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AstroNova Reports Fiscal Fourth-Quarter and Full-Year 2022 Financial Results

Company to Host Conference Call at 9:00 a.m. ET Today

Fiscal Fourth-Quarter 2022 Financial Summary

  • Bookings of $32.9 million
  • Backlog at quarter end of $27.8 million
  • Revenue of $29.7 million
  • Operating loss of $0.2 million
  • Net loss of $0.8 million, or $0.10 per share
  • Adjusted EBITDA of $0.8 million, or 2.6% of revenue

Fiscal Full-Year 2022 Financial Summary

  • Bookings of $128.6 million
  • Revenue of $117.5 million
  • GAAP operating income of $4.3 million
  • Non-GAAP operating income of $2.1 million
  • GAAP net income of $6.4 million, or $0.88 per diluted share, which includes CARES Act benefits and ERP system write-off costs
  • Non-GAAP net income of $916,000, or $0.12 per diluted share
  • Adjusted EBITDA of $13.2 million, or 11.2% of revenue

AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies, today announced financial results for the fiscal fourth quarter and full year ended January 31, 2022.

CEO Commentary

“Our fourth-quarter results were mixed, as we continued to manage through a range of pandemic-induced global supply chain disruptions, including parts delays and shortages, supplier price increases and surcharges, and much higher transportation costs,” stated Gregory A. Woods, AstroNova’s President and Chief Executive Officer. “Despite those challenges, the pace of new orders continued its encouraging trend in the fourth quarter of fiscal 2022, increasing 13% year-over-year on continued strong product demand.

“Our Test & Measurement segment posted revenue and operating margin growth in the quarter, helped by the continuing recovery of the commercial aviation market,” Woods continued. “While domestic passenger traffic has rebounded faster than other routes, the airline industry expects to see a steady ramp up to pre-pandemic levels over the next several quarters.

“In our Product Identification segment, revenue and operating margin declined in the fourth quarter, due to warranty charges, mix and the effect of higher manufacturing costs related to the macroeconomic environment,” Woods said. “Despite those short-term challenges, we are encouraged by the strong performance of our direct-to-package printing solutions such as the T3-OPX, which had a record year in fiscal 2022, its second full year of availability.”

CARES Act Benefits and ERP Write-Off Costs

On a Generally Accepted Accounting Principles (GAAP) basis, net income for the 12 months ended January 31, 2022 includes $6.0 million, or $0.83 per diluted share, in benefits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. GAAP net income for the period also includes costs of $0.5 million, net of tax, or $0.07 per diluted share, associated with the write-off of the Company’s legacy enterprise resource planning (ERP) system.

Operating Segment Results

Product Identification segment revenue was $22.4 million in the fourth quarter of fiscal 2022, compared with $23.4 million in the fiscal 2021 fourth quarter. Segment operating profit was $1.5 million, or 6.5% of revenue, compared with revenue of $3.1 million, or 13.2% of revenue, in the fourth quarter of fiscal 2021. These results reflected the impact of unusually high warranty charges and the global supply chain challenges on the business.

For fiscal full-year 2022, Product Identification revenue increased 0.7% to $90.9 million from $90.3 million for fiscal full-year 2021. GAAP segment operating profit was $10.4 million, or 11.5% of revenue, compared with $12.9 million, or 14.3% of revenue, in fiscal 2021. On a non-GAAP basis, excluding the CARES Act benefits, segment operating profit for fiscal full-year 2022 was $9.0 million, or 9.9% of revenue.

Test & Measurement segment revenue was $7.3 million in the fourth quarter of fiscal 2022, compared with $6.1 million in the fourth quarter of fiscal 2021, primarily reflecting the gradual recovery of the commercial aviation industry from the lows of the COVID-19 pandemic. The Test & Measurement segment recorded operating profit for the fourth quarter of fiscal 2022 of $0.5 million, or 6.8% of segment revenue, compared with operating profit of $0.3 million, or 4.6% of segment revenue, in the fourth quarter of fiscal 2021, as higher manufacturing costs were offset by an increase in aerospace printer sales and lower operating expenses.

