10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 3, 2014

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 0-13200

Astro-Med, Inc.

(Exact name of registrant as specified in its charter)

Rhode Island	05-0318215
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

600 East Greenwich Avenue, West Warwick, Rhode Island	02893
(Address of principal executive offices)	(Zip Code)

(401) 828-4000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  ¨    No  x.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, $.05 Par Value – 7,679,142 shares

(excluding treasury shares) as of May 23, 2014

ASTRO-MED, INC.

INDEX

		Page No.
Part I.	Financial Information
Item 1.	Financial Statements
	Unaudited Condensed Consolidated Balance Sheets—May 3, 2014 and January 31, 2014		3
	Unaudited Condensed Consolidated Statements of Operations—Three Months Ended May 3, 2014 and May  4, 2013		4
	Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)—Three Months Ended May  3, 2014 and May 4, 2013		5
	Unaudited Condensed Consolidated Statements of Cash Flows—Three Months Ended May 3, 2014 and May  4, 2013		6
	Notes to the Condensed Consolidated Financial Statements (unaudited)		7-15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16-20
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		20
Item 4.	Controls and Procedures		20
Part II.	Other Information
Item 1.	Legal Proceedings		20
Item 1A.	Risk Factors		20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		21
Item 6.	Exhibits		21
Signatures			22

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

ASTRO-MED, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, Except Share Data)

	May 3, 2014			January 31, 2014
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	10,140		$	8,341
Securities Available for Sale		18,455			18,766
Accounts Receivable, net		12,844			11,366
Inventories		16,181			15,178
Deferred Tax Assets		1,677			1,673
Restricted Cash		—			1,800
Line of Credit Receivable		220			240
Note Receivable		250			250
Asset Held for Sale		2,120			2,120
Prepaid Expenses and Other Current Assets		3,709			1,383
Current Assets of Discontinued Operations		—			3,917
Total Current Assets		65,596			65,034
PROPERTY, PLANT AND EQUIPMENT		35,306			34,960
Less Accumulated Depreciation		(27,743	)		(27,368	)
Property, Plant and Equipment, net		7,563			7,592
OTHER ASSETS
Note Receivable		440			440
Deferred Tax Asset		270			313
Intangible Assets		3,224			3,400
Goodwill		991			991
Other		195			194
Total Other Assets		5,120			5,338
TOTAL ASSETS	$	78,279		$	77,964
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable	$	2,480		$	2,374
Accrued Compensation		2,191			3,130
Other Liabilities and Accrued Expenses		3,791			2,310
Deferred Revenue		445			454
Income Taxes Payable		12			788
Current Liabilities of Discontinued Operations		—			836
Total Current Liabilities		8,919			9,892
Long Term Obligations		167			250
Deferred Tax Liabilities		97			77
Other Long Term Liabilities		1,008			1,131
TOTAL LIABILITIES		10,191			11,350
SHAREHOLDERS’ EQUITY
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 9,455,263 shares and 9,291,225 shares at May 3, 2014 and January 31, 2014, respectively		473			465
Additional Paid-in Capital		42,644			41,235
Retained Earnings		37,797			37,201
Treasury Stock, at Cost, 1,776,121 shares and 1,730,042 shares at May 3, 2014 and January 31, 2014, respectively		(13,091	)		(12,463	)
Accumulated Other Comprehensive Income		265			176
TOTAL SHAREHOLDERS’ EQUITY		68,088			66,614
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	78,279		$	77,964

See Notes to condensed consolidated financial statements (unaudited).

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ASTRO-MED, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, Except Per Share Data)

(Unaudited)

	Three Months Ended
	May 3, 2014			May 4, 2013
Net Sales	$	20,774		$	15,485
Cost of Sales		12,139			9,708
Product Replacement Related Costs		—			672
Gross Profit		8,635			5,105
Operating Expenses:
Selling and Marketing		4,374			3,572
Research and Development		1,371			1,113
General and Administrative		1,191			1,142
Operating Expenses		6,936			5,827
Operating Income (Loss)		1,699			(722	)
Other Income (Expense), net		(121	)		(36	)
Income from Continuing Operations before Income Taxes		1,578			(758	)
Income Tax Provision (Benefit) for Continuing Operations		449			(319	)
Income (Loss) from Continuing Operations		1,129			(439	)
Loss from Discontinued Operations, Net of Tax Benefit of $7		—			(10	)
Net Income (Loss)	$	1,129		$	(449	)
Net Income (Loss) per Common Share—Basic:
From Continuing Operations	$	0.15		$	(0.06	)
From Discontinued Operations		—			—
Net Income (Loss) Per Common Share—Basic	$	0.15		$	(0.06	)
Net Income (Loss) per Common Share—Diluted:
From Continuing Operations	$	0.14		$	(0.06	)
From Discontinued Operations		—			—
Net Income (Loss) Per Common Share—Diluted	$	0.14		$	(0.06	)
Weighted Average Number of Common Shares Outstanding:
Basic		7,601			7,401
Diluted		7,848			7,401
Dividends Declared Per Common Share	$	0.07		$	0.07

See Notes to condensed consolidated financial statements (unaudited).

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ASTRO-MED, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands)

(Unaudited)

	Three Months Ended
	May 3, 2014			May 4, 2013
Net Income (Loss)	$	1,129		$	(449	)
Other Comprehensive Income (Loss), Net of Taxes and Reclassification Adjustments:
Foreign Currency Translation Adjustments		92			(154	)
Unrealized Holding Loss Arising During the Period		(3	)		(1	)
Other Comprehensive Income (Loss)		89			(155	)
Comprehensive Income (Loss)	$	1,218		$	(604	)

See Notes to condensed consolidated financial statements (unaudited).

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ASTRO-MED, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

	Three Months Ended
	May 3, 2014			May 4, 2013
Cash Flows from Operating Activities:
Net Income (Loss)	$	1,129		$	(449	)
Adjustments to Reconcile Net Income to Net Cash Used by Operating Activities:
Depreciation and Amortization		512			310
Share-Based Compensation		131			161
Deferred Income Tax Provision		59			21
Changes in Assets and Liabilities:
Accounts Receivable		(166	)		(224	)
Inventories		(1,003	)		(1,049	)
Income Taxes		(731	)		(5,077	)
Accounts Payable and Accrued Expenses		(1,691	)		(431	)
Other		(735	)		(235	)
Net Cash Used by Operating Activities		(2,495	)		(6,973	)
Cash Flows from Investing Activities:
Proceeds from Sales/Maturities of Securities Available for Sale		2,880			1,935
Purchases of Securities Available for Sale		(2,574	)		(13,527	)
Release of Funds Held in Escrow From Sale of Grass		1,800			—
Proceeds Received on Disposition of Grass Inventory		2,355			—
Additions to Property, Plant and Equipment		(292	)		(113	)
Net Cash Provided (Used) by Investing Activities		4,169			(11,705	)
Cash Flows from Financing Activities:
Proceeds from Common Shares Issued Under Employee Benefit Plans and Employee Stock Option Plans, Net of Payment of Minimum Tax Withholdings		658			391
Dividends Paid		(533	)		(521	)
Net Cash Provided (Used) by Financing Activities		125			(130	)
Net Increase (Decrease) in Cash and Cash Equivalents		1,799			(18,808	)
Cash and Cash Equivalents, Beginning of Period		8,341			30,999
Cash and Cash Equivalents, End of Period	$	10,140		$	12,191
Supplemental Disclosures of Cash Flow Information:
Cash Paid During the Period for Income Taxes, Net of Refunds	$	1,471		$	4,755

See Notes to condensed consolidated financial statements (unaudited).

6

ASTRO-MED, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(1) Overview

Headquartered in West Warwick, Rhode Island, Astro-Med Inc. designs, develops, manufactures and distributes a broad range of specialty printers and data acquisition and analysis systems. Our products are distributed through our own sales force and authorized dealers in the United States. We also sell to customers outside of the United States primarily through our Company offices in Canada and Europe as well as with independent dealers and representatives. Astro-Med, Inc. products are sold under the brand names Astro-Med ^® Test & Measurement and QuickLabel ^® Systems and are employed around the world in a wide range of aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation.

Unless otherwise indicated, references to “Astro-Med,” the “Company,” “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to Astro-Med, Inc. and its consolidated subsidiaries.

(2) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by Astro-Med pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014.

On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass). Consequently, the Company has classified the results of operations of its Grass segment as discontinued operations for the first quarter fiscal 2014 period presented. Refer to Note 15, “Discontinued Operations,” for further details.

On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope Corporation (Miltope). Astro-Med’s ruggedized printer product line is part of the Test & Measurement (T&M) product group and is reported as part of the T&M segment. The results of the Miltope’s ruggedized printer product line operations have been included in the condensed consolidated financial statements of the Company for the first quarter fiscal 2015. Refer to Note 4, “Acquisition,” for further details.

Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year.

The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, impairment of long-lived assets and goodwill, income taxes, share-based compensation, accrued expenses and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, past historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates.

Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation.

(3) Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.

(4) Acquisition

On January 22, 2014, Astro-Med completed the acquisition of the Ruggedized Printer Product line from Miltope Corporation (Miltope), a company of VT Systems, which is engaged in the design, development, manufacture and testing of ruggedized computers and computer peripheral equipment for military, industry and commercial applications. Astro-Med’s ruggedized printer product line is part of the Test & Measurement (T&M) product group and is reported as part of the T&M segment. The results of the Miltope’s ruggedized printer product line operations have been included in the condensed consolidated financial statements for the first quarter fiscal 2015 as presented.

The purchase price of the acquisition was $6,732,000 which was funded using existing cash on hand. Of the $6,732,000 purchase price, $500,000 will be held in escrow for twelve months following the acquisition date to provide an indemnity to the Company in the event of any breach in the representation, warranties and covenants of Miltope. The assets acquired consist of all of the assets of the Miltope ruggedized printer product line excluding plant and equipment and personnel. The acquisition was accounted for under the acquisition method in accordance with the guidance provided by FASB ASC 805, “Business Combinations.”

As part of the acquisition, Miltope and Astro-Med have entered into a manufacturing services agreement under which Miltope will provide transition services and continue to manufacture printers for Astro-Med for up to six months until the Company transitions the manufacturing to its West Warwick, Rhode Island facility.

The purchase price of the acquisition has been allocated on the basis of the estimated fair value as follows:

(In thousands)
Accounts Receivable	$	713
Inventories		2,503
Identifiable Intangible Assets		3,400
Goodwill		196
Warranty Reserve		(80	)
Total Purchase Price	$	6,732

The following unaudited pro forma information assumes the acquisition of Miltope occurred on February 1, 2013. This information has been prepared for informational purposes only and does not purport to represent the results of operations that would have happened had the acquisition occurred as of the date indicated, nor of future results of operations.

	Three Months Ended May 4, 2013
(In thousands)
Net Revenue	$	17,485

The impact on net income and earnings per share would not have been material to the Company in fiscal 2014.

(5) Net Income (Loss) Per Common Share

Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income (loss) per share is as follows:

	Three Months Ended
	May 3, 2014		May 4, 2013
Weighted Average Common Shares Outstanding—Basic		7,600,780		7,401,465
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units		247,520		—
Weighted Average Common Shares Outstanding—Diluted		7,848,300		7,401,465

For the three months ended May 3, 2014 and May 4, 2013, the diluted per share amounts do not reflect common equivalent shares outstanding of 75,600 and 155,900, respectively, because their effect would have been anti-dilutive, as the exercise price was greater than the average market price of the underlying stock during the period presented.

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For the three months ended May 4, 2013, diluted net loss per common share is the same as basic net loss per common share, as the inclusion of the effect of the common share equivalents then outstanding would be anti-dilutive. For this reason, excluded from the calculation of diluted net loss per common share for the three month period ended May 4, 2013 were “in the money” options to purchase 175,951 shares of the Company’s common stock.

(6) Share-Based Compensation

Astro-Med has one equity incentive plan (the “Plan”) under which incentive stock options, non-qualified stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and other equity based awards may be granted to directors, officers and certain employees. An aggregate of 1,000,000 shares were authorized for awards under the Plan. At May 3, 2014, 290,609 shares were available for grant under the Plan. Options granted to employees vest over four years. The exercise price of each stock option will be established at the discretion of the Compensation Committee; however, any incentive stock options granted must be at an exercise price of not less than fair market value at the date of grant. In fiscal year 2013, a portion of the Company’s executive’s long-term incentive compensation was awarded in the form of RSUs (“2013 RSUs”). The 2013 RSUs were earned based on the Company achieving specific thresholds of net sales and annual operating income as established under the fiscal 2013 Domestic Management Bonus Plan and vested fifty percent on the first anniversary of the grant date and fifty percent on the second anniversary of the grant date provided that the grantee was employed on each vesting date by Astro-Med or an affiliate company. All such 2013 RSUs were earned and vested as of March 2014. In April 2013, the Company granted options and RSUs to officers (“2014 RSUs”). Each 2014 RSU will be earned and vest as follows: twenty-five percent of the 2014 RSU vests on the third anniversary of the grant date, fifty percent of the 2014 RSU vests upon the Company achieving its cumulative budgeted net sales target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent of the total 2014 RSU vests upon the Company’s achieving a target average annual ORONA (operating income return on net assets as calculated under the Domestic Management Bonus Plan) for the Measurement Period. The grantee may not sell, transfer or otherwise dispose of more than fifty percent of the common stock issued upon vesting of the RSU until the first anniversary of the vesting date.

