AstroNova Reports Third Quarter Fiscal Year 2025 Financial Results
AstroNova (ALOT) reported disappointing Q3 FY2025 results with net revenue of $40.4 million, up 7.7% year-over-year. The company faced significant challenges, particularly with the MTEX NS integration in its Product Identification segment, which posted an operating loss of $1.1 million on revenue of $1.7 million.
GAAP net income was $0.2 million ($0.03 per diluted share), down from $2.7 million ($0.37 per diluted share) in Q3 FY2024. Gross margin declined to 33.9% from 39.4% year-over-year. The Test & Measurement segment showed strength with revenue of $14.1 million, while Product Identification revenue slightly decreased to $26.3 million.
Due to integration challenges, AstroNova has withdrawn its financial guidance for fiscal 2025 and 2026, with full integration expected to continue through mid-2025.
AstroNova (ALOT) ha riportato risultati deludenti per il terzo trimestre dell'anno fiscale 2025, con un fatturato netto di 40,4 milioni di dollari, in aumento del 7,7% rispetto all'anno precedente. L'azienda ha affrontato sfide significative, in particolare con l'integrazione di MTEX NS nel suo segmento di Identificazione Prodotto, che ha registrato una perdita operativa di 1,1 milioni di dollari su un fatturato di 1,7 milioni di dollari.
Il reddito netto secondo i principi contabili generalmente accettati (GAAP) è stato di 0,2 milioni di dollari (0,03 dollari per azione diluita), in calo rispetto ai 2,7 milioni di dollari (0,37 dollari per azione diluita) del terzo trimestre dell'anno fiscale 2024. Il margine lordo è sceso al 33,9% dal 39,4% rispetto all'anno precedente. Il segmento Test & Misurazione ha mostrato solidità con un fatturato di 14,1 milioni di dollari, mentre il fatturato dell'Identificazione Prodotto è leggermente diminuito a 26,3 milioni di dollari.
A causa delle sfide nell'integrazione, AstroNova ha ritirato le sue previsioni finanziarie per gli anni fiscali 2025 e 2026, con l'integrazione totale prevista fino a metà 2025.
AstroNova (ALOT) informó sobre resultados decepcionantes para el tercer trimestre del año fiscal 2025, con ingresos netos de 40,4 millones de dólares, un aumento del 7,7% interanual. La compañía enfrentó desafíos significativos, particularmente con la integración de MTEX NS en su segmento de Identificación de Productos, que registró una pérdida operativa de 1,1 millones de dólares sobre ingresos de 1,7 millones de dólares.
El ingreso neto según los principios de contabilidad generalmente aceptados (GAAP) fue de 0,2 millones de dólares (0,03 dólares por acción diluida), en comparación con los 2,7 millones de dólares (0,37 dólares por acción diluida) en el tercer trimestre del año fiscal 2024. El margen bruto se redujo al 33,9% desde el 39,4% interanual. El segmento de Pruebas y Medición mostró fortaleza con ingresos de 14,1 millones de dólares, mientras que los ingresos de Identificación de Productos disminuyeron ligeramente a 26,3 millones de dólares.
Debido a los desafíos de integración, AstroNova ha retirado su guía financiera para los años fiscales 2025 y 2026, con la integración completa que se espera continúe hasta mediados de 2025.
AstroNova (ALOT)는 2025 회계연도 3분기 실적이 실망스러웠다고 보고하며, 순매출은 4,040만 달러로 지난해 대비 7.7% 증가했다고 밝혔습니다. 회사는 특히 제품 식별 부문에서 MTEX NS 통합과 관련해 상당한 도전에 직면하였으며, 이 부문은 170만 달러의 매출에 대해 110만 달러의 운영 손실을 기록했습니다.
일반적으로 인정된 회계 원칙(GAAP)에 따른 순이익은 20만 달러(희석 주당 0.03 달러)로, 2024 회계연도 3분기 시의 270만 달러(희석 주당 0.37 달러)에서 감소하였습니다. 총 이익률은 지난해 39.4%에서 33.9%로 감소했습니다. 시험 및 측정 부문은 1,410만 달러의 수익으로 강세를 보였으나, 제품 식별 부문의 수익은 2630만 달러로 약간 감소하였습니다.
통합 문제로 인해, AstroNova는 2025년 및 2026년 회계연도에 대한 재무 지침을 철회하였으며, 완전 통합은 2025년 중반까지 지속될 것으로 예상하고 있습니다.
AstroNova (ALOT) a annoncé des résultats décevants pour le troisième trimestre de l'exercice fiscal 2025, avec des revenus nets de 40,4 millions de dollars, en hausse de 7,7 % par rapport à l'année précédente. La société a dû faire face à des défis importants, notamment en ce qui concerne l'intégration de MTEX NS dans son segment d'Identification des Produits, qui a enregistré une perte opérationnelle de 1,1 million de dollars pour un chiffre d'affaires de 1,7 million de dollars.
