Business
AstroNova Announces Financial Results for Fourth-Quarter and Full-Year Fiscal 2020
Board of Directors Declares Regular Quarterly Cash Dividend of $0.07 Per Share Fourth-Quarter Fiscal 2020 Summary Bookings of $36.0 million Backlog of $25.2
About this update from Astronova, Inc.
[{"type":"text","content":"\nBoard of Directors Declares Regular Quarterly Cash Dividend of $0.07 Per Share\n\n\n\nFourth-Quarter Fiscal 2020 Summary\n\n\nBookings of $36.0 million\n\n\nBacklog of $25.2 million\n\n\nRevenue of $30.5 million\n\n\nOperating loss of $1.6 million\n\n\nLoss per diluted share of $0.19\n\n\n\n\nFull-Year Fiscal 2020 Summary\n\n\nBookings of $136.3 million\n\n\nRevenue of $133.4 million\n\n\nOperating income of $2.4 million\n\n\nEarnings per diluted share of $0.24\n\n\n\n\n\n \n\n WEST WARWICK, R.I.--(BUSINESS WIRE)--\nAstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies, today announced financial results for the fiscal 2020 fourth quarter and full year ended January 31, 2020.\n\n\nCEO Commentary\n\n\n“The impact of the grounding of the 737 MAX and the unexpected production halt announcement in December on our Test and Measurement segment, combined with ongoing relative weakness for the Product Identification segment in Asia, continued to affect our revenue and margins in the fourth quarter,” said President and CEO Greg Woods. “However, demand growth in regions outside of Asia drove positive fourth-quarter bookings in our Product Identification segment. We saw an enthusiastic response to our new products at several trade shows in the fall, and we are seeing indications of that customer interest translating into bookings momentum.\n\n\n“As a result of the near-term industry dynamics, most notably the Boeing 737 MAX production halt, we have taken actions to bring our costs in line with the current market environment,” continued Woods. “We implemented a 5% headcount reduction and other initiatives that we expect to result in an annualized expense savings of $1.5 million to $2.0 million. At the same time however, we continue to invest in those strategic initiatives that we believe will drive growth and profitability for AstroNova.”\n\n\nBusiness Outlook\n\n\n“In addition to the favorable customer reception to our new Product Identification offerings and the resulting solid bookings in the fourth quarter, we have made some additional changes to our sales management structure that we expect will result in more efficient and effective global sales processes,” added Woods. “In the meantime, we believe our cost-cutting measures position us for a return to profitability as we move forward in fiscal 2021. Longe...