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): April 14, 2022

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 April 14, 2022, we issued a press release reporting the financial results for our fiscal fourth quarter and full year ended January 31, 2022.  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 April 14, 2022	
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:  April 14, 2022	By:	/s/  David S. Smith	
 	 	David S. Smith	
 	 	Vice President, Chief Financial Officer and Treasurer	

 	 Exhibit 99.1	

AstroNova Reports Fiscal Fourth-Quarter and Full-Year 2022 Financial Results
Company to Host Conference Call at 9:00 a.m. ET Today
Fiscal Fourth-Quarter 2022 Financial Summary
·	Bookings of $32.9 million
·	Backlog at quarter end of $27.8 million
·	Revenue of $29.7 million
·	Operating loss of $0.2 million
·	Net loss of $0.8 million, or $0.10 per share
·	Adjusted EBITDA of $0.8 million, or 2.6% of revenue
Fiscal Full-Year 2022 Financial Summary
·	Bookings of $128.6 million
·	Revenue of $117.5 million
·	GAAP operating income of $4.3 million
·	Non-GAAP operating income of $2.1 million
·	GAAP net income of $6.4 million, or $0.88 per diluted share, which includes CARES Act benefits and ERP system write-off costs
·	Non-GAAP net income of $916,000, or $0.12 per diluted share
·	Adjusted EBITDA of $13.2 million, or 11.2% of revenue
WEST WARWICK, R.I.--(BUSINESS WIRE)--April 13, 2022--AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies, today announced financial results for the fiscal fourth quarter and full year ended January 31, 2022.

CEO Commentary
“Our fourth-quarter results were mixed, as we continued to manage through a range of pandemic-induced global supply chain disruptions, including parts delays and shortages, supplier price increases and surcharges, and much higher transportation costs,” stated Gregory A. Woods, AstroNova’s President and Chief Executive Officer. “Despite those challenges, the pace of new orders continued its encouraging trend in the fourth quarter of fiscal 2022, increasing 13% year-over-year on continued strong product demand.
“Our Test & Measurement segment posted revenue and operating margin growth in the quarter, helped by the continuing recovery of the commercial aviation market,” Woods continued. “While domestic passenger traffic has rebounded faster than other routes, the airline industry expects to see a steady ramp up to pre-pandemic levels over the next several quarters.
“In our Product Identification segment, revenue and operating margin declined in the fourth quarter, due to warranty charges, mix and the effect of higher manufacturing costs related to the macroeconomic environment,” Woods said. “Despite those short-term challenges, we are encouraged by the strong performance of our direct-to-package printing solutions such as the T3-OPX, which had a record year in fiscal 2022, its second full year of availability.”
CARES Act Benefits and ERP Write-Off Costs
On a Generally Accepted Accounting Principles (GAAP) basis, net income for the 12 months ended January 31, 2022 includes $6.0 million, or $0.83 per diluted share, in benefits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. GAAP net income for the period also includes costs of $0.5 million, net of tax, or $0.07 per diluted share, associated with the write-off of the Company’s legacy enterprise resource planning (ERP) system.
Operating Segment Results
Product Identification segment revenue was $22.4 million in the fourth quarter of fiscal 2022, compared with $23.4 million in the fiscal 2021 fourth quarter. Segment operating profit was $1.5 million, or 6.5% of revenue, compared with revenue of $3.1 million, or 13.2% of revenue, in the fourth quarter of fiscal 2021. These results reflected the impact of unusually high warranty charges and the global supply chain challenges on the business.
For fiscal full-year 2022, Product Identification revenue increased 0.7% to $90.9 million from $90.3 million for fiscal full-year 2021. GAAP segment operating profit was $10.4 million, or 11.5% of revenue, compared with $12.9 million, or 14.3% of revenue, in fiscal 2021. On a non-GAAP basis, excluding the CARES Act benefits, segment operating profit for fiscal full-year 2022 was $9.0 million, or 9.9% of revenue.