Le bénéfice net selon les principes comptables généralement acceptés (GAAP) était de 0,2 million de dollars (0,03 dollar par action diluée), en baisse par rapport à 2,7 millions de dollars (0,37 dollar par action diluée) au troisième trimestre de l'exercice fiscal 2024. La marge brute est tombée à 33,9 % contre 39,4 % l'année précédente. Le segment Test & Mesure a montré de la force avec un chiffre d'affaires de 14,1 millions de dollars, tandis que le chiffre d'affaires du segment Identification des Produits a légèrement diminué à 26,3 millions de dollars.
En raison des défis d'intégration, AstroNova a retiré ses prévisions financières pour les exercices fiscaux 2025 et 2026, avec une intégration complète prévue jusqu'à la mi-2025.
AstroNova (ALOT) berichtete über enttäuschende Ergebnisse für das dritte Quartal des Geschäftsjahres 2025 mit einem Nettoumsatz von 40,4 Millionen Dollar, was einem Anstieg von 7,7 % im Vergleich zum Vorjahr entspricht. Das Unternehmen sah sich erheblichen Herausforderungen gegenüber, insbesondere bei der Integration von MTEX NS in seinem Segment Produktidentifikation, das einen operativen Verlust von 1,1 Millionen Dollar bei einem Umsatz von 1,7 Millionen Dollar auswies.
Der GAAP-Nettogewinn betrug 0,2 Millionen Dollar (0,03 Dollar pro verwässerter Aktie), ein Rückgang von 2,7 Millionen Dollar (0,37 Dollar pro verwässerter Aktie) im dritten Quartal des Geschäftsjahres 2024. Die Bruttomarge fiel von 39,4 % im Vorjahr auf 33,9 %. Das Segment Test & Messung zeigte Stärke mit einem Umsatz von 14,1 Millionen Dollar, während die Umsätze im Segment Produktidentifikation leicht auf 26,3 Millionen Dollar sanken.
Aufgrund von Integrationsschwierigkeiten hat AstroNova seine Finanzprognosen für die Geschäftsjahre 2025 und 2026 zurückgezogen, wobei eine vollständige Integration bis zur Mitte des Jahres 2025 erwartet wird.
- Revenue increased 7.7% year-over-year to $40.4 million
- Test & Measurement segment revenue grew to $14.1 million from $11.0 million
- Bookings improved to $37.6 million from $35.5 million year-over-year
- Net income declined 91.3% to $0.2 million from $2.7 million year-over-year
- Gross margin decreased 550 basis points to 33.9%
- MTEX integration posted $1.1 million operating loss
- Company withdrew financial guidance for FY2025 and FY2026
- Backlog decreased to $27.1 million from $31.2 million year-over-year
Insights
The Q3 FY25 results reveal significant challenges for AstroNova. Revenue grew
The Product Identification segment shows concerning trends with revenue declining slightly and operating margin dropping sharply from
The MTEX NS integration challenges are proving more severe than anticipated, requiring a complete organizational restructuring. Key operational metrics have deteriorated, with gross margins suffering and operating expenses increasing. The extended integration timeline through mid-2025 signals significant operational disruption ahead. The company's cost reduction and product rationalization initiative is a necessary response but indicates deeper operational issues that need addressing.
On the positive side, the Boeing strike resolution should normalize aerospace shipments and the planned incorporation of MTEX technology across product lines could yield long-term operational benefits. However, the current execution issues and integration complexities present substantial near-term risks to operational efficiency and profitability.
Company to host earnings conference call at 9:00 a.m. ET today
Third Quarter FY 2025 Summary
-
Net revenue of
$40.4 million -
GAAP gross margin of
33.9% ; non-GAAP gross margin of34.0% -
GAAP operating margin of
3.1% ; non-GAAP operating margin of4.0% -
GAAP net income of
$0.03 $0.06 -
GAAP net income of
$0.2 million $3.2 million
CEO Commentary
“Overall, our third-quarter performance was disappointing, reflecting a significant decrease in consolidated margins and increased operating expenses year-over-year,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “Our results were primarily impacted by the ongoing integration of MTEX NS (MTEX) in our Product Identification segment, as well as a key customer’s delayed launch from the third quarter to the fourth quarter of a large order we received for hundreds of inkjet printers that just began shipping this month. The MTEX integration is proving far more time-consuming and resource-intensive than we anticipated when we completed the acquisition in May. MTEX had an operating loss of
“As part of this process, we recently completed a total realignment of MTEX’s organizational reporting structure. All of MTEX’s key functions, including Sales and Marketing, Manufacturing, Technology, Finance, and Human Resources, now report directly to the AstroNova leadership team,” Woods said. “Among its goals, this effort aims to accelerate the implementation of consistent best practices within the MTEX sales process, ensuring alignment with the established standards and practices of our Product Identification segment and our organization as a whole. In conjunction with the integration, we have also launched an AstroNova-wide cost reduction and product line rationalization initiative. These measures have already delivered initial successes, including the closure of some large new orders. However, the full integration process is anticipated to continue through mid-calendar year 2025, with additional work required to complete the transition.
