Astronova reports fiscal fourth-quarter and full-year 2022 financial results
West warwick, r.i.--(business wire)--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. $ 29,700 $ 29,438 $ 117,480 $ 116,033 19,949 18,456 73,741 74,673 9,751 10,982 43,739 41,360 32.8 % 37.3 % 37.2 % 35.6 % 6,247 6,267 23,177 23,301 1,549 1,361 6,753 6,206 2,182 2,206 9,553 9,420 9,978 9,834 39,483 38,927 (227 ) 1,148 4,256 2,433 -0.8 % 3.9 % 3.6 % 2.1 % - - 4,466 - - - (696 ) - (150 ) (255 ) (677 ) (955 ) (57 ) 276 (288 ) 590 (17 ) 183 (27 ) 111 (224 ) 204 2,778 (254 ) (451 ) 1,352 7,034 2,179 308 516 605 895 $ (759 ) $ 836 $ 6,429 $ 1,284 $ (0.10 ) $ 0.12 $ 0.89 $ 0.18 $ (0.10 ) $ 0.12 $ 0.88 $ 0.18 7,237 7,124 7,207 7,104 7,237 7,261 7,339 7,166 $ 5,276 $ 11,439 17,124 17,415 34,609 30,060 6,769 1,807 63,778 60,721 50,821 50,839 (39,380 ) (38,828 ) 11,441 12,011 19,200 21,502 12,156 12,806 5,591 5,941 1,094 1,389 1,695 1,103 $ 114,955 $ 115,473 $ 8,590 $ 5,734 3,512 2,917 4,113 3,874 2,000 2,000 1,000 5,326 235 177 323 655 262 285 20,035 20,968 8,154 7,109 4,361 6,161 - 4,422 808 1,065 399 681 186 384 33,943 40,790 528 521 59,692 58,049 56,514 50,085 (33,974 ) (33,588 ) (1,748 ) (384 ) 81,012 74,683 $ 114,955 $ 115,473 $ 22,396 $ 23,361 $ 1,460 $ 3,072 $ 90,915 $ 90,268 $ 10,411 $ 12,885 7,304 6,077 495 282 26,565 25,765 3,398 (1,032 ) $ 29,700 $ 29,438 1,955 3,354 $ 117,480 $ 116,033 13,809 11,853 2,182 2,206 9,553 9,420 (227 ) 1,148 4,256 2,433 (224 ) 204 2,778 (254 ) (451 ) 1,352 7,034 2,179 308 516 605 895 $ (759 ) $ 836 $ 6,429 $ 1,284 astronova, inc. $ 9,751 $ 10,982 $ 43,739 $ 41,360 - - (1,641 ) - $ 9,751 $ 10,982 $ 42,098 $ 41,360 $ 9,978 $ 9,834 $ 39,483 $ 38,927 - - 489 - $ 9,978 $ 9,834 $ 39,972 $ 38,927 $ (227 ) $ 1,148 $ 4,256 $ 2,433 - - (2,130 ) - $ (227 ) $ 1,148 $ 2,126 $ 2,433 $ (759 ) $ 836 $ 6,429 $ 1,284 $ - - $ 528 - - - (1,615 ) - - - (4,426 ) - $ (759 ) $ 836 $ 916 $ 1,284 $ (0.10 ) $ 0.12 $ 0.88 $ 0.18 - - 0.07 - - - (0.22 ) - - - (0.60 ) - $ (0.10 ) $ 0.12 $ 0.12 $ 0.18 $ (759 ) $ 836 $ 6,429 $ 1,284 150 286 675 776 308 (32 ) 605 379 926 1,438 3,996 4,571 $ 625 $ 2,528 $ 11,705 $ 7,010 - - (1,615 ) - - - (4,426 ) - - - 528 - - - 515 - - - 40 - - - (168 ) - $ 625 $ 2,528 $ 6,579 $ 7,010 $ (759 ) $ 836 $ 6,429 $ 1,284 150 286 675 776 308 (32 ) 605 379 926 1,438 3,996 4,571 148 591 1,493 1,687 $ 773 $ 3,119 $ 13,198 $ 8,697 - - (1,615 ) - - - (4,426 ) - - - 528 - - - 515 - - - 40 - - - (168 ) - $ 773 $ 3,119 $ 8,072 $ 8,697 $ 1,460 $ 495 $ 1,955 $ 3,072 $ 282 $ 3,354 $ 10,411 $ 3,398 $ 13,809 $ 12,885 $ (1,032 ) $ 11,853 - - - - - - (1,430 ) (802 ) (2,232 ) - - - $ 1,460 $ 495 $ 1,955 $ 3,072 $ 282 $ 3,354 $ 8,982 $ 2,596 $ 11,578 $ 12,885 $ (1,032 ) $ 11,853
