10-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the fiscal year ended January 31, 2015

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)

Registrant’s telephone number, including area code: (401) 828-4000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
None	None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $.05 Par Value

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨    No  x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  x

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 checkmark if disclosure of delinquent filers pursuant to Item 405 of regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statement incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    x

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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer    ¨	Accelerated filer    ¨	Non-accelerated filer    ¨	Smaller reporting company    x
		(Do not check if a smaller reporting company)

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

The aggregate market value of the registrant’s voting common equity held by non-affiliates at August 1, 2014 was approximately $68,077,000 based on the closing price on the Nasdaq Global Market on that date.

As of March 27, 2015 there were 7,266,134 shares of Common Stock (par value $0.05 per share) of the registrant outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Company’s definitive Proxy Statement for the 2015 Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

ASTRO-MED, INC.

FORM 10-K ANNUAL REPORT

TABLE OF CONTENTS

		Page
PART I
Item 1.	Business	3-6
Item 1A.	Risk Factors	6-11
Item 1B.	Unresolved Staff Comments	11
Item 2.	Properties	12
Item 3.	Legal Proceedings	12
Item 4.	Mine Safety Disclosures	12
PART II
Item 5.	Market for the Registrant’s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities	13-15
Item 6.	Selected Financial Data	15
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15-22
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 8.	Financial Statements and Supplementary Data	23
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	23
Item 9A.	Controls and Procedures	23
Item 9B.	Other Information	23
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	24-25
Item 11.	Executive Compensation	25
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters	25-26
Item 13.	Certain Relationships, Related Transactions and Director Independence	26
Item 14.	Principal Accountant Fees and Services	26
PART IV
Item 15.	Exhibits and Financial Statement Schedule	27

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ASTRO-MED, INC.

Forward-Looking Statements

Information included in this Annual Report on Form 10-K 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. These risks, uncertainties and factors include, but are not limited to, those factors set forth in this Annual Report on Form 10-K under “Item 1A. Risk Factors.” We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this Annual Report on Form 10-K.

PART I

Item 1. Business

General

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

Astro-Med designs, develops, manufactures and distributes a broad range of specialty printers and data acquisition and analysis systems, including both hardware and software, which incorporate advanced technologies in order to acquire, store, analyze, and present data in multiple formats. Target markets for hardware and software products of the Company include aerospace, apparel, automotive, avionics, chemicals, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation.

The Company’s products are distributed through its own sales force and authorized dealers in the United States. We sell to customers outside of the United States primarily through our branch offices in Canada and Europe as well as with independent dealers and representatives. Approximately 30% of the Company’s sales in fiscal 2015 were to customers located outside the United States.

Astro-Med operates its business through two operating segments, QuickLabel Systems (QuickLabel) and Astro-Med Test & Measurement (T&M). Financial information by business segment and geographic area appears in Note 13 to the consolidated financial statements of this Annual Report on Form 10-K.

On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope Corporation, a company of VT Systems (“Miltope”). Astro-Med’s ruggedized printer product line is reported as part of the Test & Measurement (T&M) segment. The results of the Miltope’s ruggedized printer product line operations have been included in the consolidated financial statements of the Company since the acquisition date. Refer to Note 2, “Acquisition,” for further details.

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 core businesses. Grass manufactured polysomnography and electroenecephalography systems for both clinical and research use along with the related accessories and proprietary electrodes. Consequently, the Company has classified the results of operations of Grass as discontinued operations for the fiscal 2014 period presented. Refer to Note 20, “Discontinued Operations,” in the consolidated financial statements for a further discussion.

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The following description of our business should be read in conjunction with “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” on pages 15 through 22 of this Annual Report on Form 10-K.

Description of Business

Product Overview

Astro-Med leverages its expertise in data visualization technologies to design, manufacture, and market specialty printing systems, test and measurement systems and related services for select growing markets on a global basis. The business consists of two segments, specialty printing systems and test and measurement systems, sold under the brand names QuickLabel^® Systems (QuickLabel^®) and Astro-Med^® Test & Measurement (T&M).

Products sold under the QuickLabel^® brand are used in industrial and commercial product packaging and automatic identification applications to digitally print custom labels and other visual identification marks on demand. Products sold under the Astro-Med T&M brand acquire and record visual and electronic signal data from local and networked sensors. The recorded data is processed and analyzed and then stored and presented in various visual output formats. In the aerospace market, the Company has a long history of using its data visualization technologies to provide high-resolution ruggedized airborne printers.

Products sold under the QuickLabel brand include digital color label printers and specialty OEM printing systems as well as a full line of consumables including labels, tags, ink, toner, and thermal transfer ribbon. In addition, QuickLabel Systems sells special software used to design labels and other identification marks for a wide variety of applications especially in the field of packaging. QuickLabel provides training and support on a worldwide basis via highly trained service technicians.

In the color label market, QuickLabel Systems offers a broad range of entry-level, mid-range, and high-performance digital label printers, providing customers a continuous path to upgrade to new labeling products. QuickLabel products are primarily sold to manufacturers, processors, and retailers who label products on a short-run basis. Users can benefit from the time and cost-savings of digitally printing their own labels on-demand. Industries that commonly benefit from short-run label printing include apparel, chemicals, cosmetics, food and beverage, medical products, and pharmaceuticals, among many other packaged goods.

Current QuickLabel models include the Kiaro! family of high-speed inkjet color label printers; the Vivo! Touch, an electrophotographic color label printer; and the QLS-4100 Xe color thermal transfer label printer. QuickLabel also sells and supports its Pronto! family of barcode printers which utilize single color-thermal transfer label printing technology as well as an array of custom designed OEM printers.

Products sold under the Astro-Med T&M brand acquire and record visual and electronic signal data from local and networked sensors. The recorded data is processed and analyzed and then stored and presented in various visual output formats. The Company supplies a range of products and services that include hardware, software and consumables to customers who are in a variety of industries.

Astro-Med Test & Measurement products include the DMX 8000 portable data acquisition system, TMX^™ high-speed data acquisition system, Dash^® 8HF-HS data recorders, Everest^® telemetry recorders, ToughWriter^® and Miltope-brand narrow and wide format airborne printers and ToughSwitch^® ruggedized Ethernet switches.

Astro-Med’s airborne printers are used in the flight deck and in the cabin of military and commercial aircraft to print hard copies of airport approach plates, flight itineraries, weather maps, connecting gate information, and ground communications. ToughSwitch Ethernet switches are used in military aircraft and military vehicles to connect multiple computers or Ethernet devices. The airborne printers and Ethernet switches are ruggedized to comply with rigorous military and commercial flightworthiness standards for operation under extreme environmental conditions. The Company is currently furnishing ToughWriter airborme printers for numerous aircraft made by Airbus, Boeing, Bombardier, Lockheed and others.

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The Company’s family of portable data recorders is used in R&D and maintenance applications in aerospace and defense, energy discovery and production operations, automotive R&D centers, and a variety of other industrial applications. The TMX^™ data acquisition system is designed for data capture of long-term testing in aerospace, automotive, and other industrial applications where the ability to monitor high channel counts, and accept and view a wide variety of input signals, including time-stamped and synchronized video capture data and audio notation, is important.

Everest telemetry recorders are used widely in the aerospace industry to monitor and track space vehicles, aircraft, missiles and other systems in flight.

Technology

The core technologies of Astro-Med relate to (1) acquiring data, (2) conditioning the data, (3) displaying the data on hard copy, monitor or electronic storage media, and (4) analyzing the data.

Patents and Copyrights

Astro-Med holds a number of product patents in the United States and in foreign countries. The Company copyrights its software and registers its brand trademarks. While we consider our patents to be important to the operation of our business, we do not believe that any existing patent, license, trademark or other intellectual property right is of such importance that its loss or termination would have a material adverse effect on the Company’s business taken as a whole.

Manufacturing and Supplies

Astro-Med manufactures most of the products that it designs and sells. Raw materials and supplies are typically available from a wide variety of sources. Astro-Med manufactures most of the sub-assemblies and parts in-house including printed circuit board assemblies, harnesses, machined parts, and general final assembly. Many parts are standard electronic items available from multiple sources. Others are parts designed by us but are manufactured by outside vendors. There are a few parts that are sole source, but these parts could be sourced elsewhere with appropriate changes in the design of our product.

Product Development

Astro-Med maintains an active program of product research and development. During fiscal 2015 and 2014, we spent $5,802,000 and $5,072,000, respectively, on Company-sponsored product development. We are committed to continuous product development as essential to our organic growth and expect to continue our focus on research and development efforts in fiscal 2016 and beyond.

Marketing and Competition

The Company competes worldwide in multiple markets. In the specialty printing field, we believe we lead the world in bench-top color label printing technology and in aerospace printers. In the data acquisition area, we believe that we are one of the leaders in portable high speed data acquisition systems.

We retain a leadership position by virtue of proprietary technology, product reputation, delivery, technical assistance, and service to customers. The number of competitors varies by product line. Our management believes that we have a market leadership position in many of the markets we serve. Key competitive factors vary among our product lines, but include technology, quality, service and support, distribution network, and breadth of product and service offerings.

Our products are sold by direct field salespersons as well as independent dealers and representatives. In the United States, the Company has factory-trained direct field salespeople located in major cities from coast to coast

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specializing in either QuickLabel or Astro-Med T&M products. Additionally, we have direct field sales or service centers in Canada, France, Germany, Mexico, Southeast Asia and the United Kingdom staffed by our own employees. In the rest of the world, Astro-Med utilizes approximately 90 independent dealers and representatives selling and marketing our products in 60 countries.

No single customer accounted for 10% or more of our net sales in either of the last two fiscal years.

International Sales

In fiscal 2015 and 2014, net sales to customers in various geographic areas outside the United States, primarily in Canada and Western Europe, amounted to $26,853,000 and $19,913,000, respectively.

Order Backlog

Astro-Med’s backlog fluctuates regularly. It consists of a blend of orders for end user customers as well as original equipment manufacturer customers. Manufacturing is geared to forecasted demands and applies a rapid turn cycle to meet customer expectations. Accordingly, the amount of order backlog may not indicate future sales trends. Backlog at January 31, 2015 and 2014 was $12,061,000 and $14,013,000, respectively.

Employees

As of January 31, 2015, Astro-Med employed 340 people. We are generally able to satisfy our employment requirements. No employees are represented by a union. We believe that employee relations are good.

Other Information

The Company’s business is not seasonal in nature. However, our sales are impacted by the size of certain individual transactions, which can cause fluctuations in sales from quarter to quarter.

Available Information

We make available on our website (www.astro-medinc.com) the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and, if applicable, amendments to those reports filed or furnished pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities Exchange Commission (SEC). These filings are also accessible on the SEC’s website at http://www.sec.gov.

Item 1A. Risk Factors

The following risk factors should be carefully considered in evaluating Astro-Med because such factors may have a significant impact on our business, operating results, liquidity and financial condition. As a result of the risk factors set forth below, actual results could differ materially from those projected in any forward-looking statements. Additional risks and uncertainties not presently known to us, or that we currently consider to be immaterial, may also impact our business operations.

Astro-Med’s operating results and financial condition could be harmed if the markets into which we sell our product decline or do not grow as anticipated.

Any decline in our customers’ markets or in their general economic conditions would likely result in a reduction in demand for our products. For example, although we have continued to experience measured progress in fiscal 2015 and 2014, as sales have increased from prior years, we are still affected by the continued global economic uncertainty as some of our customers remain reluctant to make capital equipment purchases and are limiting consumable product purchases to quantities necessary to satisfy immediate needs with no provisions

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to stock supplies for future use. Also, if our customers’ markets decline, we may not be able to collect on outstanding amounts due to us. Such declines could harm our results of operations, financial position and cash flows and could limit our ability to continue to remain profitable.

Astro-Med’s future revenue growth depends on our ability to develop and introduce new products and services on a timely basis and achieve market acceptance of these new products and services.

The markets for our products are characterized by rapidly changing technologies and accelerating product introduction cycles. Our future success depends largely upon our ability to address the rapidly changing needs of our customers by developing and supplying high-quality, cost-effective products, product enhancements and services on a timely basis and by keeping pace with technological developments and emerging industry standards. The success of our new products will also depend on our ability to differentiate our offerings from our competitors’ offerings, price our products competitively, anticipate our competitors’ development of new products, and maintain high levels of product quality and reliability. Astro-Med spends a significant amount of time and effort related to the development of our airborne and color printer products as well as our Test and Measurement data recorder products. Failure to further develop any of our new products and their related markets as anticipated could adversely affect our future revenue growth and operating results.

As Astro-Med introduces new or enhanced products, we must also successfully manage the transition from older products to minimize disruption in customers’ ordering patterns, avoid excessive levels of older product inventories and provide sufficient supplies of new products to meet customer demands. The introduction of new or enhanced products may shorten the life cycle of our existing products, or replace sales of some of our current products, thereby offsetting the benefit of even a successful product introduction and may cause customers to defer purchasing existing products in anticipation of the new products. Additionally, when we introduce new or enhanced products, we face numerous risks relating to product transitions, including the inability to accurately forecast demand, manage excess and obsolete inventories, address new or higher product cost structures, and manage different sales and support requirements due to the type or complexity of the new products. Any customer uncertainty regarding the timeline for rolling out new products or Astro-Med’s plans for future support of existing products may cause customers to delay purchase decisions or purchase competing products which would adversely affect our business and operating results.

Astro-Med faces significant competition and our failure to compete successfully could adversely affect our results of operations and financial condition.

While we do maintain a dominant position in our markets, we operate in an environment of significant competition, driven by rapid technological advances, evolving industry standards, frequent new product introductions and the demands of customers to become more efficient. Our competitors range from large international companies to relatively small firms. We compete on the basis of technology, performance, price, quality, reliability, brand, distribution and customer service and support. Our success in future performance is largely dependent upon our ability to compete successfully in the markets we currently serve and to expand into additional market segments. Additionally, current competitors or new market entrants may develop new products with features that could adversely affect the competitive position of our products. To remain competitive, we must develop new products, services and applications and periodically enhance our existing offerings. If we are unable to compete successfully, we could lose market share and important customers to our competitors which could materially adversely affect our business, results of operations and financial position.

Astro-Med is dependent upon contract manufacturers for some of our products. If these manufacturers do not meet our requirements, either in volume or quality, then we could be materially harmed.

We subcontract the manufacturing and assembly of certain of our products to an independent third party at facilities located in various countries. Relying on subcontractors involves a number of significant risks, including:

• Loss of control over the manufacturing process;

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• Potential absence of adequate production capacity;

• Potential delays in production lead times;

• Unavailability of certain process technologies; and

• Reduced control over delivery schedules, manufacturing yields, quality and costs.

If one of our significant subcontractors becomes unable or unwilling to continue to manufacture these products in required volumes or fails to meet our quality standards, we will have to identify qualified alternate subcontractors or we will have to take over the manufacturing ourselves in as much as we own the designs, drawings, and bills of material for all our products. Additional qualified subcontractors may not be available, or may not be available on a timely or cost competitive basis. Any interruption in the supply or increase in the cost of the products manufactured by third party subcontractors or failure of a subcontractor to meet quality standards could have a material adverse effect on our business, operating results and financial condition.

For certain components and assembled products, Astro-Med is dependent upon single or limited source suppliers. If these suppliers do not meet demand, either in volume or quality, then we could be materially harmed.

Although we use standard parts and components for our products where possible, we purchase certain components and assembled products used in the manufacture of our products from single source or limited supplier sources. If the supply of a key component or assembled products were to be delayed or curtailed or, in the event a key manufacturing or sole vendor delays shipment of such components or assembled products, our ability to ship products in desired quantities and in a timely manner would be adversely affected. Our business, results of operations and financial position could also be adversely affected, depending on the time required to obtain sufficient quantities from the original source or, if possible, to identify and obtain sufficient quantities from an alternative source. Additionally, if any single or limited source supplier becomes unable or unwilling to continue to supply these components or assembled products in required volumes, we will have to identify and qualify acceptable replacements or redesign our products with different components. Alternative sources may not be available, or product redesign may not be feasible on a timely basis. Any interruption in the supply of or increase in the cost of the components and assembled products provided by single or limited source suppliers could have a material adverse effect on our business, operating results and financial condition.

Compliance with rules governing “conflict minerals” could adversely affect the availability of certain product components and our costs and results of operations could be materially harmed.

Beginning in 2014, SEC rules require new disclosures regarding the use of “conflict minerals” mined from the Democratic Republic of the Congo and adjoining countries necessary to the functionality or production of products manufactured or contracted to be manufactured. There are costs associated with complying with these disclosure requirements, including performing due diligence in regards to the source of any conflict minerals used in our products, in addition to the cost of remediation or other changes to products, processes or services of supplies that may be necessary as a consequence of such verification activities. As we use contract manufacturers for some of our products, we may not be able to sufficiently verify the origins of the relevant minerals used in our products through the due diligence procedures that we implement. We may also encounter challenges to satisfy those customers who require that all of the components of our products be certified as conflict-free, which could place us at a competitive disadvantage if we are unable to do so. As a result, our business, operating results and financial condition could be harmed.

