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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/08/22 AstroNova, Inc. 10-Q 7/30/22 88:6.5M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.24M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 29K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 29K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 25K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 25K 11: R1 Cover Page HTML 77K 12: R2 Condensed Consolidated Balance Sheets HTML 145K 13: R3 Condensed Consolidated Balance Sheets HTML 33K (Parenthetical) 14: R4 Condensed Consolidated Statements of Income HTML 114K 15: R5 Condensed Consolidated Statements of Comprehensive HTML 53K Income 16: R6 Consolidated Statements of Changes in HTML 83K Shareholders' Equity 17: R7 Condensed Consolidated Statements of Cash Flows HTML 110K 18: R8 Business and Basis of Presentation HTML 36K 19: R9 Summary of Significant Accounting Policies Update HTML 29K 20: R10 Revenue Recognition HTML 65K 21: R11 Net Income Per Common Share HTML 39K 22: R12 Intangible Assets HTML 66K 23: R13 Inventories HTML 36K 24: R14 Credit Agreement and Debt HTML 55K 25: R15 Paycheck Protection Program Loan HTML 29K 26: R16 Derivative Financial Instruments and Risk HTML 51K Management 27: R17 Employee Retention Credit HTML 31K 28: R18 Royalty Obligation HTML 28K 29: R19 Leases HTML 61K 30: R20 Accumulated Other Comprehensive Loss HTML 38K 31: R21 Share-Based Compensation HTML 81K 32: R22 Income Taxes HTML 37K 33: R23 Segment Information HTML 69K 34: R24 Fair Value HTML 45K 35: R25 Subsequent Event HTML 36K 36: R26 Summary of Significant Accounting Policies Update HTML 31K (Policies) 37: R27 Revenue Recognition (Tables) HTML 57K 38: R28 Net Income Per Common Share (Tables) HTML 36K 39: R29 Intangible Assets (Tables) HTML 68K 40: R30 Inventories (Tables) HTML 36K 41: R31 Credit Agreement and Debt (Tables) HTML 41K 42: R32 Derivative Financial Instruments and Risk HTML 48K Management (Tables) 43: R33 Leases (Tables) HTML 65K 44: R34 Accumulated Other Comprehensive Loss (Tables) HTML 37K 45: R35 Share-Based Compensation (Tables) HTML 80K 46: R36 Income Taxes (Tables) HTML 29K 47: R37 Segment Information (Tables) HTML 66K 48: R38 Fair Value (Tables) HTML 43K 49: R39 Business and Basis of Presentation - Additional HTML 25K Information (Detail) 50: R40 Revenue Recognition - Summary of Revenues HTML 44K Disaggregated by Primary Geographic Markets (Detail) 51: R41 Revenue Recognition - Summary of Revenues HTML 37K Disaggregated by Primary Product Type (Detail) 52: R42 Revenue Recognition - Additional Information HTML 40K (Detail) 53: R43 Net Income Per Common Share - Reconciliation of HTML 31K Shares Used in Calculating Basic and Diluted (Detail) 54: R44 Net Income Per Common Share - Additional HTML 26K Information (Detail) 55: R45 Intangible Assets - Fair Value of Acquired HTML 51K Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) 56: R46 Intangible Assets - Additional Information HTML 30K (Detail) 57: R47 Intangible Assets - Summary of Estimated HTML 36K Amortization Expense (Detail) 58: R48 Inventories - Components of Inventories (Detail) HTML 37K 59: R49 Credit Agreement and Debt - Schedule of Long Term HTML 36K Debt in the Accompanying Condensed Consolidated Balance Sheets (Detail) 60: R50 Credit Agreement and Debt - Schedule of Long Term HTML 33K Debt in the Accompanying Condensed Consolidated Balance Sheets (Parenthetical) (Detail) 61: R51 Credit Agreement and Debt- Schedule of Required HTML 41K Principal Payments Remaining on Long Term Debt Outstanding (Detail) 62: R52 Credit Agreement and Debt - Additional Information HTML 75K (Detail) 63: R53 Paycheck Protection Program Loan - Additional HTML 44K information (Detail) 64: R54 Derivative Financial Instruments and Risk HTML 40K Management - Additional Information (Detail) 65: R55 Derivative Financial Instruments and Risk HTML 36K Management - Schedule of Impact of the Derivative Instruments in the Condensed Consolidated Financial Statements (Detail) 66: R56 Employee Retention Credit - Additional Information HTML 57K (Detail) 67: R57 