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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): September 6, 2023

ASTRONOVA, INC.

(Exact name of registrant as specified in its charter)


Rhode Island
0-13200
05-0318215

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

 


600 East Greenwich Avenue
West Warwick, RI 02893
(Address of principal executive offices) (Zip Code)

(401) 828-4000

Registrant’s telephone number, including area code

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

 

Trading

Symbol(s)

 

Name of Each Exchange

on which Registered

Common Stock, $0.05 Par Value
  ALOT
  NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 2.02         Results of Operations and Financial Condition.
 
On September 6, 2023, we issued a press release reporting the financial results for our fiscal second quarter ended July 29, 2023.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
The information contained in Item 2.02 of this report and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
 
Item 9.01         Financial Statement and Exhibits.
 
(d)            Exhibits

Exhibit No.
Exhibit
 
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)

2
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
ASTRONOVA, INC.
 
 
Dated:  September 6, 2023
By:
/s/  David S. Smith
 
 
David S. Smith
 
 
Vice President, Chief Financial Officer and Treasurer



3
EX-99.1 2 a53549647ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

AstroNova Announces Fiscal Second-Quarter 2024 Financial Results

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

WEST WARWICK, R.I.--(BUSINESS WIRE)--September 6, 2023--AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today announced financial results for the second quarter ended July 29, 2023.

Summary

  • Second-quarter revenue of $35.5 million, up 10% YoY, driven by Astro Machine acquisition and continued momentum in aerospace industry
  • Second-quarter GAAP results included pre-tax strategic restructuring charges and related expenses totaling $3.5 million
  • Second-quarter GAAP net loss per share was $0.22; non-GAAP diluted earnings per share, which excludes the impact of restructuring charges and retrofit costs, was $0.15

Q2 2024 Financial Highlights

 

 

GAAP

 

Non-GAAP (excluding impact of
restructuring and related expenses)

(in thousands, except per share data)

Q2 FY
2024

Q2 FY
2023

YoY

 

Q2 FY
2024

Q2 FY
2023

YoY

 

 

 

 

 

 

 

 

Revenue

$35,524

$32,259

10%

 

$35,524

$32,259

10%

Gross Profit

9,710

11,382

(15%)

 

12,658

11,382

11%

Gross Margin

27.3%

35.3%

(8.0 pts.)

 

35.6%

35.3%

0.3 pts.

Operating Expenses

10,908

10,147

7%

 

10,353

10,147

2%

Operating Income (Loss)

(1,198)

1,235

n/m*

 

2,305

1,235

87%

Operating Margin

(3.4%)

3.8%

n/m*

 

6.5%

3.8%

2.7 pts.

Net Income (Loss)

($1,617)

584

n/m*

 

$1,089

$584

86%

Net Income (Loss) per Common Share

($0.22)

$0.08

n/m*


$0.15

$0.08

83%

*Not meaningful
See reconciliations between GAAP and non-GAAP measures provided below.


CEO Commentary

“Our second-quarter financial results reflected the strategic realignment of our Product Identification segment, an initiative that allows us to further capitalize on the synergies of our 2022 acquisition of Astro Machine,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “The strategic realignment enables us to concentrate the segment's resources on the highest-return opportunities by consolidating our PI product line and moving more PI manufacturing from Asia and West Warwick to our Astro Machine plant in Illinois. Although the realignment had a negative effect on our GAAP performance in the second quarter, we believe that it puts us in a position to achieve an anticipated annualized cost savings of $2.4 million, benefitting our results in the quarters to come.

“Aside from the restructuring impact, we continued to make operating efficiency improvements in Q2 and we posted double-digit top-line growth highlighted by Astro Machine and ongoing momentum in the aerospace market,” Woods said. “Additionally, we have accelerated our new product development program and, this quarter, we will introduce four new innovative PI products for labeling applications as well as direct-to-package overprinting and high-speed mailing and addressing. These and other new products are among the solutions we will showcase in the coming weeks at major industry events including PACK EXPO in Las Vegas, Labelexpo Europe in Brussels, and PRINTING United Expo in Atlanta.

