Press release

AstroNova Reports Fiscal 2025 Second Quarter Financial Results

0
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AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today announced financial results for its fiscal 2025 second quarter ended August 3, 2024.

CEO Commentary

“We demonstrated the resilience of our Product Identification (PI) and Test & Measurement (T&M) segments during a second quarter in which we began shipping a previously delayed order and benefited from the resolution of supply chain shortages,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “In PI, total revenue increased more than 5% year-over-year and more than 17% sequentially, driven primarily by organic growth. T&M revenue grew 37% sequentially and year-over-year, reflecting continued momentum from our Aerospace product line.

“During the quarter we began the process of integrating our May acquisition of MTEX NS. Because MTEX was an entrepreneurial, private company, the integration got off to a slow start in the quarter, generating revenue of only $0.8 million and an operating loss of $1.4 million. We expect it to take through the remainder of fiscal 2025 to transition MTEX’s systems, processes and business tools to those of the AstroNova Operating System,” Woods said. “We remain excited about MTEX’s core strengths, including its engineering and manufacturing capabilities and especially its game-changing ink and printhead technologies. In the coming months we will be devoting additional resources to integrating that technology into more of our Product Identification products. Buoyed by several large tradeshows since the acquisition, MTEX has built a strong product backlog that we expect to begin shipping in the third and fourth quarters, which will enable the business to meet our target revenue contribution of $8 million to $10 million for full-year fiscal 2025.”

Business Outlook

“Looking ahead, we are optimistic about our growth prospects,” Woods continued. “We are well-positioned to continue driving organic growth, supported by our commitment to delivering innovative, high-margin products while maintaining strong cost controls. We anticipate achieving our fiscal year targets for revenue growth. As a result of the MTEX integration, we have reduced our consolidated FY 2025 Adjusted EBITDA margin estimate to a range of 9% to 10% and expect to be within the range of 13% to 14% in fiscal 2026.”

Q2 FY 2025 Financial Results

 

GAAP

 

Non-GAAP

($ in thousands except per share data)

Q2 FY25

Q2 FY24

YoY

 

Q2 FY25

Q2 FY24

YoY

 

Revenue

$40,539

$35,524

14.1%

 

 

 

 

Gross Profit

$14,326

$9,710

47.5%

 

$14,446

$12,659

14.1%

Gross Margin

35.3%

27.3%

800 pts

 

35.6%

35.6%

Operating Margin

2.6%

(3.4%)

600 pts

 

5.5%

6.5%

(100 pts)

Net (Loss) Income

$(311)

$(1,617)

 

$572

$1,089

(47.5%)

Net (Loss) Income Per Common Share

$(0.04)

$(0.22)

 

$0.08

$0.15

(46.7%)

See reconciliation tables GAAP to Non-GAAP reconciliations.

Adjusted EBITDA was $3.9 million for the second quarter of fiscal 2025, compared with $3.7 million in the comparable period of fiscal 2024. Adjusted EBITDA for the fiscal 2025 period excludes the impact of $1.7 million in costs related to stock-based compensation, CFO transition and MTEX acquisition-related expenses. Adjusted EBITDA for the fiscal 2024 period excludes the impact of stock-based compensation, retrofit and restructuring costs of $3.9 million.

Bookings for the second quarter of fiscal 2025 were $35.8 million compared with $30.1 million in the second quarter of fiscal 2024. Bookings were primarily higher in the Test and Measurement segment.

Backlog as of August 3, 2024, was $29.9 million, compared with $31.6 million at the end of the first quarter of fiscal 2025, as some shipments delayed in the first quarter were shipped in the second quarter.

Q2 FY 2025 Operating Segment Results

Product Identification

PI segment revenue was $27.2 million in the second quarter of fiscal 2025, compared with $25.8 million in the second quarter of 2024, reflecting organic growth and the addition of MTEX NS. Segment operating profit was $2.3 million, or 8.6% of revenue, compared with a segment operating loss of $461,000, or (1.8%) of revenue, in the same period last year. Excluding the results of MTEX in fiscal 2025 and certain expenses in both periods (see reconciliation tables below for GAAP reconciliation), non-GAAP operating profit was $3.6 million, or 13.7% of revenue in the fiscal 2025 period, compared with non-GAAP operating profit of $3.0 million, or 11.5% of revenue, in the same period of fiscal 2024.