Royalty Obligation - Additional Information HTML 42K (Detail) 68: R58 Leases - Additional Information (Detail) HTML 28K 69: R59 Leases - Schedule Of Balance Sheet And Other HTML 31K Information Related To Operating Leases (Detail) 70: R60 Leases - Lease Cost Information (Detail) HTML 27K 71: R61 Leases - Maturities of lease liabilities (Detail) HTML 43K 72: R62 Leases - Supplemental cash flow information HTML 27K (Detail) 73: R63 Accumulated Other Comprehensive Loss - Changes in HTML 55K Balance of Accumulated Other Comprehensive Loss (Detail) 74: R64 Share-Based Compensation - Additional Information HTML 75K (Detail) 75: R65 Share-Based Compensation - Share-Based HTML 33K Compensation Expense (Detail) 76: R66 Share-Based Compensation - Aggregated Information HTML 45K Regarding Stock Options Granted (Detail) 77: R67 Share-Based Compensation - Summary of Options HTML 64K Outstanding (Detail) 78: R68 Share-Based Compensation - Aggregated Information HTML 48K Regarding RSUs and RSAs Granted (Detail) 79: R69 Income Taxes - Projected Effective Tax Rate for HTML 27K Periods (Detail) 80: R70 Income Taxes - Additional Information (Detail) HTML 40K 81: R71 Segment Information - Net Sales and Segment HTML 73K Operating Profit (Loss) for Each Reporting Segment (Detail) 82: R72 Fair Value - Schedule of Company's Long-Term Debt HTML 33K Including the Current Portion Not Reflected in Financial Statements at Fair Value (Detail) 83: R73 Subsequent Event - Additional Information (Detail) HTML 79K 86: XML IDEA XML File -- Filing Summary XML 160K 84: XML XBRL Instance -- d319310d10q_htm XML 1.49M 85: EXCEL IDEA Workbook of Financial Reports XLSX 126K 7: EX-101.CAL XBRL Calculations -- alot-20220630_cal XML 153K 8: EX-101.DEF XBRL Definitions -- alot-20220630_def XML 628K 9: EX-101.LAB XBRL Labels -- alot-20220630_lab XML 1.16M 10: EX-101.PRE XBRL Presentations -- alot-20220630_pre XML 914K 6: EX-101.SCH XBRL Schema -- alot-20220630 XSD 183K 87: JSON XBRL Instance as JSON Data -- MetaLinks 429± 628K 88: ZIP XBRL Zipped Folder -- 0001193125-22-240863-xbrl Zip 231K
10-Q |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Rhode Island |
i 05-0318215 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
i 600 East Greenwich Avenue, i West Warwick, i Rhode
Island |
i 02893 | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
i Common Stock, $.05 Par Value |
i ALOT |
i NASDAQ Global Market |
Large accelerated filer | ☐ | i Accelerated filer | ☒ | |||
Non-accelerated filer | ☐ |
Smaller reporting company | i ☒ | |||
Emerging growth company | i ☐ |
Item 1. |
Financial Statements |
(Unaudited) |
||||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and Cash Equivalents |
$ | i 4,285 | $ | i 5,276 | ||||
Accounts Receivable, net |
i 17,382 | i 17,124 | ||||||
Inventories, net |
i 41,727 | i 34,609 | ||||||
Employee Retention Credit Receivable |
— | i 3,135 | ||||||
Prepaid Expenses and Other Current Assets |
i 4,268 | i 3,634 | ||||||
|
|
|
|
|||||
Total Current Assets |
i 67,662 | i 63,778 | ||||||
Property, Plant and Equipment, net |
i 10,577 | i 11,441 | ||||||
Intangible Assets, net |
i 18,314 | i 19,200 | ||||||
Goodwill |
i 11,501 | i 12,156 | ||||||
Deferred Tax Assets |
i 5,582 | i 5,591 | ||||||
Right of Use Assets |
i 887 | i 1,094 | ||||||
Other Assets |
i 1,775 | i 1,695 | ||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ | i 116,298 | $ | i 114,955 | ||||
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts Payable |
$ | i 7,624 | $ | i 8,590 | ||||
Accrued Compensation |
i 2,437 | i 3,512 | ||||||
Other Liabilities and Accrued Expenses |
i 3,334 | i 4,113 | ||||||
Revolving Line of Credit |
i 4,500 | — | ||||||
Current Liability – Royalty Obligation |
i 1,875 | i 2,000 | ||||||
Current Portion of Long-Term Debt |
i 1,000 | i 1,000 | ||||||
Current Liability – Excess Royalty Payment Due |
i 301 | i 235 | ||||||
Income Taxes Payable |
i 1,169 | i 323 | ||||||
Deferred Revenue |
i 281 | i 262 | ||||||
|
|
|
|
|||||
Total Current Liabilities |
i 22,521 | i 20,035 | ||||||
Long-Term Debt, net of current portion |
i 7,917 | i 8,154 | ||||||
Royalty Obligation, net of current portion |