“While the integration has been challenging, we remain confident in MTEX’s game-changing inkjet printing technology, as well as their manufacturing capabilities and unique, real-time, printer monitoring and management software,” Woods said. “In the quarters ahead, in conjunction with our product rationalization program, we plan to incorporate the MTEX technology and software into most of our products and even retrofit it into several models of our large global installed base, which we expect will provide our customers with improved performance and lower total cost of ownership.
“Despite the challenges in the PI segment in the third quarter, our consolidated net revenue increased nearly
Business Outlook
Given the extended integration timeline for MTEX, AstroNova is no longer providing financial guidance for fiscal 2025 and 2026. As part of the integration process, the Company is conducting a comprehensive cost-reduction and product-line rationalization initiative. This effort is aimed at reducing expenses and further enhancing AstroNova’s product portfolio. AstroNova plans to discuss the results of this initiative, and provide long-term financial targets, on its full-year fiscal 2025 earnings call in March.
“Although it will take time to realize the full benefits of the MTEX acquisition, we are encouraged about the strategic opportunities created by the acquisition, which we expect to improve our competitiveness and expand our offerings to meet a broader range of customer needs,” Woods said. “We are confident that the steps we are taking now will yield meaningful competitive advantages, ultimately driving shareholder value.”
Q3 FY 2025 Financial Summary |
|
|
|
|||||||||
|
GAAP |
|
Non-GAAP |
|||||||||
($ in thousands, except per share data) |
Q3 FY25 |
|
Q3 FY24 |
YoY |
|
Q3 FY25 |
Q3 FY24 |
YoY |
||||
Net Revenue |
|
|
|
|
|
-- |
-- |
-- |
||||
Gross Profit |
|
|
|
( |
|
|
|
( |
||||
Gross Margin |
|
|
|
(550 bps) |
|
|
|
(540 bps) |
||||
Operating Margin |
|
|
|
(920 bps) |
|
|
|
(830 bps) |
||||
Net Income |
|
|
|
( |
|
|
|
( |
||||
Net Income per Common Share – Diluted |
|
|
|
( |
|
|
|
( |
||||
See reconciliation tables for GAAP to non-GAAP reconciliations |
||||||||||||
Adjusted EBITDA was
Bookings for the third quarter of fiscal 2025 were
Backlog as of November 2, 2024, was
Q3 FY 2025 Operating Segment Results
Product Identification
Product Identification (PI) segment revenue was
Test & Measurement
Test & Measurement (T&M) segment revenue was
Earnings Conference Call Information
AstroNova will discuss its third quarter fiscal 2025 financial results 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 non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share, non-GAAP segment operating profit, 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 and nine months ended November 2, 2024, and October 28, 2023.
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 benefits from our acquisition of MTEX; (ii) the risk that our cost-reduction and product line rationalization initiative may not provide the expected benefits; (iii) that the volume of orders in our Aerospace product line may not improve on the schedule we anticipate or at all; (iv) the risk that we may be unable to recognize revenue from previously delayed orders in future periods in the amounts or the timeline that we expect; and (v) 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 |
||||||||
November 2,
|
October 28,
|
|||||||
| Net Revenue | $ |
40,422 |
|
$ |
37,549 |
|
||
| Cost of Revenue |
|
