Latest news with #SamirPatel
Associated Press
26-06-2025
- Business
- Associated Press
AstroNova Made Good Faith Effort to Resolve Costly, Disruptive Proxy Contest in Collaborative and Amicable Manner
WEST WARWICK, R.I.--(BUSINESS WIRE)--Jun 26, 2025-- AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in data visualization technology, noted the total failure on Samir Patel's and Askeladden's part to participate in efforts to come to a collaborative and amicable solution. Collaboration by definition suggests two parties working toward a common goal and Patel provided no contribution to the settlement discussions. Samir Patel's Breach of Trust Samir Patel agreed with Richard S. Warzala, Lead Independent Director of AstroNova, that the content of their conversations would not be made public. He violated that confidence with his recent news release by publishing selected portions of the content of the conversations. The fact that the Company and Patel were agreeing to have discussions to find common ground was open to the public and, in fact, Patel publicly stated that he wished to engage with the Board to find a collaborative and amicable approach to settling this proxy context. Samir Patel Fails to Offer Any Proposal Samir claims to want an audience with the Board and an amicable resolution but failed to propose anything to that end. Samir Patel Has Demonstrated No Understanding of Corporate Governance Samir's actions suggest that he has… AstroNova's Strategy to Drive Growth and Earnings Power Samir has had only good things to say about AstroNova's execution of its long-term Aerospace segment acquisition strategy. However, he appears not to credit the 'niche-oriented strategy' in the Product Identification segment as having the potential to be similarly successful. That strategy focuses on entering and developing leadership positions in emerging and growing digital color direct-to-package and direct-to-media printing sectors in order to exploit its high-value position in those markets. The combination of the technology and products from MTEX and engineering expertise from AstroNova are driving this opportunity. Instead of supporting the Company during the MTEX acquisition challenges, Samir chose to publicly make misleading statements, amplify the voices of competitors and spread harsh criticism and innuendo that were not conducive to improving shareholder value as he claims he is committed to do. Strategy implementation requires a strong commitment and consistency in execution. Samir has clearly demonstrated he lacks an understanding of such requirements, which makes him unsuitable and unqualified to serve on AstroNova's Board of Directors. We, the Board of Directors of AstroNova, Inc. (the 'Company' or 'AstroNova'), urge shareholders to protect their investment by voting the WHITE proxy card for only AstroNova's six nominees and not the Samir Patel and Askeladden Capital Management LLC ('Askeladden') nominees. The 2025 Annual Meeting of Shareholders of AstroNova will be held at the offices of Foley Hoag LLP, Seaport West, 155 Seaport Boulevard, Boston, Massachusetts on Wednesday, July 9, 2025, and all shareholders of record as of the close of business on May 15, 2025, are entitled to vote at the meeting. Shareholders with any questions about how to vote their shares may call the Company's proxy solicitor, Alliance Advisors, toll-free at 1-844-202-6164. About AstroNova AstroNova (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. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its replacement products. The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Aerospace segment provides products designed for airborne printing solutions, avionics, and data acquisition. Aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Data acquisition systems are used in research and development, flight testing, missile and rocket telemetry, production monitoring, power, and maintenance applications. For more information please visit: 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 AstroNova's 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 AstroNova's anticipated performance, involve risks, uncertainties and other factors, some of which are beyond AstroNova's 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 (i) the risk that our recent leadership and other changes in our Product Identification segment will not lead to the improved results we expect; and (ii) those factors set forth in AstroNova's Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and subsequent filings AstroNova makes with the Securities and Exchange Commission. AstroNova 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. Important Additional Information In connection with its 2025 Annual Meeting of Shareholders, AstroNova has filed a definitive proxy statement with the SEC and caused it to be mailed, together with an annual report and proxy card, to each of our shareholders. The proxy statement and a copy of the other materials that we file with the SEC from time to time, including our Annual Report on Form 10-K, as amended, for the fiscal year ended January 31, 2025, may be obtained free of charge via the Internet at and through the Investor Relations page of our corporate website, In addition, investors and security holders may obtain free copies of the proxy statement, the annual report and other proxy materials by directing a written request to [email protected]. The proxy statement and other relevant materials we have made or will make available contain important information about the director nominees and the other matters to be voted upon by shareholders at the 2025 Annual Meeting of Shareholders. AstroNova urges shareholders to read the proxy statement, and any other relevant materials we make available, before making any decision with respect to the matters to be voted upon at the 2025 Annual Meeting of Shareholders, including the election of directors. View source version on CONTACT: Investor/Media Contact: Deborah Pawlowski, IRC, Alliance Advisors Email:[email protected] Phone: 716.843.3908 KEYWORD: UNITED STATES NORTH AMERICA RHODE ISLAND INDUSTRY KEYWORD: TECHNOLOGY SEMICONDUCTOR PACKAGING ENGINEERING AEROSPACE SOFTWARE MANUFACTURING HARDWARE ELECTRONIC DESIGN AUTOMATION DATA MANAGEMENT SOURCE: AstroNova, Inc. Copyright Business Wire 2025. PUB: 06/26/2025 06:30 AM/DISC: 06/26/2025 06:29 AM
Business Wire
26-06-2025
- Business
- Business Wire
AstroNova Made Good Faith Effort to Resolve Costly, Disruptive Proxy Contest in Collaborative and Amicable Manner
