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): December 8, 2021

ASTRONOVA, INC.
(Exact name of registrant as specified in its charter)

Rhode Island	 	0-13200	 	05-0318215	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	

600 East Greenwich Avenue	
West Warwick, RI 02893	
(Address of principal executive offices) (Zip Code)	
(401) 828-4000
Registrant’s telephone number, including area code
Not applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
 	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
 	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
 	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	 	Trading
Symbol(s)	 	Name of Each Exchange
on which Registered	
Common Stock, $0.05 Par Value	 	ALOT	 	NASDAQ Global Market	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02   Results of Operations and Financial Condition.
 
On December 8, 2021, we issued a press release reporting the financial results for our fiscal third quarter ended October 30, 2021.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
The information contained in Item 2.02 of this report and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
 
Item 9.01   Financial Statement and Exhibits.
 
(d)            Exhibits

Exhibit No.	Exhibit	
 	 	
99.1	Press Release dated December 8, 2021	
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)	

 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	ASTRONOVA, INC.	
 	 	
Dated:  December 8, 2021	By:	/s/  David S. Smith	
 	 	David S. Smith	
 	 	Vice President, Chief Financial
Officer and Treasurer	

 	 Exhibit 99.1	

AstroNova Reports Financial Results for the Third Quarter of Fiscal 2022
Continued Recovery of Commercial Air Travel Drives 35% YoY Increase in Test & Measurement Revenue
Third-Quarter Fiscal 2022 Summary
·	Bookings of $32.3 million, up 16% year-over-year
·	Revenue of $28.9 million, up 3% year-over-year
·	Backlog of $26.8 million, up 16% year-over-year
·	GAAP operating income of $0.3 million
·	GAAP net loss of $0.4 million, or $0.06 per share, which includes costs associated with the write-off of the Company’s legacy enterprise resource planning (ERP) system
·	Non-GAAP net income of $0.1 million, or $0.01 per diluted share, excluding ERP write-off costs
·	Adjusted EBITDA of $1.1 million excluding ERP write-off costs, or 3.8% of revenue
·	Company expects sequential and year-over-year top-line growth in the fourth quarter of FY 2022
WEST WARWICK, R.I.--(BUSINESS WIRE)--December 8, 2021--AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies, today announced financial results for the fiscal 2022 third quarter ended October 30, 2021.
CEO Commentary
Gregory A. Woods, AstroNova’s President and Chief Executive Officer, stated, “Orders were strong again this quarter, as demand for our products continued to expand. Although sales were somewhat hampered by supply chain challenges affecting both segments of our business, total revenue nevertheless increased 3% year-over-year, as the ongoing recovery of the commercial aviation market helped drive double-digit growth in our Test & Measurement segment. In the Product Identification segment, in-person tradeshow activity continued to pick up in the quarter, as we demonstrated our latest printing and labeling products at major industry events including PACK EXPO in the U.S. and FACHPACK, the European trade fair for packaging, technology and processing.

Business Outlook
“Third-quarter bookings increased 16% to $32.3 million, highlighting strong demand trends heading into the final quarter of the year,” Woods continued. “Based on these trends and our expanding backlog, we believe we are well positioned for sequential and year-over-year growth in the fourth quarter of fiscal 2022.”
Q3 FY 2022 Operating Segment Results
Product Identification segment revenue in the third quarter of fiscal 2022 was $21.9 million compared with $22.9 million in the same period of fiscal 2021. Segment operating income was $1.8 million, or 8.3% of revenue, compared with $3.5 million, or 15.4% of revenue, in the prior year.
Test & Measurement segment revenue in the third quarter of fiscal 2022 increased 35.4% to $6.9 million from $5.1 million in the same period of fiscal 2021. The Test & Measurement segment recorded operating income of $0.8 million, or 12.2% of revenue, compared with a segment operating loss of $0.8 million, or a loss of 14.7% of revenue, in the comparable period of fiscal 2021.
Q3 FY 2022 Results Summary
Revenue for the third quarter of fiscal 2022 totaled $28.9 million, up 3.0% compared with $28.0 million in the year-earlier period.
Gross profit for the third quarter of fiscal 2022 was $10.4 million, or 36.0% of revenue, compared with $9.7 million, or 34.7% of revenue, in the same period of fiscal 2021. The increase compared with the same quarter last year reflects higher revenue and the impact of favorable product mix.
Operating expenses for the third quarter of fiscal 2022 totaled $10.1 million, compared with $9.3 million in the third quarter fiscal 2021, primarily reflecting investments in Research & Development and marketing expenses to support the business.
On a GAAP basis, AstroNova reported a net loss of $425,000, or $0.06 per share, which includes costs of $0.5 million (after-tax) associated with the write-off of the Company’s legacy enterprise resource planning (ERP) system. During the quarter, AstroNova completed the initial transition to a new global ERP system. On a non-GAAP basis, excluding the ERP write-off, net income was $0.1 million, or $0.01 per diluted share, in the third quarter of fiscal 2022. Net income for the third quarter of fiscal 2021 was $12,000, or $0.00 per share.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $0.3 million for the third quarter of fiscal 2022, compared with $1.7 million for the same period in fiscal 2021. Third-quarter fiscal 2022 EBITDA, excluding ERP write-off costs, was $0.7 million, or 2.4% of revenue.