Test & Measurement segment revenue was $7.3 million in the fourth quarter of fiscal 2022, compared with $6.1 million in the fourth quarter of fiscal 2021, primarily reflecting the gradual recovery of the commercial aviation industry from the lows of the COVID-19 pandemic. The Test & Measurement segment recorded operating profit for the fourth quarter of fiscal 2022 of $0.5 million, or 6.8% of segment revenue, compared with operating profit of $0.3 million, or 4.6% of segment revenue, in the fourth quarter of fiscal 2021, as higher manufacturing costs were offset by an increase in aerospace printer sales and lower operating expenses.
For fiscal full-year 2022, Test & Measurement revenue was $26.6 million, compared with $25.8 million in fiscal full-year 2021. Segment operating profit was $3.4 million in fiscal 2022, or 12.8% of segment revenue, compared with a segment operating loss of $1.0 million in fiscal 2021. On a non-GAAP basis, excluding the CARES Act benefits, segment operating profit for fiscal 2022 was $2.6 million, or 9.8% of revenue.
Financial Results Summary
Revenue totaled $29.7 million in the fourth quarter of fiscal 2022, compared with $29.4 million in the year-earlier period, with a decline in Product Identification revenue offset by higher revenue in the Test & Measurement segment. For fiscal full-year 2022, revenue was $117.5 million compared with $116.0 million in fiscal full-year 2021.
Hardware revenue in the fourth quarter of fiscal 2022 was $8.3 million, compared with $9.1 million in the fourth quarter of fiscal 2021. Supplies revenue was $18.3 million versus $17.5 million in the fourth quarter of fiscal 2021. Revenue from Service/Other was $3.1 million, compared with $2.8 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, hardware revenue was $31.5 million, compared with $34.1 million in fiscal full-year 2021. Supplies revenue was $73.2 million in fiscal 2022 versus $71.8 million in fiscal 2021. Revenue from Service/Other was $12.7 million in fiscal 2022, compared with $10.2 million in fiscal 2021.
Gross profit was $9.8 million, or 32.8% of revenue, in the fourth quarter of fiscal 2022, compared with $11.0 million, or 37.3% of revenue, in the fourth quarter of fiscal 2021. The decrease reflected higher manufacturing costs in the 2022 period. For fiscal full-year 2022, gross profit was $43.7 million, or 37.2% of revenue, compared with $41.4 million, or 35.6% of revenue, in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits, fiscal 2022 gross profit was $42.1 million.
Operating expenses totaled $10.0 million in the fourth quarter of fiscal 2022, up 1.5% compared with $9.8 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, operating expenses were $39.5 million, up 1.4% compared with $38.9 million in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits, fiscal 2022 operating expenses were $40.0 million.

