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AstroNova Records 14th Consecutive Quarter of Year-on-Year Revenue Growth; Orders and Backlog Post Double-Digit Percentage GainsAstro-Med (News - Alert), Inc., d/b/a AstroNova (NASDAQ: ALOT), a leading manufacturer of data visualization technology products for the aerospace, specialty printing and test and measurement markets, today reported financial results for the fourth quarter and full year ended January 31, 2016. For the fiscal 2016 fourth quarter ended January 31, 2016, the Company reported net sales of $23.8 million, an increase of 7.7% from $22.1 million for the prior-year period. Lower foreign exchange rates negatively impacted net sales by $0.5 million in the fourth quarter of fiscal 2016. Fourth-quarter fiscal 2016 GAAP net income increased to $0.8 million, or $0.11 per diluted share, from $0.5 million, or $0.07 per diluted share, in the fourth quarter of fiscal 2015. AstroNova reported non-GAAP net income of $1.3 million for the fiscal 2016 fourth quarter, compared with $0.8 million for the year earlier period. Non-GAAP earnings per diluted share, which excludes the items as listed in the table below, increased to $0.17 for the fourth quarter of fiscal 2016, compared with $0.10 in the fourth quarter of fiscal 2015. "We capped a successful fiscal 2016 with our 14th consecutive quarter of year-on-year revenue growth, supported by double-digit percentage increases in orders and backlog," said President and Chief Executive Officer Greg Woods. "Domestic revenue grew 14.9% for the quarter and accounted for 73.4% of total sales. International sales - despite a challenging economic environment - were comparable with the prior year's fourth quarter sales, aided by the addition of new dealers in Asia and Latin America as part of our overseas expansion. "We are executing against a strategy built on expanding our geographic reach, growing our recurring revenue stream, generating free cash flow and creating a culture of innovation and continuous improvement that resonates across both manufacturing and product development," Woods said. "During the past two years we have made significant strides in transforming the way we do business, implementing lean initiatives and a rigorous product planning process that have empowered our employees and benefited our customers. These ongoing efforts will continue to create opportunities for margin expansion and improved cash flow." Gross profit for the fourth quarter of fiscal 2016 was $9.1 million, or 38.4% of net sales, compared with $8.6 million, or 39.0% of net sales, for the year-earlier period. For the 12 months ended January 31, 2016, AstroNova reported net sales of $94.7 million, an increase of 7.1% over the prior fiscal year's net sales of $88.3 million. Lower foreign exchange rates negatively impacted net sales for fiscal 2016 by approximately $3.0 million. GAAP net income was $4.5 million, or $0.61 per diluted share, in fiscal 2016, compared with $4.7 million, or $0.60 per diluted share, in fiscal 2015. The Company reported non-GAAP net income of $5.7 million for the full 12 months of fiscal 2016, an increase of 13.5% compared with non-GAAP net income of $5.0 million in fiscal 2015. Non-GAAP earnings per diluted share, which excludes the items listed in the table below, increased to $0.77 for fiscal 2016, compared with $0.65 in fiscal 2015. Cash and cash equivalents at January 31, 2016 were $20.4 million, compared with cash and cash equivalents of $23.1 million at year-end fiscal 2015. During fiscal 2016, the Company paid $7.4 million in cash for the RITEC acquisition. The Company generated cash from operating activities of $7.7 million and free cash flow, defined as cash from operating activities less capital expenditures for property, plant and equipment, of $4.7 million in fiscal 2016, compared with cash from operating activities of $1.5 million and negative free cash flow of $0.8 million for fiscal 2015. Business Highlights QuickLabel Systems - Fourth Quarter Fiscal 2016
Test & Measurement - Fourth Quarter Fiscal 2016
Board of Directors Declares Regular Quarterly Dividend On February 19, 2016, the Directors of AstroNova declared a regular quarterly cash dividend of $0.07 per share. The dividend, which represents a cash dividend of $0.28 per share on an annualized basis, is payable on March 30, 2016 to shareholders of record at the close of business on March 11, 2016. Business Outlook "The investments we are making in new products, processes and distribution position AstroNova for growth in fiscal 2017 and beyond," Woods said. "We will continue to support that growth through focused, carefully planned strategies designed to advance our leadership in data visualization technology." Fiscal 2016 Fourth-Quarter Conference Call AstroNova will conduct an investor conference call at 9:00 a.m. ET today. Investors can participate in the conference call by dialing 888-500-6970 (U.S. and Canada) or 719-785-1757 (International) with passcode 702675. Please join the call at least five minutes prior to the start time. You can also hear a live webcast of the call by accessing the Investors section of AstroNova's website, www.astronovainc.com. Supplemental slides are expected to be available this morning, prior to the start of the call. The slides may be downloaded from the Investors section of the AstroNova website. Following the live broadcast, an audio webcast replay of the call will be available at www.astronovainc.com. A telephone replay of the conference call will be available for seven days by dialing 888-203-1112 (U.S. and Canada) or 719-457-0820 (International) with passcode 1613433. Use of Non-GAAP Financial Measures In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release contains the following non-GAAP financial measures: non-GAAP net income, non-GAAP net income per diluted share and free cash flow. The Company believes that the inclusion of these non-GAAP financial measures in this press release helps investors to gain a meaningful understanding of changes in the Company's core operating results, and also 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 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.
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