Test & Measurement

Test & Measurement (T&M) segment revenue was $13.4 million in the second quarter of fiscal 2025, compared with $9.7 million in the same period of fiscal 2024, representing a 37.2% increase. Segment operating profit was $3.8 million, or 28.7% of revenue, in the second quarter of fiscal 2025 compared with $1.9 million, or 19.7% of revenue, in the second quarter of fiscal 2024. This improvement reflected higher revenue and $1.3 million in revenue and $1.0 million in operating profit related to non-recurring items.

Earnings Conference Call Information

AstroNova will discuss its fiscal 2025 second quarter financial results in an investor conference call at 9:30 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 381674. 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 income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income (loss) per common 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 table included in this news release for a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures for the three months ended August 3, 2024, and July 29, 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 MTEX NS, (ii) the risk that apparent improvements in the Aerospace sector may not continue, (iii) the risk that supply chain issues may persist longer than we expect, (iv) the risk that we may not be able to incorporate customer-requested design enhancements into our products on the timeframe that we expect or at all, (v) the risk that we may not be able to ship delayed hardware items on the timeline we expect or at all, and (vi) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024 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

August 3,

2024

July 29,

2023

Net Revenue

$

40,539

 

$

35,524

 

Cost of Revenue

 

26,213

 

 

25,814

 

Gross Profit

 

14,326

 

 

9,710

 

Total Gross Profit Margin

 

35.3

%

 

27.3

%

Operating Expenses:
Selling & Marketing

 

6,732

 

 

6,697

 

Research & Development

 

1,412

 

 

1,557

 

General & Administrative

 

5,121

 

 

2,654

 

Total Operating Expenses

 

13,265

 

 

10,908

 

Operating Income (Loss)

 

1,061

 

 

(1,198

)

Total Operating Margin

 

2.6

%

 

(3.4

)%

Other Expense, net

 

1,111

 

 

809

 

Income (Loss) Before Taxes

 

(50

)

 

(2,007

)

Income Tax Provision (Benefit)

 

261

 

 

(390

)

Net Income (Loss)

$

(311

)

$

(1,617

)

Net Income (Loss) per Common Share – Basic

$

(0.04

)

$

(0.22

)

Net Income (Loss) per Common Share – Diluted

$

(0.04

)

$

(0.22

)

 
Weighted Average Number of Common Shares – Basic

 

7,516

 

 

7,420

 

Weighted Average Number of Common Shares – Diluted

 

7,516

 

 

7,420

 

 
 

Six Months Ended

August 3,

2024

July 29,

2023

Net Revenue

$

73,500

 

$

70,943

 

Cost of Revenue

 

47,202

 

 

48,847

 

Gross Profit

 

26,298

 

 

22,096

 

Total Gross Profit Margin

 

35.8

%

 

31.1

%

Operating Expenses:
Selling & Marketing

 

12,388

 

 

12,707

 

Research & Development

 

3,015

 

 

3,345

 

General & Administrative

 

8,488

 

 

5,780

 

Total Operating Expenses

 

23,891

 

 

21,832

 

Operating Income

 

2,407

 

 

264

 

Total Operating Margin

 

3.3

%

 

0.4

%

Other Expense, net

 

1,711

 

 

1,244

 

Income (Loss) Before Taxes

 

696

 

 

(980

)

Income Tax Provision (Benefit)

 

(173

)

 

(211

)

Net Income (Loss)

$

869

 

$

(769

)

Net Income (Loss) per Common Share – Basic

$

0.12

 

$

(0.10

)

Net Income (Loss) per Common Share – Diluted

$

0.11

 

$

(0.10

)

 
Weighted Average Number of Common Shares – Basic

 

7,489

 

 

7,396

 

Weighted Average Number of Common Shares – Diluted

 

7,617

 

 

7,396

 

 

ASTRONOVA, INC.