Operating loss in the fourth quarter of fiscal 2022 was $0.2 million, compared with operating income of $1.1 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, operating income was $4.3 million, compared with $2.4 million in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits, fiscal 2022 operating income was $2.1 million.
Net loss was $0.8 million, or $0.10 per share, in the fourth quarter of fiscal 2022 compared with net income of $0.8 million, or $0.12 per diluted share, in the fourth quarter of fiscal 2021. For fiscal full-year 2022, net income was $6.4 million, or $0.88 per diluted share, compared with net income of $1.3 million, or $0.18 per diluted share, in fiscal full-year 2021. On a non-GAAP basis, excluding the CARES Act benefits and the ERP write-off cost, fiscal 2022 net income was $916,000, or $0.12 per diluted share.
Adjusted EBITDA, which the Company defines as earnings before interest, taxes, depreciation, amortization and share-based compensation, was $0.8 million for the fourth quarter of fiscal 2022, compared with $3.1 million in the fourth quarter of fiscal 2021. For fiscal full-year 2022, Adjusted EBITDA was $13.2 million, or $8.1 million excluding the effect of the CARES Act benefits and ERP write-off costs. Adjusted EBITDA for fiscal full-year 2021 was $8.7 million.
Bookings in the fourth quarter of fiscal 2022 were $32.9 million, compared with $29.2 million in the fourth quarter of fiscal 2021, reflecting an increase in orders for both segments. Bookings were $128.6 million in fiscal full-year 2022, compared with $113.6 million in fiscal full-year 2021.
Backlog as of January 31, 2022 was $27.8 million versus $22.5 million at the end of the fiscal 2021 fourth quarter.
Earnings Conference Call
AstroNova will discuss its fiscal fourth-quarter and full-year 2022 financial results in an investor conference call at 9:00 a.m. ET today. To participate on the conference call, please dial (888) 394-8218 (U.S. and Canada) or (773) 377-9070 (International) approximately 10 minutes prior to the start time and enter confirmation code 2097621.
You can hear a replay of the conference call from 12:00 p.m. ET Thursday, April 14, 2022 until 12:00 p.m. ET on Thursday, April 21, 2022 by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International). The confirmation code is 2097621. 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 excluding CARES Act benefits and ERP write-off costs, non-GAAP net income per diluted share excluding CARES Act benefits and ERP write-off costs, non-GAAP operating income excluding CARES Act benefits, non-GAAP gross profit excluding CARES Act benefits, non-GAAP operating expenses excluding CARES Act benefits, non-GAAP segment operating profit excluding CARES Act benefits, 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. Please refer to the financial reconciliation tables included in this news release for a reconciliation of GAAP measures to the most directly comparable Non-GAAP measures for the three and 12 months ended January 31, 2022 and 2021.
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 & 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 https://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	Twelve Months Ended	
	January 31, 2022	 		January 31, 2021	 		January 31, 2022	 		January 31, 2021	
Revenue	$	29,700	 	 		$	29,438	 	 		$	117,480	 	 		$	116,033	 	
Cost of Revenue	 	19,949	 	 		 	18,456	 	 		 	73,741	 	 		 	74,673	 	
Gross Profit	 	9,751	 	 		 	10,982	 	 		 	43,739	 	 		 	41,360	 	
Total Gross Profit Margin	 	32.8	%	 		 	37.3	%	 		 	37.2	%	 		 	35.6	%	
Operating Expenses:		 			 			 			
Selling & Marketing	 	6,247	 	 		 	6,267	 	 		 	23,177	 	 		 	23,301	 	
Research & Development	 	1,549	 	 		 	1,361	 	 		 	6,753	 	 		 	6,206	 	
General & Administrative	 	2,182	 	 		 	2,206	 	 		 	9,553	 	 		 	9,420	 	
Total Operating Expenses	 	9,978	 	 		 	9,834	 	 		 	39,483	 	 		 	38,927	 	
Operating Income	 	(227	)	 		 	1,148	 	 		 	4,256	 	 		 	2,433	 	
Total Operating Margin	 	-0.8	%	 		 	3.9	%	 		 	3.6	%	 		 	2.1	%	
Other Income (Expense), net:		 			 			 			
Gain on Extinguishment of Debt - PPP Loan	 	-	 	 		 	-	 	 		 	4,466	 	 		 	-	 	
Loss on Disposal of Assets	 	-	 	 		 	-	 	 		 	(696	)	 		 	-	 	
Interest Expense	 	(150	)	 		 	(255	)	 		 	(677	)	 		 	(955	)	
Gain(Loss) on Foreign Currency Transactions	 	(57	)	 		 	276	 	 		 	(288	)	 		 	590	 	
Other, net	 	(17	)	 		 	183	 	 		 	(27	)	 		 	111	 	
	 	(224	)	 		 	204	 	 		 	2,778	 	 		 	(254	)	
		 			 			 		 	
Income (Loss) Before Taxes	 	(451	)	 		 	1,352	 	 		 	7,034	 	 		 	2,179	 	
Income Tax Provision	 	308	 	 		 	516	 	 		 	605	 	 		 	895	 	
Net Income (Loss)	$	(759	)	 		$	836	 	 		$	6,429	 	 		$	1,284	 	
Net Income (Loss) per Common Share - Basic	$	(0.10	)	 		$	0.12	 	 		$	0.89	 	 		$	0.18	 	
Net Income (Loss) per Common Share - Diluted	$	(0.10	)	 		$	0.12	 	 		$	0.88	 	 		$	0.18	 	
		 			 			 		 	
Weighted Average Number of Common Shares - Basic	 	7,237	 	 		 	7,124	 	 		 	7,207	 	 		 	7,104	 	
Weighted Average Number of Common Shares - Diluted	 	7,237	 	 		 	7,261	 	 		 	7,339	 	 		 	7,166	 	

	
ASTRONOVA, INC.	
Balance Sheet	
In Thousands	
(Unaudited)	
		 		 	