WEST WARWICK, R.I.--(BUSINESS WIRE)--AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in data visualization technology, noted the total failure on Samir Patel's and Askeladden's part to participate in efforts to come to a collaborative and amicable solution. Collaboration by definition suggests two parties working toward a common goal and Patel provided no contribution to the settlement discussions. Samir Patel's Breach of Trust Samir Patel agreed with Richard S. Warzala, Lead Independent Director of AstroNova, that the content of their conversations would not be made public. He violated that confidence with his recent news release by publishing selected portions of the content of the conversations. The fact that the Company and Patel were agreeing to have discussions to find common ground was open to the public and, in fact, Patel publicly stated that he wished to engage with the Board to find a collaborative and amicable approach to settling this proxy context. Samir Patel Fails to Offer Any Proposal Samir claims to want an audience with the Board and an amicable resolution but failed to propose anything to that end. Samir Patel Has Demonstrated No Understanding of Corporate Governance Samir's actions suggest that he has… No appreciation of confidentiality No appreciation of director fiduciary obligations to all shareholders No understanding of the definition of an independent director No understanding of SEC rules. He was offered a meeting with the AstroNova Board of Directors at his request, which was subject to him accepting standard insider trading restrictions as material non-public information would be discussed at the board meeting. His claims that this was an attempt by the Company to silence him demonstrates his failure to understand the implications of his request to meet with the Board No understanding of the separation between a board of directors and management. AstroNova's Strategy to Drive Growth and Earnings Power Samir has had only good things to say about AstroNova's execution of its long-term Aerospace segment acquisition strategy. However, he appears not to credit the 'niche-oriented strategy' in the Product Identification segment as having the potential to be similarly successful. That strategy focuses on entering and developing leadership positions in emerging and growing digital color direct-to-package and direct-to-media printing sectors in order to exploit its high-value position in those markets. The combination of the technology and products from MTEX and engineering expertise from AstroNova are driving this opportunity. Instead of supporting the Company during the MTEX acquisition challenges, Samir chose to publicly make misleading statements, amplify the voices of competitors and spread harsh criticism and innuendo that were not conducive to improving shareholder value as he claims he is committed to do. Strategy implementation requires a strong commitment and consistency in execution. Samir has clearly demonstrated he lacks an understanding of such requirements, which makes him unsuitable and unqualified to serve on AstroNova's Board of Directors. We urge Shareholders to Vote 'FOR' AstroNova's six highly qualified director nominees on the WHITE universal proxy card TODAY We, the Board of Directors of AstroNova, Inc. (the 'Company' or 'AstroNova'), urge shareholders to protect their investment by voting the WHITE proxy card for only AstroNova's six nominees and not the Samir Patel and Askeladden Capital Management LLC ('Askeladden') nominees. The 2025 Annual Meeting of Shareholders of AstroNova will be held at the offices of Foley Hoag LLP, Seaport West, 155 Seaport Boulevard, Boston, Massachusetts on Wednesday, July 9, 2025, and all shareholders of record as of the close of business on May 15, 2025, are entitled to vote at the meeting. Shareholders with any questions about how to vote their shares may call the Company's proxy solicitor, Alliance Advisors, toll-free at 1-844-202-6164. About AstroNova AstroNova (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. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its replacement products. The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Aerospace segment provides products designed for airborne printing solutions, avionics, and data acquisition. Aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Data acquisition systems are used in research and development, flight testing, missile and rocket telemetry, production monitoring, power, and maintenance applications. For more information please visit: 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 AstroNova's 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 AstroNova's anticipated performance, involve risks, uncertainties and other factors, some of which are beyond AstroNova's 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 (i) the risk that our recent leadership and other changes in our Product Identification segment will not lead to the improved results we expect; and (ii) those factors set forth in AstroNova's Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and subsequent filings AstroNova makes with the Securities and Exchange Commission. AstroNova 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. Important Additional Information In connection with its 2025 Annual Meeting of Shareholders, AstroNova has filed a definitive proxy statement with the SEC and caused it to be mailed, together with an annual report and proxy card, to each of our shareholders. The proxy statement and a copy of the other materials that we file with the SEC from time to time, including our Annual Report on Form 10-K, as amended, for the fiscal year ended January 31, 2025, may be obtained free of charge via the Internet at and through the Investor Relations page of our corporate website, In addition, investors and security holders may obtain free copies of the proxy statement, the annual report and other proxy materials by directing a written request to ALOTproxy@ The proxy statement and other relevant materials we have made or will make available contain important information about the director nominees and the other matters to be voted upon by shareholders at the 2025 Annual Meeting of Shareholders. AstroNova urges shareholders to read the proxy statement, and any other relevant materials we make available, before making any decision with respect to the matters to be voted upon at the 2025 Annual Meeting of Shareholders, including the election of directors.
