러에 도달했다고 보고했습니다. 회사는 제품 식별 (PI) 및 테스트 및 측정 (T&M) 부문 모두에서 개선을 보았습니다. 총 이익률은 35.3%로 증가하여 전년 대비 800 베이시스 포인트 성장했습니다. 그러나, 회사는 주당 $(0.04) 의 순손실을 보고했으며, 이는 2024 회계연도 2분기에서 $(0.22)와 비교됩니다. 비 GAAP 희석 주당 순익은 $0.08이었습니다.
회사의 최근 MTEX NS 인수는 아직 통합 단계에 있으며, 80만 달러의 수익을 기여했지만 140만 달러의 운영 손실을 기록했습니다. AstroNova는 MTEX가 2025 회계연도의 목표 수익 기여도인 800만 달러에서 1000만 달러를 달성할 것으로 기대하고 있습니다. 회사는 MTEX 통합으로 인해 2025 회계연도 조정된 EBITDA 마진 추정치를 9-10%로 수정했습니다.
AstroNova (NASDAQ: ALOT) a annoncé ses résultats du deuxième trimestre de l'exercice 2025, montrant une croissance des revenus de 14,1 % par rapport à l'année précédente, atteignant 40,5 millions de dollars. L'entreprise a constaté des améliorations tant dans ses segments d'identification de produits (PI) que de test et mesure (T&M). La marge brute a augmenté à 35,3%, en hausse de 800 points de base par rapport à l'année précédente. Cependant, l'entreprise a enregistré une perte nette de $(0,04) par action, contre $(0,22) au deuxième trimestre de l'exercice 2024. Le bénéfice par action dilué non-GAAP était de 0,08 $.
La récente acquisition de MTEX NS par l'entreprise est encore en phase d'intégration, contribuant 0,8 million de dollars de revenus mais une perte opérationnelle de 1,4 million de dollars. AstroNova s'attend à ce que MTEX atteigne son objectif de contribution au chiffre d'affaires de 8 à 10 millions de dollars pour l'exercice 2025. L'entreprise a révisé son estimation de la marge EBITDA ajustée pour l'exercice 2025 à 9-10% en raison de l'intégration de MTEX.
AstroNova (NASDAQ: ALOT) hat seine Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 veröffentlicht und zeigt ein Umsatzwachstum von 14,1 % im Vergleich zum Vorjahr auf 40,5 Millionen USD. Das Unternehmen verzeichnete Verbesserungen in sowohl dem Segment Produktidentifikation (PI) als auch in dem Segment Test und Messung (T&M). Die Bruttomarge stieg auf 35,3%, was einem Anstieg von 800 Basispunkten im Vergleich zum Vorjahr entspricht. Allerdings berichtete das Unternehmen von einem Nettoverlust von $(0,04) pro Aktie, im Vergleich zu $(0,22) im Q2 FY2024. Das nicht-GAAP verwässerte EPS betrug $0,08.
Die jüngste Akquisition von MTEX NS befindet sich noch in der Integrationsphase, trägt jedoch 0,8 Millionen Dollar zum Umsatz bei, jedoch mit einem operativen Verlust von 1,4 Millionen Dollar. AstroNova erwartet, dass MTEX seinen Zielumsatzbeitrag von 8-10 Millionen Dollar für das Geschäftsjahr 2025 erreichen wird. Das Unternehmen hat seine Schätzung der bereinigten EBITDA-Marge für das Geschäftsjahr 2025 auf 9-10% revidiert aufgrund der Integration von MTEX.
- Revenue increased by 14.1% year-over-year to $40.5 million
- Gross margin improved by 800 basis points to 35.3%
- Test & Measurement segment revenue grew 37.2% year-over-year
- Adjusted EBITDA increased by 5.3% to $3.9 million
- Bookings increased to $35.8 million from $30.1 million in Q2 FY2024
- Net loss of $(0.04) per share compared to $(0.22) in Q2 FY2024
- MTEX NS acquisition contributed an operating loss of $1.4 million
- Reduced FY2025 Adjusted EBITDA margin estimate to 9-10% due to MTEX integration
- Non-GAAP diluted EPS decreased to $0.08 from $0.15 in Q2 FY2024
- Backlog decreased to $29.9 million from $31.6 million at the end of Q1 FY2025
AstroNova's Q2 FY2025 results show mixed signals. Revenue growth of
The
The MTEX NS acquisition's slow start (
AstroNova's Q2 results reveal interesting market dynamics. The Product Identification segment's
Bookings increased from
The MTEX NS acquisition, while currently underperforming, positions AstroNova in the growing digital textile printing market. The
AstroNova's technological positioning appears promising, particularly with the MTEX NS acquisition. The company's focus on integrating MTEX's ink and printhead technologies into their Product Identification products could be a game-changer, potentially leading to enhanced product offerings and market differentiation.