	January 31, 2022	 		January 31, 2021	
		 		 	
ASSETS		 			
CURRENT ASSETS		 			
Cash and Cash Equivalents	$	5,276	 	 		$	11,439	 	
Accounts Receivable, net	 	17,124	 	 		 	17,415	 	
Inventories, net	 	34,609	 	 		 	30,060	 	
Prepaid Expenses and Other Current Assets	 	6,769	 	 		 	1,807	 	
Total Current Assets	 	63,778	 	 		 	60,721	 	
PROPERTY, PLANT AND EQUIPMENT	 	50,821	 	 		 	50,839	 	
Less Accumulated Depreciation	 	(39,380	)	 		 	(38,828	)	
Property, Plant and Equipment, net	 	11,441	 	 		 	12,011	 	
OTHER ASSETS		 			
Intangible Assets, net	 	19,200	 	 		 	21,502	 	
Goodwill	 	12,156	 	 		 	12,806	 	
Deferred Tax Assets	 	5,591	 	 		 	5,941	 	
Right of Use Asset	 	1,094	 	 		 	1,389	 	
Other Assets	 	1,695	 	 		 	1,103	 	
TOTAL ASSETS	$	114,955	 	 		$	115,473	 	
LIABILITIES AND SHAREHOLDERS’ EQUITY		 			
CURRENT LIABILITIES		 			
Accounts Payable	$	8,590	 	 		$	5,734	 	
Accrued Compensation	 	3,512	 	 		 	2,917	 	
Other Liabilities and Accrued Expenses	 	4,113	 	 		 	3,874	 	
Current Portion of Royalty Obligation	 	2,000	 	 		 	2,000	 	
Current Portion of Long-Term Debt	 	1,000	 	 		 	5,326	 	
Current Liability – Excess Royalty Payment Due	 	235	 	 		 	177	 	
Income Taxes Payable	 	323	 	 		 	655	 	
Deferred Revenue	 	262	 	 		 	285	 	
Total Current Liabilities	 	20,035	 	 		 	20,968	 	
NON-CURRENT LIABILITIES		 			
Long-Term Debt, net of current portion	 	8,154	 	 		 	7,109	 	
Royalty Obligation, net of current portion	 	4,361	 	 		 	6,161	 	
Long-Term Debt - PPP Loan	 	-	 	 		 	4,422	 	
Lease Liability, net of current portion	 	808	 	 		 	1,065	 	
Other Long-Term Liabilities	 	399	 	 		 	681	 	
Deferred Tax Liabilities	 	186	 	 		 	384	 	
TOTAL LIABILITIES	 	33,943	 	 		 	40,790	 	
SHAREHOLDERS’ EQUITY		 			
Common Stock	 	528	 	 		 	521	 	
Additional Paid-in Capital	 	59,692	 	 		 	58,049	 	
Retained Earnings	 	56,514	 	 		 	50,085	 	
Treasury Stock	 	(33,974	)	 		 	(33,588	)	
Accumulated Other Comprehensive Loss, net of tax	 	(1,748	)	 		 	(384	)	
TOTAL SHAREHOLDERS’ EQUITY	 	81,012	 	 		 	74,683	 	
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	114,955	 	 		$	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	 		Twelve Months Ended	 		Twelve Months Ended	
	January 31, 2022	 		January 31, 2021	 		January 31, 2022	 		January 31, 2021	 		January 31, 2022	 		January 31, 2021	 		January 31, 2022	 		January 31, 2021	
Product Identification	$	22,396	 		$	23,361	 		$	1,460	 	 		$	3,072	 		$	90,915	 		$	90,268	 		$	10,411	 		$	12,885	 	
Test & Measurement	 	7,304	 		 	6,077	 		 	495	 	 		 	282	 		 	26,565	 		 	25,765	 		 	3,398	 		 	(1,032	)	
Total	$	29,700	 		$	29,438	 		 	1,955	 	 		 	3,354	 		$	117,480	 		$	116,033	 		 	13,809	 		 	11,853	 	
Corporate Expenses		 			 		 	2,182	 	 		 	2,206	 			 			 		 	9,553	 		 	9,420	 	
Operating Income		 			 		 	(227	)	 		 	1,148	 			 			 		 	4,256	 		 	2,433	 	
Other Income (Expense), net		 			 		 	(224	)	 		 	204	 			 			 		 	2,778	 		 	(254	)	
Income (Loss) Before Income Taxes		 			 		 	(451	)	 		 	1,352	 			 			 		 	7,034	 		 	2,179	 	
Income Tax Provision		 			 		 	308	 	 		 	516	 			 			 		 	605	 		 	895	 	
Net Income (Loss)		 			 		$	(759	)	 		$	836	 			 			 		$	6,429	 		$	1,284	 	

	
ASTRONOVA, INC.	
Reconciliation of GAAP to Non-GAAP - Gross Profit	
Amounts in Thousands	
(Unaudited)	
			 			 			 	 	
	Three Months Ended		 	Twelve Months Ended	
	January 31, 2022		 	January 31, 2021		 	January 31, 2022		 	January 31, 2021	
Gross Profit − GAAP	$	9,751		 	$	10,982		 	$	43,739	 		 	$	41,360	
			 			 			 	 	