i 3,611 | i 4,361 | ||||||
Lease Liabilities, net of current portion |
i 627 | i 808 | ||||||
Income Taxes Payable |
i 399 | i 399 | ||||||
Deferred Tax Liabilities |
i 127 | i 186 | ||||||
|
|
|
|
|||||
TOTAL LIABILITIES |
i 35,202 | i 33,943 | ||||||
SHAREHOLDERS’ EQUITY |
||||||||
Common Stock, $ i i 0.05 /
Par Value, Authorized i i 13,000,000 / shares; Issued i 10,659,491
shares and i 10,566,404 shares at July 30, 2022 and January 31, 2022, respectively |
i 533 | i 528 | ||||||
Additional Paid-in Capital |
i 60,347 | i 59,692 | ||||||
Retained Earnings |
i 57,523 | i 56,514 | ||||||
Treasury Stock, at Cost, i 3,341,030 and i 3,324,280 shares at July 30, 2022 and January 31, 2022, respectively |
( i 34,223 | ) | ( i 33,974 | ) | ||||
Accumulated Other Comprehensive Loss, net of tax |
( i 3,084 | ) | ( i 1,748 | ) | ||||
|
|
|
|
|||||
TOTAL SHAREHOLDERS’ EQUITY |
i 81,096 | i 81,012 | ||||||
|
|
|
|
|||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | i 116,298 | $ | i 114,955 | ||||
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
Revenue |
$ | i 32,259 | $ | i 29,845 | $ | i 63,269 | $ | i 58,923 | ||||||||
Cost of Revenue |
i 20,877 | i 17,129 | i 41,158 | i 35,320 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Profit |
i 11,382 | i 12,716 | i 22,111 | i 23,603 | ||||||||||||
Operating Expenses: |
||||||||||||||||
Selling and Marketing |
i 5,981 | i 5,061 | i 11,863 | i 11,154 | ||||||||||||
Research and Development |
i 1,595 | i 1,539 | i 3,118 | i 3,255 | ||||||||||||
General and Administrative |
i 2,571 | i 2,664 | i 5,131 | i 5,008 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating Expenses |
i 10,147 | i 9,264 | i 20,112 | i 19,417 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating Income |
i 1,235 | i 3,452 | i 1,999 | i 4,186 | ||||||||||||
Other Income (Expense), net: |
||||||||||||||||
Extinguishment of Debt – PPP Loan |
— | i 4,466 | — | i 4,466 | ||||||||||||
Interest Expense |
( i 210 | ) | ( i 171 | ) | ( i 385 | ) | ( i 392 | ) | ||||||||
Gain (Loss) on Foreign Currency Transactions |
( i 241 | ) | i 50 | ( i 377 | ) | ( i 114 | ) | |||||||||
Other, net |
i 20 | ( i 79 | ) | i 52 | ( i 63 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
( i 431 | ) | i 4,266 | ( i 710 | ) | i 3,897 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income Before Income Taxes |
i 804 | i 7,718 | i 1,289 | i 8,083 | ||||||||||||
Income Tax Provision |
i 220 | i 699 | i 280 | i 471 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Income |
$ | i 584 | $ | i 7,019 | $ | i 1,009 | $ | i 7,612 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Income per Common Share—Basic: |
$ | i 0.08 | $ | i 0.97 | $ | i 0.14 | $ | i 1.06 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Income per Common Share—Diluted: |
$ | i 0.08 | $ | i 0.96 | $ | i 0.14 | $ | i 1.04 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted Average Number of Common Shares Outstanding: |
||||||||||||||||
Basic |
i 7,310 | i 7,209 | i 7,287 | i 7,177 | ||||||||||||
Diluted |
i 7,348 | i 7,329 | i 7,355 | i 7,297 |
Three Months Ended |
Six Months Ended |
|||||||||||||||
Net Income |
$ | i 584 | $ | i 7,019 | $ | i 1,009 | $ | i 7,612 | ||||||||
Other Comprehensive Income (Loss), Net of Taxes: |
||||||||||||||||
Foreign Currency Translation Adjustments |
( i 435 | ) | ( i 348 | ) | ( i 1,368 | ) | ( i 429 | ) | ||||||||
Loss from Cash Flow Hedges Reclassified to Income Statement |
i 16 | i 15 | i 32 | i 31 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Comprehensive Loss |
( i 419 | ) | ( i 333 | ) | ( i 1,336 | ) | ( i 398 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive Income (Loss) |
$ | i 165 | $ | i 6,686 | $ | ( i 327 | ) | $ | i 7,214 | |||||||
|
|
|
|
|
|
|
|
Common Stock |
Additional Paid-in |
Retained |
Treasury |
Accumulated Other Comprehensive |
Total Shareholders’ |
|||||||||||||||||||||||
Shares |
Amount |
Capital |
Earnings |
Stock |
Income (Loss) |
Equity |
||||||||||||||||||||||
Balance January 31, 2022 |
i 10,566,404 | $ | i 528 | $ | i 59,692 | $ | i 56,514 | $ | ( i 33,974 | ) | $ | ( i 1,748 | ) | $ | i 81,012 | |||||||||||||
