- Posts Company Record Full-Year GAAP Operating Income of $8.8
Million; Non-GAAP Operating Income of $12.0 Million
- Delivers Full-Year GAAP Net Income of $4.7 Million, or $0.63
Per Diluted Share; Non-GAAP Net Income of $7.2 Million, or $0.97
Per Diluted Share
- Generates Full-Year Adjusted EBITDA of $14.4 Million, or $17.6
Million Excluding Restructuring and Retrofit-Related Items
- Provides FY 2025 Financial Targets and Outlook
- Hosts Earnings Conference Call at 9:00 a.m. ET Today
AstroNova, Inc. (Nasdaq: ALOT), a global leader in data
visualization technologies, today reported financial results for
the fiscal 2024 fourth quarter and full year ended January 31,
2024.
CEO Commentary
“We capped a year of solid growth in fiscal 2024 with a strong
fourth quarter that highlighted our strategic focus on enhancing
margins and maintaining disciplined cost management, while
continuing to invest for the future,” said Greg Woods, AstroNova’s
President and Chief Executive Officer. “Our fourth-quarter
operating income of $3.9 million joined our third quarter as the
two best quarters in our history, and reflected contributions from
both our Product Identification (PI) and Test & Measurement
(T&M) segments.
“T&M generated a 28% segment operating profit for the
quarter on 10% top-line growth, driven primarily by the continued
momentum of our Aerospace product line. The rebound in airline
passenger traffic toward pre-pandemic levels, the increasing number
of daily flights and favorable commercial aircraft order and
delivery trends provide a favorable growth runway for our business.
The data acquisition product line within our T&M segment also
performed well in the quarter.
“Our PI segment delivered strong year-over-year margin
improvement in the quarter. Segment operating profit increased a
healthy 560 basis points from the fourth quarter of fiscal 2023, in
part reflecting the success of the strategic realignment announced
last summer,” Woods said. “Additionally, at the end of the quarter
we completed the previously discussed retrofit program of certain
PI printers affected by faulty ink provided by one of our larger
suppliers. On the innovation front, our PI development teams
recently launched new digital printers and accessories under both
our flagship QuickLabel and TrojanLabel brands.
“Looking ahead, we see several growth opportunities for our
business,” Woods said. “We are focused on applying the tools of the
AstroNova Operating System to drive sustained product innovation,
operating efficiencies and margin improvement. Our fiscal 2025
financial targets and outlook, which we are introducing today,
reflect both confidence in the dynamics that are driving demand
across our end markets and our commitment to continuing the margin
improvement programs that we kicked off in FY24.”
FY 2025 Financial Targets and Outlook
For fiscal 2025, AstroNova expects to achieve full-year organic
revenue percentage growth in the mid-single digits. Additionally,
as AstroNova continues to drive operational improvements throughout
the business, the Company expects its full-year adjusted EBITDA
margin to be 13% to 14% this year and further improve by 100 basis
points per year over the following two fiscal years.
Q4 FY 2024 Financial
Results
GAAP
Non-GAAP
($ in thousands, except per share
data)
Q4 FY
2024
Q4 FY
2023
YoY
Q4 FY
2024
Q4 FY
2023
YoY
Revenue
$39,594
$39,853
(1%)
Gross Profit
$14,746
$13,562
9%
$14,504
$13,562
9%
Gross Margin
37.2%
34.0%
320 pts.
36.6%
34.0%
260 pts.
Operating Expenses
$10,831
$11,465
(6%)
$10,874
$11,465
(5%)
Operating Income
$3,915
$2,097
87%
$3,630
$2,097
73%
Operating Margin
9.9%
5.3%
460 pts.
9.2%
5.3%
390 pts.
Net Income
$2,711
$1,363
99%
$2,491
$1,363
83%
Net Income per Common Share
$0.36
$0.18
100%
$0.33
$0.18
83%
Adjusted EBITDA
$5,521
$3,930
40%
Adjusted EBITDA Less Restructuring &
Retrofit-Related Items
$5,236
$3,930
33%
Full reconciliations between GAAP and Non-GAAP items are
provided below.