The Plan provides for an automatic annual grant of ten-year options to purchase 5,000 shares of stock to each non-employee director upon the adjournment of each shareholders’ meeting. Each such option is exercisable at the fair market value as of the grant date and vests immediately prior to the next succeeding shareholders’ meeting. In addition to the automatic option grant under Plan, the Company has a Non-Employee Director Annual Compensation Program (the “Program”) which provides that each non-employee director is entitled to an annual cash retainer of $7,000 (the “Annual Cash Retainer”), plus $500 for each Board and committee meeting attended. In addition, effective August 1, 2014, the Chairman of the Board will receive an annual retainer of $6,000 and the Chair of the Audit Committee and Compensation Committee will each receive an annual retainer of $4,000 each (“Chair Retainer”). The non-employee director may elect for any fiscal year to receive all or a portion of the Annual Cash Retainer and/or Chair Retainer (collectively the “Cash Retainer”) in the form of common stock of the Company, which will be issued under the Plan. If a non-employee director elects to receive all or a portion of the Cash Retainer in the form of common stock, such shares shall be issued in four quarterly installments on the first day of each fiscal quarter, and the number of shares of common stock to be issued shall be based on the fair market value of such common stock on the date such installment is payable. The common stock received in lieu of such Cash Retainer will be fully vested. However, a non-employee director who receives common stock in lieu of all or a portion of the Cash Retainer may not sell, transfer, assign, pledge or otherwise encumber the common stock prior to the first anniversary of the date on which such shares were issuable. In the event of the death or disability of a nonemployee director, or a change in control of the Company, any shares of common stock issued in lieu of such Cash Retainer, shall no longer be subject to such restrictions on transfer and/or Chair Retainer (collectively the “Cash Retainer”).

In addition, under the Program, each non-employee director receives RSAs with a value equal to $20,000 (the “Equity Retainer”) upon adjournment of each annual shareholders meeting. If a non-employee director is first appointed or elected to the Board of Directors effective on a date other than at the annual shareholders meeting, on the date of such appointment or election, the director shall receive a pro rata award of restricted common stock having a value based on the number of days remaining until the next annual meeting. The Equity Retainer will vest on the earlier of 12 months after the grant date or the date immediately prior to the next annual meeting of the shareholders following the meeting at which such RSAs were granted. However, a non-employee director may not sell, transfer, assign, pledge or otherwise encumber the vested common stock prior to the second anniversary of the vesting date. In the event of the death or disability of a non-employee director, or a change in control of the Company, the RSAs shall immediately vest and shall no longer be subject to such restrictions on transfer.

We account for compensation cost related to share-based payments based on fair value of the stock options, RSUs and RSAs when awarded to an employee or director. We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options), the risk-free interest rate and the Company’s dividend yield. The stock price volatility assumption is based on the historical weekly price data of our common stock over a period equivalent to the weighted average expected life of our options. Management evaluated whether there were factors during that period which were unusual and would distort the volatility figure if used to estimate future volatility and concluded that there were no such factors. In determining the expected life of the option

8

grants, the Company has observed the actual terms of prior grants with similar characteristics and the actual vesting schedule of the grant and has assessed the expected risk tolerance of different option groups. The risk-free interest rate is based on the actual U.S. Treasury zero coupon rates for bonds matching the expected term of the option as of the option grant date. The dividend assumption is based upon the prior year’s average dividend yield. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. Our accounting for share-based compensation for RSUs and RSAs is also based on the fair value method. The fair value of the RSUs and RSAs is based on the closing market price of the Company’s common stock on the grant date of the RSU or RSA.

Share-based compensation expense was recognized as follows:

	Three Months Ended
	May 3, 2014		May 4, 2013
(In thousands)
Stock Options	$	54	$	46
Restricted Stock Awards and Restricted Stock Units		77		115
Total	$	131	$	161

Stock Options

The fair value of stock options granted during the three months ended May 3, 2014 and May 4, 2013 was estimated using the following assumptions:

	Three Months Ended
	May 3, 2014			May 4, 2013
Risk Free Interest Rate		1.6	%		0.8	%
Expected Volatility		26.8	%		38.5	%
Expected Life (in years)		5.0			5.0
Dividend Yield		2.0	%		2.6	%

The weighted average fair value per share for options granted was $2.93 during the first quarter of fiscal 2015 as compared to $2.79 during the first quarter of fiscal 2014.

Aggregated information regarding stock options granted under the Plan for the three months ended May 3, 2014 is summarized below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at January 31, 2014		736,647		$	8.63		4.7	$	3,707,000
Granted		75,600			14.20
Exercised		(152,789	)		8.71
Expired or canceled		(8,986	)		8.70
Outstanding at May 3, 2014		650,472		$	9.26		5.8	$	2,324,921
Exercisable at May 3, 2014		452,599		$	8.50		4.4	$	1,878,835

As of May 3, 2014, there was $419,000 of unrecognized compensation expense related to unvested options, which will be recognized through March 2018.

9

Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs)

Aggregated information regarding RSUs and RSAs granted under the Plan for the three months ended May 3, 2014 is summarized below:

	RSAs & RSUs			Weighted Average Grant Date Fair Value
Unvested at January 31, 2014		106,496		$	9.12
Granted		—			—
Vested		(15,618	)		8.53
Forfeited		(5,834	)		10.07
Unvested at May 3, 2014		85,044		$	9.16

As of May 3, 2014, there was $300,000 of unrecognized compensation expense related to unvested RSUs and RSAs which will be recognized through April 2016.

Employee Stock Purchase Plan

Astro-Med has an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the date of purchase. A total of 247,500 shares were reserved for issuance under this plan. During the quarter ended May 3, 2014 and May 4, 2013, there were 815 and 1,212 shares respectively, purchased under this plan. As of May 3, 2014, 59,427 shares remain available.

(7) Inventories

Inventories are stated at the lower of cost (first-in, first-out) or market and include material, labor and manufacturing overhead. The components of inventories are as follows:

	May 3, 2014			January 31, 2014
(In thousands)
Materials and Supplies	$	10,257		$	10,722
Work-In-Process		1,657			852
Finished Goods		7,764			6,798
		19,678			18,372
Inventory Reserve		(3,497	)		(3,194	)
	$	16,181		$	15,178

(8) Income Taxes

The Company’s effective tax rates for income (loss) from continuing operations based on the projected effective tax rate for the full year, are as follows:

	Three Months Ended
Fiscal 2015		28.5	%
Fiscal 2014		(42.1	)%

During the first quarter of fiscal 2015, the Company recognized an income tax expense of approximately $449,000 which included an expense of $549,000 on the quarter’s pretax income and a benefit of $100,000 related to the favorable resolution of a previously uncertain tax position. During the first quarter of fiscal 2014, the Company recognized an income tax benefit on the loss from continuing operations of approximately $319,000.

As of May 3, 2014, the Company’s cumulative unrecognized tax benefits totaled $651,000 compared to $715,000 as of January 31, 2014.

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(9) Note Receivable and Line of Credit Issued

On January 30, 2012, the Company completed the sale of its label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sale price of $1,000,000 was received in the form of a promissory note issued by Label Line Ltd. and is fully secured by a first lien on various collateral, including the Asheboro plant and plant assets. The note bears interest at 3.75% is payable in sixteen quarterly installments of principal and interest commencing on January 30, 2013. The Note Receivable is disclosed at its present value on the accompanying condensed consolidated balance sheets. As of May 3, 2014, $690,000 remains outstanding on this note.

The terms of the Asheboro sale also included an agreement for Astro-Med to provide Label Line Ltd. with additional financing in the form of a revolving line of credit in the amount of $600,000. This line of credit is fully secured by a first lien on various collateral of Label Line Ltd., including the Asheboro plant and plant assets and bears interest at a rate equal to the United States prime rate plus an additional margin of two percent of the outstanding credit balance. Although the initial term was for a period of one-year from the date of the sale, the agreement has been extended through January 31, 2015. As of May 3, 2014, $220,000 remains outstanding on this revolving line of credit.

(10) Segment Information

Astro-Med reports two segments consistent with its sales product groups: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M). On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass) in order to focus on its existing core businesses. Consequently, the Company has classified the results of operations of Grass as discontinued operations for the first quarter of fiscal 2014. Refer to Note 14, “Discontinued Operations” for a further discussion.

The Company evaluates segment performance based on the segment profit before corporate expenses.

Summarized below are the Net Sales and Segment Operating Profit for each reporting segment:

	Three Months Ended
	Net Sales				Segment Operating Profit
(In thousands)	May 3, 2014		May 4, 2013		May 3, 2014			May 4, 2013
QuickLabel	$	14,423	$	11,396	$	2,198		$	891
T&M		6,351		4,089		692			201
Total	$	20,774	$	15,485		2,890			1,092
Product Replacement Related Costs						—			672
Corporate Expenses						1,191			1,142
Operating Income (Loss)						1,699			(722	)
Other Income (Expense)—Net						(121	)		(36	)
Income (Loss) From Continuing Operations Before Income Taxes						1,578			(758	)
Income Tax Provision (Benefit)						449			(319	)
						1,129			(439	)
Loss From Discontinued Operations, Net of Income Taxes						—			(10	)
Net Income (Loss)					$	1,129		$	(449	)

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(11) Recent Accounting Pronouncements

Discontinued Operations

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. In addition, this ASU expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued. We are currently evaluating the impact of the adoption of ASU 2014-08 and do not expect it to have a material effect on the Company’s financial position or results of operations.

Income Taxes

In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740)—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability. This ASU is effective for annual and interim periods beginning after December 15, 2013, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial position or results of operations.

No other new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements.

(12) Securities Available for Sale

Pursuant to our investment policy, securities available for sale include state and municipal securities with various contractual or anticipated maturity dates ranging from one to 34 months. Securities available for sale are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until realized. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis. A decline in the fair value of any available for sale security below cost that is determined to be other than temporary will result in a write-down of its carrying amount to fair value. No such impairment charges were recorded for any period presented. All short-term investment (classified as cash equivalents) securities have original maturities greater than 90 days.

The fair value, amortized cost and gross unrealized gains and losses of the securities are as follows:

(In thousands) May 3, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
State and Municipal Obligations	$	18,422	$	35	$	(2	)	$	18,455

January 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and Municipal Obligations	$	18,729	$	37	$	—	$	18,766

(13) Fair Value

We measure our financial assets at fair value on a recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances.

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The fair value hierarchy is summarized as follows:

• Level 1—Quoted prices in active markets for identical assets or liabilities;

• Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

• Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Cash and cash equivalents (including short term investment money market funds with original maturity of less than 90 days), accounts receivables, accounts payable, accrued compensation and other expenses and income tax payable are reflected in the condensed consolidated balance sheet at carrying value, which approximates fair value due to the short term nature of the these instruments.

Assets measured at fair value on a recurring basis are summarized below:

(In thousands) May 3, 2014	Level 1		Level 2		Level 3		Total
Money Market Funds (included in Cash and Cash Equivalents)	$	5,110	$	—	$	—	$	5,110
State and Municipal Obligations (included in Securities Available for Sale)		—		18,455		—		18,455
Total	$	5,110	$	18,455	$	—	$	23,565

January 31, 2014	Level 1		Level 2		Level 3		Total
Money Market Funds (included in Cash and Cash Equivalents)	$	4,734	$	—	$	—	$	4,734
State and Municipal Obligations (included in Securities Available for Sale)		—		18,766		—		18,766
Total	$	4,734	$	18,766	$	—	$	23,500

For our money market funds and state and municipal obligations, we utilize the market approach to measure fair value. The market approach is based on using quoted prices for identical or similar assets.

(14) Accumulated Other Comprehensive Income

The changes in the balance of accumulated other comprehensive income by component are as follows:

(In thousands)	Foreign Currency Translation Adjustments		Unrealized Holding Gain on Available for Sale Securities			Total
Balance at January 31, 2014	$	152	$	24		$	176
Other Comprehensive Income (Loss)		92		(3	)		89
Amounts reclassified to Net Income		—		—			—
Net Other Comprehensive Income (Loss)		92		(3	)		89
Balance at May 3, 2014	$	244	$	21		$	265

The amounts presented above in other comprehensive income (loss) are net of taxes.

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(15) Discontinued Operations

On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass) which manufactured polysomnography and electroencephalography systems and related accessories and propriety electrodes for use in both research and clinical settings for $18.6 million in cash, of which $1.8 million was held in escrow and received in the first quarter of the current year. The assets sold consisted primarily of working capital (exclusive of inventory and accounts payable related to manufacturing), the engineering, sales and support workforce, intellectual property and certain other related assets.

As part of this transaction, Astro-Med entered into a Transition Service Agreement (TSA) with the purchaser pursuant to which the Company agreed to provide transition services and continue to manufacture Grass products for the purchaser for a period not to exceed twelve months following the sale closing date. The Company determined that cash flows from this activity was not significant and therefore Grass has been disclosed as a discontinued operation for the first quarter fiscal 2014 period presented. The TSA officially expired on January 31, 2014 and the Company is no longer reporting discontinued operations in fiscal 2015.

In accordance with the terms of the TSA agreement, the purchaser was obligated to acquire the remaining Grass inventory upon expiration of the TSA on January 31, 2014. In connection with the disposition of the inventory previously included in discontinued operations, the Company received $2,355,000 in the first quarter of fiscal 2015 from the purchaser of Grass related to the disposition of this inventory. Any future services related to Grass post fiscal 2014 are not expected to be material.

Results for discontinued operations are as follows:

	May 4, 2013
(In thousands)
Net Sales	$	1,745
Gross Profit	$	48
Net Loss from Discontinued Operations	$	(10	)

As a result of the sale of the Grass assets, the Company is in the process of selling its facility located in Rockland, Massachusetts, which was the former location of Grass production. This property is being actively marketed with sale considered probable within the next twelve months and accordingly, the property is classified as an Asset Held for Sale in the accompanying condensed consolidated balance sheets.

(16) Commitments and Contingencies

Product Replacement Program

In April 2013, tests conducted by the Company revealed that one of its suppliers had been using a non-conforming part in certain models of Astro-Med’s Test & Measurement printers. No malfunctions have been reported by customers as a result of the non-conforming material.

Upon identifying this issue, Astro-Med immediately suspended production of the printers, notified all customers and contacted the supplier who confirmed the problem. Astro-Med is continuing to work with its customers to replace the non-conforming material on existing printers with conforming material. The estimated costs associated with the replacement program were $672,000, which was based upon the number of printers shipped during the period the non-conforming material was used. Those estimated costs were recognized and recorded as a reserve in the first quarter of fiscal 2014 and are included in the cost of sales in the accompanying condensed consolidated statement of operations for the three months ended May 4, 2013. As of May 3, 2014, the Company had expended $221,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $451,000 is included in Other Accrued Expenses in the accompanying condensed consolidated balance sheet dated May 3, 2014.