“In our Test & Measurement segment, robust airline passenger traffic and increased aircraft deliveries are creating stronger demand trends for our aerospace printers, supplies, and services. We continue to focus on upgrading and transitioning aerospace customers to our more advanced and feature-rich ToughWriter family of printers, which will help us achieve greater economies of scale as we move forward,” Woods concluded.

Second-Quarter Fiscal 2024 Financial Summary

Total revenue for the second quarter of fiscal 2024 was $35.5 million, up 10.1% from the year-earlier period. The growth reflected higher revenue in the Product Identification segment as a result of the acquisition of Astro Machine, as well as an increase in Test & Measurement segment revenue associated with continued strength in the aerospace market.

Hardware revenue was $11.3 million, a 30.5% increase from the prior-year period. Supplies revenue was $19.7 million, 2.8% higher than the same period in fiscal 2023. Revenue from Service/Other was $4.6 million, up 2.2% from the comparable period last year.

Gross profit under generally accepted accounting principles (GAAP) for the second quarter of fiscal 2024 was $9.7 million, or 27.3% of revenue, compared with gross profit of $11.4 million, or 35.3% of revenue, in the year-earlier period. In the 2024 period, gross profit included $2.1 million in charges related to the restructuring of the Company’s Product Identification segment and $852,000 in costs associated with an ongoing program to retrofit certain printers affected by quality and reliability issues from one of the Company’s suppliers. Excluding those charges, gross profit on a non-GAAP basis for the second quarter of fiscal 2024 was $12.7 million, or 35.6% of revenue.

GAAP operating expenses in the second quarter of fiscal 2024 totaled $10.9 million, an increase of 7.5% from the same period last year. In the 2024 period, operating expenses included $555,000 in restructuring charges. Excluding those charges, operating expenses on a non-GAAP basis were $10.4 million.

The Company reported a GAAP operating loss of $1.2 million for the second quarter of fiscal 2024 versus operating income of $1.2 million a year earlier. Excluding the restructuring charges and retrofit costs in the 2024 period, non-GAAP operating income was $2.3 million.


GAAP net loss for the second quarter of fiscal 2024 was $1.6 million, or $0.22 per share, compared with net income of $584,000, or $0.08 per diluted share, for the comparable period of fiscal 2023. The net loss for the 2024 period included $2.0 million in after-tax restructuring charges and $658,000 in after-tax costs related to the retrofit program. Net income on a non-GAAP basis was $1.1 million, or $0.15 per diluted share.

Adjusted EBITDA, which the Company defines as earnings before interest, taxes, depreciation, amortization and share-based compensation, was $154,000 in the second quarter of fiscal 2024, compared with $2.2 million in the same period of fiscal 2023. Further adjusted to exclude restructuring charges and retrofit costs, Adjusted EBITDA would have increased nearly 70% year-over-year to $3.7 million in the second quarter of fiscal 2024.

Bookings for the second quarter of fiscal 2024 decreased 13.7% to $30.1 million from $34.8 million in the second quarter of fiscal 2023.

Backlog as of July 29, 2023 increased 4.6% to $33.3 million from $31.8 million as of July 30, 2022.

Second-Quarter Fiscal 2024 Operating Segment Results

Product Identification

Product Identification segment revenue was $25.8 million in the second quarter of fiscal 2024, compared with $23.4 million in the fiscal 2023 second quarter, driven by the acquisition of Astro Machine. Segment operating loss impacted by the restructuring was $461,000, or (1.8%) of revenue, compared with segment operating profit of $1.6 million, or 7.0% of revenue, a year earlier. Excluding the restructuring and retrofit costs in the 2024 period, non-GAAP operating profit was $3.0 million, or 8.3% of revenue.

Test & Measurement

Test & Measurement segment revenue increased to $9.7 million in the second quarter of fiscal 2024 from $8.9 million in the second quarter of fiscal 2023. Segment operating profit was $1.9 million, or 19.7% of revenue, compared with segment operating profit of $2.2 million, or 24.4% of revenue, a year earlier.

Earnings Conference Call

AstroNova will discuss its second-quarter fiscal 2024 financial results in an investor conference call at 9:00 a.m. ET today. To participate on the conference call, please dial (833) 470-1428 (U.S. and Canada) or (929) 526-1599 (International) approximately 10 minutes prior to the start time and enter access code 159098. 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 gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per diluted share, 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 tables included in this news release for a reconciliation of GAAP measures to the most directly comparable non-GAAP measures for the three and six months ended July 29, 2023 and July 30, 2022.