The company's commitment to innovative, high-margin products is evident in their growth strategy. The strong performance in the Aerospace product line within the T&M segment suggests successful technological adaptation to market demands.
However, the integration challenges with MTEX highlight the complexities of merging different technological ecosystems. The projected timeline to fully integrate MTEX's systems and processes into the AstroNova Operating System by the end of fiscal 2025 is crucial. Successful integration could unlock significant synergies and drive future growth, but delays or complications could impact short-term performance and investor confidence.
Company to host conference call at 9:30 a.m. ET today
-
Revenue of
$40.5 million 14.1% year over year -
Gross margin of
35.3% , up 800 basis points year over year; non-GAAP gross margin of35.6% , unchanged year over year -
Operating income of
$1.1 million $2.2 million -
Net loss per share of
$(0.04) $(0.22) $0.08 $0.15 -
Adjusted EBITDA of
$3.9 million 5.3% year over year
CEO Commentary
“We demonstrated the resilience of our Product Identification (PI) and Test & Measurement (T&M) segments during a second quarter in which we began shipping a previously delayed order and benefited from the resolution of supply chain shortages,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “In PI, total revenue increased more than
“During the quarter we began the process of integrating our May acquisition of MTEX NS. Because MTEX was an entrepreneurial, private company, the integration got off to a slow start in the quarter, generating revenue of only
Business Outlook
“Looking ahead, we are optimistic about our growth prospects,” Woods continued. “We are well-positioned to continue driving organic growth, supported by our commitment to delivering innovative, high-margin products while maintaining strong cost controls. We anticipate achieving our fiscal year targets for revenue growth. As a result of the MTEX integration, we have reduced our consolidated FY 2025 Adjusted EBITDA margin estimate to a range of
Q2 FY 2025 Financial Results
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GAAP |
|
Non-GAAP |
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($ in thousands except per share data) |
Q2 FY25 |
Q2 FY24 |
YoY |
|
Q2 FY25 |
Q2 FY24 |
YoY |
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Revenue |
|
|
|
|
|
|
|
|||||
Gross Profit |
|
|
|
|
|
|
|
|||||
Gross Margin |
|
|
800 pts |
|
|
|
- |
|||||
Operating Margin |
|
( |
600 pts |
|
|
|
(100 pts) |
|||||
Net (Loss) Income |
|
|
- |
|
|
|
( |
|||||
Net (Loss) Income Per Common Share |
|
|
- |
|
|
|
( |
|||||
See reconciliation tables GAAP to Non-GAAP reconciliations. |
||||||||||||
Adjusted EBITDA was
Bookings for the second quarter of fiscal 2025 were
Backlog as of August 3, 2024, was
Q2 FY 2025 Operating Segment Results
Product Identification
PI segment revenue was
Test & Measurement
Test & Measurement (T&M) segment revenue was
Earnings Conference Call Information