Economic, political and other risks associated with international sales and operations could adversely affect Astro-Med’s results of operations and financial position.

Because we sell our products worldwide, our business is subject to risks associated with doing business internationally. Revenue from international operations, which includes both direct and indirect sales to customers

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outside the U.S. accounted for approximately 30% of our total revenue for fiscal year 2015 and we anticipate that international sales will continue to account for a significant portion of our revenue. In addition, we have employees, suppliers, job functions and facilities located outside the U.S. Accordingly, our future results could be harmed by a variety of factors, including:

• Interruption to transportation flows for delivery of parts to us and finished goods to our customers;

• Customer and vendor financial stability;

• Changes in foreign currency exchange rates;

• Changes in a specific country’s or region’s environment including political, economic, monetary, regulatory or other conditions;

• Trade protection measures and import or export licensing requirements;

• Negative consequences from changes in tax laws;

• Difficulty in managing and overseeing operations that are distant and remote from corporate headquarters;

• Difficulty in obtaining and maintaining adequate staffing;

• Differing labor regulations;

• Differing protection of intellectual property;

• Unexpected changes in regulatory requirements; and

• Geopolitical turmoil, including terrorism and war.

Astro-Med’s profitability is dependent upon our ability to obtain adequate pricing for our products and to control our cost structure.

Our success depends on our ability to obtain adequate pricing for our products and services which provides a reasonable return to our shareholders. Depending on competitive market factors, future prices we obtain for our products and services may decline from previous levels. In addition, pricing actions to offset the effect of currency devaluations may not prove sufficient to offset further devaluations or may not hold in the face of customer resistance and/or competition. If we are unable to obtain adequate pricing for our products and services, our results of operations and financial position could be materially adversely affected.

We are continually reviewing our operations with a view towards reducing our cost structure, including but not limited to downsizing our employee base, exiting certain businesses, improving process and system efficiencies and outsourcing some internal functions. From time to time we also engage in restructuring actions to reduce our cost structure. If we are unable to maintain process and systems changes resulting from cost reduction and prior restructuring actions, our results of operations and financial position could be materially adversely affected.

Astro-Med could incur liabilities as a result of installed product failures due to design or manufacturing defects.

Astro-Med could incur liabilities as a result of installed product failures due to design or manufacturing defects. Our products may have defects despite testing internally or by current or potential customers. These defects could result in among other things, a delay in recognition of sales, loss of sales, loss of market share, failure to achieve market acceptance or substantial damage to our reputation. We could be subject to material claims by customers, and may need to incur substantial expenses to correct any product defects.

In addition, through our acquisitions, we have assumed, and may in the future assume, liabilities related to products previously developed by an acquired company that have not been through the same level of product

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development, testing and quality control processes used by us, and may have known or undetected errors. Some types of errors may not be detected until the product is installed in a user environment. This may cause Astro-Med to incur significant warranty and repair or re-engineering costs, may divert the attention of engineering personnel from product development efforts, and may cause significant customer relations problems such as reputational problems with customers resulting in increased costs and lower profitability.

Astro-Med could experience disruptions in, or breach in security of our information technology system or fail to implement new systems or software successfully which could harm our business and adversely affect our results of operations.

Astro-Med employs information technology systems to support our business. During the fourth quarter of fiscal 2015, Astro-Med completed the upgrade of its Enterprise Resource Planning (ERP) system to the Oracle JD Edwards EnterpriseOne platform. This new system went live in March 2015 for all of our U.S. operations. Any security breaches or other disruptions to our information technology infrastructure could interfere with operations, compromise our information and that of our customers and suppliers, and expose us to liability which could adversely impact our business and reputation. In the ordinary course of business, we rely on information technology networks and systems, some of which are managed by third parties, to process, transmit and store electronic information, and to manage or support a variety of business processes and activities. We also collect and store certain data, including proprietary business information, and may have access to confidential or personal information that is subject to privacy and security laws, regulations and customer-imposed controls. While we continually work to safeguard our systems and mitigate potential risks, there is no assurance that such actions will be sufficient to prevent cyber attacks or security breaches and our information technology networks and infrastructure may still be vulnerable to damage, disruptions or shutdowns due to attack by hackers or breaches, employee error, power outages, computer viruses, telecommunication or utility failures, systems failures, natural disasters, catastrophic events or other unforeseen events. While we have experienced, and expect to continue to experience, these types of threats to our information technology networks and infrastructure, none of them to date has had a material impact. Any such events could result in legal claims or proceedings, liability or penalties under privacy laws, disruption in operations, and damage to the Company’s reputation, which could adversely affect our business, operating results and financial condition.

Astro-Med is subject to laws and regulations; failure to address or comply with these laws and regulations could harm our business and adversely affect our results of operations.

Our operations are subject to laws, rules, regulations, including environmental regulations, government policies and other requirements in each of the jurisdictions in which we conduct business. Changes in laws, rules, regulations, policies or requirements could result in the need to modify our products and could affect the demand for our products, which may have an adverse impact on our future operating results. In addition, we must comply with regulations restricting our ability to include lead and certain other substances in our products. If we do not comply with applicable laws, rules and regulations we could be subject to costs and liabilities and our business may be adversely impacted.

Adverse conditions in the global banking industry and credit markets may adversely impact the value of our investments or impair our liquidity.

At the end of fiscal 2015, we had approximately $23 million of cash, cash equivalents and investments held for sale. Our cash and cash equivalents are held in a mix of money market funds and bank demand deposit accounts. Disruptions in the financial markets may, in some cases, result in an inability to access assets such as money market funds that traditionally have been viewed as highly liquid. Any failure of our counterpart financial institutions or funds in which we have invested may adversely impact our cash and cash equivalent positions and, in turn, our financial position. Our investment portfolio consists of state and municipal securities with various maturity dates, all of which have a credit rating of AA or above at the original purchase date; however, defaults by the issuers of any of these securities may result in an adverse impact on our portfolio.

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Astro-Med may not realize the anticipated benefits of past or future acquisitions, divestitures and strategic partnerships, and integration of acquired companies or divestiture of businesses may negatively impact Astro-Med’s overall business.

Astro-Med has acquired or made strategic investments in other companies, products and technologies, including our acquisition in January 2014 of the ruggedized printer product line from Miltope. We may continue to identify and pursue acquisitions of complementary companies and strategic assets, such as customer bases, products and technology. However, there can be no assurance that we will be able to identify suitable acquisition opportunities. In any acquisition that we complete we cannot be certain that:

• We will successfully integrate the operations of the acquired business with our own;

• All the benefits expected from such integration will be realized;

• Management’s attention will not be diverted or divided, to the detriment of current operations;

• Amortization of acquired intangible assets will not have a negative effect on operating results or other aspects of our business;

• Delays or unexpected costs related to the acquisition will not have a detrimental effect on our business, operating results and financial condition;

• Customer dissatisfaction with, or performance problems at, an acquired company will not have an adverse effect on our reputation; and

• Respective operations, management and personnel will be compatible.

In certain instances as permitted by applicable law and NASDAQ rules, acquisitions may be consummated without seeking and obtaining shareholder approval, in which case shareholders will not have an opportunity to consider and vote upon the merits of such an acquisition. Although we will endeavor to evaluate the risks inherent in a particular acquisition, there can be no assurance that we will properly ascertain or assess such risks.

Astro-Med may also divest certain businesses from time to time. Divestitures will likely involve risks, such as difficulty splitting up businesses, distracting employees, potential loss of revenue and negatively impacting margins, and potentially disrupting customer relationships. A successful divestiture depends on various factors, including our ability to:

• Effectively transfer assets, liabilities, contracts, facilities and employees to the purchaser;

• Identify and separate the intellectual property to be divested from the intellectual property that we wish to keep; and

• Reduce fixed costs previously associated with the divested assets or business.

All of these efforts require varying levels of management resources, which may divert our attention from other business operations. Further, if market conditions or other factors lead us to change our strategic direction, we may not realize the expected value from such transactions.

If Astro-Med is not able to successfully integrate or divest businesses, products, technologies or personnel that we acquire or divest, or able to realize expected benefits of our acquisitions, divestitures or strategic partnerships, Astro-Med’s business, results of operations and financial condition could be adversely affected.

Item 1B. Unresolved Staff Comments

None

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Item 2. Properties

The following table sets forth information regarding the Company’s principal owned properties, all of which are included in the consolidated balance sheet appearing elsewhere in this report.

Location	Approximate     Square Footage		Principal Use
West Warwick, Rhode Island, USA		135,500	Corporate headquarters, research and development, manufacturing, sales and service
*Rockland, Massachusetts, USA		36,000	Manufacturing
Slough, England		1,700	Sales and service

* This facility is currently classified as “held for sale” in the Company’s consolidated balance sheet included in this report.

Astro-Med also leases facilities in various other locations. The following information pertains to each location:

Location	Approximate Square Footage		Principal Use
Rodgau, Germany		8,300	Manufacturing, sales and service
Brossard, Quebec, Canada		4,500	Manufacturing, sales and service
Elancourt, France		4,144	Sales and service
Schaumburg, Illinois, USA		630	Sales
Wilmington, Delaware, USA		498	Sales
El Dorado Hills, California, USA		273	Sales
Newport Beach, California, USA		151	Sales
Monterrey, Mexico		97	Sales

We believe our facilities are well maintained, in good operating condition and generally adequate to meet our needs for the foreseeable future.

Item 3. 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 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for the Registrant’s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities

Astro-Med’s common stock trades on The NASDAQ Global Market under the symbol “ALOT.” The following table sets forth the range of high and low closing prices and dividend data, as furnished by NASDAQ, for the years ended January 31:

	High		Low		Dividends     Per Share
2015
First Quarter	$	14.30	$	11.41	$	0.07
Second Quarter	$	14.35	$	12.59	$	0.07
Third Quarter	$	13.85	$	12.14	$	0.07
Fourth Quarter	$	16.50	$	13.24	$	0.07
2014
First Quarter	$	10.75	$	9.24	$	0.07
Second Quarter	$	11.47	$	10.24	$	0.07
Third Quarter	$	12.75	$	10.64	$	0.07
Fourth Quarter	$	14.02	$	12.60	$	0.07

Astro-Med had approximately 285 shareholders of record as of March 27, 2015, which does not reflect shareholders with beneficial ownership in shares held in nominee name.

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Stock Performance Graph

The graph below shows a comparison of the cumulative total return on the Company’s common stock against the cumulative total returns for the NASDAQ Composite Total Return Index and the NASDAQ Electronic and Equipment Index for the period of five fiscal years ended January 31, 2015 as prepared by the NASDAQ OMX Global Index Group and provided by NASDAQ. The NASDAQ Total Return Composite Index is calculated using all companies trading on the NASDAQ Global Select, NASDAQ Global Market and the NASDAQ Capital Markets. The Index is weighted by the current shares outstanding and assumes dividends reinvested. The NASDAQ Electronic and Equipment Index, designated as the Company’s peer group index, is comprised of companies classified as electronic equipment manufacturers.

	Cumulative Total Returns*
	2010		2011		2012		2013		2014		2015
Astro-Med, Inc.	$	100.00	$	103.86	$	119.60	$	153.44	$	216.43	$	240.73
NASDAQ Electronic and Equipment Index	$	100.00	$	146.37	$	138.74	$	145.42	$	193.82	$	203.35
NASDAQ Composite Total Return Index	$	100.00	$	126.93	$	133.60	$	151.14	$	200.01	$	228.60

* Assumes $100 invested on February 1, 2010 with reinvestment of dividends

Dividend Policy

Astro-Med began a program of paying quarterly cash dividends in fiscal 1992 and has paid a dividend for 94 consecutive quarters. During fiscal 2015, we paid a quarterly dividend of $0.07 per share and anticipate that we will continue to pay comparable cash dividends on a quarterly basis.

Stock Repurchases

Pursuant to an authorization approved by Astro-Med’s Board of Directors in August 2011, the Company is currently authorized to repurchase up to 390,000 shares of common stock. This is an ongoing authorization without any expiration date.

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During the fourth 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
November 2 – November 29		—			—			—		390,000
November 30 – December 27		500,000	(a)	$	12.50	(a)		—		390,000
December 28 – January 31		16,718	(b)	$	14.96	(b)		—		390,000

(a) On December 5, 2014, the Company repurchased 500,000 shares of the Company’s common stock from the Estate of Albert W. Ondis at a price of $12.50 per share, for an aggregate purchase price of $6,250,000. Prior to entering into this Stock Purchase Agreement, the Company obtained an opinion from an independent investment banking firm as to the fairness of the consideration paid to the Company’s public shareholders, other than the selling shareholders. This transaction did not impact the number of shares authorized for repurchase under the Company’s current repurchase program.

(b) During January 2015, employees of the Company delivered 16,718 shares of the Company’s common stock to satisfy the exercise price for 26,562 stock options exercised. The shares delivered were valued at an average market value of $14.96 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.

Item 6. Selected Financial Data

We are a “smaller reporting company” and, as such, are not required to provide this information.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Astro-Med is a multi-national enterprise that leverages its proprietary data visualization technologies to design, develop, manufacture, distribute and service 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. It markets and sells its products and services through the following two sales product groups:

• QuickLabel Systems Product Group (QuickLabel)—offers product identification and label printer hardware, software, servicing contracts, and consumable products.

• Test and Measurement Product Group (T&M)—offers a suite of products and services that acquire and record visual and electronic signal data from local and networked sensors as well as wired and wireless networks. The recorded data is processed and analyzed and then stored and presented in various visual output formats. T&M products are offered in both fixed installation and portable versions. The Company supplies a range of products and services that include hardware, software and consumables to customers who are in a variety of industries, including aerospace, automotive, defense, rail, energy, industrial, and general manufacturing.

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 core businesses. Consequently, the Company has classified the results of operations of its Grass segment as discontinued operations for the 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.

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Astro-Med’s ruggedized printer product line is part of the T&M product group and is reported as part of the T&M segment. The results of Miltope’s ruggedized printer product line operations have been included in the consolidated financial statements of the Company since the January 22, 2014 acquisition date. Miltope sales for the year ended January 31, 2015 and for the period from January 22, 2014 to January 31, 2014 were approximately $8.3 million and $0.2 million, respectively.

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.

Our growth strategy centers on organic growth through product innovation made possible by research and development initiatives, as well as strategic acquisitions that fit into existing core businesses. Research and development activities were funded and expensed by the Company at approximately 6.6% of annual sales for fiscal 2015. We also continue to invest in sales and marketing initiatives by expanding the existing sales force and using various marketing campaigns to achieve our goals of sales growth and increased profitability notwithstanding today’s challenging economic environment.

Results of Operations

The following table presents the net sales of each of the Company’s segments, as well as the percentage of total sales and change from prior year.

($ in thousands)	2015								2014
	Net Sales		As a % of Total Net Sales			% Change Over Prior Year			Net Sales		As a % of Total Net Sales
QuickLabel	$	59,779		67.7	%		21.8	%	$	49,065		71.5	%
T&M		28,568		32.3	%		46.3	%		19,527		28.5	%
Total	$	88,347		100.0	%		28.8	%	$	68,592		100.0	%

Fiscal 2015 compared to Fiscal 2014

Astro-Med’s sales in fiscal 2015 were $88,347,000, a 28.8% increase as compared to prior year sales of $68,592,000. Domestic sales of $61,494,000 increased 26.3% from the prior year sales of $48,679,000. International sales of $26,853,000 reflects a 34.9% increase as compared to prior year sales of $19,913,000. The current year’s international sales include an unfavorable foreign exchange rate impact of $375,000.

Hardware sales in fiscal 2015 were $38,685,000, a 36.7% increase as compared to prior year’s sales of $28,301,000. Both product segments achieved double-digit growth in the current year, with QuickLabel’s hardware sales at $14,109,000, a 33.4% increase from prior year and T&M’s hardware sales of $24,576,000, a 38.7% increase compared to the prior year. The primary drivers of this increase relate to increases in sales of T&M’s Ruggedized and TMX product lines and increases in sales from QuickLabel’s Kiaro! product line.

Consumable sales in fiscal 2015 were $43,568,000, representing a 20.0% increase as compared to prior year sales of $36,317,000. The key driver of the overall increase in consumable sales for the current fiscal year was primarily traceable to the double-digit increase in both digital color printer supplies and label and tag product sales in the QuickLabel segment. The increase in consumable product sales for the current year for T&M’s chart paper and QuickLabel’s thermal transfer ribbon products also made a contribution to the overall increase in consumable sales for the current year.

Service and other sales revenue in fiscal 2015 were $6,094,000, a 53.3% increase compared to prior year sales of $3,974,000 and was primarily due to increases in service and parts revenue related to the newly integrated Miltope business.

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The Company achieved $36,977,000 in gross profit for fiscal 2015 and generated a gross profit margin of 41.9%, an increase as compared to prior year’s gross profit of $26,983,000 and related margin of 39.3%. The increase in gross profit margin for the current year is due to higher sales, lower manufacturing costs, favorable product mix, as well as the Company’s lean manufacturing incentives. The prior year’s gross profit includes a charge of $672,000 for product replacement program costs related to a reserve established to address a non-compliant component used in certain models of T&M’s ToughWriter printers.