FY 2024 Financial
Results
GAAP
Non-GAAP
($ in thousands, except per share
data)
FY
2024
FY
2023
YoY
FY
2024
FY
2023
YoY
Revenue
$148,086
$142,527
4%
Gross Profit
$51,621
$48,156
7%
$54,327
$48,156
13%
Gross Margin
34.9%
33.8%
330 pts.
36.7%
33.8%
290 pts.
Operating Expenses
$42,825
$42,713
0%
$42,313
$41,996
1%
Operating Income
$8,796
$5,443
62%
$12,014
$6,160
95%
Operating Margin
5.9%
3.8%
210 pts.
8.1%
4.3%
380 pts.
Net Income
$4,694
$2,661
76%
$7,180
$3,201
124%
Net Income per Common Share
$0.63
$0.36
75%
$0.97
$0.43
126%
Adjusted EBITDA
$14,383
$10,294
40%
Adjusted EBITDA Less Restructuring &
Retrofit-Related Items
$17,601
$11,010
60%
Full reconciliations between GAAP and Non-GAAP items are
provided below.
Revenue by Type
($ in thousands)
Q4 FY 2024
Q4 FY 2023
YoY
FY 2024
FY 2023
YoY
Hardware
$13,640
$12,561
9%
$49,440
$42,445
17%
Supplies
$20,507
$22,016
(7%)
$79,252
$82,072
(3%)
Service/Other
$5,446
$5,277
3%
$19,394
$18,010
8%
Adjusted EBITDA was $5.5 million in the fourth quarter of fiscal
2024 versus $3.9 million in the year earlier period. Further
adjusted to exclude restructuring and retrofit-related items,
Adjusted EBITDA was $5.2 million in the 2024 period. For the full
year, Adjusted EBITDA was $14.4 million compared with $10.3 million
in the comparable period of fiscal 2023. Further adjusted to
exclude restructuring and retrofit-related items, Adjusted EBITDA
was $17.6 million in fiscal 2024 compared with $11.0 million in
fiscal 2023.
Bookings in the fourth quarter of fiscal 2024 were $39.8
million, compared with $36.3 million in the fourth quarter of
fiscal 2023, reflecting an increase in orders for both segments.
Bookings were $143.7 million in fiscal 2024, compared with $138.6
million in fiscal 2023.
Backlog as of January 31, 2024 was $31.4 million versus $35.8
million at the end of fiscal 2023.
Segment Results
Product Identification
Product Identification (PI) segment revenue was $26.6 million in
the fourth quarter of fiscal 2024, compared with $28.1 million in
the fiscal 2023 fourth quarter. Segment operating profit was $3.2
million, or 12.2% of segment revenue, compared with segment
operating profit of $1.9 million, or 6.6% of segment revenue, in
the fourth quarter of fiscal 2023, reflecting more favorable mix in
the 2024 period.
For fiscal full-year 2024, Product Identification revenue
increased to $104.0 million from $103.1 million for fiscal
full-year 2023. Segment operating profit was $10.1 million, or 9.7%
of segment revenue, in fiscal 2024 compared with segment operating
profit of $7.9 million, or 7.7% of segment revenue, in fiscal
2023.
Test & Measurement
Test & Measurement (T&M) segment revenue increased to
$13.0 million in the fourth quarter of fiscal 2024 from $11.7
million in the fourth quarter of fiscal 2023, primarily as a result
of favorable pricing actions and the continued recovery of the
commercial aviation market. Segment operating profit was $3.7
million, or 28.2% of segment revenue, compared with segment
operating profit of $3.2 million, or 27.3% of segment revenue, in
the fourth quarter of fiscal 2023, reflecting higher revenues,
increased manufacturing efficiencies and favorable pricing
actions.