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 successfully execute or achieve the expected benefits of our restructuring plan for our Product Identification segment, (ii) the risk that we may not be able to realize the expected synergies from our acquisition of Astro Machine, (iii) the risk that apparent improvements in the Aerospace and Defense sectors may not continue and (iv) 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 (Loss)
In Thousands Except for Per Share Data
(Unaudited)







 

Three Months Ended Six Months Ended

July 29, 2023
July 30, 2022
July 29, 2023
July 30, 2022
Net Revenue $

35,524


$

32,259


$

70,943


$

63,269

Cost of Revenue

 

25,814


 

20,877


 

48,847


 

41,158

Gross Profit

 

9,710


 

11,382


 

22,096


 

22,111

Total Gross Profit Margin

 

27.3%


 

35.3%


 

31.1%


 

34.9%

Operating Expenses:






Selling & Marketing

 

6,697


 

5,981


 

12,707


 

11,863

Research & Development

 

1,557


 

1,595


 

3,345


 

3,118

General & Administrative

 

2,654


 

2,571


 

5,780


 

5,131

Total Operating Expenses

 

10,908


 

10,147


 

21,832


 

20,112

Operating Income (Loss)

 

(1,198)


 

1,235


 

264


 

1,999

Total Operating Margin

 

-3.4%


 

3.8%


 

0.4%


 

3.2%

Other Expense, net

 

809


 

431


 

1,244


 

710

Income (Loss) Before Taxes

 

(2,007)


 

804


 

(980)


 

1,289

Income Tax Provision (Benefit)

 

(390)


 

220


 

(211)


 

280

Net Income (Loss)

$

(1,617)


$

584


$

(769)


$

1,009

Net Income (Loss) per Common Share - Basic

$

(0.22)


$

0.08


$

(0.10)


$

0.14

Net Income (Loss) per Common Share - Diluted

$

(0.22)


$

0.08


$

(0.10)


$

0.14








 
Weighted Average Number of Common Shares - Basic

 

7,420


 

7,310


 

7,396


 

7,287

Weighted Average Number of Common Shares - Diluted

 

7,420


 

7,348


 

7,396


 

7,355












 


ASTRONOVA, INC.
Consolidated Balance Sheets
In Thousands
(Unaudited)



 

July 29, 2023
January 31, 2023
ASSETS


CURRENT ASSETS


Cash and Cash Equivalents

$

4,530


$

3,946

Accounts Receivable, net

 

18,005


 

21,598

Inventories, net

 

49,081


 

51,324

Prepaid Expenses and Other Current Assets

 

2,914


 

2,894

Total Current Assets

 

74,530


 

79,762

PROPERTY, PLANT AND EQUIPMENT

 

55,934


 

55,394

Less Accumulated Depreciation

 

(42,043)


 

(41,106)

Property, Plant and Equipment, net

 

13,891


 

14,288

OTHER ASSETS


Intangible Assets, net

 

20,033


 

21,232

Goodwill

 

14,760


 

14,658

Deferred Tax Assets

 

6,909


 

6,907

Right of Use Asset

 

735


 

794

Other Assets

 

1,692


 

1,566

TOTAL ASSETS

$

132,550


$

139,207

LIABILITIES AND SHAREHOLDERS’ EQUITY


CURRENT LIABILITIES


Accounts Payable

$

5,356


$

8,479

Accrued Compensation

 

2,668


 

2,750

Other Liabilities and Accrued Expenses

 

4,753


 

3,308

Revolving Line of Credit

 

13,900


 

15,900

Current Portion of Long-Term Debt

 

2,700


 

2,100

Current Portion of Royalty Obligation

 

1,600


 

1,725

Current Liability – Excess Royalty Payment Due

 

613


 

562

Income Taxes Payable

 

-


 

786

Deferred Revenue

 

1,858


 

1,888

Total Current Liabilities

 

33,448


 

37,498

NON-CURRENT LIABILITIES


Long-Term Debt, net of current portion

 

10,709


 

12,040

Royalty Obligation, net of current portion

 

2,789


 

3,415

Lease Liability, net of current portion

 