Adjusted EBITDA, which is EBITDA further adjusted for share-based compensation, was $0.7 million, or 2.5% of revenue, and $1.1 million, or 3.8% of revenue, excluding ERP write-off costs. This compares with Adjusted EBITDA of $2.3 million, or 8.2% of revenue, in the same period of the prior year.
Non-GAAP net income, non-GAAP earnings per diluted share, EBITDA, EBITDA excluding ERP write-off costs, EBITDA excluding ERP write-off costs and CARES Act benefits, Adjusted EBITDA, Adjusted EBITDA excluding ERP write-off costs, and Adjusted EBITDA excluding ERP write-off costs and CARES Act benefits are non-GAAP financial measures explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to the financial reconciliation table included in this news release for a reconciliation of non-GAAP measures to the closest comparable GAAP measures for the fiscal third quarter and nine months ended October 30, 2021 and October 31, 2020.
Bookings for the third quarter of fiscal 2022 were $32.3 million, compared with $27.9 million in the third quarter of fiscal 2021.
Backlog at October 30, 2021 was $26.8 million versus $23.2 million as of October 31, 2020.
Third-Quarter Fiscal 2022 Conference Call
AstroNova will discuss its third-quarter fiscal 2022 financial results in an investor conference call at 9:00 a.m. ET today. To participate on the conference call, please dial (800) 430-8332 (U.S. and Canada) or (773) 341-1662 (International) approximately 10 minutes prior to the start time and enter confirmation code 3080960.
You can hear a replay of the conference call from 12:00 p.m. ET Wednesday, December 8, 2021 until 12:00 p.m. ET Wednesday, December 15, 2021 by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International). The passcode is 3080960. A real-time and an archived audio webcast of the call will be available through the “Investors” section of the AstroNova website, https://investors.astronovainc.com.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this news release contains the non-GAAP financial measures: non-GAAP net income, non-GAAP net income per diluted share, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP segment operating income, earnings before interest, taxes, depreciation and amortization (EBITDA), EBITDA excluding ERP write-off costs and CARES Act benefits, Adjusted EBITDA, and Adjusted EBITDA excluding ERP write-off costs and CARES Act benefits. AstroNova believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of changes in the Company's core operating results, and can help investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a non-GAAP basis. AstroNova’s management uses these measures, in addition to GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures also are used by the Company’s management to assist with their financial and operating decision-making.

About AstroNova
AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies since 1969, is focused on designing, manufacturing, distributing and servicing a broad range of products that acquire, store, analyze and present data in multiple formats. The Company's Product Identification segment offers a complete line-up of label and direct-to-package printing hardware and supplies, allowing customers to mark, track and enhance their products' appearance. 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. This segment 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, the cabin and so much more. AstroNova is a member of 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 Company’s anticipated performance, 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, 2021 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.

ASTRONOVA, INC.	
Condensed Consolidated Statements of Income	
In Thousands Except for Per Share Data	
(Unaudited)	
								 	