Consolidated Balance Sheets

In Thousands

(Unaudited)

 

August 3,

2024

January 31,

2024

ASSETS
CURRENT ASSETS
Cash and Cash Equivalents

$

4,824

 

$

4,527

 

Accounts Receivable, net

 

23,450

 

 

23,056

 

Inventories, net

 

50,569

 

 

46,371

 

Prepaid Expenses and Other Current Assets

 

4,218

 

 

2,720

 

Total Current Assets

 

83,061

 

 

76,674

 

PROPERTY, PLANT AND EQUIPMENT

 

69,215

 

 

57,046

 

Less Accumulated Depreciation

 

(50,465

)

 

(42,861

)

Property, Plant and Equipment, net

 

18,750

 

 

14,185

 

OTHER ASSETS
Intangible Assets, net

 

27,314

 

 

18,836

 

Goodwill

 

25,368

 

 

14,633

 

Deferred Tax Assets

 

10,854

 

 

6,882

 

Right of Use Asset

 

1,920

 

 

603

 

Other Assets

 

1,750

 

 

1,438

 

TOTAL ASSETS

$

169,017

 

$

133,251

 

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable

$

10,456

 

$

8,068

 

Accrued Compensation

 

3,577

 

 

2,923

 

Other Liabilities and Accrued Expenses

 

4,369

 

 

2,706

 

Revolving Line of Credit

 

13,354

 

 

8,900

 

Current Portion of Long-Term Debt

 

6,513

 

 

2,842

 

Short-Term Debt

 

3,092

 

 

 

Current Portion of Royalty Obligation

 

1,575

 

 

1,700

 

Current Liability – Excess Royalty Payment Due

 

798

 

 

935

 

Income Taxes Payable

 

 

 

349

 

Deferred Revenue

 

785

 

 

1,338

 

Total Current Liabilities

 

44,519

 

 

29,761

 

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

 

22,675

 

 

10,050

 

Royalty Obligation, net of current portion

 

1,663

 

 

2,093

 

Lease Liability, net of current portion

 

1,633

 

 

415

 

Grant Deferred Revenue

 

1,476

 

 

 

Contingent Liability Earn Out

 

1,629

 

 

 

Income Tax Payables

 

551

 

 

551

 

Deferred Tax Liabilities

 

3,121

 

 

99

 

TOTAL LIABILITIES

 

77,267

 

 

42,969

 

SHAREHOLDERS’ EQUITY
Common Stock

 

546

 

 

541

 

Additional Paid-in Capital

 

63,563

 

 

62,684

 

Retained Earnings

 

64,739

 

 

63,869

 

Treasury Stock

 

(35,025

)

 

(34,593

)

Accumulated Other Comprehensive Loss, net of tax

 

(2,073

)

 

(2,219

)

TOTAL SHAREHOLDERS’ EQUITY

 

91,750

 

 

90,282

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

169,017

 

$

133,251

 

 

ASTRONOVA, INC.

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

Six Months Ended

August 3, 2024

July 29, 2023

Cash Flows from Operating Activities:
Net Income (Loss)

$

869

 

$

(769

)

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization

 

2,216

 

 

2,144

 

Amortization of Debt Issuance Costs

 

14

 

 

11

 

Share-Based Compensation

 

806

 

 

754

 

Restructuring – non-cash

 

 

 

2,040

 

Changes in Assets and Liabilities, net of impact of acquisition:
Accounts Receivable

 

3,612

 

 

3,612

 

Inventories

 

(384

)

 

283

 

Income Taxes

 

(721

)

 

(1,461

)

Accounts Payable and Accrued Expenses

 

2,409

 

 

(2,267

)

Deferred Revenue

 

(619

)

 

 

Other

 

(1,136

)

 

371

 

Net Cash Provided by Operating Activities

 

7,066

 