Share-Based Compensation |
— | — | i 337 | — | — | — | i 337 | |||||||||||||||||||||
Employee Option Exercises |
i 11,164 | i 1 | i 87 | — | — | — | i 88 | |||||||||||||||||||||
Restricted Stock Awards Vested, net |
i 61,513 | i 3 | ( i 3 | ) | — | ( i 249 | ) | — | ( i 249 | ) | ||||||||||||||||||
Net Income |
— | — | — | i 425 | — | — | i 425 | |||||||||||||||||||||
Other Comprehensive Loss |
— | — | — | — | — | ( i 917 | ) | ( i 917 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance April 30, 2022 |
i 10,639,081 | $ | i 532 | $ | i 60,113 | $ | i 56,939 | $ | ( i 34,223 | ) | $ | ( i 2,665 | ) | $ | i 80,696 | |||||||||||||
Share-Based Compensation |
— | — | i 235 | — | — | — | i 235 | |||||||||||||||||||||
Restricted Stock Awards Vested, net |
i 20,410 | i 1 | ( i 1 | ) | — | — | — | — | ||||||||||||||||||||
Net Income |
— | — | — | i 584 | — | — | i 584 | |||||||||||||||||||||
Other Comprehensive Loss |
— | — | — | — | — | ( i 419 | ) | ( i 419 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance July 30, 2022 |
i 10,659,491 | $ | i 533 | $ | i 60,347 | $ | i 57,523 | $ | ( i 34,223 | ) | $ | ( i 3,084 | ) | $ | i 81,096 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
Additional Paid-in |
Retained |
Treasury |
Accumulated Other Comprehensive |
Total Shareholders’ |
|||||||||||||||||||||||
Shares |
Amount |
Capital |
Earnings |
Stock |
Income (Loss) |
Equity |
||||||||||||||||||||||
Balance January 31, 2021 |
i 10,425,094 | $ | i 521 | $ | i 58,049 | $ | i 50,085 | $ | ( i 33,588 | ) | $ | ( i 384 | ) | $ | i 74,683 | |||||||||||||
Share-Based Compensation |
— | — | i 478 | — | — | — | i 478 | |||||||||||||||||||||
Employee Option Exercises |
i 5,746 | — | i 52 | — | — | — | i 52 | |||||||||||||||||||||
Restricted Stock Awards Vested, net |
i 48,299 | i 3 | ( i 3 | ) | — | ( i 208 | ) | — | ( i 208 | ) | ||||||||||||||||||
Net Income |
— | — | — | i 593 | — | — | i 593 | |||||||||||||||||||||
Other Comprehensive Loss |
— | — | — | — | — | ( i 65 | ) | ( i 65 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance May 1, 2021 |
i 10,479,139 | $ | i 524 | $ | i 58,576 | $ | i 50,678 | $ | ( i 33,796 | ) | $ | ( i 449 | ) | $ | i 75,533 | |||||||||||||
Share-Based Compensation |
— | — | i 469 | — | — | — | i 469 | |||||||||||||||||||||
Employee Option Exercises |
i 3,211 | — | i 35 | — | — | — | i 35 | |||||||||||||||||||||
Restricted Stock Awards Vested, net |
i 72,125 | i 4 | ( i 4 | ) | — | ( i 146 | ) | — | ( i 146 | ) | ||||||||||||||||||
Net Income |
— | — | — | i 7,019 | — | — | i 7,019 | |||||||||||||||||||||
Other Comprehensive Income |
— | — | — | — | — | ( i 333 | ) | ( i 333 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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|
|||||||||||||||
Balance July 31, 2021 |
i 10,554,475 | $ | i 528 | $ | i 59,076 | $ | i 57,697 | $ | ( i 33,942 | ) | $ | ( i 782 | ) | $ | i 82,577 | |||||||||||||
|
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|
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|
Six Months Ended |
||||||||
Cash Flows from Operating Activities: |
||||||||
Net Income |
$ | i 1,009 | $ | i 7,612 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities: |
||||||||
Depreciation and Amortization |
i 1,820 | i 2,274 | ||||||
Amortization of Debt Issuance Costs |
i 13 | i 31 | ||||||
Share-Based Compensation |
i 572 | i 947 | ||||||
Loss on Disposal of Assets |
i 6 | — | ||||||
Gain on Extinguishment of Debt |
— | ( i 4,466 | ) | |||||
Changes in Assets and Liabilities: |
||||||||
Accounts Receivable |
( i 518 | ) | i 1,777 | |||||
Other Receivable – Employee Retention Credit Receivable |
i 3,135 | ( i 3,135 | ) | |||||
Inventories |
( i 7,516 | ) | i 895 | |||||
Income Taxes |
i 65 | ( i 1,241 | ) | |||||
Accounts Payable and Accrued Expenses |
( i 2,312 | ) | i 1,282 | |||||
Other |
( i 93 | ) | ( i 483 | ) | ||||
Net Cash (Used) Provided by Operating Activities |
( i 3,819 | ) | i 5,493 | |||||
Cash Flows from Investing Activities: |
||||||||
Additions to Property, Plant and Equipment |
( i 163 | ) | ( i 1,162 | ) | ||||
Net Cash Used for Investing Activities |