26,708 |
|
|
22,770 |
|
||
| Gross Profit |
|
13,714 |
|
|
14,779 |
|
||
| Total Gross Profit Margin |
|
33.9 |
% |
|
39.4 |
% |
||
| Operating Expenses: | ||||||||
| Selling & Marketing |
|
6,752 |
|
|
5,744 |
|
||
| Research & Development |
|
1,843 |
|
|
1,683 |
|
||
| General & Administrative |
|
3,855 |
|
|
2,734 |
|
||
| Total Operating Expenses |
|
12,450 |
|
|
10,161 |
|
||
| Operating Income |
|
1,264 |
|
|
4,618 |
|
||
| Total Operating Margin |
|
3.1 |
% |
|
12.3 |
% |
||
| Interest Expense |
|
944 |
|
|
630 |
|
||
| Other (Income)/Expense, net |
|
46 |
|
|
287 |
|
||
| Income Before Taxes |
|
274 |
|
|
3,701 |
|
||
| Income Tax Provision |
|
34 |
|
|
949 |
|
||
| Net Income | $ |
240 |
|
$ |
2,752 |
|
||
| Net Income per Common Share - Basic | $ |
0.03 |
|
$ |
0.37 |
|
||
| Net Income per Common Share - Diluted | $ |
0.03 |
|
$ |
0.37 |
|
||
| Weighted Average Number of Common Shares - Basic |
|
7,524 |
|
|
7,428 |
|
||
| Weighted Average Number of Common Shares - Diluted |
|
7,580 |
|
|
7,485 |
|
||
Nine Months Ended |
||||||||
November 2,
|
October 28,
|
|||||||
| Net Revenue | $ |
113,922 |
|
$ |
108,493 |
|
||
| Cost of Revenue |
|
73,909 |
|
|
71,618 |
|
||
| Gross Profit |
|
40,013 |
|
|
36,875 |
|
||
| Total Gross Profit Margin |
|
35.1 |
% |
|
34.0 |
% |
||
| Operating Expenses: | ||||||||
| Selling & Marketing |
|
19,140 |
|
|
18,451 |
|
||
| Research & Development |
|
4,859 |
|
|
5,028 |
|
||
| General & Administrative |
|
12,343 |
|
|
8,514 |
|
||
| Total Operating Expenses |
|
36,342 |
|
|
31,993 |
|
||
| Operating Income |
|
3,671 |
|
|
4,882 |
|
||
| Total Operating Margin |
|
3.2 |
% |
|
4.5 |
% |
||
| Interest Expense |
|
2,363 |
|
|
1,919 |
|
||
| Other (Income)/Expense, net |
|
337 |
|
|
242 |
|
||
| Income Before Taxes |
|
971 |
|
|
2,721 |
|
||
| Income Tax Provision (Benefit) |
|
(139 |
) |
|
738 |
|
||
| Net Income | $ |
1,110 |
|
$ |
1,983 |
|
||
| Net Income per Common Share - Basic | $ |
0.15 |
|
$ |
0.27 |
|
||
| Net Income per Common Share - Diluted | $ |
0.15 |
|
$ |
0.27 |
|
||
| Weighted Average Number of Common Shares - Basic |
|
7,501 |
|
|
7,407 |
|
||
| Weighted Average Number of Common Shares - Diluted |
|
7,605 |
|
|
7,477 |
|
||
ASTRONOVA, INC. |
||||||||
Consolidated Balance Sheets |
||||||||
In Thousands |
||||||||
(Unaudited) |
||||||||
November 2,
|
January 31,
|
|||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and Cash Equivalents | $ |
4,432 |
|
$ |
4,527 |
|
||
| Accounts Receivable, net |
|
25,156 |
|
|
23,056 |
|
||
| Inventories, net |
|
48,560 |
|
|
46,371 |
|
||
| Prepaid Expenses and Other Current Assets |
|
5,239 |
|
|
2,720 |
|
||
| Total Current Assets |
|
83,387 |
|
|
76,674 |
|
||
| PROPERTY, PLANT AND EQUIPMENT |
|
69,300 |
|
|
57,046 |
|
||
| Less Accumulated Depreciation |
|
(50,934 |
) |
|
(42,861 |
) |
||
| Property, Plant and Equipment, net |
|
18,366 |
|
|
14,185 |
|
||
| OTHER ASSETS | ||||||||
| Intangible Assets, net |
|
24,514 |
|
|
18,836 |
|
||
| Goodwill |
|
25,337 |
|
|
14,633 |
|
||
| Deferred Tax Assets |
|
11,187 |
|
|
6,882 |
|
||
| Right of Use Asset |
|
1,946 |
|
|
603 |
|
||
| Other Assets |
|
1,725 |
|
|
1,438 |
|
||
| TOTAL ASSETS | $ |
166,462 |
|
$ |
133,251 |
|
||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts Payable | $ |
7,933 |
|
$ |
8,068 |
|
||
| Accrued Compensation |
|
3,304 |
|
|
2,923 |
|
||
| Other Liabilities and Accrued Expenses |
|
3,676 |
|
|
2,706 |
|
||
| Revolving Line of Credit |
|
20,215 |
|
|
8,900 |
|
||
| Current Portion of Long-Term Debt |
|
6,328 |