 

4,718

 

 
Cash Flows from Investing Activities:
Purchases of Property, Plant and Equipment

 

(830

)

 

(494

)

Cash Paid for MTEX Acquisition, net of cash acquired

 

(20,729

)

 

 

Net Cash Provided (Used) for Investing Activities

 

(21,559

)

 

(494

)

 
Cash Flows from Financing Activities:
Net Cash Proceeds from Employee Stock Option Plans

 

13

 

 

71

 

Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan

 

65

 

 

54

 

Net Cash Used for Payment of Taxes Related to Vested Restricted Stock

 

(432

)

 

(350

)

Borrowings under Revolving Credit Facility

 

3,912

 

 

 

Repayment under Revolving Credit Facility

 

 

 

(2,000

)

Proceeds from Long-Term Debt Borrowings

 

15,078

 

 

 

Payment of Minimum Guarantee Royalty Obligation

 

(750

)

 

(875

)

Principal Payments of Long-Term Debt

 

(3,274

)

 

(750

)

Payments of Debt Issuance Costs

 

(35

)

 

 

Net Cash Provided (Used) for Financing Activities

 

14,577

 

 

(3,850

)

 
Effect of Exchange Rate Changes on Cash and Cash Equivalents

 

213

 

 

210

 

Net Increase in Cash and Cash Equivalents

 

297

 

 

584

 

Cash and Cash Equivalents, Beginning of Period

 

4,527

 

 

3,946

 

Cash and Cash Equivalents, End of Period

$

4,824

 

$

4,530

 

 
Supplemental Disclosures of Cash Flow Information:
Cash Paid During the Period for:
Cash Paid During the Period for Interest

$

1,008

 

$

1,184

 

Cash Paid During the Period for Income Taxes, net of refunds

$

540

 

$

1,264

 

Non-Cash Transactions:
Capital Lease Obtained in Exchange for Capital Lease Liabilities

$

1,455

 

$

 

 

ASTRONOVA, INC.

Revenue and Segment Operating Profit

In Thousands

(Unaudited)

 

Revenue

Segment Operating Profit

Three Months Ended

Three Months Ended

August 3,

2024

July 29,

2023

August 3,

2024

July 29,

2023

Product Identification

$

27,165

$

25,777

$

2,348

 

$

(461

)

Test & Measurement

 

13,374

 

9,747

 

3,834

 

 

1,917

 

Total

$

40,539

$

35,524

 

6,182

 

 

1,456

 

Corporate Expenses

 

5,121

 

 

2,654

 

Operating Income (Loss)

 

1,061

 

 

(1,198

)

Other Expense, net

 

1,111

 

 

809

 

Income (Loss) Before Income Taxes

 

(50

)

 

(2,007

)

Income Tax Provision (Benefit)

 

261

 

 

(390

)

Net Income (Loss)

$

(311

)

$

(1,617

)

 
 

Revenue

Segment Operating Profit

Six Months Ended

Six Months Ended

August 3,

2024

July 29,

2023

August 3,

2024

July 29,

2023

Product Identification

$

50,350

$

50,872

$

5,340

 

$

2,055

 

Test & Measurement

 

23,150

 

20,071

 

5,555

 

 

3,989

 

Total

$

73,500

$

70,943

 

10,895

 

 

6,044

 

Corporate Expenses

 

8,488

 

 

5,780

 

Operating Income

 

2,407

 

 

264

 

Other Expense, net

 

1,711

 

 

1,244

 

Income (Loss) Before Income Taxes

 

696

 

 

(980

)

Income Tax Provision (Benefit)

 

(173

)

 

(211

)

Net Income (Loss)

$

869

 

$

(769

)

 

ASTRONOVA, INC.