Operating expenses for the current year were $29,746,000, representing a 16.9% increase from prior year’s operating expenses of $25,450,000. Specifically, selling and marketing expenses increased 23.8% from prior year to $18,289,000 in fiscal 2015, representing 20.7% of sales, a decrease as compared to the prior year’s 21.5% of sales. The increase in selling and marketing was primarily the result of increases in personnel costs and related benefit and commission costs, as well as increases in targeted marketing and trade show expenditures. General and administrative (G&A) expenses increased less than one percent from prior year to $5,655,000 in fiscal 2015. The nominally higher G&A expense in the current year as compared to the prior year was primarily due to the fee for the fairness opinion obtained in connection with the stock repurchase from the Ondis Estate. Funding of research & development (R&D) in fiscal 2015 has increased 14.4% to $5,802,000. The increase in R&D for fiscal 2015 is primarily due to increased spending related to outside R&D design and testing for the portable data acquisition systems, as well as for certain ruggedized printers. Although R&D spending increased in the current year, the R&D spending level for fiscal 2015 represents 6.6% of net sales, a decrease as compared to prior year’s level of 7.4%.

Other expense in fiscal 2015 was $299,000 as compared to $121,000 in fiscal 2014. This increase for the current year is primarily the result of a $251,000 write-down on the disposition of certain inventory related to the conclusion and settlement of the Transition Service Agreement with the acquiror of Grass and a $220,000 write-down to estimated market value of the Company’s Rockland facility which is classified as an “asset held for sale” in the Company’s consolidated balance sheets for all periods presented.

Astro-Med’s fiscal 2015 pretax income was reduced by approximately $511,000 related to stock-based compensation expense as compared to fiscal 2014 pretax income, which was reduced by approximately $562,000 in stock-based compensation expense.

During fiscal 2015, the Company recognized income tax expense on income from continuing operations of $2,270,000 and had an effective tax rate of 32.7%. The effective tax rate was primarily impacted by the domestic production deduction, research and development credits and foreign tax credits. This compares to an income tax expense on income from continuing operations of $175,000 in fiscal 2014 and related effective tax rate of 12.4%. Included in the prior year income tax expense is a benefit of $500,000 related to a ASC 740 adjustment as well as foreign and state rate adjustments.

Income from continuing operations for fiscal 2015 was $4,662,000, providing a return of 5.3% on sales and generating an EPS of $0.60 per diluted share and includes an after-tax expense of $147,000, equal to $0.02 per diluted share, related to the write-down to market value of the Company’s Rockland facility and an after-tax expense of $68,000, equal to $0.01 per diluted share, related to costs associated with the repurchase of the Company’s common stock from the Ondis Estate. On a comparable basis, income from continuing operations for fiscal 2014 was $1,237,000, providing a return of 1.8% on sales and generating an EPS of $0.16 per diluted share and includes: (1) an after-tax expense of $359,000, equal to $0.05 per diluted share, related to a non-compete agreement entered into with the Company’s former CEO, (2) a net after-tax expense of $205,000, equal to $0.03 per diluted share, related to product replacement costs recognized in fiscal 2014 pertaining to replacing components on certain of T&M’s ruggedized printers after the Company discovered that one of its suppliers was using a non-conforming part in certain models and (3) an after-tax expense of $59,000 or $0.01 per diluted share, related Miltope acquisition expenses.

Discontinued Operation

On January 31, 2013, the Company completed the sale of substantially all of the assets of its Grass Technologies Product Group (Grass) for a selling price of $18,600,000 of which $1,800,000, held in escrow at

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the closing date, was recognized in fiscal 2014 as part of the gain on the sale of Grass and was received in fiscal 2015. 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)	2014
Net Sales	$	8,401
Gross Profit	$	1,048
Gain on Sale of Assets of Discontinued Operations	$	1,800
Income from Discontinued Operations, Net of Taxes	$	1,975

Segment Analysis

Astro-Med reports two segments consistent with its sales product groups: and QuickLabel Systems (QuickLabel) and Test & Measurement (T&M). Segment performance is evaluated based on the operating segment’s profit before corporate and financial administration expenses.

The following table summarizes selected financial information by segment. As previously noted, the Company’s Grass segment has been classified as a discontinued operation for the fiscal 2014 period presented.

($ in thousands)	Net Sales				Segment Operating Profit				Segment Operating Profit as a % of Net Sales
	2015		2014		2015		2014		2015			2014
QuickLabel	$	59,779	$	49,065	$	7,259	$	5,154		12.1	%		10.5	%
T&M		28,568		19,527		5,627		2,655		19.7	%		13.6	%
Total	$	88,347	$	68,592		12,886		7,809		14.6	%		11.4	%
Product Replacement Related Costs						—		672
Corporate Expenses						5,655		5,604
Operating Income						7,231		1,533
Other Expense, Net						299		121
Income from Continuing Operations Before Income Taxes						6,932		1,412
Income Tax Provision for Continuing Operations						2,270		175
Income from Continuing Operations						4,662		1,237
Income from Discontinued Operations, Net of Taxes						—		1,975
Net Income					$	4,662	$	3,212

QuickLabel Systems

QuickLabel Systems sales increased 21.8% in fiscal 2015 with sales of $59,779,000 compared to sales of $49,065,000 in the prior year. Both the hardware and consumables product lines contributed to the current year increase with sales growth of 33.4% and 18.8%, respectively, from the prior year. The increases are primarily attributable to the increased demand for digital color printer supplies, as well as for label and tag and thermal transfer ribbon products. Also significantly contributing to the current year increase was the new Kario! product line sales, which increased approximately 60.0% as compared to the prior year. QuickLabel’s current year’s segment operating profit was $7,259,000, reflecting a profit margin of 12.1%, an increase from prior year’s segment profit of $5,154,000 and related profit margin of 10.5%. The increase in QuickLabel’s current year’s segment operating profit and related margin is primarily due to higher sales and favorable product mix.

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Test & Measurement

T&M’s sales increased 46.3% in fiscal 2015 to $28,568,000 from $19,527,000 in the prior year. The increase is primarily due to the 45.5% growth in the Ruggedized printer product line related to the acquisition of the Miltope business as well as the continued increase in contract sales. Also contributing to the increase in sales was the continued increase in demand for the high speed data recorder product line, as current year sales grew 24.5% as compared to the prior year. Repair and parts revenue was also up with contributions from the newly integrated Miltope business. T&M’s segment operating profit was $5,627,000 in fiscal 2015, reflecting a profit margin of 19.7%, an increase as compared to the prior year’s segment operating profit of $2,655,000 and related profit margin of 13.6%. The fiscal 2015 increase in operating profit and related margin is due to increased sales and favorable product mix.

Liquidity and Capital Resources

The Company expects to finance its future working capital needs, capital expenditures and acquisition requirements through internal funds and believes that cash provided by operations will be sufficient to meet our operating and capital needs for at least the next twelve months. To the extent our capital and liquidity requirements are not satisfied internally, we may utilize a $10.0 million revolving bank line of credit. Borrowings made under this line of credit bear interest at either a fluctuating base rate equal to the highest of (i) the Prime Rate, (ii) 1.50% above the daily one month LIBOR, and (iii) the Federal Funds Rate in effect plus 1.50% or at a fixed rate of LIBOR plus an agreed upon margin of between 0% and 2.25%, based on the Company’s funded debt to EBITDA ratio as defined in the agreement. See Note 6, “Line of Credit,” in the consolidated financial statements for additional information. As of the filing date of this Annual Report on Form 10-K, there have been no borrowings against this line of credit and the entire line is currently available.

Astro-Med’s statements of cash flows for the years ended January 31, 2015 and 2014 are included on page 36. Net cash flows provided by operating activities were $1,491,000 in the current year compared to net cash used by operating activities of $4,462,000 in the previous year. The increase in net cash flow from operations for the current year is related to increased net income; tax payments made in the prior year in connection with the gain on the sale of Grass; and slightly lower increased working capital requirements for the current year. The combination of accounts receivable, inventory and accounts payable and accrued expenses increased working capital by $2,335,000 in fiscal 2015, compared to an increase of $2,402,000 in fiscal 2014, with the year over year improvement related to lower receivable and inventory turns, offset slightly by increased sales and purchasing volume. The accounts receivable collection cycle decreased to 52 days sales outstanding at January 31, 2015 compared to 54 days outstanding at prior year end. Inventory days on hand decreased to 106 days at the end of the current fiscal year from 113 days at prior year end.

Net cash flows provided by investing activities for fiscal 2015 were $5,745,000, which includes $1,800,000 of cash received related to the funds held in escrow as part of the Grass sale and $2,355,000 of cash received related to the disposition of the inventory to the purchaser of Grass. Cash used for investing activities for fiscal 2015 also included cash used for capital expenditures of $2,247,000, including $1,428,000 for information technology primarily related to the purchase and implementation of the Company’s new ERP system; $309,000 for machinery and equipment; $307,000 for land and building improvements; $126,000 for furniture and fixtures and other capital expenditures; and $77,000 for tools and dies.

Included in net cash flows used by financing activities for fiscal 2015 were dividends paid of $2,128,000. Dividends paid in fiscal 2014 were $2,103,000. The Company’s annual dividend per share was $0.28 in both fiscal 2015 and fiscal 2014. Also included in current year financing activities was the December 5, 2014 repurchase of 500,000 shares of the Company’s common stock at a per share price of $12.50, for an aggregate repurchase price of $6,250,000. The purchase of these shares was from the estate of a former executive of the Company and did not impact the shares available as part of the Company’s stock buy back program. Excluding the December 5, 2014 repurchase from the Ondis Estate and shares purchased in connection with the exercise of employee stock options, the Company has repurchased a total of 1,530,000 shares of its common stock since the

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inception of the common stock buy back program in fiscal 1997. At January 31, 2015, the Company’s Board of Directors has authorized the purchase of an additional 390,000 shares of the Company’s common stock in the future.

Contractual Obligations, Commitments and Contingencies

Astro-Med is subject to contingencies, including legal proceedings and claims arising out of its businesses that cover a wide range of matters, such as: contract and employment claims; workers compensation claims; product liability claims; warranty claims; and claims related to modification, adjustment or replacement of component parts of units sold. While it is impossible to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits, we believe that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on our consolidated financial position or results of operations. It is possible, however, that results of operations for any particular future period could be materially affected by changes in our assumptions or strategies related to these contingencies or changes out of the Company’s control.

Critical Accounting Policies and Estimates

Astro-Med’s discussion and analysis of financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Certain of our accounting policies require the application of judgment in selecting the appropriate assumptions for calculating financial estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. We periodically evaluate the judgments and estimates used for our critical accounting policies to ensure that such judgments and estimates are reasonable for our interim and year-end reporting requirements. These judgments and estimates are based on the Company’s historical experience, current trends and information available from other sources, as appropriate. If different conditions result from those assumptions used in our judgments, the results could be materially different from our estimates. We believe the following are our most critical accounting policies as they require significant judgments and estimates in the preparation of our financial statements:

Revenue Recognition: Our product sales are recognized when all of the following criteria have been met: persuasive evidence of an arrangement exists; price to the buyer is fixed or determinable; delivery has occurred and legal title and risk of loss have passed to the customer; and collectability is reasonably assured. When other significant obligations remain after products are delivered, revenue is recognized only after such obligations are fulfilled. Returns and customer credits are infrequent and are recorded as a reduction to sales. Rights of return are not included in sales arrangements. Revenue associated with products that contain specific customer acceptance criteria is not recognized before the customer acceptance criteria are satisfied. When a sale arrangement involves training or installation, the deliverables in the arrangement are evaluated to determine whether they represent multiple element arrangements. This evaluation occurs at inception of the arrangement and as each item in the arrangement is delivered. The total fee from the arrangement is allocated to each unit of accounting based on its relative fair value. Fair value for each element is established generally based on the sales price charged when the same or similar element is sold separately. We allocate revenue to each element in our multiple-element arrangements based upon their relative selling prices. We determine the selling price for each deliverable based on a selling price hierarchy. The selling price for a deliverable is based on our vendor specific objective evidence (VSOE) if available, third-party evidence (TPE) if VSOE is not available, or estimated selling price (ESP) if neither VSOE nor TPE is available. Revenue allocated to each element is then recognized when the basic revenue recognition criteria for that element have been met. The amount of product revenue recognized is affected by our judgments as to whether an arrangement includes multiple elements.

Astro-Med recognizes revenue for non-recurring engineering (NRE) fees, as necessary, for product modification orders upon completion of agreed-upon milestones. Revenue is deferred for any amounts received prior to completion of milestones. Certain of our NRE arrangements include formal customer acceptance provisions. In such cases, we determine whether we have obtained customer acceptance for the specific milestone before recognizing revenue.

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Infrequently, the Company receives requests from customers to hold product being purchased from us for the customers’ convenience. We recognize revenue for such bill and hold arrangements provided the transaction meets the following criteria: a valid business purpose for the arrangement exists; risk of ownership of the purchased product has transferred to the buyer; there is a fixed delivery date that is reasonable and consistent with the buyer’s business purpose; the product is ready for shipment; the payment terms are customary; we have no continuing performance obligation in regards to the product; and the product has been segregated from our inventories.

The majority of our equipment contains embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole as it is not sold separately or marketed separately and its production costs are minor as compared to those of the hardware system. Therefore, the Company’s hardware appliances are considered non-software elements and are not subject to the industry-specific software revenue recognition guidance.

Warranty Claims and Bad Debts: Provisions for the estimated costs for future product warranty claims and bad debts are recorded in cost of sales and general and administrative expense, respectively. The amounts recorded are generally based upon historically derived percentages while also factoring in any new business conditions that might impact the historical analysis such as new product introduction for warranty and bankruptcies of particular customers for bad debts. We also periodically evaluate the adequacy of our reserves for warranty and bad debts recorded in its consolidated balance sheet as a further test to ensure the adequacy of the recorded provisions. Warranty and bad debt analysis often involves subjective analysis of a particular customer’s ability to pay. As a result, significant judgment is required in determining the appropriate amounts to record and such judgments may prove to be incorrect in the future. We believe that our procedures for estimating such amounts are reasonable and historically have not resulted in material adjustments in subsequent periods when the estimates are adjusted to the actual amounts.

Inventories: Inventories are stated at the lower of cost (first-in, first-out) or market. The Company records provisions to write-down obsolete and excess inventory to its estimated net realizable value. The process for evaluating obsolete and excess inventory consists of analyzing the inventory supply on hand and estimating the net realizable value of the inventory based on historical experience, current business conditions and anticipated future sales. We believe that our procedures for estimating such amounts are reasonable and historically have not resulted in material adjustments in subsequent periods when the estimates are adjusted to actual experience.

Income Taxes: A valuation allowance is established when it is “more-likely-than-not” that all or a portion of deferred tax assets will not be realized. A review of all available positive and negative evidence must be considered, including our performance, the market environment in which we operate, length of carryforward periods, existing sales backlog and future sales projections. If actual factors and conditions differ materially from the estimates made by management, the actual realization of the net deferred tax assets or liabilities could vary materially from the amounts previously recorded. At January 31, 2015, the Company has provided valuation allowances for future state tax benefits resulting from certain R&D tax credits which could expire unused.

The calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions. Although guidance on the accounting for uncertain income taxes prescribes the use of a recognition and measurement model, the determination of whether an uncertain tax position has met those thresholds will continue to require significant judgment by management. If the ultimate resolution of tax uncertainties is different from what we have estimated, our income tax expense could be materially impacted.

Intangible and Long-Lived Assets: Long-lived assets, such as definite-lived intangible assets and property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the projected undiscounted cash flows are less than the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, which is determined by the discounting of future cash flows.

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Assets Held for Sale: Assets held for sale are reported at the lower of cost or fair value less cost to sell and are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of impairment is the difference between the carrying amount and the fair value of the asset, less costs to sell.

Goodwill: Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in sales, earnings or cash flows, or material adverse changes in the business climate, indicate that the carrying value of an asset might be impaired. Goodwill is first qualitatively assessed to determine whether further impairment testing is necessary. Factors that management considers in this assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a two step process is then performed. Step one compares the fair value of the reporting unit with its carrying value, including goodwill. If the carrying amount exceeds the fair value of the reporting unit, step two is required to determine if there is an impairment of the goodwill. Step two compares the implied fair value of the reporting unit goodwill to the carrying amount of the goodwill. We estimate the fair value of our reporting units using the income approach based upon a discounted cash flow model. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long term operating cash flow performance. In addition, we use the market approach, which compares the reporting unit to publicly-traded companies and transactions involving similar business, to support the conclusions based upon the income approach. The income approach requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates.

Share-Based Compensation: Share-based compensation expense is measured based on the estimated fair value of the share-based award when granted and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate of share-based compensation 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 used in the model 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. No compensation expense is recognized for options that are forfeited for which the employee does not render the requisite service. Our accounting for share-based compensation for restricted stock awards (“RSA”) and restricted stock units (“RSU”) 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.

Recent Accounting Pronouncements

Reference is made to Note 1 of our Consolidated Financial Statements included herein.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

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

22

Item 8. Financial Statements and Supplementary Data

The consolidated financial statements required under this item are submitted as a separate section of this report on the pages indicated at Item 15(a)(1).

