AstroMed Inc. (ALOT, Financial) filed Quarterly Report for the period ended 2009-05-02.
ASTRO-MED INC. develops designs manufactures and sells a comprehensive line of specialty data printers and related electronic systems computersoftware and printer consumables. Among the specialty printers are the MTseries which includes the MT95K2 and the MT-95000 and the Dash serieswhich includes the DASH 10 introduced in fiscal 1995 and four other machines. The MT series and the Dash series are generally referred to as `data recorders` and are used to capture process analyze and record data related to engineering scientific industrial and medical tests. AstroMed Inc. has a market cap of $40.1 million; its shares were traded at around $5.6 with a P/E ratio of 22.4 and P/S ratio of 0.6. The dividend yield of AstroMed Inc. stocks is 4.3%. AstroMed Inc. had an annual average earning growth of 6.6% over the past 5 years.
Operating expenses for the current quarter were $6,273,000, a 9.0% decrease from prior years first quarter operating expenses of $6,893,000. Specifically, selling and marketing expenses decreased 12.2% to $3,883,000 as compared to the previous years first quarter selling and marketing expenses of $4,421,000. Selling and marketing expenses represent 26.5% of sales for the current quarter as compared to 23.7% of sales for the prior years first quarter. The decrease in selling and marketing for the current quarter was primarily the result of lower commissions, wages, benefits, as well as lower travel spending. General and administrative (G&A) expenses decreased 6.7% to $1,162,000 in the first quarter of the current year as compared to prior years first quarter G&A expenses of $1,246,000. The decrease in G&A was primarily due to a decrease in employee benefits as compared to prior year. Spending on research & development (R&D) in the first quarter of the current year of $1,228,000 remained approximately flat with prior years first quarter spending of $1,226,000. The current years spending in R&D represents 8.4% of sales, higher than the prior years first quarter level of 6.6%, due to the lower sales level.
The Company recognized a $231,000 net loss for the first quarter of the current year, reflecting a negative return on sales of 1.6% and generating a loss of $0.03 per diluted share. On a comparative basis with the previous years first quarter, net income was $897,000 earning a return of 4.8% on sales and an EPS of $0.12 per diluted share.
Sales revenues from the Test & Measurement product group were $3,669,000 for the first quarter of the current fiscal year representing a 7.3% decrease as compared to sales of $3,960,000 for the same period in the prior year as our industrial customers have deferred purchases of monitor recorders during this economic slowdown. Within the product group, we achieved sales growth from both the Ruggedized and Everest product lines, however, the Dash line of portable recorders were down sharply from the prior year. Operating expenses were lower in the quarter by 8.0% from the previous years spending level. As a consequence of the lower sales and related profit margins, T&Ms segment operating profit for the first quarter was $275,000, well below the prior years segment operating profit of $628,000.
The Companys statements of cash flows for the three months ended May 2, 2009 and May 3, 2008 are included on page 5. Net cash flows provided by operating activities were $573,000 in the current year compared to net cash provided by operating activities of $1,931,000 in the previous year. The declining cash flows provided in the first quarter of the current year as compared to the same period in the previous year are primarily related to the net loss for the period, an increase in tax payments and an increase in inventory. Inventory balances increased to $13,188,000 at the end of the first quarter compared to $12,826,000 at year end. Inventory days on hand also increased to 134 days on hand at the end of the current quarter from 127 days at year end.
The Companys current and non-current cash, cash equivalents and investments, at the end of the first quarter totaled $22,475,000 compared to $22,104,000 at year end. The higher cash and investments position resulted from operating cash flow, as noted above, and employees exercising stock options. Cash flows were utilized to acquire property, plant and equipment of $121,000 and to pay cash dividends of $425,000.
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ASTRO-MED INC. develops designs manufactures and sells a comprehensive line of specialty data printers and related electronic systems computersoftware and printer consumables. Among the specialty printers are the MTseries which includes the MT95K2 and the MT-95000 and the Dash serieswhich includes the DASH 10 introduced in fiscal 1995 and four other machines. The MT series and the Dash series are generally referred to as `data recorders` and are used to capture process analyze and record data related to engineering scientific industrial and medical tests. AstroMed Inc. has a market cap of $40.1 million; its shares were traded at around $5.6 with a P/E ratio of 22.4 and P/S ratio of 0.6. The dividend yield of AstroMed Inc. stocks is 4.3%. AstroMed Inc. had an annual average earning growth of 6.6% over the past 5 years.
Highlight of Business Operations:
The Companys current year first quarter sales were $14,677,000, representing a 21.5% decrease as compared to the previous years first quarter sales of $18,687,000. Sales through the domestic channels were $10,375,000, a decline of 20.4% over the prior year. Current year first quarter international shipments of $4,302,000 were also down by 23.9% from the previous year. A negative impact from foreign exchange rates contributed $743,000 to the current years first quarter international sales decline.Operating expenses for the current quarter were $6,273,000, a 9.0% decrease from prior years first quarter operating expenses of $6,893,000. Specifically, selling and marketing expenses decreased 12.2% to $3,883,000 as compared to the previous years first quarter selling and marketing expenses of $4,421,000. Selling and marketing expenses represent 26.5% of sales for the current quarter as compared to 23.7% of sales for the prior years first quarter. The decrease in selling and marketing for the current quarter was primarily the result of lower commissions, wages, benefits, as well as lower travel spending. General and administrative (G&A) expenses decreased 6.7% to $1,162,000 in the first quarter of the current year as compared to prior years first quarter G&A expenses of $1,246,000. The decrease in G&A was primarily due to a decrease in employee benefits as compared to prior year. Spending on research & development (R&D) in the first quarter of the current year of $1,228,000 remained approximately flat with prior years first quarter spending of $1,226,000. The current years spending in R&D represents 8.4% of sales, higher than the prior years first quarter level of 6.6%, due to the lower sales level.
The Company recognized a $231,000 net loss for the first quarter of the current year, reflecting a negative return on sales of 1.6% and generating a loss of $0.03 per diluted share. On a comparative basis with the previous years first quarter, net income was $897,000 earning a return of 4.8% on sales and an EPS of $0.12 per diluted share.
Sales revenues from the Test & Measurement product group were $3,669,000 for the first quarter of the current fiscal year representing a 7.3% decrease as compared to sales of $3,960,000 for the same period in the prior year as our industrial customers have deferred purchases of monitor recorders during this economic slowdown. Within the product group, we achieved sales growth from both the Ruggedized and Everest product lines, however, the Dash line of portable recorders were down sharply from the prior year. Operating expenses were lower in the quarter by 8.0% from the previous years spending level. As a consequence of the lower sales and related profit margins, T&Ms segment operating profit for the first quarter was $275,000, well below the prior years segment operating profit of $628,000.
The Companys statements of cash flows for the three months ended May 2, 2009 and May 3, 2008 are included on page 5. Net cash flows provided by operating activities were $573,000 in the current year compared to net cash provided by operating activities of $1,931,000 in the previous year. The declining cash flows provided in the first quarter of the current year as compared to the same period in the previous year are primarily related to the net loss for the period, an increase in tax payments and an increase in inventory. Inventory balances increased to $13,188,000 at the end of the first quarter compared to $12,826,000 at year end. Inventory days on hand also increased to 134 days on hand at the end of the current quarter from 127 days at year end.
The Companys current and non-current cash, cash equivalents and investments, at the end of the first quarter totaled $22,475,000 compared to $22,104,000 at year end. The higher cash and investments position resulted from operating cash flow, as noted above, and employees exercising stock options. Cash flows were utilized to acquire property, plant and equipment of $121,000 and to pay cash dividends of $425,000.
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