Employee Retention Credit, net	 	-		 	 	-		 	 	(1,641	)		 	 	-	
			 			 			 	 	
Gross Profit − Non-GAAP	$	9,751		 	$	10,982		 	$	42,098	 		 	$	41,360	

	
ASTRONOVA, INC.	
Reconciliation of GAAP to Non-GAAP - Operating Expenses	
Amounts in Thousands	
(Unaudited)	
			 			 			 	 	
	Three Months Ended		 	Twelve Months Ended	
	January 31, 2022		 	January 31, 2021		 	January 31, 2022		 	January 31, 2021	
Operating Expenses − GAAP	$	9,978		 	$	9,834		 	$	39,483		 	$	38,927	
			 			 			 	 	
Employee Retention Credit, net	 	-		 	 	-		 	 	489		 	 	-	
			 			 			 	 	
Operating Expenses − Non-GAAP	$	9,978		 	$	9,834		 	$	39,972		 	$	38,927	

	
ASTRONOVA, INC.	
Reconciliation of GAAP to Non-GAAP - Operating Income	
Amounts in Thousands	
(Unaudited)	
			 			 			 	 	
	Three Months Ended		 	Twelve Months Ended	
	January 31, 2022		 	January 31, 2021		 	January 31, 2022		 	January 31, 2021	
Operating Income − GAAP	$	(227	)		 	$	1,148		 	$	4,256	 		 	$	2,433	
			 			 			 	 	
Employee Retention Credit, net	 	-	 		 	 	-		 	 	(2,130	)		 	 	-	
			 			 			 	 	
Operating Income − Non-GAAP	$	(227	)		 	$	1,148		 	$	2,126	 		 	$	2,433	

	
ASTRONOVA, INC.	
Reconciliation of GAAP to Non-GAAP - Net Income (Loss)	
Amounts in Thousands	
(Unaudited)	
			 			 			 	 	
	Three Months Ended		 	Twelve Months Ended	
	January 31, 2022		 	January 31, 2021		 	January 31, 2022		 	January 31, 2021	
Net Income (Loss) − GAAP	$	(759	)		 	$	836		 	$	6,429	 		 	$	1,284	
			 			 			 	 	
Oracle EnterpriseOne ERP Write-off	$	-	 		 	 	-		 	$	528	 		 	 	-	
			 			 			 	 	
Employee Retention Credit, net	 	-	 		 	 	-		 	 	(1,615	)		 	 	-	
			 			 			 	 	
PPP Loan Forgiveness	 	-	 		 	 	-		 	 	(4,426	)		 	 	-	
			 			 			 	 	
Net Income (Loss) − Non-GAAP	$	(759	)		 	$	836		 	$	916	 		 	$	1,284	

 	
ASTRONOVA, INC.	
Reconciliation of GAAP to Non-GAAP - Diluted Earnings Per Share	
(Unaudited)	
			 			 			 	 	
	Three Months Ended		 	Twelve Months Ended	
	January 31, 2022		 	January 31, 2021		 	January 31, 2022		 	January 31, 2021	
Diluted Earnings Per Share − GAAP	$	(0.10	)		 	$	0.12		 	$	0.88	 		 	$	0.18	
			 			 			 	 	
Oracle EnterpriseOne ERP Write-off	 	-	 		 	 	-		 	 	0.07	 		 	 	-	
			 			 			 	 	
Employee Retention Credit, net	 	-	 		 	 	-		 	 	(0.22	)		 	 	-	
			 			 			 	 	
PPP Loan Forgiveness	 	-	 		 	 	-		 	 	(0.60	)		 	 	-	
			 			 			 	 	
Diluted Earnings Per Share − Non-GAAP	$	(0.10	)		 	$	0.12		 	$	0.12	 		 	$	0.18	

	 	
ASTRONOVA, INC.	
Reconciliation of Net Income to EBITDA	
Amounts in Thousands	
(Unaudited)	
			 		 		 			 	 	