For fiscal full-year 2022, Test & Measurement revenue was $26.6 million, compared with $25.8 million in fiscal full-year 2021. Segment operating profit was $3.4 million in fiscal 2022, or 12.8% of segment revenue, compared with a segment operating loss of $1.0 million in fiscal 2021. On a non-GAAP basis, excluding the CARES Act benefits, segment operating profit for fiscal 2022 was $2.6 million, or 9.8% of revenue.

Financial Results Summary

Revenue totaled $29.7 million in the fourth quarter of fiscal 2022, compared with $29.4 million in the year-earlier period, with a decline in Product Identification revenue offset by higher revenue in the Test & Measurement segment. For fiscal full-year 2022, revenue was $117.5 million compared with $116.0 million in fiscal full-year 2021.

Hardware revenue in the fourth quarter of fiscal 2022 was $8.3 million, compared with $9.1 million in the fourth quarter of fiscal 2021. Supplies revenue was $18.3 million versus $17.5 million in the fourth quarter of fiscal 2021. Revenue from Service/Other was $3.1 million, compared with $2.8 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, hardware revenue was $31.5 million, compared with $34.1 million in fiscal full-year 2021. Supplies revenue was $73.2 million in fiscal 2022 versus $71.8 million in fiscal 2021. Revenue from Service/Other was $12.7 million in fiscal 2022, compared with $10.2 million in fiscal 2021.

Gross profit was $9.8 million, or 32.8% of revenue, in the fourth quarter of fiscal 2022, compared with $11.0 million, or 37.3% of revenue, in the fourth quarter of fiscal 2021. The decrease reflected higher manufacturing costs in the 2022 period. For fiscal full-year 2022, gross profit was $43.7 million, or 37.2% of revenue, compared with $41.4 million, or 35.6% of revenue, in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits, fiscal 2022 gross profit was $42.1 million.

Operating expenses totaled $10.0 million in the fourth quarter of fiscal 2022, up 1.5% compared with $9.8 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, operating expenses were $39.5 million, up 1.4% compared with $38.9 million in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits, fiscal 2022 operating expenses were $40.0 million.

Operating loss in the fourth quarter of fiscal 2022 was $0.2 million, compared with operating income of $1.1 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, operating income was $4.3 million, compared with $2.4 million in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits, fiscal 2022 operating income was $2.1 million.

Net loss was $0.8 million, or $0.10 per share, in the fourth quarter of fiscal 2022 compared with net income of $0.8 million, or $0.12 per diluted share, in the fourth quarter of fiscal 2021. For fiscal full-year 2022, net income was $6.4 million, or $0.88 per diluted share, compared with net income of $1.3 million, or $0.18 per diluted share, in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits and the ERP write-off cost, fiscal 2022 net income was $916,000, or $0.12 per diluted share.

Adjusted EBITDA, which the Company defines as earnings before interest, taxes, depreciation, amortization and share-based compensation, was $0.8 million for the fourth quarter of fiscal 2022, compared with $3.1 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, Adjusted EBITDA was $13.2 million, or $8.1 million excluding the effect of the CARES Act benefits and ERP write-off costs. Adjusted EBITDA for fiscal full-year 2021 was $8.7 million.

Bookings in the fourth quarter of fiscal 2022 were $32.9 million, compared with $29.2 million in the fourth quarter of fiscal 2021, reflecting an increase in orders for both segments. Bookings were $128.6 million in fiscal full-year 2022, compared with $113.6 million in fiscal full-year 2021.

Backlog as of January 31, 2022 was $27.8 million versus $22.5 million at the end of the fiscal 2021 fourth quarter.

Earnings Conference Call

AstroNova will discuss its fiscal fourth-quarter and full-year 2022 financial results in an investor conference call at 9:00 a.m. ET today. To participate on the conference call, please dial (888) 394-8218 (U.S. and Canada) or (773) 377-9070 (International) approximately 10 minutes prior to the start time and enter confirmation code 2097621.