For fiscal full-year 2024, Test & Measurement revenue was
$44.0 million, compared with $39.4 million in fiscal full-year
2023. Segment operating profit was $10.2 million, or 23.2% of
segment revenue, in fiscal 2024, compared with $9.0 million, or
22.8% of segment revenue, in fiscal 2023.
Earnings Conference Call Information
AstroNova will discuss its fourth-quarter and full-year fiscal
2024 financial results and business outlook 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 966245. A real-time and an
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 Adjusted EBITDA, non-GAAP
gross profit, non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP operating income, non-GAAP operating margin, non-GAAP net
income, and non-GAAP net income per common share.
We define Adjusted EBITDA as earnings before interest, taxes,
depreciation and amortization, stock-based compensation and
acquisition-related costs. We define non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP
operating income, non-GAAP operating margin, non-GAAP net income,
and non-GAAP net income per common share, as the respective GAAP
measure, excluding the impact of acquisition-related costs and
restructuring and retrofit-related items.
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 tables included in this news release for a
reconciliation of GAAP measures to the most directly comparable
non-GAAP measures for the three and 12 months ended January 31,
2024 and January 31, 2023.
AstroNova has not reconciled the forward-looking Adjusted EBITDA
growth percentage included in its 2025 financial targets and
outlook to the most directly comparable forward-looking GAAP
measure because this cannot be done without unreasonable effort due
to the lack of predictability regarding cost of sales, operating
expenses, depreciation and amortization, and stock-based
compensation. The impact of any of these items, individually or in
the aggregate, may be significant.
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 synergies from
our acquisition of Astro Machine, (ii) the risk that apparent
improvements in the Aerospace and Defense sectors may not continue
and (iii) those factors set forth in the Company’s Annual Report on
Form 10-K for the fiscal year ended January 31, 2023 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 Twelve Months
January 31,2024 January 31,2023
January 31,2024
January 31,2023 Net Revenue
$
39,594
$
39,853
$
148,086
$
142,527
Cost of Revenue
24,848
26,291
96,465
94,371
Gross Profit
14,746
13,562
51,621
48,156
Total Gross Profit Margin
37.2
%
34.0
%
34.9
%
33.8
%
Operating Expenses: Selling & Marketing
5,977
6,686
24,428
24,456
Research & Development
1,878
1,801
6,906
6,822
General & Administrative
2,976
2,978
11,491
11,435
Total Operating Expenses
10,831
11,465
42,825
42,713
Operating Income
3,915
2,097
8,796
5,443
Total Operating Margin
9.9
%
5.3
%
5.9
%
3.8
%
Other Expense, net
563
367
2,723
2,033
Income Before Taxes
3,352
1,730
6,073
3,410
Income Tax Provision
641
367
1,379
749
Net Income
$
2,711
$
1,363
$
4,694
$
2,661
Net Income per Common Share - Basic
$
0.36
$
0.19
$
0.63
$
0.36
Net Income per Common Share - Diluted
$
0.36
$
0.18
$
0.63
$
0.36
Weighted Average Number of Common Shares - Basic