AstroNova will discuss its fiscal 2025 second quarter financial results in an investor conference call at 9:30 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 non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income (loss) per common share and Adjusted EBITDA. 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 table included in this news release for a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures for the three months ended August 3, 2024, and July 29, 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 MTEX NS, (ii) the risk that apparent improvements in the Aerospace sector may not continue, (iii) the risk that supply chain issues may persist longer than we expect, (iv) the risk that we may not be able to incorporate customer-requested design enhancements into our products on the timeframe that we expect or at all, (v) the risk that we may not be able to ship delayed hardware items on the timeline we expect or at all, and (vi) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024 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 |
||||||||
August 3,
|
July 29,
|
|||||||
| Net Revenue | $ |
40,539 |
|
$ |
35,524 |
|
||
| Cost of Revenue |
|
26,213 |
|
|
25,814 |
|
||
| Gross Profit |
|
14,326 |
|
|
9,710 |
|
||
| Total Gross Profit Margin |
|
35.3 |
% |
|
27.3 |
% |
||
| Operating Expenses: | ||||||||
| Selling & Marketing |
|
6,732 |
|
|
6,697 |
|
||
| Research & Development |
|
1,412 |
|
|
1,557 |
|
||
| General & Administrative |
|
5,121 |
|
|
2,654 |
|
||
| Total Operating Expenses |
|
13,265 |
|
|
10,908 |
|
||
| Operating Income (Loss) |
|
1,061 |
|
|
(1,198 |
) |
||
| Total Operating Margin |
|
2.6 |
% |
|
(3.4 |
)% |
||
| Other Expense, net |
|
1,111 |
|
|
809 |
|
||
| Income (Loss) Before Taxes |
|
(50 |
) |
|
(2,007 |
) |
||
| Income Tax Provision (Benefit) |
|
261 |
|
|
(390 |
) |
||
| Net Income (Loss) | $ |
(311 |
) |
$ |
(1,617 |
) |
||
| Net Income (Loss) per Common Share - Basic | $ |
(0.04 |
) |
$ |
(0.22 |
) |
||
| Net Income (Loss) per Common Share - Diluted | $ |
(0.04 |
) |
$ |
(0.22 |
) |
||
| Weighted Average Number of Common Shares - Basic |
|
7,516 |
|
|
7,420 |
|
||
| Weighted Average Number of Common Shares - Diluted |
|
7,516 |
|
|
7,420 |
|
||
Six Months Ended |
||||||||
August 3,
|
July 29,
|
|||||||
| Net Revenue | $ |
73,500 |
|
$ |
70,943 |
|
||
| Cost of Revenue |
|
47,202 |
|
|
48,847 |
|
||
| Gross Profit |
|
26,298 |
|
|
22,096 |
|
||
| Total Gross Profit Margin |
|
35.8 |
% |
|
31.1 |
% |
||
| Operating Expenses: | ||||||||
| Selling & Marketing |
|
12,388 |
|
|
12,707 |
|
||
| Research & Development |
|
3,015 |
|
|
3,345 |
|
||
| General & Administrative |
|
8,488 |
|
|
5,780 |
|
||
| Total Operating Expenses |
|
23,891 |
|
|
21,832 |
|
||
| Operating Income |
|
2,407 |
|
|
264 |
|
||
| Total Operating Margin |
|
3.3 |
% |
|
0.4 |
% |
||
| Other Expense, net |
|
1,711 |
|
|
1,244 |
|
||
| Income (Loss) Before Taxes |
|
696 |
|
|
(980 |
) |
||
| Income Tax Provision (Benefit) |
|
(173 |
) |
|
(211 |
) |
||
| Net Income (Loss) | $ |
869 |
|
$ |
(769 |
) |
||
| Net Income (Loss) per Common Share - Basic | $ |
0.12 |
|
$ |
(0.10 |
) |
||
| Net Income (Loss) per Common Share - Diluted | $ |