You can hear a replay of the conference call from 12:00 p.m. ET Thursday, April 14, 2022 until 12:00 p.m. ET on Thursday, April 21, 2022 by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International). The confirmation code is 2097621. 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: non-GAAP net income excluding CARES Act benefits and ERP write-off costs, non-GAAP net income per diluted share excluding CARES Act benefits and ERP write-off costs, non-GAAP operating income excluding CARES Act benefits, non-GAAP gross profit excluding CARES Act benefits, non-GAAP operating expenses excluding CARES Act benefits, non-GAAP segment operating profit excluding CARES Act benefits, earnings before interest, taxes, depreciation and amortization (EBITDA), EBITDA excluding ERP write-off costs and CARES Act benefits, Adjusted EBITDA, and Adjusted EBITDA excluding ERP write-off costs and CARES Act benefits. 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 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 also are 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, 2022 and 2021.

About AstroNova

AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies since 1969, is focused on designing, manufacturing, distributing and servicing a broad range of products that acquire, store, analyze and present data in multiple formats. The Company's Product Identification segment offers a complete line-up of label and direct-to-package printing hardware and supplies, allowing customers to mark, track and enhance their products' appearance. Supported by AstroNova's customer application experts and technology leadership in printing, material science and high-speed data processing, customers benefit from an optimized, "total solution" approach. The Test & Measurement segment includes the AstroNova Aerospace business unit. This segment designs and manufactures flight deck printers, networking hardware and related accessories serving the world's aerospace and defense industries with proven advanced airborne technology solutions for the cockpit, the cabin and so much more. 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, those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021 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 Ended
January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021
Revenue

$

29,700

 

 

$

29,438

 

 

$

117,480

 

 

$

116,033

 

Cost of Revenue

 

19,949

 

 

 

18,456

 

 

 

73,741

 

 

 

74,673

 

Gross Profit

 

9,751

 

 

 

10,982

 

 

 

43,739

 

 

 

41,360

 

Total Gross Profit Margin

 

32.8

%

 

 

37.3

%

 

 

37.2

%

 

 

35.6

%

Operating Expenses:      
Selling & Marketing

 

6,247

 

 

 

6,267

 

 

 

23,177

 

 

 

23,301

 

Research & Development

 

1,549

 

 

 

1,361

 

 

 

6,753

 

 

 

6,206

 

General & Administrative

 

2,182

 

 

 

2,206

 

 

 

9,553

 

 

 

9,420

 

Total Operating Expenses

 

9,978

 

 

 

9,834

 

 

 

39,483

 

 

 

38,927

 

Operating Income

 

(227

)

 

 

1,148

 

 

 

4,256

 

 

 

2,433

 

Total Operating Margin

 

-0.8

%

 

 

3.9

%

 

 

3.6

%

 

 

2.1

%

Other Income (Expense), net:      
Gain on Extinguishment of Debt - PPP Loan

 

-

 

 

 

-

 

 

 

4,466

 

 

 

-

 

Loss on Disposal of Assets

 

-

 

 

 

-

 

 

 

(696

)

 

 

-

 

Interest Expense

 

(150

)

 

 

(255

)

 

 

(677

)

 

 

(955

)

Gain(Loss) on Foreign Currency Transactions

 

(57

)

 

 

276

 

 

 

(288

)

 

 

590

 

Other, net

 

(17

)

 

 

183

 

 

 

(27

)

 

 

111

 

 

(224

)

 

 

204

 

 

 

2,778

 

 

 

(254

)

       
Income (Loss) Before Taxes

 

(451

)

 

 

1,352

 

 

 

7,034

 

 

 

2,179

 

Income Tax Provision

 

308

 

 

 

516

 

 

 

605

 

 

 

895

 

Net Income (Loss)

$

(759

)

 

$

836

 

 

$

6,429

 

 

$

1,284

 

Net Income (Loss) per Common Share - Basic

$

(0.10

)

 

$

0.12

 

 

$

0.89

 

 

$

0.18

 

Net Income (Loss) per Common Share - Diluted

$

(0.10

)

 

$

0.12

 

 

$

0.88

 

 

$

0.18

 

       
Weighted Average Number of Common Shares - Basic

 

7,237

 

 

