AstroNova Provides COVID-19 Business Update
May 12 2020 - 8:00AM
Business Wire
Announces Receipt of PPP Loan and Dividend
Suspension
AstroNova, Inc. (NASDAQ: ALOT), a global leader in data
visualization technologies, today provided an update on the impact
of the COVID-19 pandemic on business operations and on steps taken
to improve the Company’s liquidity position.
“Throughout this unprecedented period, we have maintained
production in our essential manufacturing operations while keeping
the health and safety of our employees, customers, suppliers and
communities at the forefront of our attention,” said President and
CEO Greg Woods. “We took swift action to shift a significant number
of our global team to working remotely while enhancing our cleaning
and protection procedures at our production facilities to keep our
team members safe. We are extremely proud of our employees, whose
dedication and commitment have helped ensure we continue to
successfully meet the on-going needs of our customers, many of whom
are providing essential services.”
Cost Reductions and Liquidity
Actions
AstroNova has taken several measures globally to reduce the
financial impact of the COVID-19 pandemic and preserve and improve
liquidity during this time of significant uncertainty. These
include:
- Executive and employee compensation has been frozen across the
board at 2019 levels, and management continues to reduce
operational expenses,
- Application for and receipt of a $4.4 million Small Business
Administration’s Paycheck Protection Program loan, to help sustain
a skilled workforce able to meet customers’ needs, and
- Suspension of the Company’s dividend.
The Company plans to issue its first-quarter fiscal 2021
financial results and host a conference call for investors in June
2020, the dates and details for which will be provided in a
subsequent press release.
About AstroNova
AstroNova, Inc. (NASDAQ: ALOT), a global leader in data
visualization technologies since 1969, designs, manufactures,
distributes, and services a broad range of products that acquire,
store, analyze, and present data in multiple formats.
The Product Identification segment offers a complete line-up of
labeling hardware and supplies allowing customers to mark, track,
and enhance the appearance of their products. The segment is
comprised of three business units: QuickLabel®, the industry leader
in tabletop digital color label printing; TrojanLabel®, an
innovative leader for professional label presses; and GetLabels™,
the premier supplier of label materials, inks, toners, ribbons, and
adhesives, all compatible with the major printer brands. Supported
by AstroNova’s customer application experts and technology
leadership in printing, material science, and high-speed data
processing, customers benefit from an optimized, “total solution”
approach.
The Test and Measurement segment includes the AstroNova
Aerospace business unit, which designs and manufactures flight deck
printers, networking hardware, and related accessories serving the
world’s aerospace and defense industries with proven advanced
airborne technology solutions for the cockpit and the cabin; and
the Test and Measurement business unit, which offers a suite of
products and services that acquire, record, and analyze electronic
signal data from local and networked sensors.
AstroNova is a member of the Russell 3000® Index, the Russell
2000® Index, the Russell Microcap® Index, and the LD Micro Index
(INDEXNYSEGIS: LDMICRO). Additional information is available by
visiting www.astronovainc.com.
Forward-Looking Statements
Information included in this news release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are not statements of historical fact, but rather
reflect our current expectations concerning future events and
results. These statements may include the use of the words
“believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,”
“continues,” “may,” “will,” and similar expressions to identify
forward-looking statements. Such forward-looking statements,
including those concerning the maintenance of the Company’s
production in its essential manufacturing operations and the
preservation and enhancement of its liquidity, involve risks,
uncertainties and other factors, some of which are beyond our
control, which may cause our actual results, performance or
achievements to be materially different from those expressed or
implied by such forward-looking statements. These risks,
uncertainties and factors include, but are not limited to, those
factors set forth in the Company’s Annual Report on Form 10-K for
the fiscal year ended January 31, 2020 and subsequent filings
AstroNova makes with the Securities and Exchange Commission. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The reader is cautioned not to unduly
rely on such forward-looking statements when evaluating the
information presented in this news release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200512005225/en/
Scott Solomon Senior Vice President Sharon Merrill Associates
(617) 542-5300 ALOT@investorrelations.com
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