Business
AstroNova Announces Financial Results for the First Quarter of Fiscal 2021
First-Quarter Fiscal 2021 Summary Bookings of $31.2 million Backlog of $25.9 million Revenue of $30.9 million Operating income of $0.7 million Earnings per
About this update from Astronova, Inc.
[{"type":"text","content":"\nFirst-Quarter Fiscal 2021 Summary\n\n\n\nBookings of $31.2 million\n\n\nBacklog of $25.9 million\n\n\nRevenue of $30.9 million\n\n\nOperating income of $0.7 million\n\n\nEarnings per diluted share of $0.06\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 2021 first quarter ended May 2, 2020.\n\n\nCEO Commentary\n\n\n“Our performance improved from the fourth quarter of fiscal 2020 due to actions taken that reduced costs and realigned priorities. However, the broad economic disruption caused by the COVID-19 pandemic added additional constraints and weighed on our first-quarter financial performance,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “The pandemic impact has been particularly acute in the Aerospace portion of our Test & Measurement segment. Despite the challenging conditions, our global team is doing an outstanding job supporting our customers throughout this pandemic. At AstroNova facilities around the world, we have maintained production while keeping the health and safety of our employees, customers, suppliers and communities at the forefront of our attention. The early actions we took to shift a significant number of our global team to working remotely while enhancing our cleaning and protection procedures at our production facilities have proven to be successful.\n\n\n“In our Product Identification segment, which relies heavily on tradeshow participation, in-person sales calls and product demos, we’ve had to adapt, at least temporarily, to a new normal,” Woods said. “Our marketing team has done a good job on that front, enhancing our e-commerce and virtual demo initiatives with the creation of the recently launched new Product Identification website.\n\n\n“In the first quarter, the Product Identification supplies portion of our business performed well and accounted for approximately 62% of total revenue compared with approximately 55% in the prior-year period,” Woods said. “In certain end markets, such as cleaning and sanitation, as well as chemical and medical supplies, demand was particularly strong from both new and existing customers. We expect a gradual improvement in printer sales beginning in the second half of the fiscal year as more businesses reopen and ...