 

7,124

 

 

 

7,207

 

 

 

7,104

 

Weighted Average Number of Common Shares - Diluted

 

7,237

 

 

 

7,261

 

 

 

7,339

 

 

 

7,166

 

ASTRONOVA, INC.
Balance Sheet
In Thousands
(Unaudited)
   
January 31, 2022   January 31, 2021
   
ASSETS  
CURRENT ASSETS  
Cash and Cash Equivalents

$

5,276

 

 

$

11,439

 

Accounts Receivable, net

 

17,124

 

 

 

17,415

 

Inventories, net

 

34,609

 

 

 

30,060

 

Prepaid Expenses and Other Current Assets

 

6,769

 

 

 

1,807

 

Total Current Assets

 

63,778

 

 

 

60,721

 

PROPERTY, PLANT AND EQUIPMENT

 

50,821

 

 

 

50,839

 

Less Accumulated Depreciation

 

(39,380

)

 

 

(38,828

)

Property, Plant and Equipment, net

 

11,441

 

 

 

12,011

 

OTHER ASSETS  
Intangible Assets, net

 

19,200

 

 

 

21,502

 

Goodwill

 

12,156

 

 

 

12,806

 

Deferred Tax Assets

 

5,591

 

 

 

5,941

 

Right of Use Asset

 

1,094

 

 

 

1,389

 

Other Assets

 

1,695

 

 

 

1,103

 

TOTAL ASSETS

$

114,955

 

 

$

115,473

 

LIABILITIES AND SHAREHOLDERS’ EQUITY  
CURRENT LIABILITIES  
Accounts Payable

$

8,590

 

 

$

5,734

 

Accrued Compensation

 

3,512

 

 

 

2,917

 

Other Liabilities and Accrued Expenses

 

4,113

 

 

 

3,874

 

Current Portion of Royalty Obligation

 

2,000

 

 

 

2,000

 

Current Portion of Long-Term Debt

 

1,000

 

 

 

5,326

 

Current Liability – Excess Royalty Payment Due

 

235

 

 

 

177

 

Income Taxes Payable

 

323

 

 

 

655

 

Deferred Revenue

 

262

 

 

 

285

 

Total Current Liabilities

 

20,035

 

 

 

20,968

 

NON-CURRENT LIABILITIES  
Long-Term Debt, net of current portion

 

8,154

 

 

 

7,109

 

Royalty Obligation, net of current portion

 

4,361

 

 

 

6,161

 

Long-Term Debt - PPP Loan

 

-

 

 

 

4,422

 

Lease Liability, net of current portion

 

808

 

 

 

1,065

 

Other Long-Term Liabilities

 

399

 

 

 

681

 

Deferred Tax Liabilities

 

186

 

 

 

384

 

TOTAL LIABILITIES

 

33,943

 

 

 

40,790

 

SHAREHOLDERS’ EQUITY  
Common Stock

 

528

 

 

 

521

 

Additional Paid-in Capital

 

59,692

 

 

 

58,049

 

Retained Earnings

 

56,514

 

 

 

50,085

 

Treasury Stock

 

(33,974

)

 

 

(33,588

)

Accumulated Other Comprehensive Loss, net of tax

 

(1,748

)

 

 

(384

)

TOTAL SHAREHOLDERS’ EQUITY

 

81,012

 

 

 

74,683

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

114,955

 

 

$

115,473

 

 
ASTRONOVA, INC.
Revenue and Segment Operating Profit (Loss)
In Thousands
(Unaudited)
               
Revenue   Segment Operating Profit (Loss)   Revenue   Segment Operating Profit (Loss)
Three Months Ended   Three Months Ended   Twelve Months Ended   Twelve Months Ended
January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021
Product Identification

$

22,396

 

$

23,361

 

$

1,460

 

 

$

3,072

 

$

90,915

 

$

90,268

 

$

10,411

 

$

12,885

 

Test & Measurement

 

7,304

 

 

6,077

 

 

495

 

 

 

282

 

 

26,565

 

 

25,765

 

 

3,398

 

 

(1,032

)

Total

$

29,700

 