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None

Item 9A. 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 Annual Report on Form 10-K pursuant to Rules 13a-15(e) and 15d-15(e) 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 our disclosure controls and procedures are effective at January 31, 2015 to ensure that the 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.

Management’s Annual Report on Internal Control over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of its financial reporting and the preparation of published financial statements in accordance with generally accepted accounting principles.

Because of the inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or the degree of compliance may deteriorate.

Management conducted its evaluation of the effectiveness of its internal control over financial reporting as of January 31, 2015. In making this assessment, management used the criteria set forth in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on this assessment, the principal executive officer and principal financial officer believe that as of January 31, 2015, the Company’s internal control over financial reporting was effective based on criteria set forth by COSO in “Internal Control-Integrated Framework.”

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to the rules of the SEC that permit the Company to provide only management’s report in this annual report.

Changes in Internal Controls over Financial Reporting

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

Item 9B. Other Information

Nothing to Report

23

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The response to this item is incorporated by reference to the Company’s definitive proxy statement for the 2015 Annual Meeting of Shareholders.

The following sets forth certain information with respect to all executive officers of the Company. All officers serve at the pleasure of the Board of Directors.

Name	Age		Position
Gregory A. Woods		56	President, Chief Executive Officer and Director
Joseph P. O’Connell		71	Senior Vice President, Treasurer and Chief Financial Officer
Michael M. Morawetz		55	Vice President—International Branches
Stephen M. Petrarca		52	Vice President—Instrument Manufacturing
Erik J. Mancyak		39	Vice President and Corporate Controller
Eric E. Pizzuti		48	Vice President and General Manager—QuickLabel Systems
Michael J. Natalizia		51	Vice President and Chief Technology Officer

Mr. Woods has been a Director and Chief Executive Officer of the Company since February 1, 2014. He was previously the Executive Vice President and Chief Operating Officer of the Company from September 6, 2012 and was appointed President of the Company on August 29, 2013. Prior to joining Astro-Med, Mr. Woods held the positions of Managing Director of Medfield Advisors from 2010 to 2012, President of Performance Motion Devices from 2007 to 2010 and Chief Executive Officer of Control Technology Corporation from 2001 to 2007.

Mr. O’Connell joined the Company in 1996. He previously held senior financial management positions with Cherry Tree Products Inc., IBI Corporation and Avery Dennison Corporation. Mr. O’Connell is also Assistant Secretary of the Company. He was appointed to the position of Senior Vice President in 2007.

Mr. Morawetz was appointed Vice President International Branches in 2006. He was previously the General Manager of Branch Operations for the Company’s German subsidiary, having joined the Company in 1989.

Mr. Petrarca was appointed Vice President of Instrument Manufacturing in 1998. He has previously held positions as General Manager of Manufacturing, Manager of Grass Operations and Manager of Grass Sales. He has been with the Company since 1980.

Mr. Mancyak was appointed Vice President of the Company in 2011. He also holds the position of Corporate Controller and Principal Accounting Officer to which he was appointed in 2009. He served as Assistant Corporate Controller of the Company from 2008 to 2009 and prior to that was an Accounting Manager of the Company beginning in 2005. Prior to 2005, Mr. Mancyak was Senior Treasury Analyst at American Power Conversion and an auditor at the international accounting firm of KPMG LLP.

Mr. Eric E. Pizzuti was appointed Vice President and General Manager of the Company’s QuickLabel System business segment on March 9, 2012. Prior to this appointment, Mr. Pizzuti held the position of Vice President and Worldwide Director of Sales for QuickLabel Systems from March 2010 and Worldwide Director of Sales from March 2006 through March 2010. Mr. Pizzuti has held various other positions since joining the Company in 1996.

Mr. Natalizia was appointed Vice President and Chief Technology Officer of Astro-Med, Inc. on March 9, 2012. Prior to this appointment, Mr. Natalizia held the position of Director of Product Development of the Company since 2005.

Code of Ethics

The Company has adopted a Code of Ethics which applies to all directors, officers and employees of the Company, including the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”) and Corporate

24

Controller, as supplemented by a Code of Ethical Conduct for the Chief Executive Officer and Senior Financial Officers, which meets the requirements of a “code of ethics” as defined in Item 406 of Regulation S-K. A copy of the Code of Ethics will be provided to shareholders, without charge, upon request directed to Investor Relations or can be obtained on the Company’s website, (www.astro-medinc.com), under the heading “Our Company—Charters.” The Company will disclose any amendment to, or waiver of, a provision of the Codes for the CEO, CFO, Corporate Controller or persons performing similar functions by posting such information on its website and filing a Form 8-K as required under the rules of the NASDAQ Global Market.

Item 11. Executive Compensation

The response to this item is incorporated by reference to the Company’s definitive Proxy Statement for the 2015 Annual Meeting of Shareholders.

The information set forth under the heading “Compensation Committee Report” in the Company’s definitive Proxy Statement is furnished and shall not be deemed as filed for purposes of Section 18 of the Exchange Act, and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

The response to this item is incorporated by reference to the Company’s definitive Proxy Statement for the 2015 Annual Meeting of Shareholders.

Equity Compensation Plan Information

The following table sets forth information about the Company’s equity compensation plans as of January 31, 2015:

Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding  Options, Warrants and Rights			Weighted- Average Exercise Price of Outstanding Options, Warrants and Rights			Number of Securities Remaining Available for Future Issuances  Under Equity Compensation Plans
Equity Compensation Plans Approved by Security Holders		696,011	(1)	$	10.01	(2)		206,339	(3)
Equity Compensation Plans Not Approved by Security Holders		—			—			57,005	(4)
Total		696,011	(1)	$	10.01	(2)		263,344

(1) Includes 73,348 shares issuable upon exercise of outstanding options granted under the Company’s incentive stock option plans, 59,313 shares issuable upon exercise of outstanding options granted under the Company’s non-qualified stock option plans under which options may be granted to officers and key employees, 2,750 shares issuable upon exercise of outstanding stock options granted under the Astro-Med, Inc. Non-Employee Director Stock Option Plan, 520,600 shares issuable upon exercise of outstanding options granted and 40,000 restricted stock units outstanding under the Company’s 2007 Equity Incentive Plan.

(2) Does not include restricted stock units.

(3) Represents shares available for grant under the Astro-Med, Inc. 2007 Equity Incentive Plan. Excludes 32,245 shares issued pursuant to outstanding unvested restricted stock awards which are subject to forfeiture.

(4) Represent shares available for purchase under the Employee Stock Purchase Plan.

25

Additional information regarding these equity compensation plans is contained in Note 10, “Share-Based Compensation,” in the Company’s Consolidated Financial Statements included in Item  15 hereto.

Item 13. Certain Relationships, Related Transactions and Director Independence

The response to this item is incorporated by reference to the Company’s definitive Proxy Statement for the 2015 Annual Meeting of Shareholders.

Item 14. Principal Accountant Fees and Services

The information required by this item is incorporated herein by reference to the Company’s definitive Proxy Statement for the 2015 Annual Meeting of Shareholders.

26

PART IV

Item 15. Exhibits and Financial Statement Schedule

(a)(1) Financial Statements:

The following documents are included as part of this Annual Report filed on Form 10-K:

	Page
Report of Independent Registered Public Accounting Firm	31
Consolidated Balance Sheets as of January 31, 2015 and 2014	32
Consolidated Statements of Income—Years Ended January 31, 2015 and 2014	33
Consolidated Statements of Comprehensive Income—Years Ended January 31, 2015 and 2014	34
Consolidated Statements of Changes in Shareholders’ Equity—Years Ended January  31, 2015 and 2014	35
Consolidated Statements of Cash Flows—Years Ended January 31, 2015 and 2014	36
Notes to Consolidated Financial Statements	37-57
(a)(2) Financial Statement Schedule:
Schedule II—Valuation and Qualifying Accounts and Reserves—Years Ended January  31, 2015 and 2014	58

27

All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable, and therefore, have been omitted.

(a)(3) Exhibits:

Exhibit Number
(2.1)	Asset Purchase Agreement dated January 11, 2014 by and between Astro-Med, Inc. (the “Company”) and Miltope Corporation (d/b/a VT Miltope, a company of VT Systems), an Alabama corporation (the “Seller”), as amended by that Amendment to Asset Purchase Agreement dated January 22, 2014, by and between the Company and the Seller (filed as Exhibit No. 2.1 to the Company’s report on Form 8-K dated January 22, 2014 and by this reference incorporated herein).
(2.2)	Asset Purchase Agreement dated January 5, 2013 by and among Astro-Med, Inc. (the “Company”), Grass Technologies Corporation (“Grass”) and Natus Medical Incorporated (“Natus”), as amended by First Amendment to Asset Purchase Agreement dated as of January 31, 2013, by and among the Company, Grass and Natus (filed as Exhibit No. 2.1 to the Company’s report on Form 8-K dated February 4, 2013 and by this reference incorporated herein).
(3A)	Articles of Incorporation of the Company and all amendments thereto (filed as Exhibit No. 3A to the Company’s report on Form 10-Q for the quarter ended August 1, 1992 and by this reference incorporated herein).
(3B)	By-laws of the Company as amended to date (filed as Exhibit No. 3B to the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2008 and by this reference incorporated herein).
(4)	Specimen form of common stock certificate of the Company (filed as Exhibit No. 4 to the Company’s report on Form 10-K for the year ended January 31, 1985 and by this reference incorporated herein).
(10.1)	Astro-Med, Inc. Non-Employee Director Stock Plan filed as Exhibit 4.3 to Registration Statement on Form S-8, Registration No. 333-24123, and incorporated by reference herein.*
(10.2)	Astro-Med, Inc. 1997 Incentive Stock Option Plan, as amended, filed as Exhibit 4.3 to Registration Statements on Form S-8, Registration Nos. 333-32315, 333-93565 and 333-44414, and incorporated by reference herein.*
(10.3)	Astro-Med, Inc. 1998 Non-Qualified Stock Option Plan, as amended, filed as Exhibit 4.3 to Registration Statement on Form S-8, Registration Nos. 333-62431 and 333-63526, and incorporated by reference herein.*
(10.4)	Astro-Med, Inc. 2007 Equity Incentive Plan as filed as Appendix A to the Definitive Proxy Statement filed on Schedule 14A for the 2007 annual shareholders meeting and incorporated by reference herein.*
(10.5)	Astro-Med, Inc. Management Bonus Plan (Group III) filed as Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the period ended May 3, 2014, and by this reference incorporated herein.*
(10.6)	Astro-Med, Inc. Management Bonus Plan—Vice President International Branches filed as Exhibit 10.9 to the Company’s Annual Report on Form 10-K for the year ended January 31, 2009 and by this reference incorporated herein.*
(10.7)	Astro-Med, Inc. Amended and Restated Non-Employee Directors Compensation Program filed as Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the period ended May 3, 2014 and by this reference incorporated herein.*

28

Exhibit Number
(10.8)	Form of Performance-Based Restricted Stock Unit Award Agreement filed as Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the period ended April 28, 2012 and by this reference incorporated herein.*
(10.9)	Transition Services Agreement dated January 5, 2013 by and between the Company and Natus, as amended by First Amendment to Transition Services Agreement dated as of January 31, 2013, by and between the Company and Natus (filed as Exhibit No. 10.1 to the Company’s report on Form 8-K dated February 4, 2013 and by this reference incorporated herein).
(10.10)	Release and Non-Competition Agreement dated as of February 1, 2014 by and between the Company and Everett V. Pizzuti filed as Exhibit 10.11 to the Company’s Annual Report on Form 10-K for the year ended January 31, 2014 and by this reference incorporated herein.*
(10.11)	Three-Year Revolving Line of Credit Agreement dated September 5, 2014 by and between the Company and Wells Fargo Bank filed as Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q for the period ended November 1, 2014 and by this reference incorporated herein.
(10.12)	Equity Incentive Award Agreement dated as of November 24, 2014 by and between the Company and Gregory A. Woods.*
(10.13)	Change in Control Agreement dated as of November 24, 2014 by and between the Company and Gregory A. Woods.*
(10.14)	Stock Repurchase Agreement dated as of December 4, 2014 by and among Astro-Med, Inc. and Albert W. Ondis III, Alexis Ondis and April Ondis, each in his or her capacity as a Co-Executor of the Estate of Albert W. Ondis filed on Form 8-K on December 4, 2014 and incorporated by reference herein.
(21)	List of Subsidiaries of the Company.
(23.1)	Consent of Wolf & Company, P.C.
(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 to 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-K for the year ended January 31, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. Filed electronically herein.

* Management contract or compensatory plan or arrangement.

29

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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: April 8, 2015	By:	/S/    GREGORY A. WOODS
		(Gregory A. Woods, Chief Executive Officer)

Each person whose signature appears below constitutes and appoints each of Gregory A. Woods or Joseph P. O’Connell, or any of them, each acting alone, his true and lawful attorneys-in-fact and agents, with full power of substitution and resolution, for such person and in his name, place and stead, in any and all capacities in connection with the annual report on Form 10-K of Astro-Med, Inc. for the year ended January 31, 2015 to sign any and all amendments to the Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Name	Title	Date
/S/    GREGORY A. WOODS Gregory A. Woods	President, Chief Executive Officer and Director (Principal Executive Officer)	April 8, 2015
/S/    JOSEPH P. O’CONNELL Joseph P. O’Connell	Senior Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer)	April 8, 2015
/S/    ERIK J. MANCYAK Erik J. Mancyak	Vice President and Corporate Controller (Principal Accounting Officer)	April 8, 2015
/S/    HERMANN VIETS Hermann Viets	Chairman of the Board of Directors and Director	April 8, 2015
/S/    EVERETT V. PIZZUTI Everett V. Pizzuti	Director	April 8, 2015
/S/    GRAEME MACLETCHIE Graeme MacLetchie	Director	April 8, 2015
/S/    MITCHELL I. QUAIN Mitchell I. Quain	Director	April 8, 2015
/S/    HAROLD SCHOFIELD Harold Schofield	Director	April 8, 2015

30

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of

Astro-Med, Inc.

We have audited the accompanying consolidated balance sheets of Astro-Med, Inc. (the “Company”) as of January 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for the years then ended. Our audit also included the financial statement schedule listed in the index at Item 15(a)(2). These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Astro-Med, Inc. as of January 31, 2015 and 2014, and the consolidated results of its operations and its cash flows for each of the two years in the period ended January 31, 2015, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ Wolf & Company, P.C.

Boston, Massachusetts

April 8, 2015

31

ASTRO-MED, INC.

CONSOLIDATED BALANCE SHEETS

As of January 31, 2015 and 2014

(In Thousands, Except Share Data)

		2015			2014
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	7,958		$	8,341
Securities Available for Sale		15,174			18,766
Accounts Receivable, net of reserves of $343 in 2015 and $370 in 2014		14,107			11,366
Inventories		15,582			15,178
Deferred Tax Assets		2,629			1,673
Restricted Cash		—			1,800
Line of Credit Receivable		173			240
Note Receivable		255			250
Asset Held for Sale		1,900			2,120
Prepaid Expenses and Other Current Assets		4,140			1,383
Current Assets of Discontinued Operations		—			3,917
Total Current Assets		61,918			65,034
PROPERTY, PLANT AND EQUIPMENT
Land and Improvements		904			873
Buildings and Improvements		10,551			10,341
Machinery and Equipment		25,368			23,746
		36,823			34,960
Less Accumulated Depreciation		(28,444	)		(27,368	)
Total Property, Plant and Equipment, net		8,379			7,592
OTHER ASSETS
Note Receivable		256			440
Deferred Tax Asset		—			313
Identifiable Intangibles		2,698			3,400
Goodwill		991			991
Other		88			194
Total Other Assets		4,033			5,338
TOTAL ASSETS	$	74,330		$	77,964
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable	$	3,155		$	2,374
Accrued Compensation		3,302			3,130
Other Accrued Expenses		2,343			2,310
Deferred Revenue		621			454
Income Taxes Payable		148			788
Current Liabilities of Discontinued Operations		—			836
Total Current Liabilities		9,569			9,892
Long Term Obligation		—			250
Deferred Tax Liabilities		83			77
Other Long Term Liabilities		1,167			1,131
TOTAL LIABILITIES		10,819			11,350
SHAREHOLDERS’ EQUITY
Preferred Stock, $10 Par Value, Authorized 100,000 shares, None Issued		—			—
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 9,544,864 shares in 2015 and 9,291,225 shares in 2014		477			465
Additional Paid-in Capital		43,589			41,235
Retained Earnings		39,735			37,201
Treasury Stock, at Cost, 2,293,606 shares in 2015 and 1,730,042 shares in 2014		(19,591	)		(12,463	)
Accumulated Other Comprehensive Income (Loss), Net of Tax		(699	)		176
Total Shareholders’ Equity		63,511			66,614
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	74,330		$	77,964

See Notes to the Consolidated Financial Statements.

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ASTRO-MED, INC.