Astro-Med is currently receiving power supplies with compliant materials and has resumed printer production and shipments to customers.

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Since the supplier deviated from the agreed upon specifications for the power supply while providing certificates of conformance to the original specifications, in January 2014, Astro-Med received a $450,000 settlement from the supplier for recovery of the costs and expense associated with this issue. This settlement was recorded in cost of sales during the fourth quarter of the fiscal year ended January 31, 2014. In addition to this cash settlement, the Company will receive lower product prices from the supplier for a period of three years.

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Item 2.

ASTRO-MED, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Business Overview

This section should be read in conjunction with Astro-Med’s Condensed Consolidated Financial Statements included elsewhere herein and our Annual Report on Form 10-K for the fiscal year ended January 31, 2014.

Astro-Med is a multi-national enterprise, which designs, develops, manufactures, distributes and services a broad range of products that acquire, store, analyze and present data in multiple formats. The Company organizes its structure around a core set of competencies, including research and development, manufacturing, service, marketing and distribution. We market and sell our products and services through the following two product groups:

• QuickLabel Systems Product Group (QuickLabel)—offers label printer hardware, labeling software, service contracts and label and ink consumable products that digitally print color labels on a broad range of label and tag substrates.

• Test and Measurement Product Group (T&M)—offers a suite of ruggedized printer products designed primarily for military and commercial aerospace applications to be used to print weather maps, communications and other critical flight information. T&M also comprise a suite of telemetry recorder products sold to the aerospace and defense industries, as well as portable data acquisition recorders, which offer diagnostic and test functions to a wide range of manufacturers including automotive, energy, paper and steel fabrication.

On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass) in order to focus on its existing core businesses. Consequently, the Company has classified the results of operations of its Grass segment as discontinued operations for the first quarter fiscal 2014 period presented.

On January 22, 2014, Astro-Med completed the acquisition of the Ruggedized Printer Product line from Miltope Corporation (Miltope), which is engaged in the design, development, manufacture and testing of ruggedized computers and computer peripheral equipment for military, industry and commercial applications. Astro-Med’s ruggedized printer product line is part of the Test & Measurement (T&M) product group and is reported as part of the T&M segment. Miltope sales for the first quarter of fiscal 2015 were approximately $2.2 million and the results of the Miltope’s ruggedized printer product line operations have been included in the condensed consolidated financial statements for the first quarter fiscal 2015.

Astro-Med markets and sells its products and services globally through a diverse distribution structure of direct sales personnel, manufacturer’s representatives and authorized dealers that deliver a full complement of branded products and services to customers in our respective markets.

Results of Operations

Three Months Ended May 3, 2014 vs. Three Months Ended May 4, 2013

Net sales by product group and current quarter percentage change over prior year for the three months ended May 3, 2014 and May 4, 2013 were:

(Dollars in thousands)	May 3, 2014		As a % of Net Sales			May 4, 2013		As a % of Net Sales			% Change Over Prior Year
QuickLabel	$	14,423		69.4	%	$	11,396		73.6	%		26.6	%
T&M		6,351		30.6	%		4,089		26.4	%		55.3	%
Total	$	20,774		100.0	%	$	15,485		100.0	%		34.2	%

Net sales for the first quarter of the current year were $20,774,000, representing a 34.2% increase as compared to the previous year’s first quarter sales of $15,485,000. Sales through the domestic channels for the current quarter were $14,623,000, an increase of 36.7% over the prior year’s first quarter. International sales for the first quarter of the current year were $6,151,000, representing a 28.4% increase from the previous year. Current year’s first quarter international sales include favorable foreign exchange rate impact of $146,000.

Hardware sales in the current quarter were $8,563,000, an increase as compared to prior year’s first quarter sales of $5,638,000. Both segments contributed to the current quarter increase, as hardware sales were up 55.7% in the QuickLabel product group and 49.8% in the T&M product group compared to prior year first quarter. The increase in current quarter hardware sales is primarily due to $1,775,000 in sales of Ruggedized printers due to the January 2014 acquisition of Miltope, as well as approximately a $991,000 million increase in sales of QuickLabel’s Kiaro! printers compared to first quarter of the prior year. Consumables sales in the current quarter were $10,838,000, representing a 21.7% increase over prior year’s first quarter consumable sales of $8,902,000. The current quarter increase in consumable sales as compared to the first quarter of the prior year is primarily due to the double-digit increase in sales of label and tag products and digital color printer supplies in the QuickLabel segment.

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Service and other revenues of $1,373,000 in the current quarter were up 45.3% from prior year’s first quarter service and other revenues of $945,000, primarily due to the increase in repairs and parts revenue during the quarter.

Current year first quarter gross profit was $8,635,000, representing a 69.1% improvement as compared to prior year’s first quarter gross profit of $5,105,000. The Company’s gross profit margin of 41.6% in the current quarter also reflects an increase from the prior year’s first quarter gross profit margin of 33.0%. The higher gross profit and related margin for the current quarter as compared to prior year is primarily attributable to the contribution of the Miltope acquisition, higher sales, favorable product mix and $672,000 of product replacement costs recognized in the first quarter of the prior year related to replacing materials on certain T&M Ruggedized printers after the Company discovered that one of its suppliers was using a non-conforming part in certain models.

Operating expenses for the current quarter were $6,936,000, which increased as compared to prior year’s first quarter operating expenses of $5,827,000. The Company increased its spending in selling and market activities due to additional personnel and related commission and benefit costs, as well as increased spending on trade shows; expanded its R&D investments with new product programs; and incurred higher G&A costs due to higher professional service fees. Although R&D expenses increased in the current quarter as compared to the prior year, current quarter spending in R&D represents 6.6% of sales, a decrease compared to prior year’s first quarter level of 7.2%.

Other expense during the first quarter was $121,000 compared to $36,000 in the first quarter of the previous year. The higher expense was primarily due to the $251,000 write-down on the disposition of inventory related to the conclusion and settlement of the Grass Transition Service Agreement.

The provision for federal, state and foreign taxes on continuing operations for the first quarter of the current year were $449,000, reflecting an effective tax rate of 28.5%. Included in the current year income tax expense for continuing operations is a tax benefit of $100,000 related to the favorable resolution of a previously uncertain tax position. This compares to the prior year’s first quarter tax benefit on the loss from continued operations of $319,000, reflecting a negative effective tax rate of 42.1%.

The Company reported $1,129,000 of income from continuing operations for the first quarter of the current year, reflecting a return on sales of 5.4% and generating EPS of $0.14 per diluted share, comparable to the prior year’s first quarter loss from continuing operations of $439,000, reflecting a negative return on sales of 2.8% and a loss of $0.06 per diluted share. Prior year’s first quarter loss from continuing operations included $389,000 or $0.05 of product replacement costs.

Discontinued Operation

On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group for a purchase price of $18,600,000. Consequently, the Company has classified the results of operations of its Grass segment as discontinued operations for the fiscal 2014 period presented.

Results for discontinued operations are as follows:

(In thousands)	May 4, 2013
Net Sales	$	1,745
Gross Profit	$	48
Net Loss from Discontinued Operations	$	(10	)

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Segment Analysis

The Company reports two segments consistent with its product groups: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M). The Company evaluates segment performance based on the segment profit before corporate and financial administration expenses.

Summarized below are the Net Sales and Segment Operating Profit for each reporting segment:

	Three Months Ended
	Net Sales				Segment Operating Profit
(In thousands)	May 3, 2014		May 4, 2013		May 3, 2014			May 4, 2013
QuickLabel	$	14,423	$	11,396	$	2,198		$	891
T&M		6,351		4,089		692			201
Total	$	20,774	$	15,485		2,890			1,092
Product Replacement Related Costs						—			672
Corporate Expenses						1,191			1,142
Operating Income (Loss)						1,699			(722	)
Other Income (Expense)—Net						(121	)		(36	)
Income (Loss) From Continuing Operations Before Income Taxes						1,578			(758	)
Income Tax Provision (Benefit)						449			(319	)
						1,129			(439	)
Loss From Discontinued Operations, Net of Income Taxes						—			(10	)
Net Income (Loss)					$	1,129		$	(449	)

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QuickLabel Systems—QuickLabel

Sales revenues from the QuickLabel product group increased 26.6% with sales of $14,423,000 in the first quarter of the current year as compared to $11,396,000 in the same period of the prior year. The current quarter increase in sales is due to both the consumables product line, which increased 20.6% from the same period in the prior year, primarily attributable to the increased demand for digital color printer supplies as well as label and tag products, both which have experienced double-digit growth as compared to the prior year. Also contributing to the current quarter increase in sales were sales in the hardware product line, which increased 55.7% primarily attributable to sales of the new Kario! product lines. QuickLabel’s current quarter segment operating profit was $2,198,000, reflecting a profit margin of 15.2%, an increase from prior year’s first quarter segment profit of $891,000 and related profit margin of 7.8%. The increase in QuickLabel’s current year’s segment operating profit and related margin is primarily due to higher sales, lower manufacturing costs and favorable product mix.

Test & Measurement—T&M

Sales revenues from the T&M product group were $6,351,000 for the first quarter of the current fiscal year, representing a 55.3% increase as compared to sales of $4,089,000 for the same period in the prior year. The increase is primarily attributable to the sales growth in the first quarter in the Ruggedized product lines, including the acquisition of the Miltope ruggedized aerospace printer business in January 2014 which contributed $1,775,000 to this growth. T&M also experienced increase in demand for its TMX high-speed data acquisition system during the current quarter. T&M’s first quarter segment operating profit of $692,000 resulted in a 10.8% profit margin as compared to the prior year’s segment operating profit of $201,000 and related operating margin of 4.9%. The higher segment operating profit and related margin were due to higher sales and favorable product mix.

Financial Condition and Liquidity

The Company believes that cash provided by operations will continue to be sufficient to meet operating and capital needs for at least the next twelve months. However, in the event that cash from operations is not sufficient, the Company has a substantial cash and short term marketable securities balance, as well as a $10.0 million revolving bank line of credit, all of which is currently available. Borrowings under this line of credit bear interest at either a fluctuating rate equal to 75 basis points below the base rate, as defined in the agreement, or at a fixed rate equal to 150 basis points above LIBOR. This line of credit has a maturity date of May 31, 2014 and the Company is currently in the process of negotiating a new credit line facility.

The Company’s statements of cash flows for the three months ended May 3, 2014 and May 4, 2013 are included on page 6. Net cash flows used by operating activities was $2,495,000 in the current year compared to net cash used by operating activities of $6,973,000 in the previous year. The increase in operating cash flow provided in the three months of the current year as compared to the previous year is related to income tax payments made in the prior year in connection with the gain on the sale of Grass, partially offset by slightly higher accounts receivable and inventory balances in the current year. Accounts receivables increased to $12,844,000 at the end of the first quarter as compared to $11,366,000 at year-end, although the accounts receivable collection cycle decreased to 51 days sales outstanding at the end of the current quarter as compared to 54 days outstanding at year end. Inventory increased to $16,181,000 at the end of the first quarter compared to $15,178,000 at year end and inventory days on hand increased to 120 days on hand at the end of the current quarter from 113 days at year end.

The Company’s cash, cash equivalents and investments at the end of the first quarter totaled $28,595,000 compared to $27,107,000 at year end. The increased cash and investment position at May 3, 2014 resulted from current quarter net income, cash received of $1.8 million in the current quarter related to the cash held in escrow as part of the sale of Grass, cash received in the disposition of inventory to the purchaser of Grass, partially offset by increases in accounts receivable and inventory, as discussed above, dividends paid of $533,000 and cash used to acquire property, plant and equipment of $292,000.

The Company’s backlog increased 15.8% from year-end to $16,200,000 at the end of the current first quarter.

Critical Accounting Policies, Commitments and Certain Other Matters

In the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014, the Company’s most critical accounting policies and estimates upon which our financial status depends were identified as those relating to revenue recognition, warranty claims, bad debts, inventories, income taxes, long-lived assets, goodwill and share-based compensation. We considered the disclosure requirements of Financial Release (“FR”) 60 (“FR-60”) regarding critical accounting policies and FR-61 regarding liquidity and capital resources, certain trading activities and related party/certain other disclosures, and concluded that nothing materially changed during the quarter that would warrant further disclosure under these releases.

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Forward-Looking Statements

This Quarterly Report on Form 10-Q 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. We generally use 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 our expectations, 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. Factors which could cause actual results to differ materially from those anticipated include, but are not limited to (a) general economic, financial and business conditions; (b) declining demand in the test and measurement markets, especially defense and aerospace; (c) competition in the specialty printer industry; (d) ability to develop market acceptance of our products and effective design of customer required features; (e) competition in the data acquisition industry; (f) the impact of changes in foreign currency exchange rates on the results of operations; (g) the ability to successfully integrate acquisitions and realize benefits from divestitures; (h) the business abilities and judgment of personnel and changes in business strategy; (i) the efficacy of research and development investments to develop new products; (j) the launching of significant new products which could result in unanticipated expenses; (k) bankruptcy or other financial problems at major suppliers or customers that could cause disruptions in the Company’s supply chain or difficulty in collecting amounts owed by such customers; (l) and other risks included under “Item 1A-Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2014. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The registrant is a smaller reporting company and is not required to provide this information.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management has evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (Exchange Act). Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and (2) accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to have materially affected, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

There are no pending or threatened legal proceedings against the Company believed to be material to the financial position or results of operations of the Company.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2014, which could materially affect our business, financial condition or future operating results. The risks described in our Annual Report on 10-K are not the only risks that we face, as additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating result as well as adversely affect the value of our common stock.