|
|
2,842 |
|
||
| Short-Term Debt |
|
1,334 |
|
|
- |
|
||
| Current Portion of Royalty Obligation |
|
1,450 |
|
|
1,700 |
|
||
| Current Liability – Excess Royalty Payment Due |
|
864 |
|
|
935 |
|
||
| Income Taxes Payable |
|
- |
|
|
349 |
|
||
| Deferred Revenue |
|
378 |
|
|
1,338 |
|
||
| Total Current Liabilities |
|
45,482 |
|
|
29,761 |
|
||
| NON-CURRENT LIABILITIES | ||||||||
| Long-Term Debt, net of current portion |
|
21,072 |
|
|
10,050 |
|
||
| Royalty Obligation, net of current portion |
|
1,511 |
|
|
2,093 |
|
||
| Lease Liability, net of current portion |
|
1,681 |
|
|
415 |
|
||
| Grant Deferred Revenue |
|
1,412 |
|
|
- |
|
||
| Income Tax Payables |
|
551 |
|
|
551 |
|
||
| Deferred Tax Liabilities |
|
2,580 |
|
|
99 |
|
||
| TOTAL LIABILITIES |
|
74,289 |
|
|
42,969 |
|
||
| SHAREHOLDERS’ EQUITY | ||||||||
| Common Stock |
|
546 |
|
|
541 |
|
||
| Additional Paid-in Capital |
|
63,949 |
|
|
62,684 |
|
||
| Retained Earnings |
|
64,979 |
|
|
63,869 |
|
||
| Treasury Stock |
|
(35,025 |
) |
|
(34,593 |
) |
||
| Accumulated Other Comprehensive Loss, net of tax |
|
(2,276 |
) |
|
(2,219 |
) |
||
| TOTAL SHAREHOLDERS’ EQUITY |
|
92,173 |
|
|
90,282 |
|
||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ |
166,462 |
|
$ |
133,251 |
|
||
ASTRONOVA, INC. |
||||||
Condensed Consolidated Statements of Cash Flows |
||||||
(In Thousands) |
||||||
(Unaudited) |
||||||
Nine Months Ended |
||||||
November 2, 2024 |
October 28, 2023 |
|||||
| Cash Flows from Operating Activities: | ||||||
| Net Income | 1,110 |
|
1,983 |
|
||
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||
| Depreciation and Amortization | 3,514 |
|
3,158 |
|
||
| Amortization of Debt Issuance Costs | 22 |
|
17 |
|
||
| Share-Based Compensation | 1,159 |
|
1,065 |
|
||
| Restructuring - non-cash | - |
|
2,040 |
|
||
| Changes in Assets and Liabilities, net of impact of acquisition: | ||||||
| Accounts Receivable | 1,619 |
|
(563 |
) |
||
| Inventories | 1,380 |
|
2,111 |
|
||
| Income Taxes | (1,534 |
) |
(531 |
) |
||
| Accounts Payable and Accrued Expenses | (2,371 |
) |
(2,036 |
) |
||
| Deferred Revenue | (1,080 |
) |
(1,121 |
) |
||
| Other | (1,495 |
) |
(221 |
) |
||
| Net Cash Provided by Operating Activities | 2,324 |
|
5,902 |
|
||
| Cash Flows from Investing Activities: | ||||||
| Purchases of Property, Plant and Equipment | (1,086 |
) |
(1,279 |
) |
||
| Cash Paid for MTEX Acquisition, net of cash acquired | (19,109 |
) |
- |
|
||
| Net Cash Provided (Used) for Investing Activities | (20,195 |
) |
(1,279 |
) |
||
| 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 | 98 |
|
79 |
|
||
| Net Cash Used for Payment of Taxes Related to Vested Restricted Stock | (432 |
) |
(353 |
) |
||
| Borrowings under Revolving Credit Facility, net | 10,774 |
|
- |
|
||
| Repayment under Revolving Credit Facility | - |
|
(1,000 |
) |
||
| Proceeds from Long-Term Debt Borrowings | 15,078 |
|
- |
|
||
| Payment of Minimum Guarantee Royalty Obligation | (1,247 |
) |
(1,350 |
) |
||
| Principal Payments of Long-Term Debt | (6,706 |
) |
(1,425 |
) |
||
| Payments of Debt Issuance Costs | (37 |
) |
- |
|
||
| Net Cash Provided (Used) for Financing Activities | 17,541 |
|
(3,978 |
) |
||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 235 |
|
236 |
|
||
| Net Increase in Cash and Cash Equivalents | (95 |
) |
881 |
|
||
| Cash and Cash Equivalents, Beginning of Period | 4,527 |
|
3,946 |
|
||
| Cash and Cash Equivalents, End of Period | 4,432 |
|
4,827 |
|
||
| Supplemental Disclosures of Cash Flow Information: | ||||||