Business Wire
24-06-2025
- Business
- Business Wire
AstroNova Letter to Shareholders Highlights Board's Commitment to Shareholder Value
WEST WARWICK, R.I.--(BUSINESS WIRE)-- AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in data visualization technology, has published a letter to shareholders outlining shared concerns with Samir Patel and actions that have already been taken to address these issues. Additional information regarding the Company and its progress can be found in the investor presentation that was filed with the U.S. Securities and Exchange Commission ('SEC') in connection with its upcoming Annual Meeting of Shareholders scheduled to be held on Wednesday, July 9, 2025. The presentation can be found at the Company's website: Dear Fellow Shareholders, I am Richard S. Warzala, Lead Independent Director of AstroNova. I write to you today to assure you that your Board of Directors shares many of Samir's concerns. This Board has directed a number of actions that are already making AstroNova better. Importantly, as a governing body, the Board has an obligation to all of its shareholders to act in their best interests. This often means undertaking actions which, for the benefit of the Company and its shareholders, are not aired in public. We all agree that the MTEX acquisition, which has meaningful strategic value, did not go as planned despite a due diligence process that included the engagement of accountants, legal counsel and other professionals in Europe and, specifically, Portugal and the U.S. Acquisitions don't always go as planned and when that happens, the key to success is developing a corrective action plan to recover as quickly as possible. In addition to completely restructuring the acquisition, we enhanced the operation with key local resources and leveraged the very capable AstroNova team to drive change almost immediately following the closing. Further actions taken by the Board and management to improve value included: We measurably enhanced our accounting and finance department with the addition of our new CFO in June 2024. We found Tom DeByle through a search that was started in the fall of 2023. We have greatly strengthened the leadership in our Product Identification segment. Jorik Ittmann joined us in September last year as a result of a search that had begun earlier in 2024. He has excellent experience in growing print manufacturing businesses, and we are excited about the many changes he has already made in that segment. We also realigned the operating structure of AstroNova for improved autonomy and ownership for each segment. This change has already been demonstrated with a greater sense of urgency to execute change through improved decision making at the segment level. We recently restructured the compensation program to drive greater focus by the leadership on working capital management, cash generation and earnings per share in addition to revenue growth. We also have been disappointed in the decline in shareholder value, especially since the acquisition, but believe the Company is on track to return share value to levels seen prior to the pandemic when we had realized returns of nearly 90% over 5 years. We also believe that a reasonable settlement is best for our shareholders and are quite open to a collaborative and amicable approach. We engaged with Samir for this exact purpose, but despite discussions, Samir was not open to collaboration as he indicated he would be. This is a serious disappointment. We welcome having conversations with any shareholder and appreciate your investment and patience. With kind regards, We ask Shareholders to Vote 'FOR' AstroNova's six highly qualified director nominees on the WHITE universal proxy card TODAY We, the Board of Directors of AstroNova, Inc. (the 'Company' or 'AstroNova'), urge shareholders to protect their investment by voting the WHITE proxy card for only AstroNova's six nominees and not the Samir Patel and Askeladden Capital Management LLC ('Askeladden') nominees. The 2025 Annual Meeting of Shareholders of AstroNova will be held at the offices of Foley Hoag LLP, Seaport West, 155 Seaport Boulevard, Boston, Massachusetts on Wednesday, July 9, 2025, and all shareholders of record as of the close of business on May 15, 2025, are entitled to vote at the meeting. Shareholders with any questions about how to vote their shares may call the Company's proxy solicitor, Alliance Advisors, toll-free at 1-844-202-6164. About AstroNova AstroNova (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. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its replacement products. The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Aerospace segment provides products designed for airborne printing solutions, avionics, and data acquisition. Aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Data acquisition systems are used in research and development, flight testing, missile and rocket telemetry, production monitoring, power, and maintenance applications. For more information please visit: 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 AstroNova's 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 AstroNova's anticipated performance, involve risks, uncertainties and other factors, some of which are beyond AstroNova's 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 (i) the risk that our recent leadership changes and enhancements to our incentive compensation programs will not lead to the improved results we expect; and (ii) those factors set forth in AstroNova's Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and subsequent filings AstroNova makes with the Securities and Exchange Commission. AstroNova 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. Important Additional