Schedule 8-K Earnings
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)
MAY 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 May 20, 2003
ITEM 9. REGULATION FD DISCLOSURE AND ITEM 12. RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
In accordance with Securities and Exchange Commission Release No. 33-8126,
the following information, which is intended to be furnished under Item 12,
"Results of Operations and Financial Condition", is instead being furnished
under Item 9, "Regulation FD Disclosure." 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.
On May 20, 2003, Astro-Med, Inc. issued a press release in which it
disclosed unaudited financial information related to first quarter consolidated
earnings. A copy of the press release relating to such announcement, dated May
20, 2003, is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
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: May 20, 2003 ASTRO-MED, INC.
/s/ Joseph P. O'Connell
By: 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 May 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 Sales and Profit for the First Quarter;
Directors Declare Regular Cash Dividend
For Immediate Release
Contact: Albert W. Ondis
Joseph P. O'Connell May 20, 2003
Astro-Med, Inc.
(401) 828-4000
West Warwick, RI -- Astro-Med, Inc. (NASDAQ:ALOT) Astro-Med reports net
income of $506,000, equal to 12 cents per share, on sales of $13,214,000 for the
First Quarter ending May 3, 2003. During the corresponding period of the
previous year, the company reported a net loss of $632,000, equal to 15 cents
per share, on sales of $11,438,000.
Commenting on the results, Mr. Albert W. Ondis, Chief Executive Officer,
stated: "We are very pleased with the Company's sales and profit results for the
First Quarter of Fiscal 2004. Incoming new orders, including the recently
announced Airbus order, reached a record $15 million in the quarter. This all
time high bodes well for the future, and is a further sign that our new products
are being well received in the marketplace.
"Gross profit margins rose notably in the First Quarter and, in concert
with the Company's controlled cost structure, generated an operating profit
margin of 3.8%. In addition, our working capital management program continued to
yield positive results, as operating cash flow reached $783,000 for the quarter.
We will continue to focus on our strategy of sales growth through aggressive new
product development and introduction, improved profitability and positive cash
flow."
On May 13, 2003, Directors of Astro-Med declared the regular quarterly cash
dividend of four cents per share payable on July 1, 2003 to shareholders of
record on June 13, 2003.
The First Quarter conference call will be held on Wednesday, May 21, 2003
at 11:00 AM EDT. It will be broadcast in real time on the Internet through our
website at www.astro-med.com. We invite you to log on and listen in on May 21st,
or access the broadcast any time for up to 30 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.
First Quarter
May 3, 2003 May 4, 2002
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Net Sales $13,214,000 $11,438,000
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Net Income (Loss) $ 506,000 $ (632,000)
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Basic and Diluted Net Income (Loss) Per Share $0.12 $(0.15)
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Dividends Per Share $0.04 $0.04
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Weighted Average Common Shares
Outstanding - Basic 4,252,800 4,267,400
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Weighted Average Common Shares
Outstanding - Diluted 4,255,900 4,267,400
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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.