Reconciliation of GAAP to Non-GAAP Items

In Thousands Except for Per Share Data

(Unaudited)

 

Three Months Ended

August 3,

2024

July 29,

2023

 
Gross Profit

$

14,326

 

$

9,710

 

Inventory Step-Up

 

120

 

 

 

Restructuring Charges

 

 

 

2,096

 

Product Retrofit Costs

 

 

 

852

 

Non-GAAP Gross Profit

$

14,446

 

$

12,658

 

 
Operating Expenses

$

13,265

 

$

10,908

 

MTEX-related Acquisition Expenses

 

(625

 

 

CFO Transition Costs

 

(432

 

 

Restructuring Charges

 

 

 

(555

Non-GAAP Operating Expenses

$

12,208

$

10,353

 

 
Operating Income (Loss)

$

1,061

 

$

(1,198

)

MTEX-related Acquisition Expenses

 

625

 

 

 

CFO Transition Costs

 

432

 

 

 

Inventory Step-Up

 

120

 

 

 

Restructuring Charges

 

 

 

2,651

 

Product Retrofit Costs

 

 

 

852

 

Non-GAAP Operating Income

$

2,238

 

$

2,305

 

 
Net Income (Loss)

$

(311

)

$

(1,617

)

MTEX-related Acquisition Expenses, net

 

470

 

 

CFO Transition Costs, net

 

328

 

 

Inventory Step-Up, net

 

85

 

 

Restructuring Charges, net

 

 

 

2,048

Product Retrofit Costs, net

 

 

 

658

Non-GAAP Net Income

$

572

 

$

1,089

 

 
Diluted Earnings (Loss) Per Share

$

(0.04

)

$

(0.22

)

MTEX-related Acquisition Expenses

 

0.06

 

 

CFO Transition Costs

 

0.05

 

 

Inventory Step-Up

 

0.01

 

 

Restructuring Charges

 

 

 

0.28

Product Retrofit Costs

 

 

 

0.09

Non-GAAP Diluted Earnings (Loss) Per Share

$

0.08

 

$

0.15

 

 

Six Months Ended

August 3,

2024

July 29,

2023

 
Gross Profit

$

26,298

 

$

22,096

 

Inventory Step-Up

 

120

 

 

 

Restructuring Charges

 

 

 

2,096

 

Product Retrofit Costs

 

 

 

852

 

Non-GAAP Gross Profit

$

26,418

 

$

25,044

 

 
Operating Expenses

$

23,891

 

$

21,832

 

MTEX-related Acquisition Expenses

 

(625

 

 

CFO Transition Costs

 

(432

 

 

Restructuring Charges

 

 

 

(555

Non-GAAP Operating Expenses

$

22,834

 

$

21,277

 

 
Operating Income

$

2,407

 

$

264

 

MTEX-related Acquisition Expenses

 

625

 

 

 

CFO Transition Costs

 

432

 

 

 

Inventory Step-Up

 

120

 

 

 

Restructuring Charges

 

 

 

2,651

 

Product Retrofit Costs

 

 

 

852

 

Non-GAAP Operating Income

$

3,584

 

$

3,767

 

 
Net Income (Loss)

$

869

 

$

(769

)

MTEX-related Acquisition Expenses, net

 

470

 

 

CFO Transition Costs, net

 

328

 

 

Inventory Step-Up, net

 

85

 

 

Restructuring Charges, net

 

 

 

2,048

Product Retrofit Costs, net

 

 

 

658

Non-GAAP Net Income

$

1,752

 

$

1,937

 

 
Diluted Earnings (Loss) Per Share

$

0.11

 

$

(0.10

)

MTEX-related Acquisition Expenses

 

0.06

 

 

CFO Transition Costs

 

0.05

 

 

Inventory Step-Up

 

0.01

 

 

Restructuring Charges

 

 

 

0.28

Product Retrofit Costs

 

 

 

0.09

Non-GAAP Diluted Earnings Per Share

$

0.23

 

$

0.27

 

 
ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Items for PI Segment
Amounts In Thousands
(Unaudited)
 
Q2 FY25 Q2 FY24
Total PI Segment as Reported MTEX As Reported Inventory Step Up Adj MTEX (Non Gaap) PI Excluding MTEX (Non Gaap) Total PI Segment as Reported Restructuring and Product Retrofit Adjustments Total PI Segment (Non Gaap)
Sales

