AstroMed Inc. (ALOT, Financial) filed Quarterly Report for the period ended 2009-10-31.
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 series,which 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 $48.3 million; its shares were traded at around $6.75 with a P/E ratio of 37.5 and P/S ratio of 0.7. The dividend yield of Astromed Inc. stocks is 3.5%. Astromed Inc. had an annual average earning growth of 6.6% over the past 5 years.
Hardware sales in the current quarter were $7,079,000, representing a 7.9% decrease as compared to the current years second quarter hardware sales of $7,683,000 and a decrease of 11.9% over the prior years third quarter hardware sales of $8,037,000. This decrease was tempered by a $145,000 or 32.4% and $202,000 or 18.5% increase in sales of T&Ms Everest and Ruggedized product lines, respectively, as well as a $161,000 or 24.4% increase in Grass Technologies hardware line of Research Instruments. The overall lower volume of hardware shipments is an outgrowth of soft demand for capital equipment emanating from the worldwide recession.
Consumables sales in the current quarter were $8,353,000, representing an increase of 12.1% over the current years second quarter consumable sales of $7,450,000, and a slight increase over the prior years third quarter consumable sales of $8,334,000. The slight growth in consumable sales for the current quarter as compared to the prior years third quarter was primarily due to the $262,000 or 34.1% increase in sales of QuickLabel Systems Vivo! & Zeo! supplies and a $104,000 or 9.6% increase in the sale of Grass Technologies electrodes and cream products.
Operating expenses for the current quarter were $6,098,000, consistent with current years second quarter operating expenses of $6,065,000 and a 7.0% decrease from prior years third quarter operating expenses of $6,558,000. The decrease in operating expenses for the third quarter as compared to the prior years third quarter is primarily a result of the Companys cost reduction initiative and sales related direct cost reductions. Specifically, selling and marketing expenses for the current quarter decreased 7.8% to $3,840,000 as compared to the previous years third quarter selling and marketing expenses of $4,164,000. 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 3.9% to $1,095,000 in the third quarter of the current year as compared to prior years third quarter G&A expenses of $1,140,000. The decrease in G&A was primarily driven by a decrease in professional service fees as compared to prior year. Spending on R&D in the third quarter of the current year of $1,163,000 represents a 7.3% decrease compared to prior years third quarter spending of $1,254,000. The current quarter spending in R&D represents 7.0% of sales, in line with the prior years third quarter level of 7.1% and consistent with managements plan of maintaining current R&D levels in order to continue the development of new products and expand and improve existing products.
Operating expenses in the first nine months of the current year were $18,435,000, representing an 8.8% decrease from the prior year primarily a result of the Companys cost reduction initiative. Selling and marketing expenses for the first nine months of the current year declined 11.5% from the prior year to $11,447,000 with the decrease primarily traceable to personnel costs related to commissions and travel spending. R&D spending for the current nine months of $3,565,000 was slightly lower as compared to prior year R&D of $3,680,000. Current year spending in R&D represents 7.5% of the current years sales compared to 6.6% of sales in the prior year. General and administrative expenses for the first nine months of the current year were $3,423,000, a 4.8% decrease from the prior year. The lower spending level in the current year for G&A is mainly attributed to reduced accruals for bonuses.
For the first nine months of the current fiscal year, sales revenue of the T&M product group were $11,213,000 as compared to $12,549,000 for the same period of the previous year. The decrease in sales stems from the Dash product line which declined $1,289,000 or 26.5% as compared to the same period of the prior year. This decrease is tempered by a $275,000 or 16.0% increase in sales of the Everest product line. This years segment operating profit of $1,025,000 decreased 49.6% from the prior years segment operating profit and provided an operating profit margin of 9.1%, down from the prior years margin of 16.2%. The decrease in T&M current years profit margin is traceable to lower sales volume.
Read the The complete ReportALOT is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES, Chuck Royce of ROYCE & ASSOCIATES.
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 series,which 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 $48.3 million; its shares were traded at around $6.75 with a P/E ratio of 37.5 and P/S ratio of 0.7. The dividend yield of Astromed Inc. stocks is 3.5%. Astromed Inc. had an annual average earning growth of 6.6% over the past 5 years.