There have been no material updates to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2014.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the first quarter of fiscal 2015, the Company made the following repurchases of its common stock:

	Total Number of Shares Repurchased			Average Price paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares That May Be Purchased Under The Plans or Programs
February 1—March 1		—		$	—		—		390,000
March 2—March 29		40,809	(a)	$	13.77		—		390,000
March 30—May 3		5,270	(b)	$	12.45		—		390,000

(a) On March 21, 2014, the Company’s former Chief Executive Officer delivered 40,809 shares of the Company’s common stock to satisfy the exercise price for 35,250 stock options exercised. The shares delivered were valued at $13.77 per share and are included with treasury stock in the consolidated balance sheet. This transaction did not impact the number of shares authorized for repurchase under the Company’s current repurchase program.

(b) On March 8 and 9, 2014, employees of the Company delivered 773 and 4,497 shares, respectively, of the Company’s common stock to satisfy the exercise price for 7,518 stock options exercised. The shares delivered were valued at $12.35 and $12.47 per share, respectively, and are included with treasury stock in the consolidated balance sheet. This transaction did not impact the number of shares authorized for repurchase under the Company’s current repurchase program.

Item 6. Exhibits

The following exhibits are filed as part of this report on Form 10-Q:

10.6	Astro-Med Inc. Management Bonus Plan (Group III), as amended
10.8	Amended and Restated Non Employee Director Annual Compensation Program
31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer Pursuant 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(101)	The following materials from Registrant’s Annual Report on Form 10-Q for the period ended May 3, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to the Condensed Consolidated Financial Statements. Filed electronically herein.

21

SIGNATURES

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 thereunto duly authorized.

	ASTRO-MED, INC. (Registrant)
Date: June 4, 2014	By	/s/ Gregory A. Woods
		Gregory A. Woods,
		President, Chief Executive Officer and Director
		(Principal Executive Officer)
	By	/s/ Joseph P. O’Connell
		Joseph P. O’Connell
		Senior Vice President, Treasurer and Chief Financial Officer
		(Principal Financial Officer)

22

EX-10.6

Exhibit 10.6

ASTRO-MED INC.

MANAGEMENT BONUS PLAN

GROUP III

Adopted March 15, 2010

As Amended May 22, 2014

ASTRO-MED, INC.

MANAGEMENT BONUS PLAN

GROUP III

TABLE OF CONTENTS

I.	OVERVIEW			3
	A.	Perspective
	B.	Key Points
II.	ELIGIBLE PARTICIPANTS			4
	A.	Rules
		1.	Dates of Employment
			a.      Annual
		2.	Leave of Absence
		3.	Retirees
		4.	Exclusions
III.	ELIGIBLE BONUSES			4
	A.	Financial
		1.	Categories
		2.	Bonus Rates
	B.	Business
		1.	Categories
		2.	Bonus Rates
IV.	FINANCIAL OBJECTIVES			5
	A.	Definition of Financial Measurement Criteria
		1.	Net Sales
		2.	Operating Income
		3.	Net Assets
		4.	ORONA
V.	GENERAL RULES			5
VI.	PAYOUT MATRIX			6-7

2

ASTRO-MED, INC.

MANAGEMENT BONUS PLAN

GROUP III

I. OVERVIEW

A. Perspective

Astro-Med’s pay for performance philosophy encourages rewarding individuals who are committed to the achievement of their financial and operating goals as well as ensuring our customers are totally satisfied with our products and services. The Plan provides for incentive pay based on Financial and Business Objectives.

B. Key Points

1. Bonuses are earned by achieving ANNUAL Financial Objectives, including Net Sales, Operating Income and ORONA (Operating Income Return on Net Asset) Thresholds.

2. Participation by a Corporate Officer shall be recommended by the CEO and approved by the Astro-Med, Inc. Compensation Committee.

3. Bonuses earned for achieving the Financial Thresholds will be paid only on an annual basis.

4. Bonuses earned on the Business Objectives will be paid only on an annual basis.

5. To be eligible for the Annual Bonus, Officers must be on the Astro-Med payroll as of the last day of the fiscal year.

6. Annual bonuses earned by Corporate Officers for achieving the Financial Objectives will be paid only after the issuance of Astro-Med’s Audited Consolidated Financial Statements.

7. All levels of Operating Income Attainment must include the requisite level of bonuses earned (e.g. adequate bonus reserves must be provided for in the Operating Income reported).

8. All Bonuses earned will be paid only after review and written approval by Astro-Med’s CEO (and, in the case of a bonus to the CEO, approval of the Compensation Committee).

3

9. All combined annual bonuses paid based on achieving Financial Objectives cannot exceed 10% of Astro-Med’s consolidated Operating Income determined without deduction for the combined Corporate Management Bonus Plan pool.

10. All Bonuses earned by achieving Financial Objectives are based on Operating Income from the Company’s normal operating activities and excludes the financial results from mergers, acquisitions, sale of assets, divestitures, etc.

II. ELIGIBLE PARTICIPANTS

A. Rules

1. Dates of Employment

a. Annual

(1). Corporate Officers who are on the payroll as of the last day of the fiscal year to which the bonus relates, and who were on the payroll the first working day of such fiscal year are eligible for a full year’s bonus award.

(2). Corporate Officers who were on the payroll after the first working day of the fiscal year to which the bonus relates are eligible for a pro rata bonus award. Corporate officers who are employees for six months or more but less than twelve months are entitled to 25% of the Bonus percent earned by the Group III participants. Corporate Officers who are employed for less than six months in the current fiscal year do not qualify for the Group III Bonus.

2. Leave of Absence

No bonus will be paid to an officer on leave of absence.

3. Retirees

Officers retiring after age 65 and prior to the last day of the fiscal year, and who were eligible for a bonus in the preceding year are eligible for a pro rata portion of a full year’s bonus (based upon the number of full months prior to retirement).

4. Exclusions

Officers who are participating in other Company incentive plans (e.g. Sales Incentive Plan, etc.) are not eligible under this plan without written approval of the Astro-Med CEO.

III. ELIGIBLE BONUS

A. Threshold and Target Financial Objectives for Net Sales, Operating Income, and Return on Net Assets (RONA) and the related Bonus Rates (Percentage of Base Salary) shall be established annually by the Compensation Committee and communicated to the Plan participants by the CEO.

4

B. Plan Participants may also receive a bonus based upon achieving specified Strategic and Tactical Business Objectives. The maximum Bonus Rate (percentage of Base Salary) that may be earned by a Plan participant based upon achieving such Business Objectives shall be established annually by the Compensation Committee. The Business Objectives shall be established by the Compensation Committee for the CEO and by the CEO for all other Plan participants and the determination as to achievement of such Business Objectives and the portion of the bonus earned therefor shall be made by the CEO (or, in the case of the CEO, by the Compensation Committee).

IV. FINANCIAL OBJECTIVES

A. Definition of Financial Measurement Criteria

1.	Net Sales: Astro-Med Consolidated Net Sales
2.	Operating Income: Astro-Med Consolidated Operating Income
3.	Net Assets: Astro-Med Consolidated Net Assets
4.	ORONA: Astro-Med Consolidated Operating Income	= %
	Astro-Med Consolidated Net Assets

Note: For purposes of ORONA calculations on an annual basis, Astro-Med’s consolidated Net Assets will represent a twelve month average of the Company’s Assets less a twelve month average of Liabilities.

V. GENERAL RULES

A. Participation

1. Corporate Officers as approved by Astro-Med Compensation Committee.

B. Minimum and maximum Payouts

1. No bonus will be paid to any Officer on Financial or Business Objectives if either Astro-Med’s Consolidated Operating Income and Net Sales for the fiscal year is less than the applicable Threshold established by the Compensation Committee.

No bonus will be paid in excess of 75% of the CEO’s annual Base Salary or 60% of each other Officer’s annual Base Salary.

C. Definition of Salary

Annual bonuses are based on salary in effect as of the last day of the fiscal year.

5

D. Timing of Bonus Payout

1. Bonus earned for achieving the Financial Objectives and Business Objectives will be paid on an annual basis.

2. Annual bonuses will be calculated and paid as soon as the Company’s audited financial statements are issued. This should be in March of the following fiscal year.

3. All bonuses earned will be paid only after review and written approval by Astro-Med’s CEO and approval of the Compensation Committee in the case of the CEO.

E. Modification and Continuation of the Bonus Plan

The Plan may be modified by Astro-Med’s CEO at any time, provided that any material modification of the Financial Targets, Financial Thresholds or Bonus Rates shall be approved by the Astro-Med, Inc. Compensation Committee. The Astro-Med CEO has final authority as to any payment hereunder (other than payments to the CEO), including the authority to interpret the provisions of this Plan. The Compensation Committee has sole discretion as to the continuation of the Plan for any fiscal year and, accordingly, continuation of the Plan beyond the current fiscal year is not guaranteed.

6

EX-10.8

Exhibit 10.8

Astro-Med, Inc.

Amended and Restated Non-Employee Director Annual Compensation Program

This Amended and Restated Non-Employee Director Annual Compensation Program (this “Program”), effective as of February 1, 2014 (the “Effective Date”), sets forth the annual compensation payable to members of the Board of Directors (the “Board”) of Astro-Med, Inc. (the “Company”) who are not also officers and/or employees of the Company (each a “Non-Employee Director” and collectively, the “Non-Employee Directors”). Capitalized terms used in this Program and not otherwise defined herein shall have the meaning as set forth in the Company’s 2007 Equity Incentive Plan (the “Plan”).

TERMS AND CONDITIONS

1. Annual Cash Retainer.

(a) Annual Cash Retainer. Each Non-Employee Director shall receive an annual cash retainer of $7,000 (the “Annual Cash Retainer”), which, unless otherwise elected under Section 1(b)(i) hereof, shall be paid to such Non-Employee Director, so long as he or she continues to serve as a director of the Company, in four equal quarterly installments on the first day of each fiscal quarter (i.e., the first day of February, May, August and November) (each a “Payment Date” and collectively, the “Payment Dates”). The Annual Cash Retainer payable to any Non-Employee Director who is first elected or appointed after February 1 of any fiscal year shall be pro rated as follows:

(i) Any Non-Employee Director who is elected or appointed within thirty (30) days of a Payment Date shall receive the installment due on the Payment Date immediately prior to such election or appointment and a pro rata portion of the Annual Cash Retainer equal to the number of quarterly installments payable on Payment Dates occurring after such Non-Employee Director’s election or appointment.

(ii) Any Non-Employee Director who is elected or appointed more than thirty (30) days following a Payment Date shall receive a pro rata portion of the Annual Cash Retainer equal to the number of quarterly installments payable on Payment Dates occurring after such Non-Employee Director’s election or appointment.

(b) Chair Retainers. In addition to the Annual Cash Retainer, effective as of August 1, 2014, the Chairman of the Board, if a Non-Employee Director, shall receive an annual retainer of $6,000, the Chair of the Audit Committee and Chair of the Compensation Committee shall each receive an annual retainer of $4,000 (each, a “Chair Retainer”), which Chair Retainer shall be paid in four equal quarterly installments on the Payment Date. Any Non-Employee Director who is first elected or appointed to such position after February 1 of any fiscal year shall receive a pro rata portion of the Chair Retainer determined in the same manner as provided under Section 1(a) with respect to the Annual Cash Retainer.

(c) Election to Receive Common Shares.

(i) No later than January 31st of any year (the “Election Date”), each Non-Employee Director may elect to receive, in lieu of the Annual Cash Retainer and/or Chair Retainer (if applicable) (collectively, the “Cash Retainers”), shares of the Company’s common stock, $0.05 par value per share (the “Common Shares”) equal in value to all or a portion of the Cash Retainers for the following fiscal year and for each fiscal year thereafter until such election is revoked by a subsequent election received on or before the Election Date, to be effective for the subsequent fiscal year(s).

1

(ii) Any election made under Section 1(b)(i) shall be made in writing, delivered to Chief Financial Officer on or before the Election Date and shall clearly indicate the amount or percentage of the Cash Retainers that the Non-Employee Director elects to receive in the form of Common Shares for the subsequent fiscal year(s) and the amount or percentage of the Cash Retainers the Non-Employee Director elects to receive in cash for the subsequent fiscal year(s).

2. Equity Retainer. Commencing with the 2012 annual meeting of shareholders, upon the adjournment of each annual meeting or special meeting in lieu of an annual meeting of the shareholders of the Company, each Non-Employee Director elected at such meeting shall receive an award of restricted stock (the “Restricted Stock Award”) having a value equal to $20,000 (the “Annual Equity Retainer”) based on the Fair Market Value of such Common Shares as of such date. If a Non-Employee Director is first appointed or elected to the Board of Directors effective on a date other than at the annual shareholders meeting, on the date of such appointment or election, the Non-Employee Director shall receive a pro rata Restricted Stock Award having a value (the “Prorated Equity Retainer”) equal to the product of (x) the Annual Equity Retainer and (y) a fraction, the numerator of which shall be the number of days remaining in the 365-day period following the most recent annual meeting, and the denominator of which shall be 365, but in no event shall such fraction be greater than one (1). The Restricted Stock Award shall be for the number of Common Shares equal to the Annual Equity Retainer or Prorated Equity Retainer, as applicable, divided by the Fair Market Value of such Common Shares on the date of such grant rounded down to the nearest whole number. The Restricted Stock Award will be issued pursuant to Section 8 of the Plan and, in addition to the terms and conditions contained in the Plan, shall be subject to the following terms and conditions:

(a) The restrictions applicable to the grant of the Restricted Stock Award shall lapse and the Restricted Stock Award shall vest on the earlier of twelve (12) months from the date of the grant and the date that is immediately prior to the occurrence of the next annual or special meeting in lieu of annual meeting of the shareholders of the Company following the date on which such Restricted Stock Award was granted (such vesting date referred to as the “Vesting Date”). However, a Non-Employee Director may not sell, transfer, assign, pledge or otherwise encumber the Common Shares received upon the vesting of the Restricted Stock Award prior to the second anniversary of the Vesting Date. The periods during which all or any portion of the Restricted Stock Award is subject to forfeiture or restrictions on transfer as provided in this Section 2(a) shall be referred to herein as a “Restricted Period.”