| Cash Paid During the Period for: | ||||||
| Cash Paid During the Period for Interest | 1,891 |
|
1,695 |
|
||
| Cash Paid During the Period for Income Taxes, net of refunds | 1,503 |
|
1,285 |
|
||
| Non-Cash Transactions: | ||||||
| Capital Lease Obtained in Exchange for Capital Lease Liabilities | 1,581 |
|
— |
|
||
ASTRONOVA, INC. |
|||||||||||||
Revenue and Segment Operating Profit |
|||||||||||||
In Thousands |
|||||||||||||
(Unaudited) |
|||||||||||||
Revenue |
Segment Operating Profit |
||||||||||||
Three Months Ended |
Three Months Ended |
||||||||||||
November 2,
|
October 28,
|
November 2,
|
October 28,
|
||||||||||
| Product Identification | $ |
26,317 |
$ |
26,543 |
$ |
1,868 |
|
$ |
4,794 |
||||
| Test & Measurement |
|
14,105 |
|
11,006 |
|
3,251 |
|
|
2,558 |
||||
| Total | $ |
40,422 |
$ |
37,549 |
|
5,119 |
|
|
7,352 |
||||
| General & Administrative Expenses |
|
3,855 |
|
|
2,734 |
||||||||
| Operating Income |
|
1,264 |
|
|
4,618 |
||||||||
| Interest Expense |
|
944 |
|
|
630 |
||||||||
| Other (Income)/Expense, net |
|
46 |
|
|
287 |
||||||||
| Income Before Income Taxes |
|
274 |
|
|
3,701 |
||||||||
| Income Tax Provision |
|
34 |
|
|
949 |
||||||||
| Net Income | $ |
240 |
|
$ |
2,752 |
||||||||
Revenue |
Segment Operating Profit |
||||||||||||
Nine Months Ended |
Nine Months Ended |
||||||||||||
November 2,
|
October 28,
|
November 2,
|
October 28,
|
||||||||||
| Product Identification | $ |
76,667 |
$ |
77,416 |
$ |
7,208 |
|
$ |
6,848 |
||||
| Test & Measurement |
|
37,255 |
|
31,077 |
|
8,806 |
|
|
6,548 |
||||
| Total | $ |
113,922 |
$ |
108,493 |
|
16,014 |
|
|
13,396 |
||||
| General & Administrative Expenses |
|
12,343 |
|
|
8,514 |
||||||||
| Operating Income |
|
3,671 |
|
|
4,882 |
||||||||
| Interest Expense |
|
2,363 |
|
|
1,919 |
||||||||
| Other (Income)/Expense, net |
|
337 |
|
|
242 |
||||||||
| Income Before Income Taxes |
|
971 |
|
|
2,721 |
||||||||
| Income Tax Provision (Benefit) |
|
(139 |
) |
|
738 |
||||||||
| Net Income | $ |
1,110 |
|
$ |
1,983 |
||||||||
Note: Segment Operating Profit excludes General & Administrative Expenses |
|||||||||||||
ASTRONOVA, INC. |
||||||||
Reconciliation of GAAP to Non-GAAP Items |
||||||||
In Thousands Except for Per Share Data |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
||||||||
November 2,
|
October 28,
|
|||||||
| Gross Profit | $ |
13,714 |
|
$ |
14,779 |
|
||
| Inventory Step-Up |
|
34 |
|
|
- |
|
||
| Non-GAAP Gross Profit | $ |
13,748 |
|
$ |
14,779 |
|
||
| Operating Expenses | $ |
12,450 |
|
$ |
10,161 |
|
||
| MTEX-related Acquisition Expenses |
|
(325 |
) |
|
- |
|
||
| Non-GAAP Operating Expenses | $ |
12,125 |
|
$ |
10,161 |
|
||
| Operating Income | $ |
1,264 |
|
$ |
4,618 |
|
||
| MTEX-related Acquisition Expenses |
|
325 |
|
|
- |
|
||
| Inventory Step-Up |
|
34 |
|
|
- |
|
||
| Non-GAAP Operating Income | $ |
1,623 |
|
$ |
4,618 |
|
||
| Net Income | $ |
240 |
|
$ |
2,752 |
|
||
| MTEX-related Acquisition Expenses, net |
|
247 |
|
|
- |
|
||
| Inventory Step-Up, net |
|
26 |
|
|
- |
|
||
| Non-GAAP Net Income | $ |
513 |
|
$ |
2,752 |
|
||
| Diluted Earnings Per Share | $ |
0.03 |
|
$ |
0.37 |
|
||
| MTEX-related Acquisition Expenses |
|
0.03 |
|
|
- |
|
||
| Inventory Step-Up |
|
- |
|
|
- |
|
||
| Non-GAAP Diluted Earnings Per Share | $ |
0.06 |
|
$ |
0.37 |
|
||
Nine Months Ended |
||||||||
November 2,
|
October 28,
|
|||||||
| Gross Profit | $ |
40,013 |
|
$ |
36,875 |
|
||
| Inventory Step-Up |
|
154 |
|
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