Information In connection with its 2025 Annual Meeting of Shareholders, AstroNova has filed a definitive proxy statement with the SEC and caused it to be mailed, together with an annual report and proxy card, to each of our shareholders. The proxy statement and a copy of the other materials that we file with the SEC from time to time, including our Annual Report on Form 10-K, as amended, for the fiscal year ended January 31, 2025, may be obtained free of charge via the Internet at and through the Investor Relations page of our corporate website, In addition, investors and security holders may obtain free copies of the proxy statement, the annual report and other proxy materials by directing a written request to ALOTproxy@ The proxy statement and other relevant materials we have made or will make available contain important information about the director nominees and the other matters to be voted upon by shareholders at the 2025 Annual Meeting of Shareholders. AstroNova urges shareholders to read the proxy statement, and any other relevant materials we make available, before making any decision with respect to the matters to be voted upon at the 2025 Annual Meeting of Shareholders, including the election of directors.
Business Wire
13-06-2025
- Business
- Business Wire
AstroNova Sends Letter to Shareholders: Board Focused on Driving Accountability
WEST WARWICK, R.I.--(BUSINESS WIRE)-- AstroNova, Inc. (Nasdaq: ALOT), a leading innovator in data visualization technology, today sent the following letter to shareholders: We urge Shareholders to Vote 'FOR' AstroNova's six highly qualified director nominees on the WHITE universal proxy card TODAY We, the Board of Directors of AstroNova, Inc. (the 'Company' or 'AstroNova'), urge shareholders to protect their investment by voting the WHITE proxy card for only AstroNova's six nominees and NOT the Samir Patel and Askeladden Capital Management LLC ('Askeladden') nominees. The 2025 Annual Meeting of Shareholders of AstroNova will be held at the offices of Foley Hoag LLP, Seaport West, 155 Seaport Boulevard, Boston, Massachusetts on Wednesday, July 9, 2025, and all shareholders of record as of the close of business on May 15, 2025, are entitled to vote at the meeting. Shareholders with any questions about how to vote their shares may call the Company's proxy solicitor, Alliance Advisors, toll-free at 1-844-202-6164. VOTE USING THE WHITE PROXY CARD TODAY IN SUPPORT OF ASTRONOVA'S SIX HIGHLY QUALIFIED DIRECTORS Dear Fellow Shareholders, We are listening to you, we understand your frustration with recent financial performance, and we are taking your feedback into our decision-making. While AstroNova's leadership has worked tirelessly, and continues to do so, on reaccelerating revenue growth and improving profitability, we are doubling down on our commitment to shareholders and accountability for AstroNova and its leadership team. The Board of Directors has approved a new share-based long-term incentive plan for the executive team and segment leadership that directly ties executive compensation to 3-year revenue growth and adjusted earnings per share targets. We believe this new incentive program strongly connects executive pay to the long-term interests of our shareholders and increases the level of accountability for the leadership team to execute on AstroNova's strategy. The new long-term incentive plan includes two performance goals: Cumulative organic revenue growth 1 in fiscal year 2028 of at least 20% over fiscal year 2025 revenue, with increasing payouts for growth of up to 30%, and Adjusted earnings per share 2 in fiscal year 2028 of at least $1.35, with increasing payouts for adjusted earnings per share of up to $1.85. We and the management team are committed to delivering meaningful shareholder value, which we believe will be driven through: Transitioning Aerospace customers to high-performance and high-reliability ToughWriter printers; Launching innovative Product Identification solutions that provide compelling value to customers; and Streamlining operations and decreasing supply chain costs. We believe our first quarter fiscal 2026 results with 14% revenue growth driven by double digit growth in both segments is an early indicator of the progress being made by the Company. SAMIR'S ACCUSATION THAT THE BOARD WILL NOT ENGAGE IS INACCURATE While Samir Patel has claimed that the Board has not been engaged, in fact he had a conversation with Richard S. Warzala on March 14. Mr. Warzala responded immediately on the request even after suggesting that the call occur after the quiet period. On June 10, Alexis Michas reached out to Samir Patel to schedule a conversation. Samir would not make himself available that day nor the next two days showing he would not engage until after his townhall meeting. While Samir misrepresents the AstroNova Board's engagement, he also continues to distract employees, management and the Board from executing a clear strategy and waste shareholder dollars on a misguided campaign. His disruptive calls and outreach to employees, prospective employees and customers is undermining management's continuing diligent execution on our strategic plan to drive growth and improve profitability. SAMIR'S PLAN IS DISRUPTIVE AND DISCONNECTED FROM REALITY After careful review and consideration by the Board, we have deemed Samir Patel's recent three-point plan as redundant, extremely disruptive to existing customer relationships, and mistaken in its underlying assumptions. It also validates his naivete about the role of the Board of Directors at AstroNova and suggests significant overreach that not only encroaches on management but could set back the Company's hard-won and continuing progress. Samir's long list of 