530


 

555

Income Taxes Payable

 

491


 

491

Deferred Revenue

 

-


 

674

Deferred Tax Liabilities

 

182


 

167

TOTAL LIABILITIES

 

48,149


 

54,840

SHAREHOLDERS’ EQUITY


Common Stock

 

540


 

534

Additional Paid-in Capital

 

62,004


 

61,131

Retained Earnings

 

58,406


 

59,175

Treasury Stock

 

(34,585)


 

(34,235)

Accumulated Other Comprehensive Loss, net of tax

 

(1,964)


 

(2,238)

TOTAL SHAREHOLDERS’ EQUITY

 

84,401


 

84,367

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

132,550


$

139,207




 

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
Six Months Ended Six Months Ended

July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022
July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022
Product Identification

$

25,777

$

23,382

$

(461)

$

1,644


$

50,872

$

45,106

$

2,055

$

3,058

Test & Measurement

 

9,747

 

8,877

 

1,917

 

2,162


 

20,071

 

18,163

 

3,989

 

4,072

Total

$

35,524

$

32,259

 

1,456

 

3,806


$

70,943

$

63,269

 

6,044

 

7,130

Corporate Expenses

 

2,654

 

2,571




 

5,780

 

5,131

Operating Income

 

(1,198)

 

1,235




 

264

 

1,999

Other Income (Expense), net

 

(809)

 

(431)




 

(1,244)

 

(710)

Income (Loss) Before Income Taxes

 

(2,007)

 

804




 

(980)

 

1,289

Income Tax Provision (Benefit)

 

(390)

 

220




 

(211)

 

280

Net Income (Loss)

$

(1,617)

$

584




$

(769)

$

1,009










 


ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Results
In Thousands Except for Per Share Data
(Unaudited)







 



Three Months Ended
Six Months Ended



July 29, 2023 July 30, 2022
July 29, 2023 July 30, 2022







 

GAAP Revenues

$

35,524

$

32,259


$

70,943

$

63,269


Non-GAAP Revenues

$

35,524

$

32,259


$

70,943

$

63,269








 

GAAP Cost of Revenues

$

25,814

$

20,877


$

48,847

$

41,158



Restructuring Charges

 

2,096

 

-


 

2,096

 

-



Product Retrofit Costs

 

852

 

-


 

852

 

-


Non-GAAP Cost of Revenues

$

22,866

$

20,877


$

45,899

$

41,158








 

GAAP Gross Profit

$

9,710

$

11,382


$

22,096

$

22,111



Gross Profit Adjustments

 

2,948

 

-


 

2,948

 

-


Non-GAAP Gross Profit

$

12,658

$

11,382


$

25,044

$

22,111








 

GAAP Operating Expenses

$

10,908

$

10,147


$

21,832

$

20,112



Restructuring Charges

 

555

 

-


 

555

 

-


Non-GAAP Operating Expenses

$

10,353

$

10,147


$

21,277

$

20,112








 

GAAP Operating Income/(Loss)

$

(1,198)

$

1,235


$

264

$

1,999



Restructuring Charges

 

2,651

 

-


 

2,651

 

-



Product Retrofit Costs

852


-



852


 -


Non-GAAP Operating Income/(Loss)

$

2,305

$

1,235


$

3,767

$

1,999








 

GAAP Other Income/(Expense)

$

(809)

$

(431)


$

(1,244)

$

(710)


Non-GAAP Other Income/(Expense)

$

(809)

$

(431)


$

(1,244)

$

(710)








 

GAAP Income Tax Expense/(Benefit)

$

(390)

$

220


$

(211)

$

280



Tax Adjustments of Non-GAAP Adjustments

 

(797)

 

-


 

(797)

-


Non-GAAP Income Tax Expense/(Benefit)

$

407

$

220


$

586

$

280








 

GAAP Net Income/(Expense)

$

(1,617)

$

584


$

(769)

$

1,009



Restructuring Charges

 

(2,048)

 

-


 

(2,048)

 

-



Product Retrofit Costs

 

(658)

 

-


 

(658)

 

-


Non-GAAP Net Income/(Expense)

$

1,089

$

584


$

1,937

$

1,009








 

GAAP Diluted Earnings/(Loss) Per Share

$

(0.22)

$

0.08


$

(0.10)

$

0.14



Restructuring Charges

 

(0.28)

 

-


 

(0.28)

 

-



Product Retrofit Costs

 

(0.09)

 

-


 

(0.09)

 

-


Non-GAAP Diluted Earnings/(Loss) Per Share

$

0.15

$

0.08


$

0.27

$

0.14








 

 

 ASTRONOVA, INC.