7,438
7,330
7,415
7,307
Weighted Average Number of Common Shares - Diluted
7,550
7,406
7,496
7,374
ASTRONOVA, INC. Consolidated Balance Sheets In
Thousands (Unaudited) January 31,2024
January 31,2023 ASSETS CURRENT ASSETS Cash and Cash Equivalents
$
4,527
$
3,946
Accounts Receivable, net
23,056
21,598
Inventories, net
46,371
51,324
Prepaid Expenses and Other Current Assets
2,606
2,894
Total Current Assets
76,560
79,762
PROPERTY, PLANT AND EQUIPMENT
57,046
55,394
Less Accumulated Depreciation
(42,861
)
(41,106
)
Property, Plant and Equipment, net
14,185
14,288
OTHER ASSETS Intangible Assets, net
18,836
21,232
Goodwill
14,633
14,658
Deferred Tax Assets
6,882
6,907
Right of Use Asset
603
794
Other Assets
1,438
1,566
TOTAL ASSETS
$
133,137
$
139,207
LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts
Payable
$
8,068
$
8,479
Accrued Compensation
2,923
2,750
Other Liabilities and Accrued Expenses
2,706
3,308
Revolving Line of Credit
8,900
15,900
Current Portion of Long-Term Debt
2,842
2,100
Current Portion of Royalty Obligation
1,700
1,725
Current Liability – Excess Royalty Payment Due
935
562
Income Taxes Payable
235
786
Deferred Revenue
1,338
1,888
Total Current Liabilities
29,647
37,498
NON-CURRENT LIABILITIES Long-Term Debt, net of current portion
10,050
12,040
Royalty Obligation, net of current portion
2,093
3,415
Lease Liability, net of current portion
415
555
Income Tax Payables
551
491
Deferred Revenue
-
674
Deferred Tax Liabilities
99
167
TOTAL LIABILITIES
42,855
54,840
SHAREHOLDERS’ EQUITY Common Stock
541
534
Additional Paid-in Capital
62,684
61,131
Retained Earnings
63,868
59,175
Treasury Stock
(34,592
)
(34,235
)
Accumulated Other Comprehensive Loss, net of tax
(2,219
)
(2,238
)
TOTAL SHAREHOLDERS’ EQUITY
90,282
84,367
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
133,137
$
139,207
ASTRONOVA, INC. Revenue and Segment Operating Profit
In Thousands (Unaudited) Revenue
Segment Operating Profit Revenue Segment Operating
Profit Three Months Ended Three Months Ended Twelve Months
Ended Twelve Months Ended
January 31,2024 January 31,2023
January 31,2024 January 31,2023
January 31,2024
January 31,2023
January 31,2024 January 31,2023 Product
Identification
$
26,626
$
28,105
$
3,239
$
1,869
$
104,041
$
103,089
$
10,087
$
7,889
Test & Measurement
12,968
11,748
3,652
3,206
44,045
39,438
10,200
8,989
Total
$
39,594
$
39,853
6,891
5,075
$
148,086
$
142,527
20,287
16,878
Corporate Expenses
2,976
2,978
11,491
11,435
Operating Income
3,915
2,097
8,796
5,443
Other Income (Expense), net
(563
)
(367
)
(2,723
)
(2,033
)
Income Before Income Taxes
3,352
1,730
6,073
3,410
Income Tax Provision
641
367
1,379
749
Net Income
$
2,711
$
1,363
$
4,694
$
2,661
ASTRONOVA, INC. Reconciliation of GAAP to Non-GAAP
Results In Thousands Except for Per Share Data (Unaudited)
Three Months Ended Twelve Months Ended
January 31,2024 January 31,2023
January
31,2024 January 31,2023 GAAP
Revenues
$
39,594
$
39,853
$
148,086
$
142,527
Non-GAAP Revenues
$
39,594
$
39,853
$
148,086
$
142,527
GAAP Cost of Revenues
$
24,848
$
26,291
$
96,465
$
94,371
Restructuring Charges, net
(32
)
-
2,064
-
Product Retrofit Costs, net
(410
)
-
642
-
Non-GAAP Cost of Revenues
$
25,290
$
26,291
$
93,759
$
94,371
GAAP Gross Profit
$
