AstroMed Inc. (ALOT, Financial) filed Quarterly Report for the period ended 2009-08-01.
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 $42.2 million; its shares were traded at around $5.9 with a P/E ratio of 32.7 and P/S ratio of 0.6. The dividend yield of Astromed Inc. stocks is 4.1%. Astromed Inc. had an annual average earning growth of 6.6% over the past 5 years.
Operating expenses for the current quarter were $6,065,000, a 10.2% decrease from prior years second quarter operating expenses of $6,752,000 primarily a result of the Companys cost reduction initiative. Specifically, selling and marketing expenses for the current quarter decreased 14.3% to $3,724,000 as compared to the previous years second quarter selling and marketing expenses of $4,343,000. 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 3.6% to $1,166,000 in the second quarter of the current year as compared to prior years second quarter G&A expenses of $1,210,000. The decrease in G&A was primarily due to a decrease in wages, benefits, and banking and insurance fees as compared to prior year. Spending on research & development (R&D) in the second quarter of the current year of $1,175,000 represents a 2.0% decrease compared to prior years second quarter spending of $1,199,000. The current quarter spending in R&D represents 7.2% of sales, higher than the prior years second quarter level of 6.1%, 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.
The Company reported $585,000 in net income for the second quarter of the current year, reflecting a return on sales of 3.6% and generating EPS of $0.08 per diluted share. As compared to net income of $1,154,000 earning a return on sales of 5.8% and an EPS of $0.15 per diluted share in the previous years second quarter.
Operating expenses in the first six months of the current year were $12,337,000, representing a 9.6% decrease from the prior year primarily a result of the Companys cost reduction initiative. Selling and marketing expenses for the first six months of the current year declined 13.2% from the prior year to $7,607,000 with the decrease traceable to personnel costs related to wages, benefits, commissions and travel spending. R&D spending for the current six months of $2,402,000 remained approximately flat with prior year R&D of $2,425,000. Current year spending in R&D represents 7.7% of the current years sales compared to 6.3% of sales in the prior year. General and administrative expenses for the first six months of the current year were $2,328,000, a 5.2% decrease from the prior year. The lower spending level in the current year is mainly attributed to the reduction of the corporate bonus.
Net income earned during the first six months of the current fiscal year was $354,000, lower than the prior years first six months of net income of $2,051,000 and reflects a return on sales of 1.1% as compared to 5.3% reported for the previous year. This years net income resulted in an EPS of $0.05 per diluted share as compared to an EPS of $0.27 per diluted share reported for the prior years first six months.
Sales revenues from the Test & Measurement product group were $3,877,000 for the second quarter of the current fiscal year representing a 13.7% decrease as compared to sales of $4,490,000 for the same period in the prior year as our industrial customers have continued to defer purchases of monitor recorders during this economic slowdown. Within the product group, we achieved modest sales growth from the Everest product line; however, this increase in sales was offset by a slight decrease in the Dash line of portable recorders and a decline in Ruggedized product sales as compared to the second quarter of the prior year. The lower level of Ruggedized revenue is traceable directly to manufacturing delays in the introduction of their new aircraft as reported by Boeing and Airbus. Operating expenses were slightly higher in the current quarter as compared to the previous years second quarter spending level. As a consequence of the lower sales, a shift in product mix and increased operating expenses, T&Ms segment operating profit for the second quarter was $361,000, well below the prior years segment operating profit of $882,000.
Read the The complete Report
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 $42.2 million; its shares were traded at around $5.9 with a P/E ratio of 32.7 and P/S ratio of 0.6. The dividend yield of Astromed Inc. stocks is 4.1%. Astromed Inc. had an annual average earning growth of 6.6% over the past 5 years.
Highlight of Business Operations:
The Companys current year second quarter sales were $16,416,000, representing a 17.0% decrease as compared to the previous years second quarter sales of $19,784,000, but an 11.8% improvement over current year first quarter sales of $14,677,000. Sales through the domestic channels for the current quarter were $11,724,000, a decline of 13.1% over the prior year. Current year second quarter international shipments of $4,692,000 were also down by 25.5% from the previous year. A negative impact from foreign exchange rates contributed $446,000 to the current years second quarter international sales decline as compared to the same period of the prior year.Operating expenses for the current quarter were $6,065,000, a 10.2% decrease from prior years second quarter operating expenses of $6,752,000 primarily a result of the Companys cost reduction initiative. Specifically, selling and marketing expenses for the current quarter decreased 14.3% to $3,724,000 as compared to the previous years second quarter selling and marketing expenses of $4,343,000. 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 3.6% to $1,166,000 in the second quarter of the current year as compared to prior years second quarter G&A expenses of $1,210,000. The decrease in G&A was primarily due to a decrease in wages, benefits, and banking and insurance fees as compared to prior year. Spending on research & development (R&D) in the second quarter of the current year of $1,175,000 represents a 2.0% decrease compared to prior years second quarter spending of $1,199,000. The current quarter spending in R&D represents 7.2% of sales, higher than the prior years second quarter level of 6.1%, 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.
The Company reported $585,000 in net income for the second quarter of the current year, reflecting a return on sales of 3.6% and generating EPS of $0.08 per diluted share. As compared to net income of $1,154,000 earning a return on sales of 5.8% and an EPS of $0.15 per diluted share in the previous years second quarter.
Operating expenses in the first six months of the current year were $12,337,000, representing a 9.6% decrease from the prior year primarily a result of the Companys cost reduction initiative. Selling and marketing expenses for the first six months of the current year declined 13.2% from the prior year to $7,607,000 with the decrease traceable to personnel costs related to wages, benefits, commissions and travel spending. R&D spending for the current six months of $2,402,000 remained approximately flat with prior year R&D of $2,425,000. Current year spending in R&D represents 7.7% of the current years sales compared to 6.3% of sales in the prior year. General and administrative expenses for the first six months of the current year were $2,328,000, a 5.2% decrease from the prior year. The lower spending level in the current year is mainly attributed to the reduction of the corporate bonus.
Net income earned during the first six months of the current fiscal year was $354,000, lower than the prior years first six months of net income of $2,051,000 and reflects a return on sales of 1.1% as compared to 5.3% reported for the previous year. This years net income resulted in an EPS of $0.05 per diluted share as compared to an EPS of $0.27 per diluted share reported for the prior years first six months.
Sales revenues from the Test & Measurement product group were $3,877,000 for the second quarter of the current fiscal year representing a 13.7% decrease as compared to sales of $4,490,000 for the same period in the prior year as our industrial customers have continued to defer purchases of monitor recorders during this economic slowdown. Within the product group, we achieved modest sales growth from the Everest product line; however, this increase in sales was offset by a slight decrease in the Dash line of portable recorders and a decline in Ruggedized product sales as compared to the second quarter of the prior year. The lower level of Ruggedized revenue is traceable directly to manufacturing delays in the introduction of their new aircraft as reported by Boeing and Airbus. Operating expenses were slightly higher in the current quarter as compared to the previous years second quarter spending level. As a consequence of the lower sales, a shift in product mix and increased operating expenses, T&Ms segment operating profit for the second quarter was $361,000, well below the prior years segment operating profit of $882,000.
Read the The complete Report
