Business
AstroNova Announces Financial Results for the Second Quarter of Fiscal 2021
Second-Quarter Fiscal 2021 Summary Bookings of $25.3 million Backlog of $23.7 million Revenue of $27.7 million Operating income breakeven Net income of $0.0
About this update from Astronova, Inc.
[{"type":"text","content":"\nSecond-Quarter Fiscal 2021 Summary\n\n\n\nBookings of $25.3 million\n\n\nBacklog of $23.7 million\n\n\nRevenue of $27.7 million\n\n\nOperating income breakeven\n\n\nNet income of $0.0 million, or $0.00 per diluted share\n\n\nEBITDA of $2.3 million, or 8.4% of revenue\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 second quarter ended August 1, 2020.\n\n\nCEO Commentary\n\n\n“After a slow start to the quarter, we were pleased to see that our largest segment, Product Identification, representing nearly 80% of AstroNova revenue, made good progress adapting to the new normal by accelerating the transition to digital business practices from our traditional in-person sales and marketing approach,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “This switch, combined with customer enthusiasm for our recently refreshed printer offerings, resulted in a solid pick-up in printer sales and supplies in the latter part of the quarter. Based upon our unique full-solution offerings and our well-established strong position in resilient market segments such as food & beverage, cleaning supplies and medical, we expect this growth trend to continue as we move through the second half of the year.\n\n\n“In our Test & Measurement segment, the combination of the continued 737 MAX grounding and the COVID-19 pandemic further depressed revenue in the quarter,” Woods said. “We adjusted by taking significant additional actions to reduce expenses to better align this business with the current macro environment. These initiatives better position us to emerge stronger with increased profitability as the industry rebounds.\n\n\n“While a full rebound in the aerospace industry is likely to take many quarters, we are starting to see some positive signs. During the second quarter our repair business started to rebound as the number of global flights increased. We believe that this momentum will continue based on the gradual but steady increase in the number of aircraft being flown. Additionally, many of the final steps required for the Boeing 737 MAX’s return to service authorization have now been completed,” continued Woods. “Meanwhile, we continue to make progress on further increasing our direct to airline...