( i 163 | ) | ( i 1,162 | ) | ||||
Cash Flows from Financing Activities: |
||||||||
Net Cash Proceeds from Employee Stock Option Plans |
i 69 | i 43 | ||||||
Net Cash Proceeds from Share Purchases under Employee Stock Purchase Plan |
i 19 | i 44 | ||||||
Net Cash Used for Payment of Taxes Related to Vested Restricted Stock |
( i 249 | ) | ( i 354 | ) | ||||
Borrowings under Revolving Credit Facility |
i 4,500 | — | ||||||
Payment of Minimum Guarantee Royalty Obligation |
( i 1,000 | ) | ( i 1,000 | ) | ||||
Proceeds from Long-Term Debt Borrowings |
— | i 10,000 | ||||||
Payoff of Long-Term Debt |
— | ( i 12,576 | ) | |||||
Principal Payments of Long-Term Debt |
( i 250 | ) | ( i 375 | ) | ||||
Net Cash Provided (Used) for Financing Activities |
i 3,089 | ( i 4,218 | ) | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
( i 98 | ) | ( i 163 | ) | ||||
Net Decrease in Cash and Cash Equivalents |
( i 991 | ) | ( i 50 | ) | ||||
Cash and Cash Equivalents, Beginning of Period |
i 5,276 | i 11,439 | ||||||
Cash and Cash Equivalents, End of Period |
$ | i 4,285 | $ | i 11,389 | ||||
Supplemental Disclosures of Cash Flow Information: |
||||||||
Cash Paid During the Period for Interest |
$ | i 206 | $ | i 209 | ||||
Cash Paid During the Period for Income Taxes, Net of Refunds |
$ | i 126 | $ | i 1,689 |
Three Months Ended |
Six Months Ended |
|||||||||||||||
(In thousands) |
||||||||||||||||
United States |
$ | i 19,044 | $ | i 17,181 | $ | i 38,695 | $ | i 33,874 | ||||||||
Europe |
i 7,883 | i 7,826 | i 15,301 | i 16,425 | ||||||||||||
Canada |
i 2,225 | i 1,491 | i 4,080 | i 3,037 | ||||||||||||
Asia |
i 1,789 | i 1,964 | i 2,726 | i 3,049 | ||||||||||||
Central and South America |
i 1,023 | i 995 | i 1,911 | i 1,756 | ||||||||||||
Other |
i 295 | i 388 | i 556 | i 782 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Revenue |
$ | i 32,259 | $ | i 29,845 | $ | i 63,269 | $ | i 58,923 | ||||||||
|
|
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
(In thousands) |
||||||||||||||||
Hardware |
$ | i 8,637 | $ | i 7,878 | $ | i 17,937 | $ | i 15,525 | ||||||||
Supplies |
i 19,166 | i 18,678 | i 37,111 | i 36,888 | ||||||||||||
Service and Other |
i 4,456 | i 3,289 | i 8,221 | i 6,510 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Revenue |
$ | i 32,259 | $ | i 29,845 | $ | i 63,269 | $ | i 58,923 | ||||||||
|
|
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
Weighted Average Common Shares Outstanding – Basic |
i 7,309,716 | i 7,208,834 | i 7,286,735 | i 7,176,940 | ||||||||||||
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units |
i 38,230 | i 119,724 | i 67,972 | i 120,178 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted Average Common Shares Outstanding – Diluted |
i 7,347,946 | i 7,328,558 | i 7,354,707 | i 7,297,118 | ||||||||||||
|
|
|
|
|
|
|
|
(In thousands) |
Gross Carrying Amount |
Accumulated Amortization |
Currency Translation Adjustment |
Net Carrying Amount |
Gross Carrying Amount |
Accumulated Amortization |
Currency Translation Adjustment |
Net Carrying Amount |
||||||||||||||||||||||||
Miltope: |
||||||||||||||||||||||||||||||||
Customer Contract Relationships |
$ | i 3,100 | $ | ( i 2,646 | ) | $ | — | $ | i 454 | $ | i 3,100 | $ | ( i 2,515 | ) | $ | — | $ | i 585 | ||||||||||||||
RITEC: |
||||||||||||||||||||||||||||||||
Customer Contract Relationships |
i 2,830 | ( i 1,590 | ) | — | i 1,240 | i 2,830 | ( i 1,557 | ) | — | i 1,273 | ||||||||||||||||||||||
TrojanLabel: |
||||||||||||||||||||||||||||||||
Existing Technology |
i 2,327 | ( i 1,929 | ) | i 73 | i 471 | i 2,327 | ( i 1,767 | ) | i 127 | i 687 | ||||||||||||||||||||||
Distributor Relations |
i 937 | ( i 543 | ) | i 5 | i 399 | i 937 | ( i 498 | ) | i 46 | i 485 | ||||||||||||||||||||||
Honeywell: |
||||||||||||||||||||||||||||||||
Customer Contract Relationships |
i 27,243 | ( i 11,493 | ) | — | i 15,750 | i 27,243 | ( i 11,073 | ) | — | i 16,170 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Intangible Assets, net |
$ | i 36,437 | $ | ( i 18,201 | ) | $ | i 78 | $ | i 18,314 | $ | i 36,437 | $ | ( i 17,410 | ) | $ | i 173 | $ | i 19,200 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Remaining 2023 |