	Three Months Ended		 	Twelve Months Ended	
	January 31, 2022		 	January 31, 2021		 	January 31, 2022		 	January 31, 2021	
Net Income − GAAP	$	(759	)		 	$	836	 		 	$	6,429	 		 	$	1,284	
Interest Expense	 	150	 		 	 	286	 		 	 	675	 		 	 	776	
Income Tax Expense (Provision)	 	308	 		 	 	(32	)		 	 	605	 		 	 	379	
Depreciation/Amortization	 	926	 		 	 	1,438	 		 	 	3,996	 		 	 	4,571	
EBITDA	$	625	 		 	$	2,528	 		 	$	11,705	 		 	$	7,010	
Net Income - Employee Retention Credit	 	-	 		 	 	-	 		 	 	(1,615	)		 	 	-	
Net Income - PPP Loan Forgiveness	 	-	 		 	 	-	 		 	 	(4,426	)		 	 	-	
Net Income - Oracle EnterpriseOne ERP Write-off	 	-	 		 	 	-	 		 	 	528	 		 	-	
Income Tax Expense - Employee Retention Credit	 	-	 		 	 	-	 		 	 	515	 		 	 	-	
Income Tax Expense - PPP Loan Forgiveness	 	-	 		 	 	-	 		 	 	40	 		 	 	-	
Income Tax Expense - Oracle EnterpriseOne ERP Write-off	 	-	 		 	-	 		 	 	(168	)		 	-	
EBITDA	$	625	 		 	$	2,528	 		 	$	6,579	 		 	$	7,010	

	 	 	
ASTRONOVA, INC.	
Reconciliation of Net Income (Loss) to Adjusted EBITDA	
Amounts in Thousands	
(Unaudited)	
			 		 		 			 	 	 	
	Three Months Ended		 	Twelve Months Ended	
	January 31, 2022		 	January 31, 2021		 	January 31, 2022		 	January 31, 2021	
Net Income (Loss) − GAAP	$	(759	)		 	$	836	 		 	$	6,429	 		 	$	1,284	
Interest Expense	 	150	 		 	 	286	 		 	 	675	 		 	 	776	
Income Tax (Provision) Expense	 	308	 		 	 	(32	)		 	 	605	 		 	 	379	
Depreciation/Amortization	 	926	 		 	 	1,438	 		 	 	3,996	 		 	 	4,571	
Share-Based Compensation	 	148	 		 	 	591	 		 	 	1,493	 		 	 	1,687	
Adjusted EBITDA	$	773	 		 	$	3,119	 		 	$	13,198	 		 	$	8,697	
Net Income - Employee Retention Credit	 	-	 		 	 	-	 		 	 	(1,615	)		 	 	-	
Net Income - PPP Loan Forgiveness	 	-	 		 	 	-	 		 	 	(4,426	)		 	 	-	
Net Income - Oracle EnterpriseOne ERP Write-off	 	-	 		 	-	 		 	 	528	 		 		 -	
Income Tax Expense - Employee Retention Credit	 	-	 		 	 	-	 		 	 	515	 		 	 	-	
Income Tax Expense - PPP Loan Forgiveness	 	-	 		 	 	-	 		 	 	40	 		 	 	-	
Income Tax Expense - Oracle EnterpriseOne ERP Write-off	 	-	 		 	-	 		 	 	(168	)		 		 -	
Adjusted EBITDA	$	773	 		 	$	3,119	 		 	$	8,072	 		 	$	8,697	

 	
ASTRONOVA, INC.	
Reconciliation of Segment GAAP to Non-GAAP Operating Profit (Loss)	
Amounts in Thousands	
(Unaudited)	
			 			 		 				 			 			 			 			 			 		 			 	 		 	
	Three Months Ended		 	Twelve Months Ended	
	January 31, 2022	 		January 31, 2021		 	January 31, 2022		 	January 31, 2021	
	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	$	1,460		 	$	495		 	$	1,955	 		$	3,072		 	$	282		 	$	3,354		 	$	10,411	 		 	$	3,398	 		 	$	13,809	 		 	$	12,885	 		$	(1,032	)	 	 		$	11,853	
			 			 		 				 			 			 			 			 			 		 			 	 		 	
Employee Retention Credit, net	 	-		 	 	-		 	 	-	 		 	-		 	 	-		 	 	-		 	 	(1,430	)		 	 	(802	)		 	 	(2,232	)		 	 	-	 		 	-	 	 	 		 	-	
			 			 		 				 			 			 			 			 			 		 			 	 		 	
Segment Operating Profit - Non-GAAP	$	1,460		 	$	495		 	$	1,955	 		$	3,072		 	$	282		 	$	3,354		 	$	8,982	 		 	$	2,596	 		 	$	11,578	 		 	$	12,885	 		$	(1,032	)	 	 		$	11,853	
 
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Senior Vice President
Sharon Merrill
(617) 320-8282
ALOT@investorrelations.com