$

29,438

 

 

1,955

 

 

 

3,354

 

$

117,480

 

$

116,033

 

 

13,809

 

 

11,853

 

Corporate Expenses    

 

2,182

 

 

 

2,206

     

 

9,553

 

 

9,420

 

Operating Income    

 

(227

)

 

 

1,148

     

 

4,256

 

 

2,433

 

Other Income (Expense), net    

 

(224

)

 

 

204

     

 

2,778

 

 

(254

)

Income (Loss) Before Income Taxes    

 

(451

)

 

 

1,352

     

 

7,034

 

 

2,179

 

Income Tax Provision    

 

308

 

 

 

516

     

 

605

 

 

895

 

Net Income (Loss)    

$

(759

)

 

$

836

     

$

6,429

 

$

1,284

 

ASTRONOVA, INC.

Reconciliation of GAAP to Non-GAAP - Gross Profit
Amounts in Thousands
(Unaudited)
       
Three Months Ended   Twelve Months Ended
January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021
Gross Profit − GAAP

$

9,751

 

$

10,982

 

$

43,739

 

 

$

41,360

       
Employee Retention Credit, net

 

-

 

 

-

 

 

(1,641

)

 

 

-

       
Gross Profit − Non-GAAP

$

9,751

 

$

10,982

 

$

42,098

 

 

$

41,360

ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP - Operating Expenses
Amounts in Thousands
(Unaudited)
       
Three Months Ended   Twelve Months Ended
January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021
Operating Expenses − GAAP

$

9,978

 

$

9,834

 

$

39,483

 

$

38,927

       
Employee Retention Credit, net

 

-

 

 

-

 

 

489

 

 

-

       
Operating Expenses − Non-GAAP

$

9,978

 

$

9,834

 

$

39,972

 

$

38,927

ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP - Operating Income
Amounts in Thousands
(Unaudited)
       
Three Months Ended   Twelve Months Ended
January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021
Operating Income − GAAP

$

(227

)

 

$

1,148

 

$

4,256

 

 

$

2,433

       
Employee Retention Credit, net

 

-

 

 

 

-

 

 

(2,130

)

 

 

-

       
Operating Income − Non-GAAP

$

(227

)

 

$

1,148

 

$

2,126

 

 

$

2,433

ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP - Net Income (Loss)
Amounts in Thousands
(Unaudited)
       
Three Months Ended   Twelve Months Ended
January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021
Net Income (Loss) − GAAP

$

(759

)

 

$

836

 

$

6,429

 

 

$

1,284

       
Oracle EnterpriseOne ERP Write-off

$

-

 

 

 

-

 

$

528

 

 

 

-

       
Employee Retention Credit, net

 

-

 

 

 

-

 

 

(1,615

)

 

 

-

       
PPP Loan Forgiveness

 

-

 

 

 

-

 

 

(4,426

)

 

 

-

       
Net Income (Loss) − Non-GAAP

$

(759

)

 

$

836

 

$

916

 

 

$

1,284

 
ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP - Diluted Earnings Per Share
(Unaudited)
       
Three Months Ended   Twelve Months Ended
January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021
Diluted Earnings Per Share − GAAP

$

(0.10

)

 

$

0.12

 

$

0.88

 

 

$

0.18

       
Oracle EnterpriseOne ERP Write-off

 

-

 

 

 

-

 

 

0.07

 

 

 

-

       
Employee Retention Credit, net

 

-

 

 

 

-

 

 

(0.22

)

 

 

-

       
PPP Loan Forgiveness

 

-

 

 

 

-

 

 

(0.60

)

 

 

-

       
Diluted Earnings Per Share − Non-GAAP

$

(0.10

)

 

$

0.12

 

$

0.12

 

 

$

0.18

 
ASTRONOVA, INC.
Reconciliation of Net Income to EBITDA
Amounts in Thousands
(Unaudited)
         
Three Months Ended   Twelve Months Ended
January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021
Net Income − GAAP

$

(759

)

 

$

836

 

 

$

6,429

 

 

$

1,284

Interest Expense

 

150

 

 

 

286

 

 