0.11 |
|
$ |
(0.10 |
) |
||
| Weighted Average Number of Common Shares - Basic |
|
7,489 |
|
|
7,396 |
|
||
| Weighted Average Number of Common Shares - Diluted |
|
7,617 |
|
|
7,396 |
|
||
ASTRONOVA, INC. |
||||||||
Consolidated Balance Sheets |
||||||||
In Thousands |
||||||||
(Unaudited) |
||||||||
August 3,
|
January 31,
|
|||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and Cash Equivalents | $ |
4,824 |
|
$ |
4,527 |
|
||
| Accounts Receivable, net |
|
23,450 |
|
|
23,056 |
|
||
| Inventories, net |
|
50,569 |
|
|
46,371 |
|
||
| Prepaid Expenses and Other Current Assets |
|
4,218 |
|
|
2,720 |
|
||
| Total Current Assets |
|
83,061 |
|
|
76,674 |
|
||
| PROPERTY, PLANT AND EQUIPMENT |
|
69,215 |
|
|
57,046 |
|
||
| Less Accumulated Depreciation |
|
(50,465 |
) |
|
(42,861 |
) |
||
| Property, Plant and Equipment, net |
|
18,750 |
|
|
14,185 |
|
||
| OTHER ASSETS | ||||||||
| Intangible Assets, net |
|
27,314 |
|
|
18,836 |
|
||
| Goodwill |
|
25,368 |
|
|
14,633 |
|
||
| Deferred Tax Assets |
|
10,854 |
|
|
6,882 |
|
||
| Right of Use Asset |
|
1,920 |
|
|
603 |
|
||
| Other Assets |
|
1,750 |
|
|
1,438 |
|
||
| TOTAL ASSETS | $ |
169,017 |
|
$ |
133,251 |
|
||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts Payable | $ |
10,456 |
|
$ |
8,068 |
|
||
| Accrued Compensation |
|
3,577 |
|
|
2,923 |
|
||
| Other Liabilities and Accrued Expenses |
|
4,369 |
|
|
2,706 |
|
||
| Revolving Line of Credit |
|
13,354 |
|
|
8,900 |
|
||
| Current Portion of Long-Term Debt |
|
6,513 |
|
|
2,842 |
|
||
| Short-Term Debt |
|
3,092 |
|
|
- |
|
||
| Current Portion of Royalty Obligation |
|
1,575 |
|
|
1,700 |
|
||
| Current Liability – Excess Royalty Payment Due |
|
798 |
|
|
935 |
|
||
| Income Taxes Payable |
|
- |
|
|
349 |
|
||
| Deferred Revenue |
|
785 |
|
|
1,338 |
|
||
| Total Current Liabilities |
|
44,519 |
|
|
29,761 |
|
||
| NON-CURRENT LIABILITIES | ||||||||
| Long-Term Debt, net of current portion |
|
22,675 |
|
|
10,050 |
|
||
| Royalty Obligation, net of current portion |
|
1,663 |
|
|
2,093 |
|
||
| Lease Liability, net of current portion |
|
1,633 |
|
|
415 |
|
||
| Grant Deferred Revenue |
|
1,476 |
|
|
- |
|
||
| Contingent Liability Earn Out |
|
1,629 |
|
|
- |
|
||
| Income Tax Payables |
|
551 |
|
|
551 |
|
||
| Deferred Tax Liabilities |
|
3,121 |
|
|
99 |
|
||
| TOTAL LIABILITIES |
|
77,267 |
|
|
42,969 |
|
||
| SHAREHOLDERS’ EQUITY | ||||||||
| Common Stock |
|
546 |
|
|
541 |
|
||
| Additional Paid-in Capital |
|
63,563 |
|
|
62,684 |
|
||
| Retained Earnings |
|
64,739 |
|
|
63,869 |
|
||
| Treasury Stock |
|
(35,025 |
) |
|
(34,593 |
) |
||
| Accumulated Other Comprehensive Loss, net of tax |
|
(2,073 |
) |
|
(2,219 |
) |
||
| TOTAL SHAREHOLDERS’ EQUITY |
|
91,750 |
|
|
90,282 |
|
||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ |
169,017 |
|
$ |
133,251 |
|
||
ASTRONOVA, INC. |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(In Thousands) |
||||||||
(Unaudited) |
||||||||
Six Months Ended |
||||||||
August 3, 2024 |
July 29, 2023 |
|||||||
| Cash Flows from Operating Activities: | ||||||||
| Net Income (Loss) | $ |