2,096 |
|
||
| Product Retrofit Costs |
|
- |
|
|
852 |
|
||
| Non-GAAP Gross Profit | $ |
40,167 |
|
$ |
39,823 |
|
||
| Operating Expense | $ |
36,342 |
|
$ |
31,993 |
|
||
| MTEX-related Acquisition Expenses |
|
(950 |
) |
|
- |
|
||
| CFO Transition Costs |
|
(432 |
) |
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
(555 |
) |
||
| Non-GAAP Operating Expense | $ |
34,960 |
|
$ |
31,438 |
|
||
| Operating Income | $ |
3,671 |
|
$ |
4,882 |
|
||
| MTEX-related Acquisition Expenses |
|
950 |
|
|
- |
|
||
| CFO Transition Costs |
|
432 |
|
|
- |
|
||
| Inventory Step-Up |
|
154 |
|
|
- |
|
||
| Restructuring Charges |
|
- |
|
|
2,651 |
|
||
| Product Retrofit Costs |
|
- |
|
|
852 |
|
||
| Non-GAAP Operating Income | $ |
5,207 |
|
$ |
8,385 |
|
||
| Net Income | $ |
1,110 |
|
$ |
1,983 |
|
||
| MTEX-related Acquisition Expenses, net |
|
716 |
|
|
- |
|
||
| CFO Transition Costs, net |
|
328 |
|
|
- |
|
||
| Inventory Step-Up, net |
|
111 |
|
|
- |
|
||
| Restructuring Charges, net |
|
- |
|
|
2,048 |
|
||
| Product Retrofit Costs, net |
|
- |
|
|
658 |
|
||
| Non-GAAP Net Income | $ |
2,265 |
|
$ |
4,689 |
|
||
| Diluted Earnings Per Share | $ |
0.15 |
|
$ |
0.27 |
|
||
| MTEX-related Acquisition Expenses |
|
0.09 |
|
|
- |
|
||
| 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 | $ |
0.30 |
|
$ |
0.63 |
|
||
ASTRONOVA, INC. |
|||||||
Reconciliation of Net Income to Adjusted EBITDA |
|||||||
Amounts In Thousands |
|||||||
(Unaudited) |
|||||||
Three Months Ended |
|||||||
November 2, 2024 |
October 28, 2023 |
||||||
| Net Income | $ |
240 |
|
$ |
2,752 |
||
| Interest Expense |
|
944 |
|
|
630 |
||
| Income Tax Expense |
|
34 |
|
|
949 |
||
| Depreciation & Amortization |
|
1,298 |
|
|
1,014 |
||
| EBITDA | $ |
2,516 |
|
$ |
5,345 |
||
| Share-Based Compensation |
|
353 |
|
|
311 |
||
| MTEX-related Acquisition Expenses |
|
325 |
|
|
- |
||
| Inventory Step-Up |
|
34 |
|
|
- |
||
| Adjusted EBITDA | $ |
3,228 |
|
$ |
5,656 |
||
Nine Months Ended |
|||||||
November 2, 2024 |
October 28, 2023 |
||||||
| Net Income | $ |
1,110 |
|
$ |
1,983 |
||
| Interest Expense |
|
2,363 |
|
|
1,919 |
||
| Income Tax Expense (Benefit) |
|
(139 |
) |
|
738 |
||
| Depreciation & Amortization |
|
3,514 |
|
|
3,158 |
||
| EBITDA | $ |
6,848 |
|
$ |
7,798 |
||
| Share-Based Compensation |
|
1,159 |
|
|
1,065 |
||
| MTEX-related Acquisition Expenses |
|
950 |
|
|
- |
||
| CFO Transition Costs |
|
432 |
|
|
- |
||
| Inventory Step-Up |
|
154 |
|
|
- |
||
| Restructuring Charges |
|
- |
|
|
2,651 |
||
| Product Retrofit Costs |
|
- |
|
|
852 |
||
| Adjusted EBITDA | $ |
9,543 |
|
$ |
12,366 |
||
ASTRONOVA, INC. |
||||||||||||||||||
Reconciliation of Segment Operating Income to Non-GAAP Operating Income |
||||||||||||||||||
Amounts In Thousands |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
Three Months Ended |
||||||||||||||||||
November 2, 2024 |
October 28, 2023 |
|||||||||||||||||
Product
|
Test &
|
Total |
Product
|
Test &
|
Total |
|||||||||||||
| Segment Operating Profit | $ |
1,868 |
$ |
3,251 |
$ |
5,119 |
$ |
4,794 |
$ |
2,558 |
$ |
7,352 |
||||||
| Inventory Step-Up |
|
34 |
|
- |
|
34 |
|
- |
|
- |
|
- |
||||||
| Non-GAAP - Segment Operating Profit | $ |
1,902 |
$ |
3,251 |
$ |
5,153 |
$ |
4,794 |
$ |
2,558 |
$ |
7,352 |
||||||
Nine Months Ended |
||||||||||||||||||
November 2, 2024 |
October 28, 2023 |
|||||||||||||||||
Product
|
Test &
|
Total |
Product
|
Test &
|
Total |
|||||||||||||
| Segment Operating Profit | $ |
7,208 |
$ |
8,806 |
$ |
16,014 |