'ideas' to revamp the Company have either already been in place or are ongoing processes that began long before he made his suggestions AstroNova has a long history and strong relationship with its banking partners, continues to pay down its total debt and is focused on cash management to accelerate its deleveraging plan The Company has instituted cost-savings initiatives, headcount reductions, and operational improvements as part of its previously-announced restructuring and reorganization Samir's plan to put his nominees, who lack knowledge of the highly specialized printing market and have no relationships with our major Aerospace and commercial customers, in front of customers would be extremely disruptive to AstroNova's working relationships and existing contracts Samir, who has no go-to-market, sales or marketing experience, wants to evaluate customer and sales processes that have just recently been re-evaluated, reorganized with new segment leadership and newly trained sales teams, and optimized to decrease customer friction points and enhance sales targeting Samir wants to evaluate the MTEX integration, which is substantially complete at this point following the right-sizing of its portfolio, the reengineering of its product portfolio, and the successful accelerated launches of the first three of five next-generation products being deployed this year Lastly, but most critically, Samir has based a strategic sale plan on a single deal comparison of an unrelated company, Servotronics, with products that require entirely different engineering and sales processes and have a different financial profile The more specificity that Samir provides, the more readily apparent is his lack of knowledge and understanding of AstroNova's business, end markets, and customer needs. We urge shareholders to protect their investment by NOT voting for any of the nominees proposed by Samir Patel or Askeladden. We recommend that you vote on the WHITE proxy card FOR all six of AstroNova's nominees. We urge you not to vote using any gold proxy card from Samir Patel or Askeladden. Please disregard and discard those cards. Thank you again for your continued support of AstroNova. Sincerely, AstroNova Board of Directors About AstroNova AstroNova (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. Its strategy is to drive profitable growth through innovative new technologies, building its installed base to expand recurring revenue while strategically sourcing its replacement products. The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Aerospace segment provides products designed for airborne printing solutions, avionics, and data acquisition. Aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Data acquisition systems are used in research and development, flight testing, missile and rocket telemetry, production monitoring, power, and maintenance applications. For more information please visit: 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 AstroNova's 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 AstroNova's anticipated performance, involve risks, uncertainties and other factors, some of which are beyond AstroNova's 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 (i) our customers may not adopt our ToughWriter printers at the rate or on the schedule that we expect; (ii) our new Product Identification products may not be deployed on our planeed schedule or be accepted by the market as quickly as we expect, (iii) our efforts to streamline our supply chain and reduce our costs may not be successful, and (iv) those factors set forth in AstroNova's Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and subsequent filings AstroNova makes with the Securities and Exchange Commission. AstroNova 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. Important Additional Information In connection with its 2025 Annual Meeting of Shareholders, AstroNova has filed a definitive proxy statement with the SEC and caused it to be mailed, together with an annual report and proxy card, to each of our shareholders. The proxy statement and a copy of the other materials that we file with the SEC from time to time, including our Annual Report on Form 10-K, as amended, for the fiscal year ended January 31, 2025, may be obtained free of charge via the Internet at and through the Investor Relations page of our corporate website, In addition, investors and security holders may obtain free copies of the proxy statement, the annual report and other proxy materials by directing a written request to ALOTproxy@ The proxy statement and other relevant materials we have made or will make available contain important information about the director nominees and the other matters to be voted upon by shareholders at the 2025 Annual Meeting of Shareholders. AstroNova urges shareholders to read the proxy statement, and any other relevant materials we make available, before making any decision with respect to the matters to be voted upon at the 2025 Annual Meeting of Shareholders, including the election of directors. 1 Cumulative organic revenue growth is defined as the amount, expressed as a percentage, by which AstroNova's revenue in fiscal year 2028, excluding any revenues attributable to any subsidiary, product line or other line of business it may acquire subsequent to January 31, 2025, exceeds its revenues for the fiscal year ended January 31, 2025 2 Adjusted earnings per share is defined as AstroNova's earnings per share, as calculated in accordance with GAAP, adjusted to exclude the impact of non-recurring items, as approved by AstroNova's Human Capital and Compensation Committee, such as restructuring charges, impairment charges, and unbudgeted gains or losses outside the control of management.