 

675

 

 

 

776

Income Tax Expense (Provision)

 

308

 

 

 

(32

)

 

 

605

 

 

 

379

Depreciation/Amortization

 

926

 

 

 

1,438

 

 

 

3,996

 

 

 

4,571

EBITDA

$

625

 

 

$

2,528

 

 

$

11,705

 

 

$

7,010

Net Income - Employee Retention Credit

 

-

 

 

 

-

 

 

 

(1,615

)

 

 

-

Net Income - PPP Loan Forgiveness

 

-

 

 

 

-

 

 

 

(4,426

)

 

 

-

Net Income - Oracle EnterpriseOne ERP Write-off

 

-

 

 

 

-

 

 

 

528

 

 

-

Income Tax Expense - Employee Retention Credit

 

-

 

 

 

-

 

 

 

515

 

 

 

-

Income Tax Expense - PPP Loan Forgiveness

 

-

 

 

 

-

 

 

 

40

 

 

 

-

Income Tax Expense - Oracle EnterpriseOne ERP Write-off

 

-

 

 

-

   

 

(168

)

 

-

EBITDA

$

625

 

 

$

2,528

 

 

$

6,579

 

 

$

7,010

   
ASTRONOVA, INC.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Amounts in Thousands
(Unaudited)
           
Three Months Ended   Twelve Months Ended
January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021
Net Income (Loss) − GAAP

$

(759

)

 

$

836

 

 

$

6,429

 

 

$

1,284

Interest Expense

 

150

 

 

 

286

 

 

 

675

 

 

 

776

Income Tax (Provision) Expense

 

308

 

 

 

(32

)

 

 

605

 

 

 

379

Depreciation/Amortization

 

926

 

 

 

1,438

 

 

 

3,996

 

 

 

4,571

Share-Based Compensation

 

148

 

 

 

591

 

 

 

1,493

 

 

 

1,687

Adjusted EBITDA

$

773

 

 

$

3,119

 

 

$

13,198

 

 

$

8,697

Net Income - Employee Retention Credit

 

-

 

 

 

-

 

 

 

(1,615

)

 

 

-

Net Income - PPP Loan Forgiveness

 

-

 

 

 

-

 

 

 

(4,426

)

 

 

-

Net Income - Oracle EnterpriseOne ERP Write-off

 

-

 

 

-

   

 

528

 

 

 -

Income Tax Expense - Employee Retention Credit

 

-

 

 

 

-

 

 

 

515

 

 

 

-

Income Tax Expense - PPP Loan Forgiveness

 

-

 

 

 

-

 

 

 

40

 

 

 

-

Income Tax Expense - Oracle EnterpriseOne ERP Write-off

 

-

 

 

-

   

 

(168

)

 

 -

Adjusted EBITDA

$

773

 

 

$

3,119

 

 

$

8,072

 

 

$

8,697

 
ASTRONOVA, INC.
Reconciliation of Segment GAAP to Non-GAAP Operating Profit (Loss)
Amounts in Thousands
(Unaudited)
                         
Three Months Ended   Twelve Months Ended
January 31, 2022   January 31, 2021   January 31, 2022   January 31, 2021
Product Identification   Test & Measurement   Total   Product Identification   Test & Measurement   Total   Product Identification   Test & Measurement   Total   Product Identification   Test & Measurement     Total
Segment Operating Profit (Loss) - GAAP

$

1,460

 

$

495

 

$

1,955

 

$

3,072

 

$

282

 

$

3,354

 

$

10,411

 

 

$

3,398

 

 

$

13,809

 

 

$

12,885

 

$

(1,032

)

   

$

11,853

                         
Employee Retention Credit, net

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(1,430

)

 

 

(802

)

 

 

(2,232

)

 

 

-

 

 

-

 

   

 

-

                         
Segment Operating Profit - Non-GAAP

$

1,460

 

$

495

 

$

1,955

 

$

3,072

 

$

282

 

$

3,354

 

$

8,982

 

 

$

2,596

 

 

$

11,578

 

 

$

12,885

 

$

(1,032

)

   

$

11,853

 

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