$ |
6,848 |
$ |
6,548 |
$ |
13,396 |
||||||
| Inventory Step-Up |
|
154 |
|
- |
|
154 |
|
- |
|
- |
|
- |
||||||
| Restructuring Charges |
|
- |
|
- |
|
- |
|
2,568 |
|
- |
|
2,568 |
||||||
| Product Retrofit Costs |
|
- |
|
- |
|
- |
|
852 |
|
- |
|
852 |
||||||
| Non-GAAP - Segment Operating Profit | $ |
7,362 |
$ |
8,806 |
$ |
16,168 |
$ |
10,268 |
$ |
6,548 |
$ |
16,816 |
||||||
| Note: Segment Operating Profit excludes General & Administrative Expenses | ||||||||||||||||||
ASTRONOVA, INC. |
||||||||||||||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Items for PI Segment |
||||||||||||||||||||||||||||||||
Amounts In Thousands |
||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||
Three Months Ended November 2, 2024 |
Three Months Ended October 28, 2023 |
|||||||||||||||||||||||||||||||
Total PI
|
MTEX as
|
Inventory
|
Adj MTEX (Non-
|
PI Excluding MTEX
|
Total PI
|
Restructuring
|
Product
|
PI (Non-
|
||||||||||||||||||||||||
Net Revenue |
$ |
26,317 |
$ |
1,738 |
|
$ |
1,738 |
|
$ |
24,579 |
$ |
26,543 |
$ |
26,543 |
||||||||||||||||||
Cost of Revenue |
|
17,910 |
|
1,504 |
|
|
(34 |
) |
|
1,470 |
|
|
16,440 |
|
16,024 |
|
16,024 |
|||||||||||||||
Gross Profit |
|
8,407 |
|
234 |
|
|
34 |
|
|
268 |
|
|
8,139 |
|
10,519 |
|
- |
|
|
- |
|
|
10,519 |
|||||||||
Selling & Marketing |
|
5,644 |
|
839 |
|
|
839 |
|
|
4,805 |
|
4,711 |
|
4,711 |
||||||||||||||||||
Research & Development |
|
895 |
|
209 |
|
|
209 |
|
|
686 |
|
1,014 |
|
1,014 |
||||||||||||||||||
Operating Expenses |
|
6,539 |
|
1,048 |
|
|
- |
|
|
1,048 |
|
|
5,491 |
|
5,725 |
|
- |
|
|
- |
|
|
5,725 |
|||||||||
Segment Operating Profit (Loss) |
$ |
1,868 |
$ |
(814 |
) |
$ |
34 |
|
$ |
(780 |
) |
$ |
2,648 |
$ |
4,794 |
$ |
- |
|
$ |
- |
|
$ |
4,794 |
|||||||||
Nine Months Ended November 2, 2024 |
Nine Months Ended October 28, 2023 |
|||||||||||||||||||||||||||||||
Total PI
|
MTEX as
|
Inventory
|
Adj MTEX (Non-
|
PI Excluding MTEX
|
Total PI
|
Restructuring
|
Product
|
PI (Non-
|
||||||||||||||||||||||||
Net Revenue |
$ |
76,667 |
$ |
2,506 |
|
$ |
2,506 |
|
$ |
74,161 |
$ |
77,416 |
$ |
77,416 |
||||||||||||||||||
Cost of Revenue |
|
51,313 |
|
2,340 |
|
|
(154 |
) |
|
2,186 |
|
|
49,127 |
|
51,851 |
|
(2,096 |
) |
|
(852 |
) |
|
48,903 |
|||||||||
Gross Profit |
|
25,354 |
|
166 |
|
|
154 |
|
|
320 |
|
|
25,034 |
|
25,565 |
|
2,096 |
|
|
852 |
|
|
28,513 |
|||||||||
Selling & Marketing |
|
15,946 |
|
1,755 |
|
|
1,755 |
|
|
14,191 |
|
15,480 |
|
(443 |
) |
|
15,037 |
|||||||||||||||
Research & Development |
|
2,200 |
|
111 |
|
|
111 |
|
|
2,089 |
|
3,237 |
|
(29 |
) |
|
3,208 |
|||||||||||||||
Operating Expenses |
|
18,146 |
|
1,866 |
|
|
- |
|
|
1,866 |
|
|
16,280 |
|
18,717 |
|
(472 |
) |
|
- |
|
|
18,245 |
|||||||||
Segment Operating Profit (Loss) |
$ |
7,208 |
$ |
(1,700 |
) |
$ |
154 |
|
$ |
(1,546 |
) |
$ |
8,754 |
$ |
6,848 |
$ |
2,568 |
|
$ |
852 |
|
$ |
10,268 |
|||||||||
Note: Segment Operating Profit excludes General & Administrative Expenses. MTEX General & Administrative Expenses of |
||||||||||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241211854230/en/
Scott Solomon
Senior Vice President
Sharon Merrill Advisors
(857) 383-2409
ALOT@investorrelations.com
Source: AstroNova
FAQ
What were AstroNova's (ALOT) Q3 FY2025 earnings per share?
How much revenue did MTEX NS generate for AstroNova (ALOT) in Q3 FY2025?
What was AstroNova's (ALOT) gross margin in Q3 FY2025?
When will AstroNova (ALOT) complete the MTEX integration?
What was AstroNova's (ALOT) Q3 FY2025 Adjusted EBITDA?