(b) On the expiration or termination of a Restricted Period, the restrictions shall lapse and a stock certificate for the number of Common Shares with respect to which the restrictions have lapsed shall be delivered, free of all restrictions (except any that may be imposed by law) to the Non-Employee Director.

(c) A Non-Employee Director shall have all of the rights of a shareholder of the Company holding Common Shares, including the right to vote the Common Shares covered by the Restricted Stock Award and to receive all dividends and other distributions paid with respect to such Common Shares; provided, however, that if any such dividends or distributions are paid in Common Shares, such Common Shares shall be subject to the same vesting conditions as the Restricted Stock Award with respect to which the dividends or distributions were paid.

(d) Notwithstanding any other provision hereof, in the event of a Non-Employee Director’s death or disability (within the meaning of Section 22(e)(3) of the Code) or a Change in Control (as defined in the Plan) of the Company, all Restricted Stock Awards granted under this Program to such Non-Employee Director which have not vested on such date shall become immediately vested and no longer subject to restrictions on transfer.

2

3. Common Shares in lieu of Cash Retainers.

(a) Issuance. In the event a Non-Employee Director makes an election under Section 1(b)(i) to receive Common Shares in lieu of all or a portion of the Cash Retainers, such Common Shares shall be issued on the Payment Dates, and the number of Common Shares to be issued in lieu of such Cash Retainers shall be based on the Fair Market Value of such Common Shares on the applicable Payment Date. Cash shall be paid in lieu of any fractional shares.

(b) Restrictions. In addition to the terms and conditions contained in the Plan, the Common Shares paid in lieu of all of a portion of the Cash Retainers shall be subject to the following terms and conditions:

(i) The Non-Employee Director may not sell, transfer, assign, pledge or otherwise encumber the Common Shares (the “Restrictions”) issued to such Non-Employee Director pursuant to Section 1(b)(i) hereof prior to the first anniversary of the date on which such Common Shares were issued (the “Release Date”).

(ii) Notwithstanding the foregoing, the Common Shares issued in lieu of such Cash Retainers may be transferred, without receipt of consideration by the transferor, during the lifetime of the Non-Employee Director to one or more transferees who are members of the Non-Employee Director’s immediate family or to a trust or other entity maintained for the benefit of such persons, provided that following any such transfer the Common Shares may not be subsequently transferred until the Release Date. For this purpose “immediate family” means the Non-Employee Director’s spouse, parents, children, grandchildren and the spouses of such parents, children and grandchildren.

(iii) The Non-Employee Director shall have all of the rights of a shareholder of the Company holding Common Shares, including the right to vote such Common Shares and to receive all dividends and other distributions paid with respect to such Common Shares; provided, however, that if any such dividends or distributions are paid in Common Shares, such Common Shares shall be subject to the same Restrictions as the Common Shares with respect to which the dividends or distributions were paid.

(iv) In the event of a Non-Employee Director’s death or disability (within the meaning of Section 22(e)(3) of the Code) or a Change in Control (as defined in the Plan) of the Company, all the Common Shares issued in lieu of the Cash Retainers to such Non-Employee Director which are still subject to the Restrictions on such date shall no longer be subject to the Restrictions.

4. Meeting Fees. Each Non-Employee Director shall be paid $500 (the “Meeting Fee”) for each Board and committee meeting attended, including attendance through telephonic means. The Meeting Fee for each meeting and committee meeting shall be paid after each such meeting, but in no event more than ninety (90) days after the meeting. The meeting fees shall be payable solely in cash.

5. Non-Statutory Stock Options. In addition to the foregoing compensation, pursuant to Section 6.6 of the Plan and subject to the terms and conditions of the Plan, upon the adjournment of each annual meeting or special meeting in lieu of annual meeting of the shareholders of the Company, each Non-Employee Director automatically receives Nonstatutory Stock Options to purchase 5,000 Common Shares.

3

EX-31.1

Exhibit 31.1

CERTIFICATION

Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Gregory A. Woods certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Astro-Med, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 4, 2014

/s/ Gregory A. Woods

President Gregory A. Woods,

Chief Executive Officer, and Director

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

Certification of Chief Financial Officer Section 302 of the Sarbanes-Oxley Act of 2002

I, Joseph P. O’Connell certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Astro-Med, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 4, 2014

/s/ Joseph P. O’Connell

Joseph P. O’Connell,

Senior Vice President, Treasurer and

Chief Financial Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

ASTRO-MED, INC.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Astro-Med, Inc. (the “Company”) on Form 10-Q for the period ended May 3, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory A. Woods, President, Chief Executive Officer and Director, certify, pursuant to Rule 13a-14(b) and 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: June 4, 2014

/s/ Gregory A. Woods

Gregory A. Woods,

President, Chief Executive Officer and Director

(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to Astro-Med, Inc. and will be retained by Astro-Med, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

ASTRO-MED, INC.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Astro-Med, Inc. (the “Company”) on Form 10-Q for the period ended May 3, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joseph P. O’Connell, Senior Vice President, Treasurer and Chief Financial Officer of the Company, certify, pursuant to Rule 13a-14(b) and 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: June 4, 2014

/s/ Joseph P. O’Connell

Joseph P. O’Connell,

Senior Vice President, Treasurer and

Chief Financial Officer

(Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to Astro-Med, Inc. and will be retained by Astro-Med, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Net Income (Loss) Per Common Share - Additional Information (Detail)	3 Months Ended
	May 03, 2014	May 04, 2013
Equity [Abstract]
Anti-dilutive option	75,600	155,900
Anti-dilutive in the money options		175,951

XML

Fair Value - Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	May 03, 2014	Jan. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money Market Funds (included in Cash and Cash Equivalents)	$ 5,110	$ 4,734
State and Municipal Obligations (included in Securities Available for Sale)	18,455	18,766
Total	23,565	23,500
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money Market Funds (included in Cash and Cash Equivalents)	5,110	4,734
State and Municipal Obligations (included in Securities Available for Sale)
Total	5,110	4,734
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money Market Funds (included in Cash and Cash Equivalents)
State and Municipal Obligations (included in Securities Available for Sale)	18,455	18,766
Total	18,455	18,766
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money Market Funds (included in Cash and Cash Equivalents)
State and Municipal Obligations (included in Securities Available for Sale)
Total

XML

Note Receivable and Line of Credit Issued - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended
	Jan. 30, 2012	May 03, 2014 Installment
Note Receivable And Line Of Credit Issued [Line Items]
Net sale price	$ 1,000,000
Promissory note interest rate	3.75%
Interest commencement date		Jan. 30, 2013
Interest installments		16
Promissory note outstanding		690,000
Revolving Credit Facility [Member]
Note Receivable And Line Of Credit Issued [Line Items]
Revolving line of credit		600,000
Line of credit facility maturity date		Jan. 31, 2015
Extended revolving line of credit		$ 220,000
Line of credit issued initial term		1 year
Prime Rate [Member] | Revolving Credit Facility [Member]
Note Receivable And Line Of Credit Issued [Line Items]
Interest rate on outstanding credit balance		2.00%

XML

Accumulated Other Comprehensive Income - Changes in the Balance of Accumulated Other Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	May 03, 2014	May 04, 2013
Schedule of Capitalization, Equity [Line Items]
Beginning Balance	$ 176
Other Comprehensive Income (Loss)	89
Amounts reclassified to Net Income
Net Other Comprehensive Income (Loss)	89	(155)
Ending Balance	265
Foreign Currency Translation Adjustments [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balance	152
Other Comprehensive Income (Loss)	92
Amounts reclassified to Net Income
Net Other Comprehensive Income (Loss)	92
Ending Balance	244
Unrealized Holding Gain on Available for Sale Securities [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balance	24
Other Comprehensive Income (Loss)	(3)
Amounts reclassified to Net Income
Net Other Comprehensive Income (Loss)	(3)
Ending Balance	$ 21

XML

Income Taxes - Projected Effective Tax Rate for Periods (Detail)	3 Months Ended
	May 03, 2014
Income Tax Disclosure [Abstract]
Fiscal 2015	28.50%
Fiscal 2014	(42.10%)

XML

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

May 03, 2014

Equity [Abstract]

Changes in the Balance of Accumulated Other Comprehensive Income

The changes in the balance of accumulated other comprehensive income by component are as follows:

(In thousands)	Foreign Currency Translation Adjustments		Unrealized Holding Gain on Available for Sale Securities			Total
Balance at January 31, 2014	$	152	$	24		$	176
Other Comprehensive Income (Loss)		92		(3	)		89
Amounts reclassified to Net Income		—		—			—
Net Other Comprehensive Income (Loss)		92		(3	)		89
Balance at May 3, 2014	$	244	$	21		$	265

XML

Discontinued Operations - Summary of Discontinued Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	May 04, 2013
Discontinued Operations And Disposal Groups [Abstract]
Net Sales	$ 1,745
Gross Profit	48
Net Loss from Discontinued Operations	$ (10)

XML

Acquisition (Tables)

3 Months Ended

May 03, 2014

Unaudited Pro-Forma Information

The following unaudited pro forma information assumes the acquisition of Miltope occurred on February 1, 2013. This information has been prepared for informational purposes only and does not purport to represent the results of operations that would have happened had the acquisition occurred as of the date indicated, nor of future results of operations.

	Three Months Ended May 4, 2013
(In thousands)
Net Revenue	$	17,485

Miltope Ruggedized Printer Product Line Operation [Member]

Purchase Price of Acquisition Allocated on Basis of Estimated Fair Value

The purchase price of the acquisition has been allocated on the basis of the estimated fair value as follows:

(In thousands)
Accounts Receivable	$	713
Inventories		2,503
Identifiable Intangible Assets		3,400
Goodwill		196
Warranty Reserve		(80	)
Total Purchase Price	$	6,732

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Segment Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	May 03, 2014	May 04, 2013
Segment Reporting Information [Line Items]
Net Sales	$ 20,774	$ 15,485
Product Replacement Related Costs		672
Corporate Expenses	1,191	1,142
Operating Income (Loss)	1,699	(722)
Other Income (Expense)-Net	(121)	(36)
Income (Loss) From Continuing Operations Before Income Taxes	1,578	(758)
Income Tax Provision (Benefit)	449	(319)
Income (Loss) from Continuing Operations	1,129	(439)
Loss From Discontinued Operations, Net of Income Taxes		(10)
Net Income (Loss)	1,129	(449)
QuickLabel [Member]
Segment Reporting Information [Line Items]
Net Sales	14,423	11,396
T&M [Member]
Segment Reporting Information [Line Items]
Net Sales	6,351	4,089
Astro Med Inc [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	2,890	1,092
Astro Med Inc [Member] | QuickLabel [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	2,198	891
Astro Med Inc [Member] | T&M [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ 692	$ 201

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Share-Based Compensation - Fair Value of Stock Options Granted (Detail)	3 Months Ended
	May 03, 2014	May 04, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk Free Interest Rate	1.60%	0.80%
Expected Volatility	26.80%	38.50%
Expected Life (in years)	5 years	5 years
Dividend Yield	2.00%	2.60%

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Acquisition - Unaudited Pro-Forma Information (Detail) (Miltope Ruggedized Printer Product Line Operation [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	May 04, 2013
Miltope Ruggedized Printer Product Line Operation [Member]
Business Acquisition [Line Items]
Net Revenue	$ 17,485

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Securities Available for Sale - Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of the Securities (Detail) (State and Municipal Obligations [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	May 03, 2014	Jan. 31, 2014
State and Municipal Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 18,422	$ 18,729
Gross Unrealized Gains	35	37
Gross Unrealized Losses	(2)
Fair Value	$ 18,455	$ 18,766

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Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
	May 03, 2014	May 04, 2013	Jan. 31, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ 449,000	$ (319,000)
Expense included in income tax	549,000
Pretax income and benefit	100,000
Cumulative unrecognized tax benefits	$ 651,000		$ 715,000

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Basis of Presentation

3 Months Ended

May 03, 2014

Accounting Policies [Abstract]

Basis of Presentation

(2) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by Astro-Med pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014.

On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass). Consequently, the Company has classified the results of operations of its Grass segment as discontinued operations for the first quarter fiscal 2014 period presented. Refer to Note 15, “Discontinued Operations,” for further details.

On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope Corporation (Miltope). Astro-Med’s ruggedized printer product line is part of the Test & Measurement (T&M) product group and is reported as part of the T&M segment. The results of the Miltope’s ruggedized printer product line operations have been included in the condensed consolidated financial statements of the Company for the first quarter fiscal 2015. Refer to Note 4, “Acquisition,” for further details.

Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year.

The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, impairment of long-lived assets and goodwill, income taxes, share-based compensation, accrued expenses and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, past historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates.

Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation.