2024 |
2025 |
2026 |
2027 |
|||||||||||||||
Estimated amortization expense |
$ | i 792 | $ | i 1,645 | $ | i 997 | $ | i 997 | $ | i 997 |
(In thousands) |
||||||||
Materials and Supplies |
$ | i 27,504 | $ | i 22,709 | ||||
Work-In-Process |
i 1,160 | i 1,489 | ||||||
Finished Goods |
i 23,369 | i 19,718 | ||||||
|
|
|
|
|||||
i 52,033 | i 43,916 | |||||||
Inventory Reserve |
( i 10,306 | ) | ( i 9,307 | ) | ||||
|
|
|
|
|||||
$ | i 41,727 | $ | i 34,609 | |||||
|
|
|
|
(In thousands) |
||||||||
USD Term Loan ( i i 3.45% as of July 30,
2022, and i 2.35% January 31, 2022); maturity date of as of i i September
30, 2025 / / |
$ | i 9,000 | $ | i 9,250 | ||||
Debt Issuance Costs, net of accumulated amortization |
( i 83 | ) | ( i 96 | ) | ||||
Current Portion of Term Loans |
( i 1,000 | ) | ( i 1,000 | ) | ||||
Long-Term Debt |
$ | i 7,917 | $ | i 8,154 | ||||
(In thousands) |
||||
Fiscal 2023, remainder |
$ | i 750 | ||
Fiscal 2024 |
i 1,000 | |||
Fiscal 2025 |
i 1,250 | |||
Fiscal 2026 |
i 6,000 | |||
$ | i 9,000 | |||
Three Months Ended |
||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivative |
Location of Gain (Loss) Reclassified from Accumulated OCI into Income |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income |
||||||||||||||||||
Cash Flow Hedge (In thousands) |
||||||||||||||||||||
Swap contracts |
$ | i — | $ | i — | i Other Expense | $ | ( i 20 | ) | $ | ( i 20 | ) | |||||||||
Six Months Ended |
||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivative |
Location of Gain (Loss) Reclassified from Accumulated OCI into Income |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income |
||||||||||||||||||
Cash Flow Hedge (In thousands) |
||||||||||||||||||||
Swap contracts |
$ | i — | $ | i — | i Other Expense | $ | ( i 40 | ) | $ | ( i 40 | ) | |||||||||
Operating Leases (In thousands) |
Balance Sheet Classification |
|||||||||||
Lease Assets |
Right of Use Assets | $ | i 887 | $ | i 1,094 | |||||||
Lease Liabilities – Current |
Other Liabilities and Accrued Expenses | i 302 | i 327 | |||||||||
Lease Liabilities – Long Term |
Lease Liabilities | i 627 | i 808 |
Three Months Ended |
Six Months Ended |
|||||||||||
Operating Leases (In thousands) |
Statement of Income Classification |
|||||||||||
Operating Lease Costs |
General and Administrative Expense | $ | i 104 | $ | i 200 | |||||||
Three Months Ended |
Six Months Ended |
|||||||||||
Operating Leases (In thousands) |
Statement of Income Classification |
|||||||||||
Operating Lease Costs |
General and Administrative Expense | $ | i 124 | $ | i 260 |
(In thousands) |
||||
Fiscal 2023, remaining |
$ | i 151 | ||
Fiscal 2024 |
i 293 | |||
Fiscal 2025 |
i 192 | |||
Fiscal 2026 |
i 146 | |||
Fiscal 2027 |
i 140 | |||
Thereafter |
i 86 | |||
Total Lease Payments |
i 1,008 | |||
Less: Imputed Interest |
( i 79 | ) | ||
Total Lease Liabilities |
$ | i 929 | ||
Three Months Ended |
Six Months Ended |
|||||||
(In thousands) |
||||||||
Cash paid for amounts included in the measurement of lease liabilities: |
||||||||
Operating cash flows for operating leases |
$ | i 79 | $ | i 162 |
Three Months Ended |
Six Months Ended |
|||||||
(In thousands) |
||||||||
Cash paid for amounts included in the measurement of lease liabilities: |
||||||||
Operating cash flows for operating leases |
$ | i 93 | $ | i 185 |
(In thousands) |
Foreign Currency Translation Adjustments |
Cash Flow Hedges |
Total |
|||||||||
Balance at January 31, 2022 |
$ | ( i 1,701 | ) | $ | ( i 47 | ) | $ | ( i 1,748 | ) | |||
Other Comprehensive Loss before reclassification |
( i 1,368 | ) | — | ( i 1,368 | ) | |||||||
Amounts reclassified from AOCL to Earnings |
— | i 32 | i 32 | |||||||||
|
|
|
|
|
|
|||||||
Other Comprehensive Income (Loss) |
( i 1,368 | ) | i 32 | ( i 1,336 | ) | |||||||
|
|
|
|
|
|
|||||||
Balance at July 30, 2022 |
$ | ( i 3,069 | ) | $ | ( i 15 | ) | $ | ( i 3,084 | ) | |||
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
(In thousands) |
||||||||||||||||
Stock Options |
$ | i 1 | $ | i 57 | $ | i 7 | $ | i 162 | ||||||||