		Three Months Ended		Nine Months Ended	
		October 30, 2021	 	October 31, 2020	 	October 30, 2021	 	October 31, 2020	
Revenue		$	28,857	 		$	28,017	 		$	87,780	 		$	86,595	 	
Cost of Revenue		 	18,472	 		 	18,282	 		 	53,792	 		 	56,218	 	
Gross Profit		 	10,385	 		 	9,735	 		 	33,988	 		 	30,377	 	
Total Gross Profit Margin		 	36.0	%		 	34.7	%		 	38.7	%		 	35.1	%	
Operating Expenses:									
Selling & Marketing		 	5,777	 		 	5,553	 		 	16,931	 		 	17,033	 	
Research & Development		 	1,948	 		 	1,412	 		 	5,203	 		 	4,845	 	
General & Administrative		 	2,364	 		 	2,353	 		 	7,372	 		 	7,214	 	
Total Operating Expenses		 	10,089	 		 	9,318	 		 	29,506	 		 	29,092	 	
Operating Income		 	296	 		 	417	 		 	4,482	 		 	1,285	 	
Total Operating Margin		 	1.0	%		 	1.5	%		 	5.1	%		 	1.5	%	
Other Income (Expense), net:									
Extinguishment of Debt - PPP Loan		 	-	 		 	-	 		 	4,466	 		 	-	 	
Loss on Disposal of Assets		 	(696	)		 	-	 		 	(696	)		 	-	 	
Interest Expense		 	(135	)		 	(286	)		 	(526	)		 	(776	)	
Gain (Loss) on Foreign Currency Transactions		 	(117	)		 	(85	)		 	(231	)		 	314	 	
Other, net		 	53	 		 	(66	)		 	(11	)		 	3	 	
		 	(895	)		 	(437	)		 	3,002	 		 	(459	)	
								 	
Income (Loss) Before Taxes		 	(599	)		 	(20	)		 	7,484	 		 	826	 	
Income Tax (Benefit) Provision		 	(174	)		 	(32	)		 	297	 		 	379	 	
Net Income (Loss)		$	(425	)		$	12	 		$	7,187	 		$	447	 	
Net Income (Loss) per Common Share - Basic		$	(0.06	)		$	0.00	 		$	1.00	 		$	0.06	 	
Net Income (Loss) per Common Share - Diluted		$	(0.06	)		$	0.00	 		$	0.98	 		$	0.06	 	
								 	
Weighted Average Number of Common Shares - Basic		 	7,234	 		 	7,120	 		 	7,196	 		 	7,100	 	
Weighted Average Number of Common Shares - Diluted		 	7,234	 		 	7,185	 		 	7,325	 		 	7,137	 	

ASTRONOVA, INC.	
Balance Sheet	
In Thousands	
(Unaudited)	
				 	
		October 30, 2021		January 31, 2021	
				 	
ASSETS					
CURRENT ASSETS					
Cash and Cash Equivalents		$	8,727		$	11,439	
Accounts Receivable, net		 	16,351		 	17,415	
Inventories, net		 	31,661		 	30,060	
Prepaid Expenses and Other Current Assets		 	6,451		 	1,807	
Total Current Assets		 	63,190		 	60,721	
PROPERTY, PLANT AND EQUIPMENT		 	50,624		 	50,839	
Less Accumulated Depreciation		 	(38,950)		 	(38,828)	
Property, Plant and Equipment, net		 	11,674		 	12,011	
OTHER ASSETS					
Intangible Assets, net		 	19,637		 	21,502	
Goodwill		 	12,415		 	12,806	
Deferred Tax Assets		 	5,942		 	5,941	
Right of Use Asset		 	1,106		 	1,389	
Other Assets		 	1,658		 	1,103	
TOTAL ASSETS		$	115,622		$	115,473	
LIABILITIES AND SHAREHOLDERS’ EQUITY					
CURRENT LIABILITIES					
Accounts Payable		$	6,866		$	5,734	
Accrued Compensation		 	4,370		 	2,852	
Other Liabilities and Accrued Expenses		 	3,835		 	3,939	
Current Portion of Royalty Obligation		 	2,000		 	2,000	
Current Portion of Long-Term Debt		 	938		 	5,326	
Current Liability – Excess Royalty Payment Due		 	220		 	177	
Deferred Revenue		 	284		 	285	
Income Taxes Payable		 	-		 	655	
Total Current Liabilities		 	18,513		 	20,968	
NON-CURRENT LIABILITIES					
Long-Term Debt, net of current portion		 	8,397		 	7,109	
Royalty Obligation, net of current portion		 	4,811		 	6,161	
Long-Term Debt - PPP Loan		 	-		 	4,422	
Lease Liability, net of current portion		 	826		 	1,065	
Other Long-Term Liabilities		 	557		 	681	
Deferred Tax Liabilities		 	336		 	384	
TOTAL LIABILITIES		 	33,440		 	40,790	
SHAREHOLDERS’ EQUITY					
Common Stock		 	528		 	521	
Additional Paid-in Capital		 	59,502		 	58,049	
Retained Earnings		 	57,272		 	50,085	
Treasury Stock		 	(33,944)		 	(33,588)	
Accumulated Other Comprehensive Loss, net of tax		 	(1,176)		 	(384)	
TOTAL SHAREHOLDERS’ EQUITY		 	82,182		 	74,683	
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	115,622		$	115,473	