$

27,165

$

768

 

$

 

$

768

 

$

26,397

$

25,777

 

$

 

$

25,777

Cost of Revenue

 

18,544

 

836

 

 

(120

)

 

716

 

 

17,828

 

19,487

 

 

(2,948

)

 

16,539

Gross Profit

 

8,621

 

(68

)

 

120

 

 

52

 

 

8,569

 

6,290

 

 

2,948

 

 

9,238

Operating Expenses

 

6,273

 

1,328

 

 

 

 

1,328

 

 

4,945

 

6,751

 

 

(472

)

 

6,279

Segment Operating Profit

$

2,348

$

(1,396

)

$

120

 

$

(1,276

)

$

3,624

$

(461

)

$

3,420

 

$

2,959

 

ASTRONOVA, INC.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

Amounts In Thousands

(Unaudited)

 

Three Months Ended

August 3, 2024

July 29, 2023

 
Net Income (Loss)

$

(311

)

$

(1,617

)

Interest Expense

 

938

 

 

674

 

Income Tax Expense (Benefit)

 

261

 

 

(390

)

Depreciation & Amortization

 

1,305

 

 

1,089

 

EBITDA

$

2,193

 

$

(244

)

Share-Based Compensation

 

481

 

 

398

 

MTEX-related Acquisition Expenses

 

625

 

 

 

CFO Transition Costs

 

432

 

 

 

Inventory Step-Up

 

120

 

 

 

Restructuring Charges

 

 

 

2,651

 

Product Retrofit Costs

 

 

 

852

 

Adjusted EBITDA

$

3,851

 

$

3,657

 

 

Six Months Ended

August 3, 2024

July 29, 2023

 
Net Income (Loss)

$

869

 

$

(769

)

Interest Expense

 

1,419

 

 

1,289

 

Income Tax Expense (Benefit)

 

(173

)

 

(211

)

Depreciation & Amortization

 

2,216

 

 

2,144

 

EBITDA

$

4,331

 

$

2,453

 

Share-Based Compensation

 

806

 

 

754

 

MTEX-related Acquisition Expenses

 

625

 

 

 

CFO Transition Costs

 

432

 

 

 

Inventory Step-Up

 

120

 

 

 

Restructuring Charges

 

 

 

2,651

 

Product Retrofit Costs

 

 

 

852

 

Adjusted EBITDA

$

6,314

 

$

6,710

 

 

ASTRONOVA, INC.

Reconciliation of Segment Operating Income (Loss) to Non-GAAP Operating Income

Amounts In Thousands

(Unaudited)

 

Three Months Ended

August 3, 2024

July 29, 2023

Product

Identification

Test &

Measurement

Total

Product

Identification

Test &

Measurement

Total

 
Segment Operating Profit (Loss)

$

2,348

$

3,834

$

6,182

$

(461

)

$

1,917

$

1,456

 
Inventory Step-Up

 

120

 

 

120

 

 

 

 

 
Restructuring Charges

 

 

 

 

2,568

 

 

 

2,568

 
Product Retrofit Costs

 

 

 

 

852

 

 

 

852

 
Non-GAAP – Segment Operating Profit

$

2,468

$

3,834

$

6,302

$

2,959

 

$

1,917

$

4,876

 

Six Months Ended

August 3, 2024

July 29, 2023

Product

Identification

Test &

Measurement

Total

Product

Identification

Test &

Measurement

Total

 
Segment Operating Profit

$

5,340

$

5,555

$

10,895

$

2,055

 

$

3,989

$

6,044

 
Inventory Step-Up

 

120

 

 

120

 

 

 

 

 
Restructuring Charges

 

 

 

 

2,568

 

 

 

2,568

 
Product Retrofit Costs

 

 

 

 

852

 

 

 

852

 
Non-GAAP – Segment Operating Profit

$

5,460

$

5,555

$

11,015

$

5,475

 

$

3,989

$

9,464