Restricted Stock Awards and Restricted Stock Units |
i 234 | i 408 | i 562 | i 778 | ||||||||||||
Employee Stock Purchase Plan |
i — | i 4 | i 3 | i 7 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 235 | $ | i 469 | $ | i 572 | $ | i 947 | ||||||||
|
|
|
|
|
|
|
|
Number of Options |
Weighted Average Exercise Price |
|||||||
Outstanding at January 31, 2022 |
i 598,043 | $ | i 14.67 | |||||
Exercised |
( i 11,444 | ) | i 9.51 | |||||
Forfeited |
( i 5,100 | ) | i 15.38 | |||||
Expired |
( i 2,400 | ) | i 8.09 | |||||
|
|
|
|
|||||
Outstanding at July 31, 2021 |
i 579,099 | $ | i 14.79 | |||||
|
|
|
|
Outstanding |
Exercisable |
|||||||||||||||||||||||
Range of Exercise prices |
Number of Options |
Weighted- Average Exercise Price |
Weighted- Average Remaining Contractual Life |
Number of Options |
Weighted- Average Exercise Price |
Weighted Average Remaining Contractual Life |
||||||||||||||||||
$ i 5.00- i 10.00 |
i 25,000 | $ | i 7.91 | i 0.1 | i 25,000 | $ | i 7.91 | i 0.1 | ||||||||||||||||
$ i 10.01- i 15.00 |
i 339,549 | $ | i 13.62 | i 3.4 | i 340,549 | $ | i 13.62 | i 3.4 | ||||||||||||||||
$ i 15.01- i 20.00 |
i 214,550 | $ | i 17.45 | i 5.3 | i 214,550 | $ | i 17.45 | i 5.3 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
i 579,099 | $ | i 14.79 | i 4.0 | i 579,099 | $ | i 14.79 | i 4.0 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
RSAs & RSUs |
Weighted Average Grant Date Fair Value |
|||||||
Outstanding at January 31, 2022 |
i 199,342 | $ | i 12.63 | |||||
Granted |
i 163,009 | i 12.77 | ||||||
Vested |
( i 81,923 | ) | i 13.42 | |||||
Forfeited |
( i 1,100 | ) | i 11.77 | |||||
|
|
|
|
|||||
Outstanding at July 30, 2022 |
i 279,328 | $ | i 12.48 | |||||
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||
Fiscal 2023 |
i 27.4 | % | i 21.7 | % | ||||
Fiscal 2022 |
i 9.1 | % | i 5.8 | % |
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||||||||||
Revenue |
Segment Operating Profit |
Revenue |
Segment Operating Profit |
|||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||
Product Identification |
$ | i 23,382 | $ | i 23,492 | $ | i 1,644 | $ | i 4,406 | $ | i 45,106 | $ | i 46,590 | $ | i 3,058 | $ | i 7,134 | ||||||||||||||||
T&M |
i 8,877 | i 6,353 | i 2,162 | i 1,710 | i 18,163 | i 12,333 | i 4,072 | i 2,060 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | i 32,259 | $ | i 29,845 | i 3,806 | i 6,116 | $ | i 63,269 | $ | i 58,923 | i 7,130 | i 9,194 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Corporate Expenses |
i 2,571 | i 2,664 | i 5,131 | i 5,008 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Operating Income |
i 1,235 | i 3,452 | i 1,999 | i 4,186 | ||||||||||||||||||||||||||||
Other Income (Expense), Net |
( i 431 | ) | i 4,266 | ( i 710 | ) | i 3,897 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Income Before Income Taxes |
i 804 | i 7,718 | i 1,289 | i 8,083 | ||||||||||||||||||||||||||||
Income Tax Provision |
i 220 | i 699 | i 280 | i 471 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net Income |
$ | i 584 | $ | i 7,019 | $ | i 1,009 | $ | i 7,612 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Fair Value Measurement |
||||||||||||||||||||
(In thousands) |
Level 1 |
Level 2 |
Level 3 |
Total |
Carrying Value |
|||||||||||||||
Long-Term debt and related current maturities |
$ | — | $ | — | $ | i 9,011 | $ | i 9,011 | $ | i 9,000 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurement |
||||||||||||||||||||
(In thousands) |
Level 1 |
Level 2 |
Level 3 |
Total |
Carrying Value |
|||||||||||||||
Long-Term debt and related current maturities |
$ | — | $ | — | $ | i 9,255 | $ | i 9,255 | $ | i 9,250 |
Item 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | Product Identification (“PI”) – offers color and monochromatic digital label printers, direct-to-package on-site and remote service, spare parts and various service contracts. |