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Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) (USD $)	3 Months Ended	12 Months Ended
	May 03, 2014	Jan. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning balance, Number of Options	736,647
Granted, Number of Options	75,600
Exercised, Number of Options	(152,789)
Expired or canceled, Number of Options	(8,986)
Ending balance, Number of Options	650,472	736,647
Exercisable, Number of Options	452,599
Beginning balance, Weighted Average Exercise Price	$ 8.63
Granted, Weighted Average Exercise Price	$ 14.20
Exercised, Weighted Average Exercise Price	$ 8.71
Expired or canceled, Weighted Average Exercise Price	$ 8.70
Ending balance, Weighted Average Exercise Price	$ 9.26	$ 8.63
Exercisable, Weighted Average Exercise Price	$ 8.50
Weighted Average Remaining Contractual Life (in Years)	5 years 9 months 18 days	4 years 8 months 12 days
Exercisable, Weighted Average Remaining Contractual Life (in Years)	4 years 4 months 24 days
Beginning balance, Aggregated Intrinsic Value	$ 3,707,000
Ending balance, Aggregated Intrinsic Value	2,324,921	3,707,000
Exercisable, Aggregate Intrinsic Value	$ 1,878,835

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Income Taxes (Tables)

3 Months Ended

May 03, 2014

Income Tax Disclosure [Abstract]

Projected Effective Tax Rate for Periods

The Company’s effective tax rates for income (loss) from continuing operations based on the projected effective tax rate for the full year, are as follows:

	Three Months Ended
Fiscal 2015		28.5	%
Fiscal 2014		(42.1	)%

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Inventories (Tables)

3 Months Ended

May 03, 2014

Inventory Disclosure [Abstract]

Components of Inventories

The components of inventories are as follows:

	May 3, 2014			January 31, 2014
(In thousands)
Materials and Supplies	$	10,257		$	10,722
Work-In-Process		1,657			852
Finished Goods		7,764			6,798
		19,678			18,372
Inventory Reserve		(3,497	)		(3,194	)
	$	16,181		$	15,178

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Discontinued Operations - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	0 Months Ended	3 Months Ended
	Jan. 31, 2013	May 03, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale		$ 1,800
Period of transition services and manufacturing, Maximum		12 months
Transition Service Agreement expiration date		Jan. 31, 2014
Amount received from disposition of inventory		(2,355)
Grass Technologies Product Group [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	18,600	1,800
Amount received from disposition of inventory		$ 2,355

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Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) (USD $)	3 Months Ended
	May 03, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning balance, Unvested Restricted Stock Units and Restricted Stock Awards	106,496
Granted, Restricted Stock Units and Restricted Stock Awards
Vested, Restricted Stock Units and Restricted Stock Awards	(15,618)
Forfeited, Restricted Stock Units and Restricted Stock Awards	(5,834)
Ending balance, Unvested Restricted Stock Units and Restricted Stock Awards	85,044
Beginning balance, Weighted Average Grant Date Fair Value	$ 9.12
Granted, Weighted Average Grant Date Fair Value
Vested, Weighted Average Grant Date Fair Value	$ 8.53
Forfeited, Weighted Average Grant Date Fair Value	$ 10.07
Ending balance, Weighted Average Grant Date Fair Value	$ 9.16

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Segment Information (Tables)

3 Months Ended

May 03, 2014

Segment Reporting [Abstract]

Net Sales and Segment Operating Profit for Each Reporting Segment

Summarized below are the Net Sales and Segment Operating Profit for each reporting segment:

	Three Months Ended
	Net Sales				Segment Operating Profit
(In thousands)	May 3, 2014		May 4, 2013		May 3, 2014			May 4, 2013
QuickLabel	$	14,423	$	11,396	$	2,198		$	891
T&M		6,351		4,089		692			201
Total	$	20,774	$	15,485		2,890			1,092
Product Replacement Related Costs						—			672
Corporate Expenses						1,191			1,142
Operating Income (Loss)						1,699			(722	)
Other Income (Expense)—Net						(121	)		(36	)
Income (Loss) From Continuing Operations Before Income Taxes						1,578			(758	)
Income Tax Provision (Benefit)						449			(319	)
						1,129			(439	)
Loss From Discontinued Operations, Net of Income Taxes						—			(10	)
Net Income (Loss)					$	1,129		$	(449	)

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Securities Available for Sale (Tables)

3 Months Ended

May 03, 2014

Investments Debt And Equity Securities [Abstract]

Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of the Securities

The fair value, amortized cost and gross unrealized gains and losses of the securities are as follows:

(In thousands) May 3, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
State and Municipal Obligations	$	18,422	$	35	$	(2	)	$	18,455

January 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and Municipal Obligations	$	18,729	$	37	$	—	$	18,766

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Overview

3 Months Ended

May 03, 2014

Accounting Policies [Abstract]

Overview

(1) Overview

Headquartered in West Warwick, Rhode Island, Astro-Med Inc. designs, develops, manufactures and distributes a broad range of specialty printers and data acquisition and analysis systems. Our products are distributed through our own sales force and authorized dealers in the United States. We also sell to customers outside of the United States primarily through our Company offices in Canada and Europe as well as with independent dealers and representatives. Astro-Med, Inc. products are sold under the brand names Astro-Med ^® Test & Measurement and QuickLabel ^® Systems and are employed around the world in a wide range of aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation.

Unless otherwise indicated, references to “Astro-Med,” the “Company,” “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to Astro-Med, Inc. and its consolidated subsidiaries.

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Fair Value (Tables)

3 Months Ended

May 03, 2014

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

(In thousands) May 3, 2014	Level 1		Level 2		Level 3		Total
Money Market Funds (included in Cash and Cash Equivalents)	$	5,110	$	—	$	—	$	5,110
State and Municipal Obligations (included in Securities Available for Sale)		—		18,455		—		18,455
Total	$	5,110	$	18,455	$	—	$	23,565

January 31, 2014	Level 1		Level 2		Level 3		Total
Money Market Funds (included in Cash and Cash Equivalents)	$	4,734	$	—	$	—	$	4,734
State and Municipal Obligations (included in Securities Available for Sale)		—		18,766		—		18,766
Total	$	4,734	$	18,766	$	—	$	23,500

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Share-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended			3 Months Ended			0 Months Ended					3 Months Ended
	May 03, 2014 Equity_Plan	May 04, 2013	Jan. 31, 2014	May 03, 2014 Employee Stock Purchase Plan [Member]	May 04, 2013 Employee Stock Purchase Plan [Member]	May 03, 2014 Non-Employee Director [Member]	Aug. 01, 2014 Chairman of Board [Member] Scenario, Forecast [Member]	Aug. 01, 2014 Chair of Audit Committee [Member] Scenario, Forecast [Member]	Aug. 01, 2014 Chair of Compensation Committee [Member] Scenario, Forecast [Member]	May 03, 2014 Equity Incentive Plan [Member]	May 03, 2013 Equity Incentive Plan [Member]	May 03, 2014 Equity Incentive Plan [Member] Non-Employee Director [Member]	May 03, 2014 Restricted Stock [Member] Non-Employee Director [Member]	May 03, 2014 Stock Option [Member]	May 03, 2013 Stock Option [Member]	May 03, 2014 2013 Restricted Stock Units (RSUs) [Member] First Anniversary [Member]	May 03, 2014 2013 Restricted Stock Units (RSUs) [Member] Second Anniversary [Member]	May 03, 2014 2014 Restricted Stock Units (RSUs) [Member]	May 03, 2014 2014 Restricted Stock Units (RSUs) [Member] Officer [Member]	May 03, 2014 2014 Restricted Stock Units (RSUs) [Member] Officer [Member] Net Sales Target [Member]	May 03, 2014 2014 Restricted Stock Units (RSUs) [Member] Officer [Member] ORONA Target [Member]	May 03, 2014 2014 Restricted Stock Units (RSUs) [Member] Officer [Member] Third Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plan	1
Award vesting period													12 months		4 years
Aggregate shares authorized for awards under the Plan											1,000,000
Shares available for grant under the Plan										290,609
Restricted stock unit vested percentage																50.00%	50.00%			50.00%	25.00%	25.00%
Maximum disposal restricted percentage of RSU	50.00%
Cumulative budgeted net sales target measurement period																			2014 through 2016
Option expiration period												10 years
Stock options grant to each non-employee director	75,600											5,000
Non-employee director is entitled to an annual cash retainer	$ 7,000
Non-employee director is entitled to an annual cash retainer additional						500
Amount of Chair Retainer payable							6,000	4,000	4,000
Non-employee director received restricted stock award value	20,000
Options granted weighted average fair value per share	$ 2.93	$ 2.79
Unrecognized compensation expense related to unvested options														419,000
Unrecognized compensation expense related to unvested options, recognize date														Through March 2018				Through April 2016
Unrecognized compensation expense related to unvested RSUs and RSAs																		$ 300,000
Employee Stock Purchase Plan discount rate				15.00%
Reservation of shares under Stock Purchase Plan	247,500
Shares purchase under Employee Stock Purchase Plan				815	1,212
Stock options granted	650,472		736,647	59,427

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Fair Value - Additional Information (Detail) (Maximum [Member])	3 Months Ended
	May 03, 2014
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, maturity period	90 days

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	May 03, 2014	Jan. 31, 2014
CURRENT ASSETS
Cash and Cash Equivalents	$ 10,140	$ 8,341
Securities Available for Sale	18,455	18,766
Accounts Receivable, net	12,844	11,366
Inventories	16,181	15,178
Deferred Tax Assets	1,677	1,673
Restricted Cash		1,800
Line of Credit Receivable	220	240
Note Receivable	250	250
Asset Held for Sale	2,120	2,120
Prepaid Expenses and Other Current Assets	3,709	1,383
Current Assets of Discontinued Operations		3,917
Total Current Assets	65,596	65,034
PROPERTY, PLANT AND EQUIPMENT	35,306	34,960
Less Accumulated Depreciation	(27,743)	(27,368)
Property, Plant and Equipment, net	7,563	7,592
OTHER ASSETS
Note Receivable	440	440
Deferred Tax Asset	270	313
Intangible Assets	3,224	3,400
Goodwill	991	991
Other	195	194
Total Other Assets	5,120	5,338
TOTAL ASSETS	78,279	77,964
CURRENT LIABILITIES
Accounts Payable	2,480	2,374
Accrued Compensation	2,191	3,130
Other Liabilities and Accrued Expenses	3,791	2,310
Deferred Revenue	445	454
Income Taxes Payable	12	788
Current Liabilities of Discontinued Operations		836
Total Current Liabilities	8,919	9,892
Long Term Obligations	167	250
Deferred Tax Liabilities	97	77
Other Long Term Liabilities	1,008	1,131
TOTAL LIABILITIES	10,191	11,350
SHAREHOLDERS' EQUITY
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 9,455,263 shares and 9,291,225 shares at May 3, 2014 and January 31, 2014, respectively	473	465
Additional Paid-in Capital	42,644	41,235
Retained Earnings	37,797	37,201
Treasury Stock, at Cost, 1,776,121 shares and 1,730,042 shares at May 3, 2014 and January 31, 2014, respectively	(13,091)	(12,463)
Accumulated Other Comprehensive Income	265	176
TOTAL SHAREHOLDERS' EQUITY	68,088	66,614
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 78,279	$ 77,964

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Inventories - Components of Inventories (Detail) (USD $) In Thousands, unless otherwise specified	May 03, 2014	Jan. 31, 2014
Inventory Disclosure [Abstract]
Materials and Supplies	$ 10,257	$ 10,722
Work-In-Process	1,657	852
Finished Goods	7,764	6,798
Inventory, Gross	19,678	18,372
Inventory Reserve	(3,497)	(3,194)
Balance at May 3	$ 16,181	$ 15,178

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Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	May 03, 2014	May 04, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net Income (Loss)	$ 1,129	$ (449)
Other Comprehensive Income (Loss), Net of Taxes and Reclassification Adjustments:
Foreign Currency Translation Adjustments	92	(154)
Unrealized Holding Loss Arising During the Period	(3)	(1)
Net Other Comprehensive Income (Loss)	89	(155)
Comprehensive Income (Loss)	$ 1,218	$ (604)

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Acquisition - Additional Information (Detail) (Miltope Ruggedized Printer Product Line Operation [Member], USD $)	0 Months Ended	3 Months Ended
	Jan. 22, 2014	May 03, 2014
Miltope Ruggedized Printer Product Line Operation [Member]
Business Acquisition [Line Items]
Completion date of acquisition		Jan. 22, 2014
Purchase price of the acquisition	$ 6,732,000
Funded acquisition using existing cash	6,732,000
Amount held in escrow related to business acquisition	$ 500,000
Duration of escrow deposits		12 months
Transition services period		6 months

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Discontinued Operations

3 Months Ended

May 03, 2014

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

(15) Discontinued Operations

On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass) which manufactured polysomnography and electroencephalography systems and related accessories and propriety electrodes for use in both research and clinical settings for $18.6 million in cash, of which $1.8 million was held in escrow and received in the first quarter of the current year. The assets sold consisted primarily of working capital (exclusive of inventory and accounts payable related to manufacturing), the engineering, sales and support workforce, intellectual property and certain other related assets.

As part of this transaction, Astro-Med entered into a Transition Service Agreement (TSA) with the purchaser pursuant to which the Company agreed to provide transition services and continue to manufacture Grass products for the purchaser for a period not to exceed twelve months following the sale closing date. The Company determined that cash flows from this activity was not significant and therefore Grass has been disclosed as a discontinued operation for the first quarter fiscal 2014 period presented. The TSA officially expired on January 31, 2014 and the Company is no longer reporting discontinued operations in fiscal 2015.

In accordance with the terms of the TSA agreement, the purchaser was obligated to acquire the remaining Grass inventory upon expiration of the TSA on January 31, 2014. In connection with the disposition of the inventory previously included in discontinued operations, the Company received $2,355,000 in the first quarter of fiscal 2015 from the purchaser of Grass related to the disposition of this inventory. Any future services related to Grass post fiscal 2014 are not expected to be material.

Results for discontinued operations are as follows:

	May 4, 2013
(In thousands)
Net Sales	$	1,745
Gross Profit	$	48
Net Loss from Discontinued Operations	$	(10	)

As a result of the sale of the Grass assets, the Company is in the process of selling its facility located in Rockland, Massachusetts, which was the former location of Grass production. This property is being actively marketed with sale considered probable within the next twelve months and accordingly, the property is classified as an Asset Held for Sale in the accompanying condensed consolidated balance sheets.

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Acquisition - Purchase Price of Acquisition Allocated on Basis of Estimated Fair Value (Detail) (Miltope Ruggedized Printer Product Line Operation [Member], USD $) In Thousands, unless otherwise specified	Jan. 22, 2014
Miltope Ruggedized Printer Product Line Operation [Member]
Business Acquisition [Line Items]
Accounts Receivable	$ 713
Inventories	2,503
Identifiable Intangible Assets	3,400
Goodwill	196
Warranty Reserve	(80)
Total Purchase Price	$ 6,732

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Recent Accounting Pronouncements (Policies)

3 Months Ended

May 03, 2014

Accounting Changes And Error Corrections [Abstract]

Discontinued Operations

Discontinued Operations

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. In addition, this ASU expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued. We are currently evaluating the impact of the adoption of ASU 2014-08 and do not expect it to have a material effect on the Company’s financial position or results of operations.