869 |
|
$ |
(769 |
) |
||
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
| Depreciation and Amortization |
|
2,216 |
|
|
2,144 |
|
||
| Amortization of Debt Issuance Costs |
|
14 |
|
|
11 |
|
||
| Share-Based Compensation |
|
806 |
|
|
754 |
|
||
| Restructuring - non-cash |
|
- |
|
|
2,040 |
|
||
| Changes in Assets and Liabilities, net of impact of acquisition: | ||||||||
| Accounts Receivable |
|
3,612 |
|
|
3,612 |
|
||
| Inventories |
|
(384 |
) |
|
283 |
|
||
| Income Taxes |
|
(721 |
) |
|
(1,461 |
) |
||
| Accounts Payable and Accrued Expenses |
|
2,409 |
|
|
(2,267 |
) |
||
| Deferred Revenue |
|
(619 |
) |
|
- |
|
||
| Other |
|
(1,136 |
) |
|
371 |
|
||
| Net Cash Provided by Operating Activities |
|
7,066 |
|
|
4,718 |
|
||
| Cash Flows from Investing Activities: | ||||||||
| Purchases of Property, Plant and Equipment |
|
(830 |
) |
|
(494 |
) |
||
| Cash Paid for MTEX Acquisition, net of cash acquired |
|
(20,729 |
) |
|
- |
|
||
| Net Cash Provided (Used) for Investing Activities |
|
(21,559 |
) |
|
(494 |
) |
||
| Cash Flows from Financing Activities: | ||||||||
| Net Cash Proceeds from Employee Stock Option Plans |
|
13 |
|
|
71 |
|
||
| Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan |
|
65 |
|
|
54 |
|
||
| Net Cash Used for Payment of Taxes Related to Vested Restricted Stock |
|
(432 |
) |
|
(350 |
) |
||
| Borrowings under Revolving Credit Facility |
|
3,912 |
|
|
- |
|
||
| Repayment under Revolving Credit Facility |
|
- |
|
|
(2,000 |
) |
||
| Proceeds from Long-Term Debt Borrowings |
|
15,078 |
|
|
- |
|
||
| Payment of Minimum Guarantee Royalty Obligation |
|
(750 |
) |
|
(875 |
) |
||
| Principal Payments of Long-Term Debt |
|
(3,274 |
) |
|
(750 |
) |
||
| Payments of Debt Issuance Costs |
|
(35 |
) |
|
- |
|
||
| Net Cash Provided (Used) for Financing Activities |
|
14,577 |
|
|
(3,850 |
) |
||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
213 |
|
|
210 |
|
||
| Net Increase in Cash and Cash Equivalents |
|
297 |
|
|
584 |
|
||
| Cash and Cash Equivalents, Beginning of Period |
|
4,527 |
|
|
3,946 |
|
||
| Cash and Cash Equivalents, End of Period | $ |
4,824 |
|
$ |
4,530 |
|
||
| Supplemental Disclosures of Cash Flow Information: | ||||||||
| Cash Paid During the Period for: | ||||||||
| Cash Paid During the Period for Interest | $ |
1,008 |
|
$ |
1,184 |
|
||
| Cash Paid During the Period for Income Taxes, net of refunds | $ |
540 |
|
$ |
1,264 |
|
||
| Non-Cash Transactions: | ||||||||
| Capital Lease Obtained in Exchange for Capital Lease Liabilities | $ |
1,455 |
|
$ |
— |
|
||
ASTRONOVA, INC. |
||||||||||||||
Revenue and Segment Operating Profit |
||||||||||||||
In Thousands |
||||||||||||||
(Unaudited) |
||||||||||||||
Revenue |
Segment Operating Profit |
|||||||||||||
Three Months Ended |
Three Months Ended |
|||||||||||||
August 3,
|
July 29,
|
August 3,
|
July 29,
|
|||||||||||
| Product Identification | $ |
27,165 |
$ |
25,777 |
$ |
2,348 |
|
$ |
(461 |
) |
||||
| Test & Measurement |
|
13,374 |
|
9,747 |
|
3,834 |
|
|
1,917 |
|
||||
| Total | $ |
40,539 |
$ |
35,524 |
|
6,182 |
|
|
1,456 |
|
||||
| Corporate Expenses |