• | Test and Measurement (“T&M”) – offers a suite of products and services that acquire data from local and networked data streams and sensors as well as wired and wireless networks. The T&M segment includes a line of aerospace printers that are used to print hard copies of data required for the safe and efficient operation of aircraft including navigation maps, clearances, arrival and departure procedures, flight itineraries, weather maps, performance data, passenger data, and various air traffic control data. Aerospace products also include aircraft networking systems for high-speed onboard data transfer. T&M also provides repairs, service and spare parts. |
(Dollars in thousands) |
As a % of Revenue |
As a % of Revenue |
% Change Compared to Prior Year |
|||||||||||||||||
Product Identification |
$ | 23,382 | 72.5 |
% |
$ | 23,492 | 78.7 |
% |
(0.5 |
)% | ||||||||||
T&M |
8,877 | 27.5 |
% |
6,353 | 21.3 |
% |
39.7 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 32,259 | 100.0 |
% |
$ | 29,845 | 100.0 |
% |
8.1 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
As a % of Revenue |
As a % of Revenue |
% Change Compared to Prior Year |
|||||||||||||||||
Product Identification |
$ | 45,106 | 71.3 |
% |
$ | 46,590 | 79.1 |
% |
(3.2 |
)% | ||||||||||
T&M |
18,163 | 28.7 |
% |
12,333 | 20.9 |
% |
47.3 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 63,269 | 100.0 |
% |
$ | 58,923 | 100.0 |
% |
7.4 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||||||||||
Revenue |
Segment Operating Profit |
Revenue |
Segment Operating Profit |
|||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||
Product Identification |
$ |
23,382 |
$ |
23,492 |
$ |
1,644 |
$ |
4,406 |
$ |
45,106 |
$ |
46,590 |
$ |
3,058 |
$ |
7,134 |
||||||||||||||||
T&M |
8,877 |
6,353 |
2,162 |
1,710 |
18,163 |
12,333 |
4,072 |
2,060 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ |
32,259 |
$ |
29,845 |
3,806 |
6,116 |
$ |
63,269 |
$ |
58,923 |
7,130 |
9,194 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Corporate Expenses |
2,571 |
2,664 |
5,131 |
5,008 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Operating Income |
1,235 |
3,452 |
1,999 |
4,186 |
||||||||||||||||||||||||||||
Other Income (Expense), Net |
(431 |
) |
4,266 |
(710 |
) |
3,897 |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Income Before Income Taxes |
804 |
7,718 |
1,289 |
8,083 |
||||||||||||||||||||||||||||
Income Tax Provision |
220 |
699 |
280 |
471 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net Income |
$ |
584 |
$ |
7,019 |
$ |
1,009 |
$ |
7,612 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
Item 4. |
Controls and Procedures |
Item 1. |
Legal Proceedings |
Item 1A. |
Risk Factors |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
Total Number of Shares Repurchased |
Average Price paid Per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number of Shares That May Be Purchased Under The Plans or Programs |
|||||||||||||
May 1—May 31 |
— | $ | — | — | — | |||||||||||
June 1—June 30 |
— | $ | — | — | — | |||||||||||
July 1—July 31 |
— | $ | — | — | — |
Item 6. |
Exhibits |
ASTRONOVA, INC. | ||||||
(Registrant) | ||||||
Date: September 8, 2022 | By | /s/ Gregory A. Woods | ||||
Gregory A. Woods, | ||||||
President and Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
By | /s/ David S. Smith | |||||
David S. Smith, | ||||||
Vice President, Chief Financial Officer and Treasurer (Principal Accounting Officer and Principal Financial Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/4/27 | ||||
4/30/27 | ||||
9/30/25 | ||||
10/31/23 | ||||
7/31/23 | ||||
10/31/22 | ||||
Filed on: | 9/8/22 | |||
8/4/22 | 8-K | |||
For Period end: | 7/30/22 | |||
6/7/22 | ||||
5/6/22 | ||||
4/30/22 | 10-Q | |||
3/22/22 | 4 | |||
1/31/22 | 10-K | |||
12/14/21 | ||||
7/31/21 | 10-Q | |||
6/30/21 | ||||
6/15/21 | 8-K | |||
5/1/21 | 10-Q | |||
3/24/21 | ||||
1/31/21 | 10-K | |||
12/31/20 | SD | |||
12/27/20 | ||||
7/30/20 | 8-K | |||
6/5/20 | 8-K | |||
5/6/20 | ||||
4/27/20 | 8-K | |||
3/27/20 | 4, 8-K | |||
2/28/17 | 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/09/22 AstroNova, Inc. 8-K:1,2,8,9 8/04/22 14:1.8M Donnelley … Solutions/FA 4/29/22 AstroNova, Inc. DEF 14A 6/14/22 1:813K Donnelley … Solutions/FA 6/06/16 AstroNova, Inc. 10-Q 4/30/16 74:3.7M Donnelley … Solutions/FA 5/29/08 AstroNova, Inc. 10-K/A 1/31/08 6:206K Donnelley … Solutions/FA |