ASTRONOVA, INC.	
Revenue and Segment Operating Profit (Loss)	
In Thousands	
(Unaudited)	
																	 	
		Revenue		Segment Operating Profit (Loss)			Revenue		Segment Operating Profit (Loss)	
		Three Months Ended		Three Months Ended			Nine Months Ended		Nine Months Ended	
		October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020			October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020	
Product Identification		$	21,928		$	22,898		$	1,818	 		$	3,521	 			$	68,519		$	66,907		$	8,952		$	9,813	 	
Test & Measurement		 	6,929		 	5,119		 	842	 		 	(751	)			 	19,261		 	19,688		 	2,902		 	(1,314	)	
Total		$	28,857		$	28,017		 	2,660	 		 	2,770	 			$	87,780		$	86,595		 	11,854		 	8,499	 	
Corporate Expenses						 	2,364	 		 	2,353	 							 	7,372		 	7,214	 	
Operating Income						 	296	 		 	417	 							 	4,482		 	1,285	 	
Other Income (Expense), net						 	(895	)		 	(437	)							 	3,002		 	(459	)	
Income (Loss) Before Income Taxes						 	(599	)		 	(20	)							 	7,484		 	826	 	
Income Tax (Benefit) Provision						 	(174	)		 	(32	)							 	297		 	379	 	
Net Income (Loss)						$	(425	)		$	12	 							$	7,187		$	447	 	

ASTRONOVA, INC.	
Reconciliation of GAAP to Non-GAAP - Gross Profit	
Amounts in Thousands	
(Unaudited)	
								 	
		Three Months Ended		Nine Months Ended	
		October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020	
Gross Profit − GAAP		$	10,385		$	9,735		$	33,988	 		$	30,377	
								 	
Employee Retention Credit, net		 	-		 	-		 	(1,641	)		 	-	
								 	
Gross Profit − Non-GAAP		$	10,385		$	9,735		$	32,347	 		$	30,377	

ASTRONOVA, INC.	
Reconciliation of GAAP to Non-GAAP - Operating Expenses	
Amounts in Thousands	
(Unaudited)	
								 	
		Three Months Ended		Nine Months Ended	
		October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020	
Operating Expenses − GAAP		$	10,089		$	9,318		$	29,506		$	29,092	
								 	
Employee Retention Credit, net		 	-		 	-		 	489		 	-	
								 	
Operating Expenses − Non-GAAP		$	10,089		$	9,318		$	29,995		$	29,092	

ASTRONOVA, INC.	
Reconciliation of GAAP to Non-GAAP - Operating Income	
Amounts in Thousands	
(Unaudited)	
								 	
		Three Months Ended		Nine Months Ended	
		October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020	
Operating Income − GAAP		$	296		$	417		$	4,482	 		$	1,285	
								 	
Employee Retention Credit, net		 	-		 	-		 	(2,130	)		 	-	
								 	
Operating Income − Non-GAAP		$	296		$	417		$	2,352	 		$	1,285	

ASTRONOVA, INC.	
Reconciliation of GAAP to Non-GAAP - Net Income (Loss)	
Amounts in Thousands	
(Unaudited)	
								 	
		Three Months Ended		Nine Months Ended	
		October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020	
Net Income (Loss) − GAAP		$	(425	)		$	12		$	7,187	 		$	447	
								 	
Oracle EnterpriseOne ERP Write-off		$	528	 		 	-		$	528	 		 	-	
								 	
Employee Retention Credit, net		 	-	 		 	-		 	(1,615	)		 	-	
								 	
PPP Loan Forgiveness		 	-	 		 	-		 	(4,426	)		 	-	
								 	
Net Income (Loss) − Non-GAAP		$	103	 		$	12		$	1,674	 		$	447	

ASTRONOVA, INC.	
Reconciliation of GAAP to Non-GAAP - Diluted Earnings Per Share	
(Unaudited)	
								 	
		Three Months Ended		Nine Months Ended	
		October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020	
Diluted Earnings Per Share − GAAP		$	(0.06	)		$	0.00		$	0.98	 		$	0.06	
								 	
Oracle EnterpriseOne ERP Write-off		 	0.07	 		 	-		 	0.07	 		 	-	
								 	
Employee Retention Credit, net		 	-	 		 	-		 	(0.22	)		 	-	
								 	
PPP Loan Forgiveness		 	-	 		 	-		 	(0.60	)		 	-	
								 	
Diluted Earnings Per Share − Non-GAAP		$	0.01	 		$	0.00		$	0.23	 		$	0.06	

ASTRONOVA, INC.	
Reconciliation of Net Income to EBITDA	
Amounts in Thousands	
(Unaudited)	
					 				 	