Highlight of Business Operations:
The Companys current years third quarter sales were $16,658,000, a slight improvement over current year second quarter sales of $16,416,000, but a 5.8% decrease as compared to the previous years third quarter sales of $17,681,000. Sales through the domestic channels for the current quarter were $11,427,000, a decline of 9.7% over the prior year however, current year third quarter international shipments of $5,231,000 were up by 4.1% from the previous year. A favorable impact from foreign exchange rates contributed $51,000 to the current years third quarter international sales growth as compared to the same period of the prior year.Hardware sales in the current quarter were $7,079,000, representing a 7.9% decrease as compared to the current years second quarter hardware sales of $7,683,000 and a decrease of 11.9% over the prior years third quarter hardware sales of $8,037,000. This decrease was tempered by a $145,000 or 32.4% and $202,000 or 18.5% increase in sales of T&Ms Everest and Ruggedized product lines, respectively, as well as a $161,000 or 24.4% increase in Grass Technologies hardware line of Research Instruments. The overall lower volume of hardware shipments is an outgrowth of soft demand for capital equipment emanating from the worldwide recession.
Consumables sales in the current quarter were $8,353,000, representing an increase of 12.1% over the current years second quarter consumable sales of $7,450,000, and a slight increase over the prior years third quarter consumable sales of $8,334,000. The slight growth in consumable sales for the current quarter as compared to the prior years third quarter was primarily due to the $262,000 or 34.1% increase in sales of QuickLabel Systems Vivo! & Zeo! supplies and a $104,000 or 9.6% increase in the sale of Grass Technologies electrodes and cream products.
Operating expenses for the current quarter were $6,098,000, consistent with current years second quarter operating expenses of $6,065,000 and a 7.0% decrease from prior years third quarter operating expenses of $6,558,000. The decrease in operating expenses for the third quarter as compared to the prior years third quarter is primarily a result of the Companys cost reduction initiative and sales related direct cost reductions. Specifically, selling and marketing expenses for the current quarter decreased 7.8% to $3,840,000 as compared to the previous years third quarter selling and marketing expenses of $4,164,000. 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 3.9% to $1,095,000 in the third quarter of the current year as compared to prior years third quarter G&A expenses of $1,140,000. The decrease in G&A was primarily driven by a decrease in professional service fees as compared to prior year. Spending on R&D in the third quarter of the current year of $1,163,000 represents a 7.3% decrease compared to prior years third quarter spending of $1,254,000. The current quarter spending in R&D represents 7.0% of sales, in line with the prior years third quarter level of 7.1% and consistent with managements plan of maintaining current R&D levels in order to continue the development of new products and expand and improve existing products.
Operating expenses in the first nine months of the current year were $18,435,000, representing an 8.8% decrease from the prior year primarily a result of the Companys cost reduction initiative. Selling and marketing expenses for the first nine months of the current year declined 11.5% from the prior year to $11,447,000 with the decrease primarily traceable to personnel costs related to commissions and travel spending. R&D spending for the current nine months of $3,565,000 was slightly lower as compared to prior year R&D of $3,680,000. Current year spending in R&D represents 7.5% of the current years sales compared to 6.6% of sales in the prior year. General and administrative expenses for the first nine months of the current year were $3,423,000, a 4.8% decrease from the prior year. The lower spending level in the current year for G&A is mainly attributed to reduced accruals for bonuses.
For the first nine months of the current fiscal year, sales revenue of the T&M product group were $11,213,000 as compared to $12,549,000 for the same period of the previous year. The decrease in sales stems from the Dash product line which declined $1,289,000 or 26.5% as compared to the same period of the prior year. This decrease is tempered by a $275,000 or 16.0% increase in sales of the Everest product line. This years segment operating profit of $1,025,000 decreased 49.6% from the prior years segment operating profit and provided an operating profit margin of 9.1%, down from the prior years margin of 16.2%. The decrease in T&M current years profit margin is traceable to lower sales volume.
Read the The complete ReportALOT is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES, Chuck Royce of ROYCE & ASSOCIATES.
