AstroNova(ALOT) - 2024 Q4 - Annual Results

Financial Performance - AstroNova reported a record full-year GAAP operating income of $8.8 million and non-GAAP operating income of $12.0 million for fiscal 2024[1]. - The company achieved full-year GAAP net income of $4.7 million, or $0.63 per diluted share, and non-GAAP net income of $7.2 million, or $0.97 per diluted share[1]. - Adjusted EBITDA for FY 2024 was $14.4 million, a 40% increase compared to $10.3 million in FY 2023[9]. - Net income for the three months ended January 31, 2024, was $2,711, an increase of 99.5% from $1,363 in the same period last year[24]. - GAAP net income for the three months ended January 31, 2024, was $2,711 million, an increase of 98.5% from $1,363 million in the same period last year[31]. - Non-GAAP diluted earnings per share for the three months ended January 31, 2024, were $0.33, up from $0.18 in the prior year, representing an increase of 83.3%[29]. - GAAP operating income for the three months ended January 31, 2024, was $3,915 million, compared to $2,097 million for the same period in 2023, reflecting an increase of 86.5%[29]. Revenue and Growth - Fourth-quarter revenue was $39.6 million, a slight decrease of 1% year-over-year, while gross profit increased by 9% to $14.7 million[7]. - Bookings in Q4 FY 2024 were $39.8 million, up from $36.3 million in Q4 FY 2023, with a total of $143.7 million for the fiscal year[10]. - For fiscal 2025, AstroNova expects mid-single-digit organic revenue growth and an adjusted EBITDA margin of 13% to 14%[6]. Segment Performance - The Test & Measurement (T&M) segment saw a 10% top-line growth, with a segment operating profit margin of 28% driven by the aerospace product line[3]. - The Product Identification (PI) segment's operating profit increased by 560 basis points year-over-year, reflecting successful strategic realignment[4]. Operational Metrics - The backlog as of January 31, 2024, was $31.4 million, down from $35.8 million at the end of fiscal 2023[10]. - Total current liabilities decreased to $29,647 as of January 31, 2024, down from $37,498 a year earlier, indicating improved liquidity[25]. - Cash and cash equivalents increased to $4,527 as of January 31, 2024, compared to $3,946 in the previous year, showing a positive cash flow trend[25]. - The company reported a total operating profit of $10,087 for the twelve months ended January 31, 2024, compared to $7,889 for the same period in 2023[26]. Cost and Expenses - Total GAAP operating expenses for the three months ended January 31, 2024, were $10,831 million, a decrease of 5.5% from $11,465 million in the same period last year[29]. - The total cost of revenues for the three months ended January 31, 2024, was $24,848 million, down from $26,291 million in the same period last year, a decrease of 5.5%[29]. - The company incurred restructuring charges of $75 million and product retrofit costs of $210 million in the three months ended January 31, 2024[29]. Research and Development - Research and development expenses for the three months ended January 31, 2024, were $1,878, slightly up from $1,801 in the same period last year, indicating continued investment in innovation[24]. Asset Management - Total assets decreased to $133,137 as of January 31, 2024, from $139,207 a year earlier, reflecting a reduction in overall company size[25]. - The weighted average number of common shares outstanding increased to 7,438 for the three months ended January 31, 2024, compared to 7,330 in the prior year[24].