Yahoo
03-06-2025
- Business
- Yahoo
Askeladden Capital announces AstroNova ‘Town Hall' forum
Askeladden Capital founder Samir Patel said, in part, 'I write to you as the founder and portfolio manager of Askeladden Capital which is AstroNova's (ALOT) largest shareholder, owning approximately 9.2% of the company on behalf of our clients. In an effort to improve AstroNova's performance for the benefit of shareholders, employees, and all other stakeholders, we have nominated five highly qualified individuals for election to AstroNova's Board of Directors at the company's Annual Meeting, scheduled for July 9, 2025. We invite you to join an Investor Forum where shareholders, employees, and all other interested parties can interact directly with our nominees. After a brief introduction and panel discussion of approximately 20 minutes, we will open up the call for Q&A. We will conduct this 'town hall' style meeting virtually via Zoom at 11:00 AM Eastern Time on Thursday, June 12, 2025…Askeladden has researched AstroNova since 2016 and been a 5% shareholder since 2020. Since March, we have spoken to over 15 individuals, ranging from former employees to suppliers and other industry veterans, to deepen our understanding of the company. In the near future, we will share selected research findings with AstroNova shareholders. We believe AstroNova has many strengths, such as a large installed base and many talented employees. Unfortunately, we believe that these attractive qualities have been overwhelmed by poor governance and management by the incumbent Board, and CEO Greg Woods, which has harmed shareholders and employees alike. In FY2025, the company reported Adjusted EBITDA of $12.3 million, substantially below FY2024's $17.6 million and FY2025 original guidance of ~$21 million at the midpoint. The company's May 2024 acquisition of MTEX should have further enhanced profitability – instead, the CEO and Board's decision to spend $18.7 million in cash and assume additional debt to fund this acquisition harmed both shareholders and employees. The share price fell almost 50% over the ensuing year, while employees have faced layoffs. In FY2025, MTEX generated an operating loss of $16.9 million, including a goodwill impairment of $13.4 million, and the company subsequently discontinued 70% of MTEX's product portfolio. As a result of the lower earnings and increased debt due to the MTEX acquisition, the company breached its debt covenants and suffered an event of default under its credit facility during the quarter ended January 31, 2025. While CEO Greg Woods retains his job despite this self-inflicted debacle, many AstroNova employees were not so lucky: on March 20, 2025, the company announced 'the reduction of approximately 10% of the Company's global workforce, primarily in the PI segment.' Through no fault of their own, rather than enjoying the profit-sharing and career growth opportunities that a well-managed company should provide, 10% of AstroNova employees lost their jobs. Despite these missteps, incumbents appear to be doubling down on this failed strategy, and have refused to engage with Askeladden's efforts to improve the company's performance. We recently published a 20-page document including our specific, research-based plan for improving AstroNova's performance, as well as relevant background information on the company's performance and governance. We believe that our nominees have specific and relevant qualifications to address the current challenges faced by AstroNova.' Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on ALOT: Disclaimer & DisclosureReport an Issue AstroNova Files Proxy Materials Amid Activist Campaign AstroNova Announces Director Nominees for Shareholder Meeting AstroNova awarded $10M multi-year defense industry contract AstroNova Secures $10M Defense Contract Renewal AstroNova Terminates Employee Stock Purchase Plan Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