Income Taxes

Income Taxes

In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740)—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability. This ASU is effective for annual and interim periods beginning after December 15, 2013, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial position or results of operations.

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Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	May 03, 2014	May 04, 2013
Cash Flows from Operating Activities:
Net Income (Loss)	$ 1,129	$ (449)
Adjustments to Reconcile Net Income to Net Cash Used by Operating Activities:
Depreciation and Amortization	512	310
Share-Based Compensation	131	161
Deferred Income Tax Provision	59	21
Changes in Assets and Liabilities:
Accounts Receivable	(166)	(224)
Inventories	(1,003)	(1,049)
Income Taxes	(731)	(5,077)
Accounts Payable and Accrued Expenses	(1,691)	(431)
Other	(735)	(235)
Net Cash Used by Operating Activities	(2,495)	(6,973)
Cash Flows from Investing Activities:
Proceeds from Sales/Maturities of Securities Available for Sale	2,880	1,935
Purchases of Securities Available for Sale	(2,574)	(13,527)
Release of Funds Held in Escrow From Sale of Grass	1,800
Proceeds Received on Disposition of Grass Inventory	2,355
Additions to Property, Plant and Equipment	(292)	(113)
Net Cash Provided (Used) by Investing Activities	4,169	(11,705)
Cash Flows from Financing Activities:
Proceeds from Common Shares Issued Under Employee Benefit Plans and Employee Stock Option Plans, Net of Payment of Minimum Tax Withholdings	658	391
Dividends Paid	(533)	(521)
Net Cash Provided (Used) by Financing Activities	125	(130)
Net Increase (Decrease) in Cash and Cash Equivalents	1,799	(18,808)
Cash and Cash Equivalents, Beginning of Period	8,341	30,999
Cash and Cash Equivalents, End of Period	10,140	12,191
Supplemental Disclosures of Cash Flow Information:
Cash Paid During the Period for Income Taxes, Net of Refunds	$ 1,471	$ 4,755

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	May 03, 2014	Jan. 31, 2014
Statement Of Financial Position [Abstract]
Common Stock, Par Value	$ 0.05	$ 0.05
Common Stock, Shares Authorized	13,000,000	13,000,000
Common Stock, Shares Issued	9,455,263	9,291,225
Treasury Stock, Shares	1,776,121	1,730,042

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Segment Information

3 Months Ended

May 03, 2014

Segment Reporting [Abstract]

Segment Information

(10) Segment Information

Astro-Med reports two segments consistent with its sales product groups: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M). On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass) in order to focus on its existing core businesses. Consequently, the Company has classified the results of operations of Grass as discontinued operations for the first quarter of fiscal 2014. Refer to Note 14, “Discontinued Operations” for a further discussion.

The Company evaluates segment performance based on the segment profit before corporate expenses.

Summarized below are the Net Sales and Segment Operating Profit for each reporting segment:

	Three Months Ended
	Net Sales				Segment Operating Profit
(In thousands)	May 3, 2014		May 4, 2013		May 3, 2014			May 4, 2013
QuickLabel	$	14,423	$	11,396	$	2,198		$	891
T&M		6,351		4,089		692			201
Total	$	20,774	$	15,485		2,890			1,092
Product Replacement Related Costs						—			672
Corporate Expenses						1,191			1,142
Operating Income (Loss)						1,699			(722	)
Other Income (Expense)—Net						(121	)		(36	)
Income (Loss) From Continuing Operations Before Income Taxes						1,578			(758	)
Income Tax Provision (Benefit)						449			(319	)
						1,129			(439	)
Loss From Discontinued Operations, Net of Income Taxes						—			(10	)
Net Income (Loss)					$	1,129		$	(449	)

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Document and Entity Information	3 Months Ended
	May 03, 2014	May 23, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 03, 2014
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	ALOT
Entity Registrant Name	ASTRO MED INC /NEW/
Entity Central Index Key	0000008146
Current Fiscal Year End Date	--01-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,679,142

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Recent Accounting Pronouncements

3 Months Ended

May 03, 2014

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Pronouncements

(11) Recent Accounting Pronouncements

Discontinued Operations

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. In addition, this ASU expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of a discontinued operation. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued. We are currently evaluating the impact of the adoption of ASU 2014-08 and do not expect it to have a material effect on the Company’s financial position or results of operations.

Income Taxes

In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740)—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability. This ASU is effective for annual and interim periods beginning after December 15, 2013, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial position or results of operations.

No other new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements.

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Condensed Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	May 03, 2014	May 04, 2013
Income Statement [Abstract]
Net Sales	$ 20,774	$ 15,485
Cost of Sales	12,139	9,708
Product Replacement Related Costs		672
Gross Profit	8,635	5,105
Operating Expenses:
Selling and Marketing	4,374	3,572
Research and Development	1,371	1,113
General and Administrative	1,191	1,142
Operating Expenses	6,936	5,827
Operating Income (Loss)	1,699	(722)
Other Income (Expense), net	(121)	(36)
Income from Continuing Operations before Income Taxes	1,578	(758)
Income Tax Provision (Benefit) for Continuing Operations	449	(319)
Income (Loss) from Continuing Operations	1,129	(439)
Loss from Discontinued Operations, Net of Tax Benefit of $7		(10)
Net Income (Loss)	$ 1,129	$ (449)
Net Income (Loss) per Common Share-Basic:
From Continuing Operations	$ 0.15	$ (0.06)
From Discontinued Operations
Net Income (Loss) Per Common Share-Basic	$ 0.15	$ (0.06)
Net Income (Loss) per Common Share-Diluted:
From Continuing Operations	$ 0.14	$ (0.06)
From Discontinued Operations
Net Income (Loss) Per Common Share-Diluted	$ 0.14	$ (0.06)
Weighted Average Number of Common Shares Outstanding:
Basic	7,600,780	7,401,465
Diluted	7,848,300	7,401,465
Dividends Declared Per Common Share	$ 0.07	$ 0.07

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Net Income (Loss) Per Common Share

3 Months Ended

May 03, 2014

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

(5) Net Income (Loss) Per Common Share

Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income (loss) per share is as follows:

	Three Months Ended
	May 3, 2014		May 4, 2013
Weighted Average Common Shares Outstanding—Basic		7,600,780		7,401,465
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units		247,520		—
Weighted Average Common Shares Outstanding—Diluted		7,848,300		7,401,465

For the three months ended May 3, 2014 and May 4, 2013, the diluted per share amounts do not reflect common equivalent shares outstanding of 75,600 and 155,900, respectively, because their effect would have been anti-dilutive, as the exercise price was greater than the average market price of the underlying stock during the period presented.

For the three months ended May 4, 2013, diluted net loss per common share is the same as basic net loss per common share, as the inclusion of the effect of the common share equivalents then outstanding would be anti-dilutive. For this reason, excluded from the calculation of diluted net loss per common share for the three month period ended May 4, 2013 were “in the money” options to purchase 175,951 shares of the Company’s common stock.

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Acquisition

3 Months Ended

May 03, 2014

Business Combinations [Abstract]

Acquisition

(4) Acquisition

On January 22, 2014, Astro-Med completed the acquisition of the Ruggedized Printer Product line from Miltope Corporation (Miltope), a company of VT Systems, which is engaged in the design, development, manufacture and testing of ruggedized computers and computer peripheral equipment for military, industry and commercial applications. Astro-Med’s ruggedized printer product line is part of the Test & Measurement (T&M) product group and is reported as part of the T&M segment. The results of the Miltope’s ruggedized printer product line operations have been included in the condensed consolidated financial statements for the first quarter fiscal 2015 as presented.

The purchase price of the acquisition was $6,732,000 which was funded using existing cash on hand. Of the $6,732,000 purchase price, $500,000 will be held in escrow for twelve months following the acquisition date to provide an indemnity to the Company in the event of any breach in the representation, warranties and covenants of Miltope. The assets acquired consist of all of the assets of the Miltope ruggedized printer product line excluding plant and equipment and personnel. The acquisition was accounted for under the acquisition method in accordance with the guidance provided by FASB ASC 805, “Business Combinations.”

As part of the acquisition, Miltope and Astro-Med have entered into a manufacturing services agreement under which Miltope will provide transition services and continue to manufacture printers for Astro-Med for up to six months until the Company transitions the manufacturing to its West Warwick, Rhode Island facility.

The purchase price of the acquisition has been allocated on the basis of the estimated fair value as follows:

(In thousands)
Accounts Receivable	$	713
Inventories		2,503
Identifiable Intangible Assets		3,400
Goodwill		196
Warranty Reserve		(80	)
Total Purchase Price	$	6,732

The following unaudited pro forma information assumes the acquisition of Miltope occurred on February 1, 2013. This information has been prepared for informational purposes only and does not purport to represent the results of operations that would have happened had the acquisition occurred as of the date indicated, nor of future results of operations.

	Three Months Ended May 4, 2013
(In thousands)
Net Revenue	$	17,485

The impact on net income and earnings per share would not have been material to the Company in fiscal 2014.

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Commitments and Contingencies

3 Months Ended

May 03, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(16) Commitments and Contingencies

Product Replacement Program

In April 2013, tests conducted by the Company revealed that one of its suppliers had been using a non-conforming part in certain models of Astro-Med’s Test & Measurement printers. No malfunctions have been reported by customers as a result of the non-conforming material.

Upon identifying this issue, Astro-Med immediately suspended production of the printers, notified all customers and contacted the supplier who confirmed the problem. Astro-Med is continuing to work with its customers to replace the non-conforming material on existing printers with conforming material. The estimated costs associated with the replacement program were $672,000, which was based upon the number of printers shipped during the period the non-conforming material was used. Those estimated costs were recognized and recorded as a reserve in the first quarter of fiscal 2014 and are included in the cost of sales in the accompanying condensed consolidated statement of operations for the three months ended May 4, 2013. As of May 3, 2014, the Company had expended $221,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $451,000 is included in Other Accrued Expenses in the accompanying condensed consolidated balance sheet dated May 3, 2014.

Astro-Med is currently receiving power supplies with compliant materials and has resumed printer production and shipments to customers.

Since the supplier deviated from the agreed upon specifications for the power supply while providing certificates of conformance to the original specifications, in January 2014, Astro-Med received a $450,000 settlement from the supplier for recovery of the costs and expense associated with this issue. This settlement was recorded in cost of sales during the fourth quarter of the fiscal year ended January 31, 2014. In addition to this cash settlement, the Company will receive lower product prices from the supplier for a period of three years.

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Securities Available for Sale

3 Months Ended

May 03, 2014

Investments Debt And Equity Securities [Abstract]

Securities Available for Sale

(12) Securities Available for Sale

Pursuant to our investment policy, securities available for sale include state and municipal securities with various contractual or anticipated maturity dates ranging from one to 34 months. Securities available for sale are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until realized. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis. A decline in the fair value of any available for sale security below cost that is determined to be other than temporary will result in a write-down of its carrying amount to fair value. No such impairment charges were recorded for any period presented. All short-term investment (classified as cash equivalents) securities have original maturities greater than 90 days.

The fair value, amortized cost and gross unrealized gains and losses of the securities are as follows:

(In thousands) May 3, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
State and Municipal Obligations	$	18,422	$	35	$	(2	)	$	18,455

January 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and Municipal Obligations	$	18,729	$	37	$	—	$	18,766

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Income Taxes

3 Months Ended

May 03, 2014

Income Tax Disclosure [Abstract]

Income Taxes

(8) Income Taxes

The Company’s effective tax rates for income (loss) from continuing operations based on the projected effective tax rate for the full year, are as follows:

	Three Months Ended
Fiscal 2015		28.5	%
Fiscal 2014		(42.1	)%

During the first quarter of fiscal 2015, the Company recognized an income tax expense of approximately $449,000 which included an expense of $549,000 on the quarter’s pretax income and a benefit of $100,000 related to the favorable resolution of a previously uncertain tax position. During the first quarter of fiscal 2014, the Company recognized an income tax benefit on the loss from continuing operations of approximately $319,000.

As of May 3, 2014, the Company’s cumulative unrecognized tax benefits totaled $651,000 compared to $715,000 as of January 31, 2014.

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Share-Based Compensation

3 Months Ended

May 03, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

(6) Share-Based Compensation

Astro-Med has one equity incentive plan (the “Plan”) under which incentive stock options, non-qualified stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and other equity based awards may be granted to directors, officers and certain employees. An aggregate of 1,000,000 shares were authorized for awards under the Plan. At May 3, 2014, 290,609 shares were available for grant under the Plan. Options granted to employees vest over four years. The exercise price of each stock option will be established at the discretion of the Compensation Committee; however, any incentive stock options granted must be at an exercise price of not less than fair market value at the date of grant. In fiscal year 2013, a portion of the Company’s executive’s long-term incentive compensation was awarded in the form of RSUs (“2013 RSUs”). The 2013 RSUs were earned based on the Company achieving specific thresholds of net sales and annual operating income as established under the fiscal 2013 Domestic Management Bonus Plan and vested fifty percent on the first anniversary of the grant date and fifty percent on the second anniversary of the grant date provided that the grantee was employed on each vesting date by Astro-Med or an affiliate company. All such 2013 RSUs were earned and vested as of March 2014. In April 2013, the Company granted options and RSUs to officers (“2014 RSUs”). Each 2014 RSU will be earned and vest as follows: twenty-five percent of the 2014 RSU vests on the third anniversary of the grant date, fifty percent of the 2014 RSU vests upon the Company achieving its cumulative budgeted net sales target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent of the total 2014 RSU vests upon the Company’s achieving a target average annual ORONA (operating income return on net assets as calculated under the Domestic Management Bonus Plan) for the Measurement Period. The grantee may not sell, transfer or otherwise dispose of more than fifty percent of the common stock issued upon vesting of the RSU until the first anniversary of the vesting date.