|
5,121 |
|
|
2,654 |
|
||||||||
| Operating Income (Loss) |
|
1,061 |
|
|
(1,198 |
) |
||||||||
| Other Expense, net |
|
1,111 |
|
|
809 |
|
||||||||
| Income (Loss) Before Income Taxes |
|
(50 |
) |
|
(2,007 |
) |
||||||||
| Income Tax Provision (Benefit) |
|
261 |
|
|
(390 |
) |
||||||||
| Net Income (Loss) | $ |
(311 |
) |
$ |
(1,617 |
) |
||||||||
Revenue |
Segment Operating Profit |
|||||||||||||
Six Months Ended |
Six Months Ended |
|||||||||||||
August 3,
|
July 29,
|
August 3,
|
July 29,
|
|||||||||||
| Product Identification | $ |
50,350 |
$ |
50,872 |
$ |
5,340 |
|
$ |
2,055 |
|
||||
| Test & Measurement |
|
23,150 |
|
20,071 |
|
5,555 |
|
|
3,989 |
|
||||
| Total | $ |
73,500 |
$ |
70,943 |
|
10,895 |
|
|
6,044 |
|
||||
| Corporate Expenses |
|
8,488 |
|
|
5,780 |
|
||||||||
| Operating Income |
|
2,407 |
|
|
264 |
|
||||||||
| Other Expense, net |
|
1,711 |
|
|
1,244 |
|
||||||||
| Income (Loss) Before Income Taxes |
|
696 |
|
|
(980 |
) |
||||||||
| Income Tax Provision (Benefit) |
|
(173 |
) |
|
(211 |
) |
||||||||
| Net Income (Loss) | $ |
869 |
|
$ |
(769 |
) |
||||||||
ASTRONOVA, INC. |
||||||||
Reconciliation of GAAP to Non-GAAP Items |
||||||||
In Thousands Except for Per Share Data |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
||||||||
August 3,
|
July 29,
|
|||||||
| Gross Profit | $ |
14,326 |
|
$ |
9,710 |
|
||
| Inventory Step-Up |
|
120 |
|
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
2,096 |
|
||
| Product Retrofit Costs |
|
- |
|
|
852 |
|
||
| Non-GAAP Gross Profit | $ |
14,446 |
|
$ |
12,658 |
|
||
| Operating Expenses | $ |
13,265 |
|
$ |
10,908 |
|
||
| MTEX-related Acquisition Expenses |
|
(625 |
) |
|
- |
|
||
| CFO Transition Costs |
|
(432 |
) |
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
(555 |
) |
||
| Non-GAAP Operating Expenses | $ |
12,208 |
$ |
10,353 |
|
|||
| Operating Income (Loss) | $ |
1,061 |
|
$ |
(1,198 |
) |
||
| MTEX-related Acquisition Expenses |
|
625 |
|
|
- |
|
||
| CFO Transition Costs |
|
432 |
|
|
- |
|
||
| Inventory Step-Up |
|
120 |
|
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
2,651 |
|
||
| Product Retrofit Costs |
|
- |
|
|
852 |
|
||
| Non-GAAP Operating Income | $ |
2,238 |
|
$ |
2,305 |
|
||
| Net Income (Loss) | $ |
(311 |
) |
$ |
(1,617 |
) |
||
| MTEX-related Acquisition Expenses, net |
|
470 |
|
- |
|
|||
| CFO Transition Costs, net |
|
328 |
|
- |
|
|||
| Inventory Step-Up, net |
|
85 |
|
- |
|
|||
| Restructuring Charges, net |
|
- |
|
|
2,048 |
|||
| Product Retrofit Costs, net |
|
- |
|
|
658 |
|||
| Non-GAAP Net Income | $ |
572 |
|
$ |
1,089 |
|
||
| Diluted Earnings (Loss) Per Share | $ |
(0.04 |
) |
$ |
(0.22 |
) |
||
| MTEX-related Acquisition Expenses |
|
0.06 |
|
- |
|
|||
| CFO Transition Costs |
|
0.05 |
|
- |
|
|||
| Inventory Step-Up |
|
0.01 |
|
- |
|
|||
| Restructuring Charges |
|
- |
|
|
0.28 |
|||
| Product Retrofit Costs |
|
- |
|
|
0.09 |
|||
| Non-GAAP Diluted Earnings (Loss) Per Share | $ |
0.08 |
|
$ |
0.15 |
|
||
Six Months Ended |
||||||||
August 3,
|
July 29,
|
|||||||
| Gross Profit | $ |
26,298 |
|
$ |
22,096 |
|
||