14,746
$
13,562
$
51,621
$
48,156
Restructuring Charges, net
(32
)
-
2,064
-
Product Retrofit Costs, net
(210
)
-
642
-
Non-GAAP Gross Profit
$
14,504
$
13,562
$
54,327
$
48,156
GAAP Operating Expenses
$
10,831
$
11,465
$
42,825
$
42,713
Transaction Costs
-
-
-
(717
)
Restructuring Charges, net
43
-
(512
)
-
Non-GAAP Operating Expenses
$
10,874
$
11,465
$
42,313
$
41,996
GAAP Operating Income
$
3,915
$
2,097
$
8,796
$
5,443
Transaction Costs
-
-
-
717
Restructuring Charges, net
(75
)
-
2,576
-
Product Retrofit Costs, net
(210
)
-
642
-
Non-GAAP Operating Income
$
3,630
$
2,097
$
12,014
$
6,160
GAAP Other Income/(Expense)
$
(563
)
$
(367
)
$
(2,723
)
$
(2,033
)
Non-GAAP Other Income/(Expense)
$
(563
)
$
(367
)
$
(2,723
)
$
(2,033
)
GAAP Income Tax Expense
$
641
$
367
$
1,379
$
749
Tax Adjustments of Non-GAAP Adjustments
(65
)
-
732
177
Non-GAAP Income Tax Expense
$
576
$
367
$
2,111
$
926
GAAP Net Income
$
2,711
$
1,363
$
4,694
$
2,661
Transaction Costs
-
-
-
540
Restructuring Charges, net
(58
)
-
1,990
-
Product Retrofit Costs, net
(162
)
-
496
-
Non-GAAP Net Income
$
2,491
$
1,363
$
7,180
$
3,201
GAAP Diluted Earnings Per Share
$
0.36
$
0.18
$
0.63
$
0.36
Transaction Costs
-
-
-
0.07
Restructuring Charges, net
(0.01
)
-
0.27
-
Product Retrofit Costs, net
(0.02
)
-
0.07
-
Non-GAAP Diluted Earnings Per Share
$
0.33
$
0.18
$
0.97
$
0.43
ASTRONOVA, INC. Reconciliation of Net Income to Adjusted
EBITDA Amounts In Thousands (Unaudited) Three Months
Ended Twelve Months Ended
January 31,2024 January 31,2023
January 31,2024 January 31,2023 GAAP Net Income
$
2,711
$
1,363
$
4,694
$
2,661
Interest Expense
779
592
2,697
1,678
Income Tax Expense
641
367
1,379
749
Depreciation/Amortization
1,108
1,295
4,266
3,916
Share-Based Compensation
282
313
1,347
1,290
Adjusted EBITDA
$
5,521
$
3,930
$
14,383
$
10,294
Transaction Costs
-
-
-
540
Restructuring Charges, net
(58
)
-
1,990
-
Product Retrofit Costs, net
(162
)
-
496
-
Income Tax Expense - Transaction Costs
-
-
-
176
Income Tax Expense - Restructuring Charges, net
(17
)
-
586
-
Income Tax Expense - Product Retrofit Costs, net
(48
)
-
146
-
Adjusted EBITDA Less Restructuring & Retrofit Items
$
5,236
$
3,930
$
17,601
$
11,010
ASTRONOVA, INC. Reconciliation of Segment GAAP to
Non-GAAP Operating Income Amounts In Thousands (Unaudited)
Three Months Ended Twelve Months Ended
January 31,
2024 January 31, 2023
January 31, 2024 January 31, 2023
ProductIdentification Test &Measurement
Total ProductIdentification Test
&Measurement Total ProductIdentification
Test &Measurement Total
ProductIdentification Test &Measurement
Total GAAP - Segment Operating Profit
$
3,239
$
3,652
$
6,891
$
1,869
$
3,206
$
5,075
$
10,087
$
10,200
$
20,287
$
7,889
$
8,989
$
16,878
Restructuring Charges, net
(75
)
-
(75
)
-
-
-
2,494
-
2,494
-
-
-
Product Retrofit Costs, net
(210
)
-
(210
)
-
-
-
642
-
642
-
-
-
Non-GAAP - Segment Operating Profit
$
2,954
$
3,652
$
6,606
$
1,869
$
3,206
$
5,075
$
13,223
$
10,200
$
23,423
$
7,889
$
8,989
$
16,878
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240321584134/en/
Scott Solomon Senior Vice President Sharon Merrill Advisors
(857) 383-2409 ALOT@investorrelations.com
AstroNova (NASDAQ:ALOT)
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