Form 8-K Astro-Med, Inc.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT
(DATE OF EARLIEST EVENT REPORTED)
August 20, 2003
ASTRO-MED, INC
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
COMMISSION FILE NUMBER 0-13200
RHODE ISLAND 05-0318215
(STATE OR OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION
INCORPORATION OR ORGANIZATION) NUMBER)
600 EAST GREENWICH AVENUE, WEST WARWICK, RI 02893
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
(401-828-4000)
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibit
Exhibit no. Exhibit
99.1 Press Release dated August 20, 2003
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On August 20, 2003, Astro-Med, Inc. issued a press release in which it
disclosed unaudited financial information related to second quarter consolidated
earnings. A copy of the press release relating to such announcement, dated
August 20, 2003, is attached hereto as Exhibit 99.1 and is incorporated herein
by reference. This information shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
DATE: August 20, 2003 ASTRO-MED, INC.
By: /s/ Joseph P. O'Connell
-------------------------------------
Joseph P. O'Connell
Vice President and Treasurer Chief
Financial Officer
INDEX TO EXHIBITS
Exhibit No. Exhibit
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99.1 Press Release Dated August 20, 2003
Exhibit 99.1 - Press Release
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PRESS RELEASE
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ASTRO-MED, INC.
600 East Greenwich Avenue
West Warwick, Rhode Island 02893
Astro-Med Reports Strong Second Quarter on Record Sales;
Directors Declare Regular Cash Dividend
For Immediate Release
Contact: Albert W. Ondis, CEO
Joseph P. O'Connell, CFO August 20, 2003
Astro-Med, Inc.
(401) 828-4000
West Warwick, RI -- Astro-Med, Inc. (NASDAQ:ALOT) reports sales of
$14,023,000 and net income of $810,000, or 18 cents per share for the Second
Quarter ending August 2, 2003. During the corresponding period of the previous
year, the Company reported sales of $12,970,000 and net income of $156,000, or 4
cents per share.
Commenting on the results, Albert W. Ondis, Chief Executive Officer stated,
"We are quite pleased with the Company's financial results for the Second
Quarter. This is the first time in the history of the Company that sales
exceeded $14 million during a quarter. With new orders reaching more than
$14,500,000 in the Second Quarter, it is clear that demand for our products is
solid.
"We saw increases in our domestic and export markets which grew 9% and 26%
respectively, excluding the impact of foreign exchange. Astro-Med's suite of new
products, including QuickLabel Systems' QLS-4100 Xe and QLS-8100 Xe color
printers, Grass-Telefactor's Comet(R)EEG and PSG (Sleep) Systems, and Test &
Measurement's ToughWriter(R)printer and Dash 8X recorder, all showed increased
demand in the quarter.
"Gross profit margins improved in the Second Quarter to 41.5%, versus the
prior year's level of 37.4%, and the First Quarter's margin of 38.2%. The
improved profit margins enabled the Company to achieve an operating profit
margin of 7% in the Second Quarter. Our Balance Sheet remains solid and we
increased our cash and marketable securities balance to $8,300,000 at the end of
the Quarter from $7,300,000 at year's end."
On August 19, 2003 the Directors of Astro-Med declared the regular
quarterly cash dividend of 4 cents per share payable on October 2, 2003 to
shareholders of record on September 13, 2003.
The Second Quarter conference call will be held on Wednesday, August 20,
2003 at 5:00 PM EDT. It will be broadcast in real time on the Internet via our
website at www.astromed.com. We invite you to log on and listen in on August
20th or access the broadcast anytime for up to 5 days following the event.
Astro-Med, Inc. is a leading manufacturer of high tech specialty printing
systems, electronic medical instrumentation, and test and measurement
instruments employed around the world in a wide range of industrial, scientific,
and medical applications.
ASTRO-MED, INC.
Second Quarter Six-Months Ended
August 2, 2003 August 3, 2002 August 2, 2003 August 3, 2002
-------------- -------------- -------------- --------------
Net Sales $14,023,000 $12,970,000 $27,237,000 $24,412,000
Net Income (Loss) $810,000 $156,000 $1,316,000 ($477,000)
Net Income (Loss) Per Share - Basic $0.19 $0.04 $0.31 ($0.11)
Net Income (Loss) Per Share - Diluted $0.18 $0.04 $0.30 ($0.11)
Dividends Per Share $0.04 $0.04 $.08 $0.08
Weighted Average Common Shares 4,216,000 4,268,000 4,235,000 4,268,000
Outstanding - Basic
Weighted Average Common Shares 4,574,000 4,297,000 4,415,000 4,268,000
Outstanding - Diluted
Safe Harbor Statement
This news release contains forward-looking statements, and actual results
may vary from those expressed or implied herein. Factors that could affect these
results include those mentioned in Astro-Med's FY2003 annual report and its
annual and quarterly filings with the Securities and Exchange Commission.
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