| Inventory Step-Up |
|
120 |
|
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
2,096 |
|
||
| Product Retrofit Costs |
|
- |
|
|
852 |
|
||
| Non-GAAP Gross Profit | $ |
26,418 |
|
$ |
25,044 |
|
||
| Operating Expenses | $ |
23,891 |
|
$ |
21,832 |
|
||
| MTEX-related Acquisition Expenses |
|
(625 |
) |
|
- |
|
||
| CFO Transition Costs |
|
(432 |
) |
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
(555 |
) |
||
| Non-GAAP Operating Expenses | $ |
22,834 |
|
$ |
21,277 |
|
||
| Operating Income | $ |
2,407 |
|
$ |
264 |
|
||
| MTEX-related Acquisition Expenses |
|
625 |
|
|
- |
|
||
| CFO Transition Costs |
|
432 |
|
|
- |
|
||
| Inventory Step-Up |
|
120 |
|
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
2,651 |
|
||
| Product Retrofit Costs |
|
- |
|
|
852 |
|
||
| Non-GAAP Operating Income | $ |
3,584 |
|
$ |
3,767 |
|
||
| Net Income (Loss) | $ |
869 |
|
$ |
(769 |
) |
||
| MTEX-related Acquisition Expenses, net |
|
470 |
|
- |
|
|||
| CFO Transition Costs, net |
|
328 |
|
- |
|
|||
| Inventory Step-Up, net |
|
85 |
|
- |
|
|||
| Restructuring Charges, net |
|
- |
|
|
2,048 |
|||
| Product Retrofit Costs, net |
|
- |
|
|
658 |
|||
| Non-GAAP Net Income | $ |
1,752 |
|
$ |
1,937 |
|
||
| Diluted Earnings (Loss) Per Share | $ |
0.11 |
|
$ |
(0.10 |
) |
||
| MTEX-related Acquisition Expenses |
|
0.06 |
|
- |
|
|||
| CFO Transition Costs |
|
0.05 |
|
- |
|
|||
| Inventory Step-Up |
|
0.01 |
|
- |
|
|||
| Restructuring Charges |
|
- |
|
|
0.28 |
|||
| Product Retrofit Costs |
|
- |
|
|
0.09 |
|||
| Non-GAAP Diluted Earnings Per Share | $ |
0.23 |
|
$ |
0.27 |
|
||
| ASTRONOVA, INC. | ||||||||||||||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Items for PI Segment | ||||||||||||||||||||||||||||
| Amounts In Thousands | ||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| Q2 FY25 | Q2 FY24 | |||||||||||||||||||||||||||
| Total PI Segment as Reported | MTEX As Reported | Inventory Step Up | Adj MTEX (Non Gaap) | PI Excluding MTEX (Non Gaap) | Total PI Segment as Reported | Restructuring and Product Retrofit Adjustments | Total PI Segment (Non Gaap) | |||||||||||||||||||||
| Sales | $ |
27,165 |
$ |
768 |
|
$ |
- |
|
$ |
768 |
|
$ |
26,397 |
$ |
25,777 |
|
$ |
- |
|
$ |
25,777 |
|||||||
| Cost of Revenue |
|
18,544 |
|
836 |
|
|
(120 |
) |
|
716 |
|
|
17,828 |
|
19,487 |
|
|
(2,948 |
) |
|
16,539 |
|||||||
| Gross Profit |
|
8,621 |
|
(68 |
) |
|
120 |
|
|
52 |
|
|
8,569 |
|
6,290 |
|
|
2,948 |
|
|
9,238 |
|||||||
| Operating Expenses |
|
6,273 |
|
1,328 |
|
|
- |
|
|
1,328 |
|
|
4,945 |
|
6,751 |
|
|
(472 |
) |
|
6,279 |
|||||||
| Segment Operating Profit | $ |
2,348 |
$ |
(1,396 |
) |
$ |
120 |
|
$ |
(1,276 |
) |
$ |
3,624 |
$ |
(461 |
) |
$ |
3,420 |
|
$ |
2,959 |
|||||||
ASTRONOVA, INC. |
||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA |
||||||||
Amounts In Thousands |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
||||||||
August 3, 2024 |
July 29, 2023 |
|||||||
| Net Income (Loss) | $ |
(311 |
) |
$ |
(1,617 |
) |
||
| Interest Expense |
|
938 |
|
|
674 |
|
||
| Income Tax Expense (Benefit) |
|
261 |
|
|
(390 |
) |
||
