Business
AstroNova Reports Fiscal First-Quarter 2022 Financial Results
Product Identification bookings hit all time high First-Quarter Fiscal 2022 Summary Bookings of $32.8 million Backlog at quarter end of $24.8 million Revenue
About this update from Astronova, Inc.
[{"type":"text","content":"\nProduct Identification bookings hit all time high \n\nFirst-Quarter Fiscal 2022 Summary \n\n\nBookings of $32.8 million\n\n\nBacklog at quarter end of $24.8 million\n\n\nRevenue of $29.1 million\n\n\nOperating income of $0.7 million\n\n\nNet income of $0.6 million, or $0.08 per diluted share\n\n\nAdjusted EBITDA of $2.5 million, or 8.6% of revenue\n\n\n WEST WARWICK, R.I.--(BUSINESS WIRE)--\n\nAstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies, today announced financial results for the fiscal 2022 first quarter ended May 1, 2021.\n\n“Revenue was generally in line with our expectations in the first quarter compared with last year, as top-line growth in the Product Identification segment partly offset Aerospace industry-related weakness in the Test & Measurement segment due to the effects of the COVID-19 pandemic and continued weakness in 737 MAX-related shipments,” said Gregory A. Woods, President and Chief Executive Officer of AstroNova. “Bookings came in ahead of last year’s level, with Product Identification posting a new record and our Aerospace bookings increasing 45% sequentially to mark the first positive book-to-bill ratio since fiscal 2020. We continued to carefully manage expenses in the quarter, which allowed us to maintain profitability and improve overall margins despite lower revenue.\n\n“Q1 marked another strong quarter for the T3-OPX, our wide-format durable direct-to-package printing system, which continues to exceed expectations,” Woods said. “Our Product Identification segment had solid results, particularly in Europe, reflecting our recent sales reorganization in the EMEA region.”\n\nQ1 FY 2022 Operating Segment Results\n\nProduct Identification segment revenue was $23.1 million, compared with $22.4 million in the prior-year period. Segment operating income was $2.7 million, or 11.8% of revenue, compared with $3.1 million, or 14.1% of revenue, in the prior year, primarily due to higher operating costs.\n\nTest & Measurement segment revenue was $6.0 million, compared with $8.5 million in the same period of fiscal 2021. The decrease reflected lower aerospace printer sales associated with COVID-19 and the 737 MAX impact. The Test & Measurement segment recorded an operating profit of $0.4 million, or 5.9% of revenue, compared with segment operating loss of $0.2 million, or negativ...