Reconciliation of Net Income to EBITDA
Amounts In Thousands
(Unaudited)






 


Three Months Ended
Six Months Ended


July 29, 2023 July 30, 2022
July 29, 2023 July 30, 2022






 

GAAP Net Income/(Loss)

$

(1,617)

$

584


$

(769)

$

1,009


Interest Expense

 

674

 

210


 

1,289

 

385


Income Tax Expense/(Benefit)

 

(390)

 

220


 

(211)

 

280


Depreciation/Amortization

 

1,089

 

908


 

2,144

 

1,820


EBITDA

$

(244)

$

1,922


$

2,453

$

3,494


Restructuring Charges

 

2,048

 

-


 

2,048

 

-


Product Retrofit Costs

 

658

 

-


 

658

 

-


Income Tax Expense/(Benefit) - Restructuring Charges

 

603

 

-


 

603

 

-


Income Tax Expense/(Benefit) - Product Retrofit Costs

 

194

 

-


 

194

 

-


EBITDA Less Restructuring & Retrofit Items

$

3,259

$

1,922


$

5,956

$

3,494







 






 
ASTRONOVA, INC.
Reconciliation of Net Income to Adjusted EBITDA
Amounts In Thousands
(Unaudited)






 


Three Months Ended
Six Months Ended


July 29, 2023 July 30, 2022
July 29, 2023 July 30, 2022






 

GAAP Net Income/(Loss)

$

(1,617)

$

584


$

(769)

$

1,009


Interest Expense

 

674

 

210


 

1,289

 

385


Income Tax Expense/(Benefit)

 

(390)

 

220


 

(211)

 

280


Depreciation/Amortization

 

1,089

 

908


 

2,144

 

1,820


Share-Based Compensation

 

398

 

235


 

754

 

572


Adjusted EBITDA

$

154

$

2,157


$

3,207

$

4,066


Restructuring Charges

 

2,048

 

-


 

2,048

 

-


Product Retrofit Costs

 

658

 

-


 

658

 

-


Income Tax Expense/(Benefit) - Restructuring Charges

 

603

 

-


 

603

 

-


Income Tax Expense/(Benefit) - Product Retrofit Costs

 

194

 

-


 

194

 

-


Adjusted EBITDA Less Restructuring & Retrofit Items

$

3,657

$

2,157


$

6,710

$

4,066







 


ASTRONOVA, INC.
Reconciliation of Segment GAAP to Non-GAAP Operating Profit
Amounts In Thousands
(Unaudited)


















 



Three Months Ended
Six Months Ended



July 29, 2023
July 30, 2022
July 29, 2023
July 30, 2022



Product
Identification
Test
& Measurement
Total
Product
Identification
Test
& Measurement
Total
Product
Identification
Test
& Measurement
Total
Product
Identification
Test
& Measurement
Total


















 

GAAP - Segment Operating Profit/(Loss)

$

(461)

$

1,917

$

1,456


$

1,644

$

2,162

$

3,806


$

2,055

$

3,989

$

6,044


$

3,058

$

4,072

$

7,130




















 

Restructuring Charges

 

2,568

 

-

 

2,568


 

-

 

-

 

-


 

2,568

 

-

 

2,568


 

-

 

-

 

-




















 

Product Retrofit Costs

 

852

 

-

 

852


 

-

 

-

 

-


 

852

 

-

 

852


 

-

 

-

 

-




















 

Non-GAAP - Segment Operating Profit/(Loss)

$

2,959

$

1,917

$

4,876


$

1,644

$

2,162

$

3,806


$

5,475

$

3,989

$

9,464


$

3,058

$

4,072

$

7,130




















 

 

Contacts

Scott Solomon
Senior Vice President
Sharon Merrill Associates, Inc.
(857) 383-2409
ALOT@investorrelations.com