CONSOLIDATED STATEMENTS OF INCOME

For the years ended January 31

(In Thousands, Except Per Share Data)

	2015			2014
Net Sales	$	88,347		$	68,592
Cost of Sales		51,370			41,609
Gross Profit		36,977			26,983
Costs and Expenses:
Selling and Marketing		18,289			14,774
Research and Development		5,802			5,072
General and Administrative		5,655			5,604
Operating Expenses		29,746			25,450
Operating Income		7,231			1,533
Other Income (Expense):
Investment Income		81			72
Other, Net		(380	)		(193	)
		(299	)		(121	)
Income from Continuing Operations before Income Taxes		6,932			1,412
Income Tax Provision for Continuing Operations		2,270			175
Income from Continuing Operations		4,662			1,237
Income from Discontinued Operations, Net of Taxes of $777 in 2014		—			1,975
Net Income	$	4,662		$	3,212
Net Income per Common Share—Basic:
From Continuing Operations	$	0.61		$	0.17
From Discontinued Operations		—			0.26
Net Income Per Common Share—Basic	$	0.61		$	0.43
Net Income per Common Share—Diluted:
From Continuing Operations	$	0.60		$	0.16
From Discontinued Operations		—			0.26
Net Income Per Common Share—Diluted	$	0.60		$	0.42
Weighted Average Number of Common Shares Outstanding—Basic		7,612			7,470
Dilutive Effect of Common Stock Equivalents		222			227
Weighted Average Number of Common Shares Outstanding—Diluted		7,834			7,697
Dividends Declared Per Common Share	$	0.28		$	0.28

See Notes to the Consolidated Financial Statements.

33

ASTRO-MED, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the years ended January 31

(In Thousands)

	2015			2014
Net Income	$	4,662		$	3,212
Other Comprehensive Income (Loss), net of taxes and reclassification adjustments:
Foreign currency translation adjustments		(866	)		(14	)
Unrealized gain (loss) on securities available for sale		(9	)		17
Other Comprehensive Income (Loss)		(875	)		3
Comprehensive Income	$	3,787		$	3,215

See Notes to the Consolidated Financial Statements.

34

ASTRO-MED, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

For the years ended January 31

($ In Thousands)

	Common Stock				Additional Paid-in Capital			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
	Shares		Amount
Balance January 31, 2013		9,031,756	$	452	$	38,786		$	36,092		$	(11,666	)	$	173		$	63,837
Share-based compensation		—		—		562			—			—			—			562
Employee option exercises		214,779		11		1,790			—			—			—			1,801
Tax benefit of employee stock options		—		—		158			—			—			—			158
Restricted stock awards		44,690		2		(61	)		—			—			—			(59	)
Purchases of common stock from employees		—		—		—			—			(797	)		—			(797	)
Dividends paid		—		—		—			(2,103	)		—			—			(2,103	)
Net income		—		—		—			3,212			—			—			3,212
Other comprehensive income		—		—		—			—			—			3			3
Balance January 31, 2014		9,291,225	$	465	$	41,235		$	37,201		$	(12,463	)	$	176		$	66,614
Share-based compensation		—		—		511			—			—			—			511
Employee option exercises		227,512		11		1,876			—			—			—			1,887
Tax benefit of employee stock options		—		—		107			—			—			—			107
Restricted stock awards		26,127		1		(140	)		—			—			—			(139	)
Purchases of common stock from employees		—		—		—			—			(878	)		—			(878	)
Repurchases of common stock		—		—		—			—			(6,250	)		—			(6,250	)
Dividends paid		—		—		—			(2,128	)		—			—			(2,128	)
Net income		—		—		—			4,662			—			—			4,662
Other comprehensive loss		—		—		—			—			—			(875	)		(875	)
Balance January 31, 2015		9,544,864	$	477	$	43,589		$	39,735		$	(19,591	)	$	(699	)	$	63,511

See Notes to the Consolidated Financial Statements.

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ASTRO-MED, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended January 31

(In Thousands)

		2015			2014
Cash Flows from Operating Activities:
Net Income	$	4,662		$	3,212
Adjustments to Reconcile Net Income to Net Cash Provided (Used) By Operating Activities:
Gain on Disposal of Discontinued Operations		—			(1,800	)
Depreciation and Amortization		2,063			1,279
Share-Based Compensation		511			562
Deferred Income Tax Benefit		(636	)		(636	)
Excess Tax Benefit From Share-Based Compensation		(107	)		(158	)
Write-down of Asset Held for Sale		220			—
Changes in Assets and Liabilities, Net of Impact of Acquisition and Divestiture:
Accounts Receivable		(2,741	)		(2,588	)
Inventories		(404	)		(1,283	)
Accounts Payable and Accrued Expenses		810			1,469
Income Taxes Payable		(1,747	)		(3,515	)
Other		(1,140	)		(1,004	)
Net Cash Provided (Used) by Operating Activities		1,491			(4,462	)
Cash Flows from Investing Activities:
Proceeds from Sales/Maturities of Securities Available for Sale		12,885			10,835
Purchases of Securities Available for Sale		(9,306	)		(21,065	)
Release of Funds Held in Escrow From Sale of Grass		1,800			—
Proceeds Received on Disposition of Grass Inventory		2,355			—
Payments Received on Line of Credit and Note Receivable		258			373
Additions to Property, Plant and Equipment		(2,247	)		(1,128	)
Acquisition of Miltope Ruggedized Printer Business		—			(6,732	)
Net Cash Provided (Used) by Investing Activities		5,745			(17,717	)
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		870			944
Purchase of Treasury Stock		(6,250	)		—
Excess Tax Benefit from Share-Based Compensation		107			158
Dividends Paid		(2,128	)		(2,103	)
Net Cash Used in Financing Activities		(7,401	)		(1,001	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		(218	)		522
Net Decrease in Cash and Cash Equivalents		(383	)		(22,658	)
Cash and Cash Equivalents, Beginning of Year		8,341			30,999
Cash and Cash Equivalents, End of Year	$	7,958		$	8,341
Supplemental Information:
Cash Paid During the Period for:
Income Taxes, Net of Refunds	$	4,566		$	5,085

See Notes to the Consolidated Financial Statements.

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ASTRO-MED, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

January 31, 2015 and 2014

Note 1—Summary of Significant Accounting Policies

Basis of Presentation: The accompanying financial data have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and are presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Our fiscal year end is January 31. Unless otherwise stated, all years and dates refer to our fiscal year.

On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope Corporation, a company of VT Systems (“Miltope”). Astro-Med’s ruggedized printer product line is part of the Ruggedized product group and is reported as part of the Test & Measurement (T&M) segment. The results of the Miltope’s ruggedized printer product line operations have been included in the consolidated financial statements of the Company since the acquisition date. Refer to Note 2, “Acquisition,” for further details.

On January 31, 2013, we completed the sale of substantially all of the assets of our Grass Technologies Product Group. Consequently, we have classified the results of operations of the Grass Technologies Product Group as discontinued operations for the 2014 period presented. Refer to Note 20, “Discontinued Operations,” for further discussion.

Principles of Consolidation: The consolidated financial statements include the accounts of Astro-Med, Inc. and its subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation.

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

Use of Estimates: The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect these financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, valuation and estimated lives of intangible assets, impairment of long-lived assets, asset held for sale and goodwill, income taxes, share-based compensation 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.

Cash and Cash Equivalents: Highly liquid investments with an original maturity of 90 days or less are considered to be cash equivalents. Similar investments with original maturities beyond three months are classified as securities available for sale. Cash of $2,995,000 and $2,544,000 was held in foreign bank accounts at January 31, 2015 and 2014, respectively.

Securities Available for Sale: Securities available for sale are carried at fair value based on quoted market prices, where available. The difference between cost and fair value, net of related tax effects, is recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity.

Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets (land improvements—10 to 20 years; buildings and improvements—10 to 45 years; machinery and equipment—3 to 10 years). Depreciation expense was $1,361,000 for fiscal 2015 and $1,279,000 for 2014.

Revenue Recognition: Astro-Med’s product sales are recognized when all of the following criteria have been met: persuasive evidence of an arrangement exists; price to the buyer is fixed or determinable; delivery has occurred and legal title and risk of loss have passed to the customer; and collectability is reasonably assured.

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Returns and customer credits are infrequent and are recorded as a reduction to sales. Rights of return are not included in sales arrangements. Revenue associated with products that contain specific customer acceptance criteria is not recognized before the customer acceptance criteria are satisfied. Discounts from list prices are recorded as a reduction to sales. Amounts billed to customers for shipping and handling fees are included in sales while related shipping and handling costs are included in cost of sales.

The majority of our equipment contains embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole as it is not sold separately or marketed separately and its production costs are minor as compared to those of the hardware system. Therefore, the Company’s hardware appliances are considered non-software elements and are not subject to the industry-specific software revenue recognition guidance.

Our multiple-element arrangements are generally comprised of a combination of equipment, software, installation and/or training services. Hardware and software elements are typically delivered at the same time and revenue is recognized when all the revenue recognition criteria for each unit are met. Delivery of installation and training services will vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. Service revenue is deferred and recognized over the contractual period or as services are rendered and accepted by the customer.

We have evaluated the deliverables in our multiple-element arrangements and concluded that they are separate units of accounting if the delivered item or items have value to the customer on a standalone basis and delivery or performance of the undelivered item(s) is considered probable and substantially in our control. We allocate revenue to each element in our multiple-element arrangements based upon their relative selling prices. We determine the selling price for each deliverable based on a selling price hierarchy. The selling price for a deliverable is based on vendor specific objective evidence (VSOE) if available, third-party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE nor TPE is available. Revenue allocated to each element is then recognized when the basic revenue recognition criteria for that element have been met.

Infrequently, Astro-Med recognizes revenue for non-recurring engineering (NRE) fees for product modification orders upon completion of agreed-upon milestones. Revenue is deferred for any amounts received prior to completion of milestones. Certain of our NRE arrangements include formal customer acceptance provisions. In such cases, we determine whether we have obtained customer acceptance for the specific milestone before recognizing revenue. NRE fees have not been significant in the periods presented herein.

Infrequently, Astro-Med receives requests from customers to hold product purchased from us for the customer’s convenience. Revenue is recognized for such bill and hold arrangements in accordance with the requirements of SEC Staff Accounting Bulletin No. 104 which requires, among other things, the existence of a valid business purpose for the arrangement; the transfer of ownership of the purchased product; a fixed delivery date that is reasonable and consistent with the buyer’s business purpose; the readiness of the product for shipment; the use of customary payment terms; no continuing performance obligation by us; and segregation of the product from our inventories.

Research and Development Costs: Astro-Med charges costs to expense in the period incurred, and these expenses are shown on a separate line in the consolidated statement of income. Included in research and development expense are the following: salaries and benefits, external engineering service costs, engineering related information costs and supplies. The Company also complies with Accounting Standards Codification (“ASC”) 985-20, “Costs of Computer Software to be Sold, Leased or Marketed” and ASC 350-40, “Internal-Use Software” in accounting for the costs of software either developed or acquired.

Foreign Currency Translation: The financial statements of foreign subsidiaries and branches are measured using the local currency as the functional currency. Foreign currency denominated assets and liabilities are

38

translated into U.S. dollars at year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the monthly average exchange rates. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our German subsidiary since its undistributed earnings are considered to be permanently invested. Our net foreign exchange losses were $219,000 and $190,000 for fiscal 2015 and 2014, respectively.

Advertising: Astro-Med expenses advertising costs as incurred. Advertising costs including advertising production, trade shows and other activities are designed to enhance demand for our products and amounted to approximately $1,717,000 and $1,236,000 in fiscal 2015 and 2014, respectively.

Health Insurance Reimbursement Reserve: Astro-Med reimbursed a portion of employee health insurance deductibles and co-payments for fiscal 2015 and 2014. The total reimbursement amounted to approximately $129,000 and $201,000 in 2015 and 2014, respectively. We accrued approximately $20,000 and $75,000 at January 31, 2015 and 2014, respectively, for estimated outstanding reimbursements due to employees, including a reserve for incurred but not reported amounts.

Long-Lived Assets: Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the projected undiscounted cash flows are less these the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, as determined by the discounting of future cash flows. For both 2015 and 2014, these were no impairment charges for long-lived assets.

Assets Held for Sale: Assets held for sale are reported at the lower of cost or fair value less cost to sell. Astro-Med’s former Grass facility in Rockland met the held for sale classification criteria as of January 31, 2015 and 2014. This property is being actively marketed and management expects to sell the property during the upcoming fiscal year. Accordingly, the asset held for sale has been classified as a current asset.

The Company estimated the fair value of the Rockland facility using the market values for similar properties and estimated the fair value less the cost to sell. This property is considered a Level 2 asset as defined in ASC 820, “Fair Value Measurements.”

During the years ended 2015 and 2014, the Company recorded impairment charges of $220,000 and $779,000, respectively, related to the write-down of the Rockland facility to fair value, less cost to sell. In fiscal 2015, the impairment charge was included in other income (expense), other, net in the consolidated statement of income. For fiscal 2014, the impairment charge was included in the income from discontinued operations in the consolidated statement of income.

Intangible Assets: Intangible assets include the value of customer relationships and backlog rights acquired in connection with business acquisitions and are recorded at fair value as determined by the Company. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. For both 2015 and 2014, there were no impairment charges for intangible assets.

Goodwill: Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in sales, earnings or cash flows, or material adverse changes in the business climate, indicate that the carrying value of an asset might be impaired. Goodwill is first qualitatively assessed to determine whether further impairment testing is necessary. Factors that management considers in this

39

assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a two step process is then performed. Step one compares the fair value of the reporting unit with its carrying value, including goodwill. If the carrying amount exceeds the fair value of the reporting unit, step two is required to determine if there is an impairment of the goodwill. Step two compares the implied fair value of the reporting unit goodwill to the carrying amount of the goodwill. We estimate the fair value of our reporting units using the income approach based upon a discounted cash flow model. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long–term operating cash flow performance. In addition, the Company uses the market approach, which compares the reporting unit to publicly-traded companies and transactions involving similar business, to support the conclusions based upon the income approach. The income approach requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates.

We performed a qualitative assessment for our 2015 analysis of goodwill. Based on this assessment, management does not believe that it is more likely than not that the carrying value of the reporting units exceed their fair values. Accordingly, no further testing was performed as management believes that there are no impairment issues in regards to goodwill at this time.

Income Taxes: Astro-Med uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and tax basis of the assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At January 31, 2015 and 2014, a valuation allowance was provided for deferred tax assets attributable to certain state R&D credit carryforwards.

Astro-Med accounts for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosure.

Net Income Per Common Share: Basic net income per share is based on the weighted average number of shares outstanding during the period. Diluted net income per share is based on the basic weighted average number of shares and potential common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period using the treasury stock method. In fiscal years 2015 and 2014, there were 156,600 and 126,800 common equivalent shares that were not included in the computation of diluted net income per common share because their inclusion would be anti-dilutive.

Allowance for Doubtful Accounts: In circumstances where we are aware of a customer’s inability to meet its financial obligations, an allowance is established. The majority of accounts are individually evaluated on a regular basis and allowances are established to state such receivables at their net realizable value. The remainder of the allowance is based upon historical write-off experience and current market assessments.

Fair Value of Financial Instruments: Our financial instruments consist of cash and cash equivalents, investment securities, accounts receivable, a note receivable, a line of credit receivable and accounts payable. The carrying amount reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value due to the short-term nature of these items. Investment securities, all of which are available for sale, are carried in the consolidated balance sheets at fair value based on quoted market prices, when available. The note receivable is carried in the consolidated balance sheets at fair value based on the present value of the discounted cash flows over the life of the note.

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The Company measures assets held for sale at fair value on a nonrecurring basis and records impairment charges when the assets are deemed to be impaired.

Share-Based Compensation: Share-based compensation expense is measured based on the estimated fair value of the share-based award when granted and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate of share-based compensation 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. No compensation expense is recognized for options that are forfeited for which the employee does not render the requisite service. Our accounting for share-based compensation for restricted stock awards (“RSA”) and restricted stock units (“RSU”) 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.

The cash flow from the tax benefits that are a result of tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as a cash inflow from financing activities and a cash outflow from operating activity. Tax deductions from certain stock option exercises are treated as being realized when they reduce taxes payable in accordance with relevant tax law.

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 and is to be applied prospectively. We are currently evaluating the impact of ASU 2014-08 and do not expect it to have a material effect on the Company’s financial position or results of operations.

Revenue Recognition

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services and is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements.

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Note 2—Acquisition

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 reported as part of the T&M segment. The results of the Miltope’s ruggedized printer product line operations have been included in the consolidated financial statements of the Company since the acquisition date.

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 was 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. Acquisition related costs of approximately $90,000 are included in the general and administrative expenses in the Company’s consolidated statement of income for the fiscal year ended January 31, 2014. 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 entered into a manufacturing services agreement under which Miltope provided transition services and continued to manufacture printers for Astro-Med. This agreement concluded in the third quarter of fiscal 2015, as the Company has transitioned all the manufacturing to its West Warwick, Rhode Island facility at that time.

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

Goodwill of $196,000, which is deductible for tax purposes, represents the excess of the purchase price over the estimated fair value assigned to the tangible and identifiable intangible assets acquired and liabilities assumed from Miltope. The carrying amount of the goodwill was allocated to the T&M segment of the Company.