		Three Months Ended		Nine Months Ended	
		October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020	
Net Income − GAAP		$	(425	)		$	12	 		$	7,187	 		$	447	
Interest Expense		 	135	 		 	286	 		 	526	 		 	776	
Income Tax Expense (Provision)		 	(174	)		 	(32	)		 	297	 		 	379	
Depreciation/Amortization		 	796	 		 	1,438	 		 	3,070	 		 	4,571	
EBITDA		$	332	 		$	1,704	 		$	11,080	 		$	6,173	
Net Income - Employee Retention Credit		 	-	 		 	-	 		 	(1,615	)		 	-	
Net Income - PPP Loan Forgiveness		 	-	 		 	-	 		 	(4,426	)		 	-	
Net Income - Oracle EnterpriseOne ERP Write-off		 	528	 		 	-	 		 	528	 		-	
Income Tax Expense - Employee Retention Credit		 	-	 		 	-	 		 	515	 		 	-	
Income Tax Expense - PPP Loan Forgiveness		 	-	 		 	-	 		 	40	 		 	-	
Income Tax Expense - Oracle EnterpriseOne ERP Write-off		 	(168	)		-	 		 	(168	)		-	
EBITDA Excluding ERP Write-off and CARES Act Benefits		$	692	 		$	1,704	 		$	5,954	 		$	6,173	

ASTRONOVA, INC.	
Reconciliation of Net Income (Loss) to Adjusted EBITDA	
Amounts in Thousands	
(Unaudited)	
					 				 	
		Three Months Ended		Nine Months Ended	
		October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020	
Net Income (Loss) − GAAP		$	(425	)		$	12	 		$	7,187	 		$	447	
Interest Expense		 	135	 		 	286	 		 	526	 		 	776	
Income Tax (Provision) Expense		 	(174	)		 	(32	)		 	297	 		 	379	
Depreciation/Amortization		 	796	 		 	1,438	 		 	3,070	 		 	4,571	
Share-Based Compensation		 	398	 		 	591	 		 	1,345	 		 	1,687	
Adjusted EBITDA		$	730	 		$	2,295	 		$	12,425	 		$	7,860	
Net Income - Employee Retention Credit		 	-	 		 	-	 		 	(1,615	)		 	-	
Net Income - PPP Loan Forgiveness		 	-	 		 	-	 		 	(4,426	)		 	-	
Net Income - Oracle EnterpriseOne ERP Write-off		 	528	 		-	 		 	528	 		-	
Income Tax Expense - Employee Retention Credit		 	-	 		 	-	 		 	515	 		 	-	
Income Tax Expense - PPP Loan Forgiveness		 	-	 		 	-	 		 	40	 		 	-	
Income Tax Expense - Oracle EnterpriseOne ERP Write-off		 	(168	)		-	 		 	(168	)		-	
Adjusted EBITDA Excluding ERP Write-off and CARES Act Benefits		$	1,090	 		$	2,295	 		$	7,299	 		$	7,860	

ASTRONOVA, INC.	
Reconciliation of Segment GAAP to Non-GAAP Operating Income (Loss)	
Amounts in Thousands	
(Unaudited)	
																											 	
		Three Months Ended			Nine Months Ended	
		October 30, 2021			October 31, 2020			October 30, 2021			October 31, 2020	
		Product
Identification		Test &
Measurement		Total			Product
Identification		Test &
Measurement		Total			Product
Identification		Test &
Measurement		Total			Product
Identification		Test &
Measurement		Total	
Segment Operating Profit (Loss) - GAAP		$	1,818		$	842		$	 	2,660			$	3,521		$	(751	)		$	 	2,770			$	8,952	 		$	2,902	 		$	 	11,854	 			$	9,813		$	(1,314	)		$	 	8,499	
																											 	
Employee Retention Credit, net		 	-		 	-		 	 	-			 	-		 	-	 		 	 	-			 	(1,430	)		 	(802	)		 	 	(2,232	)			 	-		 	-	 		 	 	-	
																											 	
Segment Operating Profit - Non-GAAP		$	1,818		$	842		$	 	2,660			$	3,521		$	(751	)		$	 	2,770			$	7,523	 		$	2,100	 		$	 	9,623	 			$	9,813		$	(1,314	)		$	 	8,499	
 
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