| Depreciation & Amortization |
|
1,305 |
|
|
1,089 |
|
||
| EBITDA | $ |
2,193 |
|
$ |
(244 |
) |
||
| Share-Based Compensation |
|
481 |
|
|
398 |
|
||
| MTEX-related Acquisition Expenses |
|
625 |
|
|
- |
|
||
| CFO Transition Costs |
|
432 |
|
|
- |
|
||
| Inventory Step-Up |
|
120 |
|
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
2,651 |
|
||
| Product Retrofit Costs |
|
- |
|
|
852 |
|
||
| Adjusted EBITDA | $ |
3,851 |
|
$ |
3,657 |
|
||
Six Months Ended |
||||||||
August 3, 2024 |
July 29, 2023 |
|||||||
| Net Income (Loss) | $ |
869 |
|
$ |
(769 |
) |
||
| Interest Expense |
|
1,419 |
|
|
1,289 |
|
||
| Income Tax Expense (Benefit) |
|
(173 |
) |
|
(211 |
) |
||
| Depreciation & Amortization |
|
2,216 |
|
|
2,144 |
|
||
| EBITDA | $ |
4,331 |
|
$ |
2,453 |
|
||
| Share-Based Compensation |
|
806 |
|
|
754 |
|
||
| MTEX-related Acquisition Expenses |
|
625 |
|
|
- |
|
||
| CFO Transition Costs |
|
432 |
|
|
- |
|
||
| Inventory Step-Up |
|
120 |
|
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
2,651 |
|
||
| Product Retrofit Costs |
|
- |
|
|
852 |
|
||
| Adjusted EBITDA | $ |
6,314 |
|
$ |
6,710 |
|
||
ASTRONOVA, INC. |
|||||||||||||||||||
Reconciliation of Segment Operating Income (Loss) to Non-GAAP Operating Income |
|||||||||||||||||||
Amounts In Thousands |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
August 3, 2024 |
July 29, 2023 |
||||||||||||||||||
Product
|
Test &
|
Total |
Product
|
Test &
|
Total |
||||||||||||||
| Segment Operating Profit (Loss) | $ |
2,348 |
$ |
3,834 |
$ |
6,182 |
$ |
(461 |
) |
$ |
1,917 |
$ |
1,456 |
||||||
| Inventory Step-Up |
|
120 |
|
- |
|
120 |
|
- |
|
|
- |
|
- |
||||||
| Restructuring Charges |
|
- |
|
- |
|
- |
|
2,568 |
|
|
- |
|
2,568 |
||||||
| Product Retrofit Costs |
|
- |
|
- |
|
- |
|
852 |
|
|
- |
|
852 |
||||||
| Non-GAAP - Segment Operating Profit | $ |
2,468 |
$ |
3,834 |
$ |
6,302 |
$ |
2,959 |
|
$ |
1,917 |
$ |
4,876 |
||||||
Six Months Ended |
|||||||||||||||||||
August 3, 2024 |
July 29, 2023 |
||||||||||||||||||
Product
|
Test &
|
Total |
Product
|
Test &
|
Total |
||||||||||||||
| Segment Operating Profit | $ |
5,340 |
$ |
5,555 |
$ |
10,895 |
$ |
2,055 |
|
$ |
3,989 |
$ |
6,044 |
||||||
| Inventory Step-Up |
|
120 |
|
- |
|
120 |
|
- |
|
|
- |
|
- |
||||||
| Restructuring Charges |
|
- |
|
- |
|
- |
|
2,568 |
|
|
- |
|
2,568 |
||||||
| Product Retrofit Costs |
|
- |
|
- |
|
- |
|
852 |
|
|
- |
|
852 |
||||||
| Non-GAAP - Segment Operating Profit | $ |
5,460 |
$ |
5,555 |
$ |
11,015 |
$ |
5,475 |
|
$ |
3,989 |
$ |
9,464 |
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240916638067/en/
Scott Solomon
Senior Vice President
Sharon Merrill Advisors
(857) 383-2409
ALOT@investorrelations.com
Source: AstroNova
FAQ
What was AstroNova's (ALOT) revenue for Q2 fiscal 2025?
How did AstroNova's (ALOT) gross margin change in Q2 fiscal 2025?
What was the performance of AstroNova's (ALOT) Test & Measurement segment in Q2 fiscal 2025?
How much did MTEX NS contribute to AstroNova's (ALOT) Q2 fiscal 2025 results?
What is AstroNova's (ALOT) revised Adjusted EBITDA margin estimate for fiscal 2025?