The following table reflects the fair value of the acquired identifiable intangible assets and related estimated useful lives:

(In thousands)	Fair Value		Useful Life (Years)
Customer Contract Relationships	$	3,100		10
Backlog		300		1
Total	$	3,400

Amortization expense of $702,000 has been included in the statement of income for fiscal 2015 in regards to the above acquired intangibles.

Estimated amortization expense for the next five years is as follows:

(In thousands)	2016		2017		2018		2019		2020
Estimated amortization expenses	$	357	$	349	$	331	$	278	$	278

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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.

	Year Ended January 31
(In thousands)	2014
Net Revenue	$	75,362

The impact on income from continuing operations, net income and earnings per share would not have been material to the Company for the year ended January 31, 2014.

Note 3—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 month to three years. These securities are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss), net of taxes 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 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:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(In thousands)
January 31, 2015
State and Municipal Obligations	$	15,150	$	26	$	(2	)	$	15,174
January 31, 2014
State and Municipal Obligations	$	18,729	$	37	$	—		$	18,766

The contractual maturity dates of these securities are as follows:

	January 31
	2015		2014
(In thousands)
Less than one year	$	9,470	$	11,439
One to three years		5,704		7,327
	$	15,174	$	18,766

Actual maturities may differ from contractual dates as a result of sales or earlier issuer redemptions.

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Note 4—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:

	January 31
	2015			2014
(In thousands)
Materials and Supplies	$	10,600		$	10,722
Work-in-Progress		765			852
Finished Goods		7,372			6,798
		18,737			18,372
Inventory Reserve		(3,155	)		(3,194	)
Balance at January 31	$	15,582		$	15,178

Included within finished goods inventory is $1,030,000 and $767,000 of demonstration equipment at January 31, 2015 and 2014, respectively.

Note 5—Accrued Expenses

Accrued expenses consisted of the following:

	January 31
	2015		2014
(In thousands)
Warranty	$	375	$	355
Product Replacement Cost Reserve		353	$	480
Professional Fees		256		269
Executive Retirement Package		250		250
Dealer Commissions		163		55
Other		946		901
	$	2,343	$	2,310

Note 6—Line of Credit

On September 5, 2014, Astro-Med entered into a new unsecured revolving line of credit agreement with Wells Fargo Bank to replace the previous agreement which expired on May 30, 2014. The terms of the new agreement are for a three-year, $10 million revolving line of credit to be available to the Company to be used as needed for ongoing working capital requirements, business acquisitions or general corporate purposes. Any borrowings made under the new line of credit bear interest at either a fluctuating base rate equal to the highest of (i) the Prime Rate, (ii) 1.50% above the daily one month LIBOR, and (iii) the Federal Funds Rate in effect plus 1.50% or at a fixed rate of LIBOR plus an agreed upon margin of between 0% and 2.25%, based on the Company’s funded debt to EBITDA ratio as defined in the agreement. In addition, the new agreement provided for two financial covenant requirements, namely, Total Funded Debt to Adjusted EBITDA (as defined) of not greater than 3 to 1 and a Fixed Charge Coverage Ratio (as defined) of not less than 1.25 to 1, both measured at the end of each quarter on a rolling four quarter basis. As of the January 31, 2015, there have been no borrowings against this line of credit and the Company was in compliance with its financial covenants.

Note 7—Note Receivable and Revolving Line of Credit Issued

On January 30, 2012, we completed the sale of our label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sales 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

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and plant assets. The note bears interest at 3.75% and is payable in sixteen quarterly installments of principal and interest which commenced on January 30, 2013. As of January 31, 2015, $511,000 remains outstanding on this note which approximates its estimated fair value.

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 of $600,000, which is fully secured by a first lien on various collateral, including the Asheboro plant and plant assets. This line of credit bears interest at a rate equal to the United States prime rate plus an additional margin of two percent of the outstanding credit balance (5.25% at January 31, 2015). Although the initial term was for a period of one-year from the date of the sale, the agreement had been extended through January 31, 2015. As of January 31, 2015, $173,000 remains outstanding on this revolving line of credit. Subsequent to fiscal 2015 year-end, the agreement was amended to extend the term of the agreement through January 31, 2016.

Note 8—Accumulated Other Comprehensive Income (Loss)

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

(In thousands)	Foreign Currency Translation Adjustments			Unrealized Holding Gain on Available for Sale Securities			Total
Balance at January 31, 2013	$	166		$	7		$	173
Other Comprehensive Income (Loss)		(14	)		17			3
Amounts Reclassified to Net Income		—			—			—
Net Other Comprehensive Income (Loss)		(14	)		17			3
Balance at January 31, 2014		152			24			176
Other Comprehensive Income (Loss)		(866	)		(9	)		(875	)
Amounts Reclassified to Net Income		—			—			—
Net Other Comprehensive Income (Loss)		(866	)		(9	)		(875	)
Balance at January 31, 2015	$	(714	)	$	15		$	(699	)

The amounts presented above in other comprehensive income (loss) are net of taxes except for translation adjustments associated with our German subsidiary.

Note 9—Shareholders’ Equity

On December 5, 2014, the Company repurchased 500,000 shares of the Company’s common stock from the Estate of Albert W. Ondis for an aggregate purchase price of $6,250,000. Prior to entering into the Stock Purchase Agreement, the Company obtained an opinion from an independent investment banking firm as to the fairness, from a financial point of view, to the public shareholders of the Company other than the selling shareholders, of the consideration paid by the Company in the transaction. The purchase was funded using existing cash on hand. This transaction did not impact the number of shares authorized for repurchase under the Company’s current repurchase program. During fiscal 2014 the Company did not repurchase any shares of its common stock except as described below in connection with the exercise of employee stock options.

During fiscal 2015 and 2014, certain of the Company’s employees delivered a total of 62,797 and 66,828 shares respectively, of the Company’s common stock to satisfy the exercise price for stock options exercised and related taxes. The shares delivered were valued at a total of $878,000 and $797,000, respectively, and are included in treasury stock in the accompanying consolidated balance sheets at January 31, 2015 and 2014. These transactions did not impact the number of shares authorized for repurchase under the Company’s current repurchase program.

As of January 31, 2015, the Company’s Board of Directors has authorized the purchase of up to an additional 390,000 shares Company’s common stock on the open market or in privately negotiated transactions.

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Note 10—Share-Based Compensation

Astro-Med maintains the following share-based compensation plans:

Stock Plans:

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 January 31, 2015, 206,339 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 of the Board of Directors; 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 vests on the third anniversary of the grant date, fifty percent vests upon the Company achieving its cumulative budgeted net sales target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent 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. No 2014 RSUs whose vesting is dependent upon the achievement of financial performance goals as set forth herein, have vested as of January 31, 2015.

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 annual 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 also receives an annual retainer of $6,000 and the Chair of the Audit Committee and Compensation Committee 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 non-employee 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.

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’

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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.

Stock Options:

Aggregated information regarding stock options granted under the Plan is summarized below:

	Number of Shares			Option Price Per Share		Weighted Average Option Price Per Share
Options Outstanding, January 31, 2014		736,647		$	5.78-11.90	$	8.63
Options Granted		158,600		$	13.46-14.20	$	13.99
Options Exercised		(224,275	)	$	6.22-11.90	$	8.29
Options Expired		(14,961	)	$	7.95-14.20	$	9.49
Options Outstanding, January 31, 2015		656,011		$	5.78-14.20	$	10.01
Options Exercisable, January 31, 2015		413,612		$	5.78-13.46	$	8.78

Set forth below is a summary of options outstanding at January 31, 2015:

Outstanding							Exercisable
Range of Exercise prices	Options		Weighted Average Exercise Price		Remaining Contractual Life		Options		Weighted Average Exercise Price
$5.78-8.73		314,365	$	7.64		5.1		254,516	$	7.54
$8.95-13.46		190,046	$	10.79		4.3		159,096	$	10.76
$13.80-14.20		151,600	$	14.00		9.2		—	$	—
		656,011						413,612

The fair value of each stock option granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Years Ended January 31
	2015	2014
Risk-Free Interest Rate	1.5%-1.62%	0.81%-0.84%
Expected Life (years)	5	5
Expected Volatility	21.47%-26.75%	38.07%-38.46%
Expected Dividend Yield	1.98%	2.63%

The weighted average fair value of options granted during fiscal 2015 and 2014 was $2.85 and $2.79, respectively. As of January 31, 2015, there was $455,000 of unrecognized compensation expense related to the unvested stock options granted under the plans. The expense is to be recognized over a weighted average of two years.

As of January 31, 2015, the aggregate intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock on January 31, 2015, and the exercise price of the outstanding options) that would have been received by the option holders if all options had been exercised was $2,554,000 for all exercisable options and $3,225,000 for all options outstanding. The weighted average remaining contractual terms for these options are 4.2 years. The total aggregate intrinsic value of options exercised during fiscal 2015 and 2014 was $1,149,000 and $706,000, respectively.

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

Aggregated information regarding RSUs and RSAs granted under the Plan is summarized below:

	RSAs & RSUs			Weighted Average Grant Date Fair Value
Outstanding at January 31, 2014		106,496		$	9.12
Granted		7,245			13.80
Vested		(35,662	)		8.75
Expired or canceled		(5,834	)		10.07
Outstanding at January 31, 2015		72,245		$	9.70

As of January 31, 2015, there was $278,000 of unrecognized compensation expense related to unvested RSUs and RSAs.

Share-based compensation expense has been recognized as follows:

	Years Ended January 31
	2015		2014
(In thousands)
Stock Options	$	241	$	192
Restricted Stock Awards and Restricted Stock Units		270		370
Total	$	511	$	562

Employee Stock Purchase Plan (ESPP):

Astro-Med’s ESPP allows eligible employees to purchase shares of common stock at a 15% discount from fair market value on the date of purchase. A total of 247,500 shares were initially reserved for issuance under this plan. Summarized plan activity is as follows:

	Years Ended January 31
	2015			2014
Shares Reserved, Beginning		60,242			64,231
Shares Purchased		(3,237	)		(3,989	)
Shares Reserved, Ending		57,005			60,242

Note 11—Income Taxes

The components of income from continuing operations before income taxes are as follows:

	Years Ended January 31
	2015		2014
(In thousands)
Domestic	$	5,401	$	537
Foreign		1,531		875
	$	6,932	$	1,412

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The components of the provision for income taxes from continuing operations are as follows:

	Years Ended January 31
	2015			2014
(In thousands)
Current:
Federal	$	1,666		$	930
State		466			179
Foreign		535			297
		2,667			1,406
Deferred:
Federal		(290	)		(1,044	)
State		(107	)		(174	)
Foreign		—			(13	)
		(397	)		(1,231	)
	$	2,270		$	175

The provision for income taxes for continuing operations differs from the amount computed by applying the statutory federal income tax rate of 34% in fiscal 2015 and 2014 to income before income taxes due to the following:

	Years Ended January 31
	2015			2014
(In thousands)
Income Tax Provision at Statutory Rate	$	2,357		$	480
State Taxes, Net of Federal Tax Effect		233			(47	)
Change in Reserves Related to ASC 740 Liability		23			(59	)
Meals and Entertainment		41			38
Domestic Production Deduction		(164	)		(30	)
Share-Based Compensation		(25	)		36
Tax-exempt Income		(24	)		(22	)
R&D Credits		(135	)		(114	)
Foreign Rate Differential		(56	)		(26	)
Other Permanent Differences and Miscellaneous, Net		20			(81	)
	$	2,270		$	175

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The components of deferred income tax expense arise from various temporary differences and relate to items included in the statement of income. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:

	January 31
	2015			2014
(In thousands)
Deferred Tax Assets:
Inventory	$	1,666		$	1,792
Share-Based Compensation		572			535
State R&D Credits		371			258
Compensation Accrual		417			493
ASC 740 Liability Federal Benefit		304			290
Deferred Service Contract Revenue		235			181
Warranty Reserve		140			137
Reserve for Doubtful Accounts		116			127
Foreign Tax Credit		356			213
Other		298			119
		4,475			4,145
Deferred Tax Liabilities:
Accumulated Tax Depreciation in Excess of Book Depreciation		766			830
Deferred Gain on Asset Held for Sale		785			897
Currency Translation Adjustment		36			173
Other		87			78
		1,674			1,978
Subtotal		2,801			2,167
Valuation Allowance		(255	)		(258	)
Net Deferred Tax Assets	$	2,546		$	1,909

The valuation allowance at January 31, 2015 relates to certain state research and development tax credit carryforwards which are expected to expire unused. The change in the valuation allowance in 2015 was a decrease of approximately $3,000 and represented a decrease in the reserve due to the utilization of research and development credits during the current year, net of federal benefit. The change in the valuation allowance in 2014 was an increase of approximately $27,000 and represented an increase in the reserve due to the generation of research and development credits during the current year, net of federal benefit.

The Company reasonably believes that it is possible that some unrecognized tax benefits, accrued interest and penalties could decrease income tax expense in the next year due to either the review of previously filed tax returns or the expiration of certain statutes of limitation. The changes in the balance of unrecognized tax benefits, excluding interest and penalties are as follows:

	2015			2014
(In thousands)
Balance at February 1	$	715		$	941
Increases in prior period tax positions		—			31
Increases in current period tax positions		87			42
Reductions related to lapse of statute of limitations		(95	)		(299	)
Balance at January 31	$	707		$	715

If the $707,000 is recognized, $493,000 would decrease the effective tax rate in the period in which each of the benefits is recognized and the remainder would be offset by a reversal of deferred tax assets.

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During fiscal 2015 and 2014 the Company recognized an expense of $43,000 and $68,000, respectively, related to interest and penalties, which are included as a component of income tax expense in the accompanying statements of income. At January 31, 2015 and 2014, the Company had accrued potential interest and penalties of $460,000 and $416,000, respectively.

The Company and its subsidiaries file income tax returns in U.S. federal jurisdictions, various state jurisdictions, and various foreign jurisdictions. The Company is no longer subject to U.S. federal tax examinations prior to 2010.

On September 13, 2013, the U.S. Treasury Department and the Internal Revenue Service released final regulations that provided guidance on the application of IRC Section 263(a) for amounts paid to acquire, produce, or improve tangible property, as well as the rules for materials and supplies and proposed regulations addressing dispositions and general asset accounts. The final regulations are generally effective for tax years beginning on or after January 1, 2014. We are currently evaluating the impact of these new regulations and do not expect them to have a material impact to our financial statements.

At January 31, 2015, the Company has indefinitely reinvested $3,909,000 of the cumulative undistributed earnings of its foreign subsidiary in Germany, all of which would be subject to U.S. taxes if repatriated to the U.S. Through January 31, 2015, the Company has not provided deferred income taxes on the undistributed earnings of this subsidiary because such earnings are considered to be indefinitely reinvested. Non-U.S. income taxes are, however, provided on these undistributed earnings.

Note 12—Contractual Obligations

The following table summarizes our contractual obligations:

	Total		2016		2017		2018		2019		2020 and Thereafter
(In thousands)
Purchase Commitments*	$	15,117	$	14,907	$	210	$	—	$	—	$	—
Operating Lease Obligations		688		255		225		136		72		—
	$	15,805	$	15,162	$	435	$	136	$	72	$	—

* Purchase commitments consists primarily of inventory and equipment purchase orders made in the ordinary course of business.

The Company incurred rent and lease expenses in the amount of $614,000 and $599,000 for the fiscal years 2015 and 2014, respectively.

Note 13—Nature of Operations, Segment Reporting and Geographical Information

The Company’s operations consist of the design, development, manufacture and sale of specialty printers and data acquisition and analysis systems, including both hardware & software and related consumable supplies. The Company organizes and manages its business as a portfolio of products and services designed around a common theme of data acquisition and information output. The Company has two reporting segments consistent with its sales product groups: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M).

QuickLabel produces an array of high-technology digital color and monochrome label printers, labeling software and consumables for a variety of commercial industries worldwide. T&M produces data recording equipment used worldwide for a variety of recording, monitoring and troubleshooting applications for many industries including aerospace, automotive, defense, rail, energy, industrial and general manufacturing.

Business is conducted in the United States and through foreign affiliates in Canada, Europe, Southeast Asia and Mexico. Manufacturing activities are primarily conducted in the United States. Sales and service activities

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outside the United States are conducted through wholly-owned entities and, to a lesser extent, through authorized distributors and agents. Transfer prices are intended to produce gross profit margins as would be associated with an arms-length transaction.

On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope. Astro-Med’s ruggedized printer product line is part of the Ruggedized 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 from the date of acquisitions for all periods presented below. Refer to Note 2, “Acquisition,” for further details.

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 core businesses. Consequently, the Company has classified the results of operations of Grass as discontinued operations for the fiscal 2014 period presented. Refer to Note 20 “Discontinued Operations,” for further details.

