UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

 
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
DATE OF REPORT
(DATE OF EARLIEST EVENT REPORTED)
May 16, 2006

ASTRO-MED, INC
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

COMMISSION FILE NUMBER                  0-13200
 
RHODE ISLAND	05-0318215	 	
(STATE OR OTHER JURISDICTION OF	(IRS EMPLOYER IDENTIFICATION	
INCORPORATION OR ORGANIZATION)	NUMBER)	 	
				
600 EAST GREENWICH AVENUE, WEST WARWICK, RI 02893
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
(401-828-4000)
(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

 

 
 
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 16, 2006, Astro-Med, Inc. (the “Company”) issued a press release in which it disclosed unaudited financial information related to first quarter consolidated earnings.          A copy of the press release relating to such announcement, dated May 16, 2006, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c)	Exhibit	 	
Exhibit no.	Exhibit	
				
99.1	Press Release dated May 16, 2006	
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
 
DATE: May 16, 2006	ASTRO-MED, INC.	
 
 	By: /s/   Joseph P. O’Connell	
 	Joseph P. O’Connell	 	
				
Vice President, Treasurer and Chief Financial Officer

 
 
INDEX TO EXHIBITS
 	Exhibit No .	Exhibit	 	
 	99.1	Press Release Dated May 16, 2006	

 

 
 
Exhibit 99.1
 
PRESS RELEASE

 
600 East Greenwich Avenue
West Warwick, Rhode Island 02893
 
For Immediate Release
 
Contact:  	Albert W. Ondis	 	
 	Joseph P. O’Connell	May 16, 2006	
 	Astro-Med, Inc.	 	
 	(401) 828-4000	 	

 
Astro-Med Reports Strong First Quarter Results;
     Directors Declare Regular Cash Dividend

West Warwick, RI, May 16, 2006 -- Astro-Med, Inc. (NASDAQ:ALOT) reports net income of $543,000, equal to 9 cents per diluted share, on sales of $15,642,000, for the First Quarter ending April 29, 2006.  Net income for the quarter included a non-cash charge of approximately $100,000, or 1 cent per diluted share, related to the company’s adoption of SFAS No. 123(R), Share-Based Payment , which requires the expensing of stock options and other equity compensation. During the corresponding period of the previous year, the Company reported net income of $398,000, equal to 7 cents per diluted share, on sales of $14,193,000.
 
Commenting on the results, Albert W. Ondis, Chief Executive Officer, stated:  “We are pleased with our performance in the First Quarter. Sales increased 10% over the corresponding period of the prior year while new orders increased by 12% to $16,876,000, increasing our backlog to a record level of $6,546,000 at the end of the quarter. We experienced double digit new order growth from most major products. We strengthened our balance sheet further, increasing cash and marketable securities by 11% to $16,339,000, solidified our liquidity position with a current ratio of 4:54 to 1, and increased the book value per share to $7.65. We are on track to achieve additional growth with the introduction of several new products later this year, which are now in development, and by further expanding our field sales force.”
 
On May 16, 2006, the Directors of Astro-Med declared the regular quarterly cash dividend of 5 cents per share payable on July 3, 2006 to shareholders of record on June 16, 2006.

 

The First Quarter conference call will be held on Wednesday, May 17, 2006, at 11:00 AM EDT.  It will be broadcast in real time on the Internet through our website at www.astro-medinc.com . We invite you to log on and listen in or access the broadcast any time for up to 5 days following the event.
 
Astro-Med, Inc. is a leading manufacturer of high tech specialty printing systems, electronic medical instrumentation, and test and measurement instruments employed around the world in a wide range of industrial, scientific, and medical applications.

 
ASTRO-MED, INC.
 
Consolidated Condensed Statements of Operations
In Thousands Except for Per Share Data
(Unaudited)

 	Three Months Ended
April 29,
2006	Three
Months Ended
April 30, 2005	
Net Sales	$15,642	$14,193	
 	 	 	
Gross Profit	6,276	5,688	
 	40.1%	40.1%	
Operating Expenses:	 	 	
Selling, General & Administrative	4,511	4,219	
Research & Development	    1,053	       953	
 	   5,564	5,172	
 	 	 	
Operating Income	712	516	
 	4.6%	3.6%	
 	 	 	
Other, Net	      150	       107	
 	 	 	
Income Before Taxes	862	623	
 	 	 	
Income Tax Benefit (Provision)	    (319)	     (225)	
 	 	 	
Net Income	$    543	$     398	
 	 	 	
Net Income Per Share - Basic	$   0.10	$    0.08	
Net Income Per Share - Diluted	$   0.09	$    0.07	
 	 	 	
Weighted Average Number of Common Shares  - Basic	 
5,390	 
5,277	
Weighted Average Number of Common Shares  - Diluted	 
5,868	 
5,712	
 	 	 	
Dividends Declared Per Common Share	$   0.05	$    0.04	

 

 
Selected Balance Sheet Data
In Thousands Except for Per Share Data

 	As of
April 29, 2006
 	As of
January 31, 2006	
Cash & Marketable Securities	$16,339	$14,724	
 	 	 	
Current Assets	$41,542	$39,662	
 	 	 	
Total Assets	$51,407	$49,647	
 	 	 	
Current Liabilities	$  9,150	$  8,440	
 	 	 	
Shareholders’ Equity	$41,322	$40,301	

 
Safe Harbor Statement
This news release contains forward-looking statements, and actual results may vary from those expressed or implied herein.   Factors that could affect these results include those mentioned in Astro-Med’s FY2006 annual report and its annual and quarterly filings with the Securities and Exchange Commission.