The Plan provides for an automatic annual grant of ten-year options to purchase 5,000 shares of stock to each non-employee director upon the adjournment of each shareholders’ meeting. Each such option is exercisable at the fair market value as of the grant date and vests immediately prior to the next succeeding shareholders’ meeting. In addition to the automatic option grant under Plan, the Company has a Non-Employee Director Annual Compensation Program (the “Program”) which provides that each non-employee director is entitled to an annual cash retainer of $7,000 (the “Annual Cash Retainer”), plus $500 for each Board and committee meeting attended. In addition, effective August 1, 2014, the Chairman of the Board will receive an annual retainer of $6,000 and the Chair of the Audit Committee and Compensation Committee will each receive an annual retainer of $4,000 each (“Chair Retainer”). The non-employee director may elect for any fiscal year to receive all or a portion of the Annual Cash Retainer and/or Chair Retainer (collectively the “Cash Retainer”) in the form of common stock of the Company, which will be issued under the Plan. If a non-employee director elects to receive all or a portion of the Cash Retainer in the form of common stock, such shares shall be issued in four quarterly installments on the first day of each fiscal quarter, and the number of shares of common stock to be issued shall be based on the fair market value of such common stock on the date such installment is payable. The common stock received in lieu of such Cash Retainer will be fully vested. However, a non-employee director who receives common stock in lieu of all or a portion of the Cash Retainer may not sell, transfer, assign, pledge or otherwise encumber the common stock prior to the first anniversary of the date on which such shares were issuable. In the event of the death or disability of a nonemployee director, or a change in control of the Company, any shares of common stock issued in lieu of such Cash Retainer, shall no longer be subject to such restrictions on transfer and/or Chair Retainer (collectively the “Cash Retainer”).

In addition, under the Program, each non-employee director receives RSAs with a value equal to $20,000 (the “Equity Retainer”) upon adjournment of each annual shareholders meeting. If a non-employee director is first appointed or elected to the Board of Directors effective on a date other than at the annual shareholders meeting, on the date of such appointment or election, the director shall receive a pro rata award of restricted common stock having a value based on the number of days remaining until the next annual meeting. The Equity Retainer will vest on the earlier of 12 months after the grant date or the date immediately prior to the next annual meeting of the shareholders following the meeting at which such RSAs were granted. However, a non-employee director may not sell, transfer, assign, pledge or otherwise encumber the vested common stock prior to the second anniversary of the vesting date. In the event of the death or disability of a non-employee director, or a change in control of the Company, the RSAs shall immediately vest and shall no longer be subject to such restrictions on transfer.

We account for compensation cost related to share-based payments based on fair value of the stock options, RSUs and RSAs when awarded to an employee or director. We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options), the risk-free interest rate and the Company’s dividend yield. The stock price volatility assumption is based on the historical weekly price data of our common stock over a period equivalent to the weighted average expected life of our options. Management evaluated whether there were factors during that period which were unusual and would distort the volatility figure if used to estimate future volatility and concluded that there were no such factors. In determining the expected life of the option grants, the Company has observed the actual terms of prior grants with similar characteristics and the actual vesting schedule of the grant and has assessed the expected risk tolerance of different option groups. The risk-free interest rate is based on the actual U.S. Treasury zero coupon rates for bonds matching the expected term of the option as of the option grant date. The dividend assumption is based upon the prior year’s average dividend yield. Reductions in compensation expense associated with the forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted periodically based on actual forfeiture experience. Our accounting for share-based compensation for RSUs and RSAs is also based on the fair value method. The fair value of the RSUs and RSAs is based on the closing market price of the Company’s common stock on the grant date of the RSU or RSA.

Share-based compensation expense was recognized as follows:

	Three Months Ended
	May 3, 2014		May 4, 2013
(In thousands)
Stock Options	$	54	$	46
Restricted Stock Awards and Restricted Stock Units		77		115
Total	$	131	$	161

Stock Options

The fair value of stock options granted during the three months ended May 3, 2014 and May 4, 2013 was estimated using the following assumptions:

	Three Months Ended
	May 3, 2014			May 4, 2013
Risk Free Interest Rate		1.6	%		0.8	%
Expected Volatility		26.8	%		38.5	%
Expected Life (in years)		5.0			5.0
Dividend Yield		2.0	%		2.6	%

The weighted average fair value per share for options granted was $2.93 during the first quarter of fiscal 2015 as compared to $2.79 during the first quarter of fiscal 2014.

Aggregated information regarding stock options granted under the Plan for the three months ended May 3, 2014 is summarized below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at January 31, 2014		736,647		$	8.63		4.7	$	3,707,000
Granted		75,600			14.20
Exercised		(152,789	)		8.71
Expired or canceled		(8,986	)		8.70
Outstanding at May 3, 2014		650,472		$	9.26		5.8	$	2,324,921
Exercisable at May 3, 2014		452,599		$	8.50		4.4	$	1,878,835

As of May 3, 2014, there was $419,000 of unrecognized compensation expense related to unvested options, which will be recognized through March 2018.

Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs)

Aggregated information regarding RSUs and RSAs granted under the Plan for the three months ended May 3, 2014 is summarized below:

	RSAs & RSUs			Weighted Average Grant Date Fair Value
Unvested at January 31, 2014		106,496		$	9.12
Granted		—			—
Vested		(15,618	)		8.53
Forfeited		(5,834	)		10.07
Unvested at May 3, 2014		85,044		$	9.16

As of May 3, 2014, there was $300,000 of unrecognized compensation expense related to unvested RSUs and RSAs which will be recognized through April 2016.

Employee Stock Purchase Plan

Astro-Med has an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the date of purchase. A total of 247,500 shares were reserved for issuance under this plan. During the quarter ended May 3, 2014 and May 4, 2013, there were 815 and 1,212 shares respectively, purchased under this plan. As of May 3, 2014, 59,427 shares remain available.

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Inventories

3 Months Ended

May 03, 2014

Inventory Disclosure [Abstract]

Inventories

(7) Inventories

Inventories are stated at the lower of cost (first-in, first-out) or market and include material, labor and manufacturing overhead. The components of inventories are as follows:

	May 3, 2014			January 31, 2014
(In thousands)
Materials and Supplies	$	10,257		$	10,722
Work-In-Process		1,657			852
Finished Goods		7,764			6,798
		19,678			18,372
Inventory Reserve		(3,497	)		(3,194	)
	$	16,181		$	15,178

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Note Receivable and Line of Credit Issued

3 Months Ended

May 03, 2014

Receivables [Abstract]

Note Receivable and Line of Credit Issued

(9) Note Receivable and Line of Credit Issued

On January 30, 2012, the Company completed the sale of its label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sale price of $1,000,000 was received in the form of a promissory note issued by Label Line Ltd. and is fully secured by a first lien on various collateral, including the Asheboro plant and plant assets. The note bears interest at 3.75% is payable in sixteen quarterly installments of principal and interest commencing on January 30, 2013. The Note Receivable is disclosed at its present value on the accompanying condensed consolidated balance sheets. As of May 3, 2014, $690,000 remains outstanding on this note.

The terms of the Asheboro sale also included an agreement for Astro-Med to provide Label Line Ltd. with additional financing in the form of a revolving line of credit in the amount of $600,000. This line of credit is fully secured by a first lien on various collateral of Label Line Ltd., including the Asheboro plant and plant assets and bears interest at a rate equal to the United States prime rate plus an additional margin of two percent of the outstanding credit balance. Although the initial term was for a period of one-year from the date of the sale, the agreement has been extended through January 31, 2015. As of May 3, 2014, $220,000 remains outstanding on this revolving line of credit.

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Discontinued Operations (Tables)

3 Months Ended

May 03, 2014

Discontinued Operations And Disposal Groups [Abstract]

Summary of Discontinued Operations

Results for discontinued operations are as follows:

	May 4, 2013
(In thousands)
Net Sales	$	1,745
Gross Profit	$	48
Net Loss from Discontinued Operations	$	(10	)

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Securities Available for Sale - Additional Information (Detail) (USD $)	3 Months Ended
	May 03, 2014
Schedule of Held-to-maturity Securities [Line Items]
Impairment charges on available for sale security	$ 0
Maximum [Member]
Schedule of Held-to-maturity Securities [Line Items]
Anticipated maturity period	34 months
Minimum [Member]
Schedule of Held-to-maturity Securities [Line Items]
Original maturity of short-term investments	90 days
Anticipated maturity period	1 month

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Accumulated Other Comprehensive Income

3 Months Ended

May 03, 2014

Equity [Abstract]

Accumulated Other Comprehensive Income

(14) Accumulated Other Comprehensive Income

The changes in the balance of accumulated other comprehensive income by component are as follows:

(In thousands)	Foreign Currency Translation Adjustments		Unrealized Holding Gain on Available for Sale Securities			Total
Balance at January 31, 2014	$	152	$	24		$	176
Other Comprehensive Income (Loss)		92		(3	)		89
Amounts reclassified to Net Income		—		—			—
Net Other Comprehensive Income (Loss)		92		(3	)		89
Balance at May 3, 2014	$	244	$	21		$	265

The amounts presented above in other comprehensive income (loss) are net of taxes.

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Net Income (Loss) Per Common Share (Tables)

3 Months Ended

May 03, 2014

Earnings Per Share [Abstract]

Reconciliation of Shares Used in Calculating Basic and Diluted

A reconciliation of the shares used in calculating basic and diluted net income (loss) per share is as follows:

	Three Months Ended
	May 3, 2014		May 4, 2013
Weighted Average Common Shares Outstanding—Basic		7,600,780		7,401,465
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units		247,520		—
Weighted Average Common Shares Outstanding—Diluted		7,848,300		7,401,465

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Segment Information - Additional Information (Detail)	3 Months Ended
	May 03, 2014 Segment
Segment Reporting [Abstract]
Number of reporting segments	2

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Share-Based Compensation - Share-Based Compensation Expense (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	May 03, 2014	May 04, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, Total	$ 131	$ 161
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, Total	54	46
Restricted Stock Awards and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, Total	$ 77	$ 115

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Condensed Consolidated Statements of Operations (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	May 04, 2013
Income Statement [Abstract]
Income tax expense (benefit) of discontinued operations	$ (7)

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Principles of Consolidation

3 Months Ended

May 03, 2014

Accounting Policies [Abstract]

Principles of Consolidation

(3) Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.

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Commitments and Contingencies - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended
	Jan. 31, 2014	May 03, 2014	May 04, 2013
Commitments And Contingencies Disclosure [Abstract]
Estimated costs associated with the replacement program			$ 672,000
Replacement costs charged against the reserve		221,000
Other Accrued Expenses		451,000
Cash received from supplier for recovery	$ 450,000
Period of receiving lower product prices		3 years

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Share-Based Compensation (Tables)

3 Months Ended

May 03, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation Expense

Share-based compensation expense was recognized as follows:

	Three Months Ended
	May 3, 2014		May 4, 2013
(In thousands)
Stock Options	$	54	$	46
Restricted Stock Awards and Restricted Stock Units		77		115
Total	$	131	$	161

Fair Value of Stock Options Granted

The fair value of stock options granted during the three months ended May 3, 2014 and May 4, 2013 was estimated using the following assumptions:

	Three Months Ended
	May 3, 2014			May 4, 2013
Risk Free Interest Rate		1.6	%		0.8	%
Expected Volatility		26.8	%		38.5	%
Expected Life (in years)		5.0			5.0
Dividend Yield		2.0	%		2.6	%

Aggregated Information Regarding Stock Options Granted

Aggregated information regarding stock options granted under the Plan for the three months ended May 3, 2014 is summarized below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at January 31, 2014		736,647		$	8.63		4.7	$	3,707,000
Granted		75,600			14.20
Exercised		(152,789	)		8.71
Expired or canceled		(8,986	)		8.70
Outstanding at May 3, 2014		650,472		$	9.26		5.8	$	2,324,921
Exercisable at May 3, 2014		452,599		$	8.50		4.4	$	1,878,835

Aggregated Information Regarding RSUs and RSAs Granted

Aggregated information regarding RSUs and RSAs granted under the Plan for the three months ended May 3, 2014 is summarized below:

	RSAs & RSUs			Weighted Average Grant Date Fair Value
Unvested at January 31, 2014		106,496		$	9.12
Granted		—			—
Vested		(15,618	)		8.53
Forfeited		(5,834	)		10.07
Unvested at May 3, 2014		85,044		$	9.16

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Net Income (Loss) Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail)	3 Months Ended
	May 03, 2014	May 04, 2013
Equity [Abstract]
Weighted Average Common Shares Outstanding-Basic	7,600,780	7,401,465
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units	247,520
Weighted Average Common Shares Outstanding-Diluted	7,848,300	7,401,465

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Fair Value

3 Months Ended

May 03, 2014

Fair Value Disclosures [Abstract]

Fair Value

(13) Fair Value

We measure our financial assets at fair value on a recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances.

The fair value hierarchy is summarized as follows:

• Level 1—Quoted prices in active markets for identical assets or liabilities;

• Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

• Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Cash and cash equivalents (including short term investment money market funds with original maturity of less than 90 days), accounts receivables, accounts payable, accrued compensation and other expenses and income tax payable are reflected in the condensed consolidated balance sheet at carrying value, which approximates fair value due to the short term nature of the these instruments.

Assets measured at fair value on a recurring basis are summarized below:

(In thousands) May 3, 2014	Level 1		Level 2		Level 3		Total
Money Market Funds (included in Cash and Cash Equivalents)	$	5,110	$	—	$	—	$	5,110
State and Municipal Obligations (included in Securities Available for Sale)		—		18,455		—		18,455
Total	$	5,110	$	18,455	$	—	$	23,565

January 31, 2014	Level 1		Level 2		Level 3		Total
Money Market Funds (included in Cash and Cash Equivalents)	$	4,734	$	—	$	—	$	4,734
State and Municipal Obligations (included in Securities Available for Sale)		—		18,766		—		18,766
Total	$	4,734	$	18,766	$	—	$	23,500

For our money market funds and state and municipal obligations, we utilize the market approach to measure fair value. The market approach is based on using quoted prices for identical or similar assets.