The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies herein. 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 (both in dollars and as a percentage of Net Sales) for each reporting segment:

($ in thousands)	Net Sales				Segment Operating Profit				Segment Operating Profit % of Net Sales
	2015		2014		2015		2014		2015			2014
QuickLabel	$	59,779	$	49,065	$	7,259	$	5,154		12.1	%		10.5	%
T&M		28,568		19,527		5,627		2,655		19.7	%		13.6	%
Total	$	88,347	$	68,592		12,886		7,809		14.6	%		11.4	%
Product Replacement Costs						—		672
Corporate Expenses						5,655		5,604
Operating Income						7,231		1,533
Other Expense						299		121
Income from Continuing Operations before Income Taxes						6,932		1,412
Income Tax Provision for Continuing Operations						2,270		175
						4,662		1,237
Income from Discontinued Operations, Net of Taxes						—		1,975
Net Income					$	4,662	$	3,212

No customer accounted for greater than 10% of net sales in fiscal 2015 and 2014.

Other information by segment is presented below:

(In thousands)	Assets
	2015		2014
QuickLabel	$	24,874	$	25,306
T&M		22,323		17,049
Discontinued Operations		—		3,917
Corporate*		27,133		31,692
Total	$	74,330	$	77,964

* Corporate assets consist principally of cash and cash equivalents, securities available for sale, and building held for sale.

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(In thousands)	Depreciation and Amortization				Capital Expenditures
	2015		2014		2015		2014
QuickLabel	$	678	$	639	$	1,408	$	543
T&M		1,385		640		839		585
Total	$	2,063	$	1,279	$	2,247	$	1,128

Geographical Data

Presented below is selected financial information by geographic area:

(In thousands)	Net Sales				Long-Lived Assets
	2015		2014		2015		2014
United States	$	61,494	$	48,679	$	10,422	$	10,115
Europe		18,181		14,909		383		538
Canada		3,934		2,569		272		339
Asia		1,408		1,167		—		—
Central and South America		1,919		908		—		—
Other		1,411		360		—		—
Total	$	88,347	$	68,592	$	11,077	$	10,992

Long-lived assets excludes goodwill assigned to the T&M segment of $1.0 million at January 31, 2015 and 2014.

Note 14—Employee Benefit Plans

Employee Stock Ownership Plan (ESOP):

Astro-Med has an ESOP providing retirement benefits to all eligible employees. Annual contributions in amounts determined by the Company’s Board of Directors are invested by the ESOP’s Trustees in shares of common stock of Astro-Med. Contributions may be in cash or stock. Astro-Med’s contributions (paid or accrued) amounted to $100,000 in both fiscal 2015 and 2014 and were recorded as compensation expense. All shares owned by the ESOP have been allocated to participants.

Profit-Sharing Plan:

Astro-Med sponsors a Profit-Sharing Plan (the “Plan”) which provides retirement benefits to all eligible domestic employees. The Plan allows participants to defer a portion of their cash compensation and contribute such deferral to the Plan through payroll deductions. The Company makes matching contributions up to specified levels. The deferrals are made within the limits prescribed by Section 401(k) of the Internal Revenue Code.

All contributions are deposited into trust funds. It is the policy of the Company to fund any contributions accrued. The Company’s annual contribution amounts are determined by the Board of Directors. Contributions paid or accrued amounted to $294,000 and $251,000 in fiscal 2015 and 2014, respectively.

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Note 15—Product Warranty Liability

Astro-Med offers a manufacturer’s warranty for the majority of its hardware products. The specific terms and conditions of warranty vary depending upon the product sold and country in which the Company does business. For products sold in the United States, the Company provides a basic limited warranty, including parts and labor. The Company estimates the warranty costs based on historical claims experience and records a liability in the amount of such estimates at the time product revenue is recognized. The Company regularly assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Activity in the product warranty liability is as follows:

	January 31
	2015			2014
(In thousands)
Balance, beginning of the year	$	355		$	350
Warranties issued		546			447
Settlements made		(526	)		(442	)
Balance, end of the year	$	375		$	355

Note 16—Product Replacement Costs

In April 2013, tests conducted by the Company revealed that one of its suppliers had been using a non-conforming material 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 costs were recognized and recorded in the first quarter of fiscal 2014 and are included in cost of sales in the accompanying consolidated statement of income for the fiscal year ended January 31, 2014. As of January 31, 2015, the Company had expended $319,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $353,000 is included in other accrued expenses in the accompanying consolidated balance sheet as of January 31, 2015.

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, Astro-Med received a non-refundable $450,000 settlement from the supplier in January 2014 for recovery of the costs and expense associated with this issue. This settlement was recorded in cost of sales in the accompanying consolidated statement of income for the fiscal year ended January 31, 2014. In addition to this cash settlement, the Company will receive lower product prices from the supplier through fiscal 2017.

Note 17—Concentration of Risk

Credit is generally extended on an uncollateralized basis to almost all customers after review of credit worthiness. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts which constitute the Company’s customer base. The Company periodically performs on-going credit evaluations of its customers. The Company has not historically experienced significant credit losses on collection of its accounts receivable.

Excess cash is invested principally in investment grade government and state municipal securities. The Company has established guidelines relative to diversification and maturities that maintain safety of principal,

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liquidity and yield. These guidelines are periodically reviewed and modified to reflect changes in market conditions. The Company has not historically experienced any significant losses on its cash equivalents or investments.

During the years ended January 31, 2015 and 2014, one vendor accounted for 21.9% and 14.3% of purchases, and 55.1% and 23.6% of accounts payable, respectively.

Note 18—Commitments and Contingencies

Astro-Med is subject to contingencies, including legal proceedings and claims arising in the normal course of business that cover a wide range of matters including, among others, contract and employment claims, workers compensation claims, product liability, warranty and modification, adjustment or replacement of component parts of units sold.

Direct costs associated with the estimated resolution of contingencies are accrued at the earliest date at which it is deemed probable that a liability has been incurred and the amount of such liability can be reasonably estimated. While it is impossible to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits, the Company believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations. It is possible, however, that future results of operations for any particular future period could be materially affected by changes in our assumptions or strategies related to these contingencies or changes out of the Company’s control.

Note 19—Fair Value Measurements

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. 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; accounts receivables; line of credit receivable; accounts payable, note receivable, accrued compensation and other expenses; and income tax payable are reflected in the consolidated balance sheet at carrying value, which approximates fair value due to the short term nature of the these instruments.

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

January 31, 2015	Level 1		Level 2		Level 3		Total
(In thousands)
Money market funds (included in cash and cash equivalents)	$	3,028	$	—	$	—	$	3,028
State and municipal obligations (included in securities available for sale)		—		15,174		—		15,174
Total	$	3,028	$	15,174	$	—	$	18,202
January 31, 2014	Level 1		Level 2		Level 3		Total
(In thousands)
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 market prices for identical assets.

Non-financial assets measured at fair value on a non-recurring basis are summarized below:

January 31, 2015	Level 1		Level 2		Level 3
(In thousands)
Asset Held for Sale	$	—	$	1,900	$	—
January 31, 2014	Level 1		Level 2		Level 3
(In thousands)
Asset Held for Sale	$	—	$	2,120	$	—

Asset held for sale consists of Astro-Med’s former Grass facility in Rockland, Massachusetts which is being actively marketed for sale. In accordance with ASC 360, “Property, Plant and Equipment,” assets held for sale are written down to fair value less cost to sell and as such, the Company has recorded impairment charges of $220,000 and $779,000, in fiscal 2015 and 2014, respectively. In fiscal 2015, the impairment charge was included in other income (expense), other, net in the consolidated statement of income. In fiscal 2014, the impairment charge was included in the income from discontinued operations in the consolidated statement of income, as the Rockland facility was part of the Grass operations at that time. The Company estimated the fair value of the Rockland facility using the market values for similar properties less the cost to sell.

Note 20—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. 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. The proceeds from the sale consisted of $18.6 million in cash, of which $1.8 million was held in escrow following the closing date of the transaction and was received by Astro-Med in the first quarter of fiscal 2015.

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As part of this transaction, a Transition Service Agreement (TSA) was entered into with the purchaser pursuant to which Astro-Med 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 were not significant and therefore Grass has been classified as a discontinued operation for the fiscal 2014 period presented. The TSA 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, the purchaser was obligated to acquire the remaining Grass inventory upon expiration of the TSA and as such, 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 since fiscal 2014 have not been, and are not expected to be material.

Results for discontinued operations are as follows:

	2014
(In thousands)
Net Sales	$	8,401
Cost of Sales	$	7,353
Gross Profit	$	1,048
Operating Expenses	$	96
Income from Discontinued Operations	$	952
Gain on Sale of Assets of Discontinued Operations	$	1,800
Income Tax Expense	$	777
Income from Discontinued Operations	$	1,975

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ASTRO-MED, INC.

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

Description	Balance at Beginning of Year		Provision Charged to Operations		Deductions(2)			Balance at End of Year
Allowance for Doubtful Accounts(1):
(In thousands)
Year Ended January 31,
2015	$	370	$	60	$	(87	)	$	343
2014	$	345	$	119	$	(94	)	$	370

(1) The allowance for doubtful accounts has been netted against accounts receivable as of the respective balance sheet dates.

(2) Uncollectible accounts written off, net of recoveries, also includes foreign exchange adjustment.

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EX-10.12

Exhibit 10.12

ASTRO-MED, INC.

EQUITY INCENTIVE AWARD AGREEMENT

This Equity Incentive Award Agreement (this “Agreement”) is made as of November 24, 2014 (the “Effective Date”) by and between Astro-Med, Inc., a Rhode Island corporation (the “Company” or “we”), and Gregory A. Woods (“Executive” or “you”).

RECITALS

In connection with your appointment as Chief Executive Officer of the Company and in consideration of your anticipated future contributions to the Company, the Company has awarded you the Initial Option Award (as hereinafter defined) and wishes to provide you with certain additional equity-based incentive awards over the next four years, consisting of stock options and restricted stock awards, and you agree to accept such awards, on the terms and conditions set forth herein.

NOW, THEREFORE, the parties hereto agree as follows:

1. Certain Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meaning as set forth in the Astro-Med, Inc. 2007 Equity Incentive Plan (the “Plan”). For the purposes of this Agreement (and notwithstanding the provisions of the Plan), the following definitions will apply:

“Aggregate Optioned Shares” means the aggregate number of shares of Stock issued or issuable upon exercise of the Initial Option Award and all Annual Option Awards actually granted to Executive pursuant to this Agreement.

“Awards” means the Initial Option Award and all Annual Option Awards and Restricted Stock Awards made pursuant to this Agreement.

“Annual Option Awards” means the three (3) Annual Option Awards, each for 50,000 shares of Stock, to be granted to Executive in 2015, 2016 and 2017, subject to and in accordance with the provisions of Paragraph 2(a)(i) of this Agreement.

“Change in Control” means (i) the acquisition of 50% or more of the beneficial ownership of the combined voting securities of the Company by any person or group (as such terms are used in Section 13(d) and 14(d) of the Exchange Act), other than the Company or its subsidiaries or any employee benefit plan of the Company or any person who was an officer or director of the Company on the Effective Date of this Agreement, which person or group did not theretofore beneficially own 30% or more of the combined voting securities of the Company; (ii) consummation by the Company of a reorganization, merger or consolidation, in each case, with respect to which all or substantially all of the individuals and entities who were the beneficial owners of the voting securities of such entity immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially own,

directly or indirectly, securities representing more than 50% of the voting power of then outstanding voting securities of the corporation resulting from such a reorganization, merger or consolidation; (iii) the sale, exchange or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company (on a consolidated basis) to a party which is not controlled by or under common control with the Company; or (iv) a change in the composition of a majority of the Board over a two-year period unless the selection or nomination of each of the new members is approved by two-thirds of those remaining members of the Board who were members at the beginning of the two-year period; provided, however, that notwithstanding the foregoing, no event or condition will constitute a Change in Control to the extent (but only to the extent) that, if it were a Change in Control, a tax or other penalty would be imposed under Section 409A, and in such case the definition of Change in Control herein shall be modified to the extent necessary to comply with Section 409A so as not to result in such tax or penalty.

“Deficiency Amount” means, with respect to each Annual Option Award, the positive difference (if any) between the exercise price per share of Stock provided in such Annual Option Award and the Initial Option Price, multiplied by the number of shares covered by such Annual Option Award (initially 50,000, subject to adjustment in accordance with Paragraph 4 hereof).

“Fair Market Value” has the meaning set forth in the Plan, provided, however, that if the Fair Market Value is being determined for purposes of calculating the Make Whole Amount payable in connection with a Change in Control, the Fair Market Value of a share of Stock shall be an amount equal to the value of the cash and property to be paid in exchange for one share of Stock as a result of such Change in Control, as determined by the Committee in its discretion.

“Initial Grant Date” means May 22, 2014.

“Initial Option Award” means the option to purchase 50,000 shares of Stock of the Company granted to Executive on the Initial Grant Date, which is exercisable at the Initial Option Price and vests in four equal annual installments commencing on the first anniversary of the Initial Grant Date.

“Initial Option Price” means $13.80, being the closing price of a share of the Stock on the Initial Grant Date, subject to the same adjustment(s) as provided generally under Section 11.2 of the Plan with respect to the exercise price of outstanding Options for any stock split, reverse stock split, combination of shares, stock dividend or similar transaction occurring after the Initial Grant Date.

“Make Whole Amount” means an amount equal to (i) the positive difference (if any) between the Fair Market Value of a share of Stock determined in accordance with the definition of “Fair Market Value” as set forth in this Agreement as of the date the Make Whole Amount is determined minus the Initial Option Price (ii) multiplied by the Option Shortfall (if any) as of the date of the Change of Control.

“Option Shortfall” means the difference between 200,000 shares of Stock and the Aggregate Optioned Shares.

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“Restricted Stock Awards” means the restricted stock awards to be granted to Executive in 2015, 2016 and 2017 subject to and in accordance with the terms and provisions of Paragraph 2(a)(ii) of this Agreement.

“Subsequent Grant Date” means the date of grant of each Annual Option Award made pursuant to Paragraph 2(a)(i) of this Agreement in 2015, 2016 and 2017.

2. Annual Equity Grants.

(a) Provided Executive is employed as Chief Executive Officer of the Company on the date of grant, the Company agrees to grant to Executive, the first regular meeting of the Company’s Board of Directors or the Compensation Committee of the Company’s Board of Directors, as applicable held after February 1^st (but in no event later than May 31^st) in each of 2015, 2016 and 2017, the following equity grants on the terms and conditions set forth herein:

(i) The right and option (the “Annual Option Award”) to purchase from the Company all or any part of an aggregate of 50,000 shares of Stock at an exercise price equal to the Fair Market Value on the applicable Subsequent Grant Date, which options shall have a term of ten (10) years and shall become exercisable in four (4) equal annual installments commencing on the first anniversary of the applicable Subsequent Grant Date. The Annual Option Award shall be issued pursuant to Section 6 of the Plan and shall be evidenced by a Stock Option Agreement substantially in the form attached hereto as Exhibit A.

(ii) An award of restricted stock (the “Restricted Stock Award”) having a value equal to the Deficiency Amount based on the Fair Market Value of a share of Stock as of the applicable Subsequent Grant Date. Each Restricted Stock Award shall be for the number of shares of Stock equal to the (x) Deficiency Amount (y) divided by the Fair Market Value of such Stock on the applicable Subsequent Grant Date rounded down to the nearest whole number, and shall vest in four (4) equal annual installments commencing on the first anniversary of the applicable Subsequent Grant Date. The Restricted Stock Award will be issued pursuant to Section 8 of the Plan and, shall be evidence by a Restricted Stock Agreement substantially in the form attached hereto as Exhibit B.

(b) By way of example (and for no other purpose),

(i) if the Fair Market Value of the Stock on the first Subsequent Grant Date in 2015 is $15.80, then Executive shall receive an Annual Option Award for 50,000 shares of Stock with an exercise price of $15.80 per share, the Deficiency Amount with respect to such Annual Option Award would be $100,000 [($15.80-$13.80) * 50,000] and Executive would receive a Restricted Stock Award of 6,329 shares of Stock ($100,000 ÷ $15.80);

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(ii) if the Fair Market Value of the Stock on the second Subsequent Grant Date in 2016 is $17.30, then Executive shall receive an Annual Option Award for 50,000 shares of Stock with an exercise price of $17.30 per share, the Deficiency Amount with respect to such Annual Option Award would be $175,000 [($17.30-$13.80) * 50,000] and Executive would receive a Restricted Stock Award of 10,115 shares of Stock ($175,000 ÷ $17.30); and

(iii) if the Fair Market Value of the Stock on the third Subsequent Grant Date in 2017 is $20.80, then Executive shall receive an Annual Option Award for 50,000 shares of Stock with an exercise price of $20.80 per share, the Deficiency Amount with respect to such Annual Option Award would be $350,000 [($20.80-$13.80) * 50,000] and Executive would receive a Restricted Stock Award of 16,826 shares of Stock ($175,000 ÷ $20.80).

3. Make Whole Payment. In the event there is a Change in Control of the Company prior to June 1, 2018, the Company shall pay Executive an amount equal to the Make Whole Amount (if any), which Make Whole Amount shall be payable in one lump sum within fifteen (15) days of the date of the Change in Control.

