ALOT AstroNova Inc

Company to host earnings conference call at 9:00 a.m. ET today

AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today announced financial results for its fiscal 2025 third quarter ended November 2, 2024.

Third Quarter FY 2025 Summary

• Net revenue of $40.4 million
• GAAP gross margin of 33.9%; non-GAAP gross margin of 34.0%
• GAAP operating margin of 3.1%; non-GAAP operating margin of 4.0%
• GAAP net income of $0.03 per diluted share; non-GAAP net income of $0.06 per diluted share
• GAAP net income of $0.2 million; Adjusted EBITDA of $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 $1.1 million in the third quarter with revenue of $1.7 million. While its revenue is substantially higher on a sequential basis, MTEX’s initial sales volume, revenue and margin contributions are well short of our targets, and we are working diligently to get the acquisition on track to deliver improved results as rapidly as possible.

“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 8% year-over-year, driven by the continued momentum of the Aerospace product line within our Test & Measurement (T&M) segment,” Woods said. “The performance of the T&M segment would have been even stronger had it not been for the nearly two-month Boeing strike, which delayed shipments. With the strike now resolved, shipments to Boeing are ramping back up, and we expect sales volume in that product line to improve as we close out fiscal 2025. In our PI segment, revenue from the previously delayed inkjet printer order is expected to contribute several million dollars to the top line over the next several quarters.”

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

$40,422

 

$37,549

7.7%

 

--

--

--

Gross Profit

$13,714

 

$14,779

(7.2%)

 

$13,748

$14,779

(7.0%)

Gross Margin

33.9%

 

39.4%

(550 bps)

 

34.0%

39.4%

(540 bps)

Operating Margin

3.1%

 

12.3%

(920 bps)

 

4.0%

12.3%

(830 bps)

Net Income

$240

 

$2,752

(91.3%)

 

$513

$2,752

(81.4%)

Net Income per Common Share – Diluted

$0.03

 

$0.37

(91.9%)

 

$0.06

$0.37

(83.8%)

See reconciliation tables for GAAP to non-GAAP reconciliations

Adjusted EBITDA was $3.2 million for the third quarter of fiscal 2025, compared with $5.7 million in the comparable period of fiscal 2024. Adjusted EBITDA for the fiscal 2025 period excludes the impact of $0.4 million in MTEX-related acquisition expenses and inventory-step-up costs.

Bookings for the third quarter of fiscal 2025 were $37.6 million, compared with $35.5 million in the third quarter of fiscal 2024.

Backlog as of November 2, 2024, was $27.1 million, compared with $31.2 million at the end of the third quarter of fiscal 2024.

Q3 FY 2025 Operating Segment Results

Product Identification

Product Identification (PI) segment revenue was $26.3 million in the third quarter of fiscal 2025, compared with $26.5 million in the third quarter of fiscal 2024. The decrease was primarily related to the delayed release of a new inkjet printer, to accommodate a key customer’s request to add additional functionality, as well as lower PI sales volume in Europe, partly offset by revenue from the acquisition of MTEX NS. PI segment operating income was $1.9 million, or 7.1% of revenue, in the third quarter of fiscal 2025, compared with segment operating income of $4.8 million, or 18.1% of revenue, in the third quarter of fiscal 2024. The decrease was driven by higher costs during the 2025 period, partially linked to the MTEX NS acquisition, an unfavorable product mix, reduced sales volume in Europe, and the delayed launch of a new product originally scheduled for the third quarter of fiscal 2025 but deferred to the fourth quarter of fiscal 2025 and early fiscal 2026.

Test & Measurement

Test & Measurement (T&M) segment revenue was $14.1 million in the third quarter of fiscal 2025, compared with $11.0 million in the third quarter of fiscal 2024. The increase was driven by higher sales volume in the Company’s Aerospace product line, partly offset by lower sales volume in the Test & Measurement product line. T&M segment operating income was $3.3 million, or 23.0% of revenue, in the third quarter of fiscal 2025, compared with segment operating income of $2.6 million, or 23.2% of revenue, in the same period of fiscal 2024.

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 (U.S. and Canada) or (404) 975-4839 (International) approximately 10 minutes prior to the start time and enter access code 891769. A real-time and archived audio webcast of the call will be available through the “Investors” section of the AstroNova website, https://investors.astronovainc.com.

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, 2024

October 28, 2023

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, 2024

October 28, 2023

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, 2024

January 31, 2024

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, 2024

October 28, 2023

November 2, 2024

October 28, 2023

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, 2024

October 28, 2023

November 2, 2024

October 28, 2023

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, 2024

October 28, 2023

  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, 2024

October 28, 2023

  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 Identification

Test & Measurement

Total

Product Identification

Test & Measurement

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 Identification

Test & Measurement

Total

Product Identification

Test & Measurement

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 Segment as Reported

MTEX as Reported

Inventory Step-Up

Adj MTEX (Non- GAAP)

PI Excluding MTEX (Non-GAAP)

Total PI Segment as Reported

Restructuring Charges

Product Retrofit Costs

PI (Non- GAAP)

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 Segment as Reported

MTEX as Reported

Inventory Step-Up

Adj MTEX (Non- GAAP)

PI Excluding MTEX (Non-GAAP)

Total PI Segment as Reported

Restructuring Charges

Product Retrofit Costs

PI (Non- GAAP)

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 $273,000 for the three months ended November 2, 2024 and $783,000 for the nine months ended November 2, 2024 results in an MTEX Operating Loss of $(1,087,000) for the three months ended November 2, 2024 and $(2,483,000) for the nine months ended November 2, 2024.

 

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