4. Changes in Capital and Corporate Structure. In addition to any obligations that may be imposed by applicable law upon any successor in interest to the Company, the Company shall require any successor (whether direct or indirect, by way of Change in Control, or other purchase, merger, consolidation or otherwise) of the Company to expressly assume the obligation to pay the Make Whole Amount and agree to perform the obligations hereunder with respect thereto in the same manner and to the same extent that the Company would be required to perform them if no such succession had taken place. In the event of any stock split, stock dividend, reverse stock split, spinoff, split-off, recapitalization, reorganization or other similar corporate adjustment or change affecting the Stock (each an “Adjustment”), the number of shares covered by the Annual Option Awards and Restricted Stock Awards issued to you pursuant to this Agreement shall automatically adjusted in proportion to such Adjustment.

5. Section 409A. It is intended that any payments or benefits provided pursuant to this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code (“Section 409A”) provided under Treasury Regulation Sections 1.409A-1(b)(4) and 1.409A-1(b)(5). Notwithstanding the foregoing, if the Company determines that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A, and to the extent that such payment or benefit is payable upon Executive’s termination of employment, then such payments or benefits shall be payable only upon Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). In addition, if at the time of Executive’s separation from service Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A any payment or benefit that Executive becomes entitled to under this Agreement on account of Executive’s separation from service shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six (6)

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months and one (1) day after Executive’s separation from service and (ii) Executive’s death. If any such delayed payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six (6)-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. In addition, interest at the Prime Rate as reported in the Wall Street Journal shall be added to any payment that is delayed pursuant to this Paragraph 5, for the time period during which such payment was delayed.

6. Limitation on Benefits.

(a) Notwithstanding anything to the contrary herein, if it shall be determined that any payment or benefit hereunder or under any other plan or agreement or otherwise (collectively “Payments”) would constitute an “excess parachute payment” to the Executive within the meaning of Section 280G of the Code, and thus would not be deductible under Section 280G of the Code and would be subject to the excise tax imposed by Section 4999 of the Code or any similar tax (“280G_Tax”), and if and only if the Executive would be in a better after-tax position by reducing the Payments, the amounts payable hereunder shall be reduced to the extent necessary to eliminate any Payments or portion of the Payments from being non-deductible under Section 280G(b)(1) of the Code and thereby not subject to the excise tax imposed by Section 4999 of the Code. In such case, the Payments shall be reduced so that the total aggregate value of the Payments do not exceed 2.99 times the total value of the Executive’s average annualized compensation for the preceding five years. If the Company determines that the Payments constitute “non-qualified deferred compensation” under Section 409A, any reduction in the Payments required to be made pursuant to this Paragraph 6(a) shall be made first with respect to Payments payable in cash before being made in respect to any Payments to be provided in the form of benefits or equity award acceleration, and in the form of benefits before being made with respect to equity award acceleration, and in any case, shall be made with respect to such Payments in inverse order of the scheduled dates or times for the payment or provision of such Payments.

(b) If any dispute between the Company and Executive as to any of the amounts to be determined under Paragraph 6(a), or the method of calculating such amounts, cannot be resolved by Executive and the Company, either the Company or Executive after giving three (3) days written notice to the other, may refer the dispute to a tax partner in the Boston, Massachusetts office of a firm of independent certified public accountants selected jointly by Executive and the Company. The determination of such partner as to the amount to be determined under Paragraph 6(a) and the method of calculating such amounts shall be final and binding on Executive and the Company. The Company shall bear the costs of any such determination.

7. Effect upon Employment and Benefits. Nothing contained in this Agreement shall confer upon Executive any right with respect to the continuation of his employment or other association with the Company, or interfere in any way with the right of the Company, subject to the terms of any separate employment or provision of applicable law to the contrary, at any time to terminate Executive’s employment or association or to increase or decrease, or otherwise adjust, the other terms and conditions of your employment or association with the Company. Neither this Agreement nor the grant of the Awards contemplated hereby nor

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Executive’s participation in the Plan shall be interpreted to form an employment contract or relationship with the Company or any affiliate. Executive acknowledges, understands, and agrees that: (i) the grant of the Awards under this Agreement does not create any contractual or other right to receive other future options, restricted stock or other equity-based awards, or benefits in lieu thereof; (ii) all decisions with respect to future awards, if any, (other than the Awards made pursuant to this Agreement) will be at the sole discretion of the Company; and (iii) subject to any rights of Executive under any employment agreement, no claim or entitlement to compensation or damages shall arise from forfeiture of any portion of the Awards resulting from termination of Executive’s employment by the Company (for any reason whatsoever and regardless of whether in breach of local labor laws).

8. Compliance with Law and Regulations. The obligation of the Company to grant the Awards hereunder shall be subject to all applicable federal and state laws, rules and regulations and the listing requirements of any securities exchange or market system on which the Stock is listed or traded and to such approvals by any government or regulatory agency as may be required. Furthermore, notwithstanding any other provision of this Agreement, the Company’s obligations under Paragraph 2 hereof are conditioned on having available for issuance under the Plan and any other shareholder-approved equity incentive plans (collectively, “Company Equity Plans”) a sufficient number of shares of Stock to make the Awards.

9. Reservation of Stock. The Company shall at all times when Awards are to be granted under this Agreement, reserve and keep available for issuance under Company Equity Plans, for the purpose of granting the Awards contemplated by this Agreement and issuing the shares that may be issued pursuant to the Awards, such number of its duly authorized shares of Stock as shall from time to time be sufficient to grant the Awards and issue the shares subject to the Awards; and if at any time the number of shares of Stock remaining available for issuance under Company Equity Plans shall not be sufficient to permit the Awards that the Company is obligated to grant under this Agreement, the Company shall take such corporate action as may be necessary to increase the number of shares of Stock available for issuance under Company Equity Plans to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite shareholder approval of any necessary amendment to the Plan or the adoption of a new stock option or equity incentive plan.

10. Notices and Other Communications. Any notice, demand, request or other communication hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or duly sent by first class registered, certified or overnight mail, postage prepaid, or telecopied with a confirmation copy by regular, certified or overnight mail, addressed or telecopied, as the case may be, (i) if to Executive, at Executive’s residence address last filed with the Company and (ii) if to the Company, at its principal place of business, addressed to the attention of the Chairman of the Board of Directors of the Company with a copy to the Company’s Chief Financial Officer, or to such other address or telecopier number, as the case may be, as the addressee may have designated by notice to the addressor. All such notices, requests, demands and other communications shall be deemed to have been received: (i) in the case of personal delivery, on the date of such delivery; (ii) in the case of mailing, when received by the addressee; and (iii) in the case of facsimile transmission, when confirmed by facsimile machine report.

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11. Governing Law. This Agreement and actions taken hereunder and thereunder shall be governed, interpreted and enforced in accordance with the laws of the State of Rhode Island, without regard to the conflict of laws principles thereof. Any action, suit or other legal proceeding with respect to this Agreement shall solely be brought in the Superior Court for Providence County, State of Rhode Island or in the United States District Court for the District of Rhode Island. The parties consent to and accept the jurisdiction of each of such courts and waive any objection (including any objection to venue or any objection based upon the grounds of forum non conveniens) which might be asserted against the bringing of any such action, suit or other legal proceeding in such courts.

12. Legal Fees. Upon submission of appropriate statements or documentation, the Company agrees to reimburse Executive for reasonable legal fees actually incurred by him in connection with the enforcement of the terms of this Agreement following a Change in Control.

13. Entire Agreement. This Agreement (together with the Exhibits and any Stock Option Agreements and Restricted Stock Agreements contemplated hereby) constitutes the entire agreement and understanding between the parties hereto in respect of the subject matter hereof and supersedes any prior or contemporaneous agreement or understanding between the parties, written or oral, which relates to the subject matter hereof or thereof.

14. Amendments and Waivers. This Agreement may not be amended or otherwise modified nor any of its terms waived, except by a written instrument duly executed by the parties hereto (i) with respect to amendments and other modifications and (ii) with respect to waivers by the party against whom enforcement of the waiver is being brought. When used herein, the term “Agreement” will include any renewals or extensions hereof and any amendments or other modifications made in accordance herewith. A waiver by either party of a breach of any provision of this Agreement by the other party or of any right hereunder will not be effective unless in writing and will not operate to waive or excuse any subsequent breach or to waive any other right. Failure of a party to insist upon strict compliance with any of the terms hereof on one or more occasions will not be deemed a waiver of such right at any subsequent time.

15. Effect of Agreement. This Agreement shall bind and inure to the benefit of Executive’s heirs and legal representatives and shall bind and inure to the benefit of the Company and its successors and assigns.

16. Severability. If any one or more of the provisions contained herein is held invalid or unenforceable in any respect, the parties shall negotiate in good faith with a view toward substituting therefor a suitable and equitable solution in order to carry out the intent and purpose of such invalid provision; provided, however, that the validity and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired thereby, it being intended that all of the rights and privileges of the Parties hereto shall be enforceable to the fullest extent permitted by law.

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17. Counterparts. This Agreement may be signed in one or more counterparts and all counterparts so executed shall constitute one agreement binding on all parties hereto, notwithstanding that all parties have not signed the original or the same counterpart. Counterparts delivered in fax or “PDF” form shall be as effective as manually signed counterparts.

[The remainder of this page has been intentionally left blank.]

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IN WITNESS WHEREOF, Executive and the Company have executed this Agreement as of the date first above written.

ASTRO-MED, INC.
By:	/s/ Hermann Viets
Name: Hermann Viets
Title: Chairman of the Board of Directors

/s/ Gregory A. Woods

Gregory A. Woods

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EXHIBIT A

FORM OF

ASTRO-MED, INC.

NON-QUALIFIED STOCK OPTION AGREEMENT

This Agreement is by and between Astro-Med, Inc., a Rhode Island corporation (the “Company”) and Gregory A. Woods (the “Optionee”). Capitalized terms used in this Agreement and not otherwise defined herein shall have the meaning as set forth in the Astro-Med, Inc. 2007 Equity Incentive Plan (the “Plan”) and the Equity Incentive Award Agreement dated as of November 24, 2014 by and between the Company and Grantee (the “Equity Incentive Agreement”), as applicable.

W I T N E S S E T H:

1. Grant of Option. Pursuant to the provisions of the Plan and the Equity Incentive Agreement, effective [ ¹ ] (“Grant Date”), the Company granted to the Optionee, subject to the terms and conditions of the Plan and the Equity Incentive Agreement and subject further to the terms and conditions herein, the right and option to purchase from the Company all or any part of an aggregate of 50,000 shares of the common stock ($.05 par value) of the Company (“Common Shares”), at a purchase price equal to [ ² ] per share, being the fair market value of the Common Shares on the Grant Date, such option to be exercised as hereinafter provided. It is intended that the option evidenced hereby constitute a non-qualified stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). Capitalized terms used herein and not otherwise defined shall have the meaning as ascribed in the Plan.

2. Terms and Conditions. In addition to the terms and conditions contained in the Plan, it is understood and agreed that the option evidenced hereby is subject to the following additional terms and conditions:

(a) Expiration Date. The option shall expire [10 years after Grant Date].

(b) Period of Exercise. Subject to the other terms of this Agreement regarding the exercisability of this option, this option shall become exercisable in cumulative installments in accordance with the following schedule:

On or After	Number of Shares
[1st anniversary of Grant Date]	[25% of Common Shares]
[2nd anniversary of Grant Date]	[25% of Common Shares]
[3rd anniversary of Grant Date]	[25% of Common Shares]
[4th anniversary of Grant Date]	[25% of Common Shares]

¹  Date of Annual Option Award under Equity Incentive Agreement.

²  Fair Market Value of the Common Shares on the Grant Date.

(c) Exercise of Option. This option shall be exercised by submitting a written notice to the Committee appointed pursuant to Section 3.1 of the Plan (the “Committee”) signed by the Optionee and specifying the number of Common Shares as to which the option is being exercised. Such notice shall be accompanied by the payment of the full option price for such shares. Payment shall be made either (i) in cash, certified check, bank draft or postal or express money order, or (ii) subject to the approval of the Committee, by payment in already owned shares of Common Shares (to the extent permitted by law), which shall be valued for this purpose at the fair market value on the date of transfer to the Company as determined in accordance with the Plan, or (iii) subject to the approval of the Committee, by such other consideration as may be acceptable to the Committee, or (iv) a combination of all three methods. Options may also be exercised in accordance with a cashless exercise program (through broker accommodation), if any, established by the Committee.

(d) Issuance of Shares: Upon exercise of the option evidenced hereby, Common Shares representing the number Common Shares for which this option has been exercised shall be issued either (i) in certificate form or (ii) in book entry or electronic form, registered in the name of the Optionee.

(e) Termination of Employment or Death of Optionee. Except as may be otherwise expressly provided herein, any portion of the option which is not exercisable on the date of Optionee’s termination from employment with the Company shall immediately terminate and any remaining portion of the option evidenced hereby shall terminate on the earlier of:

(i) the date of expiration as provided in Section 2(a) hereof;

(ii) the date of termination of the Optionee’s employment with or services to the Company by it for Cause (as defined in the Plan);

(iii) thirty (30) days after the date of termination of the Optionee’s employment with or services to the Company voluntarily by the Optionee;

(iv) ninety (90) days after the date of termination of the Optionee’s employment with or services to the Company by it without Cause;

(v) one (1) year after the date of termination of the Optionee’s employment with or services to the Company resulting from retirement from active employment at or after age 65, as determined by the Committee in its good faith discretion; or

(vi) on the date the Optionee accepts employment with any person,firm or corporation whose business in the sole opinion of the Committee competes with the then business of the Company.

An employment relationship between the Company and the Optionee shall be deemed to exist during any period in which the Optionee is employed by the Company or any parent or subsidiary of the Company. Whether authorized leave of absence, or absence on military or government service, shall constitute termination of the employment relationship between the Company and the Optionee shall be determined by the Committee at the time thereof.

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In the event of the death or Disability (as defined in the Plan) of the Optionee prior to termination of the Optionee’s employment with or services to the Company and before the date of expiration of such option, the Optionee, or the Optionee’s legal representatives or persons who acquired the Optionee’s rights hereunder by will or by the laws of descent and distribution (“Survivor”), may exercise such option to the extent exercisable but not exercised prior thereto; provided, however, that such option shall terminate on the earlier of such date of expiration as provided in Section 2(a) hereof or one year following the date of such death or Disability.

(f) Change in Control. Notwithstanding Section 2(b) hereof, this option shall become immediately exercisable in full upon a Change in Control (as defined in the Equity Incentive Agreement).

(g) Non-Transferability. This option and all rights hereunder shall be exercisable during the Optionee’s lifetime only by the Optionee and shall be non-assignable and non-transferable by the Optionee except, in the event of the Optionee’s death, by Optionee’s will or by the laws of descent and distribution. In the event the death of the Optionee occurs, the designated beneficiary (as defined in Section 2.1 of the Plan) or, if a designated beneficiary has not been designated, the legal representative of the estate, may exercise this option prior to the expiration of the applicable exercise period, as specified in Paragraph 2(e) above.

(h) Share Adjustments. In the event of any change in the Common Shares of the Company by reason of any stock dividend, recapitalization, reorganization, merger,consolidation, split-up, combination or exchange of shares, or any rights offering to purchase Common Shares at a price substantially below fair market value, or of any similar change affecting the Common Shares, then the Committee shall, in accordance with the terms and provisions of the Plan, make or provide for such adjustments to the number and kind of shares subject to this option and their purchase price per share as the Committee may deem equitable to prevent substantial dilution or enlargement of the rights granted to the Optionee hereunder. Any adjustment so made shall be final and binding upon the Optionee.

(i) No Rights as Shareholder. The Optionee shall have no rights as a shareholder with respect to any Common Shares subject to this option prior to the date of issuance to the Optionee of a certificate or certificates for such shares.

(j) Effect Upon Employment and Benefits. By accepting the options evidenced hereby, the Optionee acknowledges, understands, and agrees that: (i) the Plan is established voluntarily by the Company, is discretionary in nature, and may be modified, amended, suspended or terminated by the Company at any time; (ii) the grant of the options is made pursuant to the Equity Incentive Plan and, except as contemplated by the Equity Incentive Agreement, does not create any contractual or other right to receive future options, or benefits in lieu of options, even if stock options have been granted repeatedly in the past; (iii) except as provided in the Equity Incentive Agreement, all decisions with respect to future awards, if any, will be at the sole discretion of the Company; (iv) the Optionee’s acceptance of the stock options

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evidenced hereby and participation under the Plan is voluntary; (v) the Optionee’s participation in the Plan shall not create a right to further employment with the Company and shall not interfere with the ability of the Company to terminate the Optionee’s employment at any time subject to any terms and conditions of any employment agreement between the Company and the Optionee, if any; (vi) the grant of the options evidenced hereby and the Optionee’s participation in the Plan shall not be interpreted to form an employment contract or relationship with the Company or any affiliate; and (vii) subject to any rights of the Optionee under the Equity Incentive Agreement or any employment agreement, no claim or entitlement to compensation or damages shall arise from forfeiture of any portion of the options resulting from termination of the Optionee’s employment by the Company (for any reason whatsoever and regardless of whether in breach of local labor laws) and, in consideration of the grant of the options evidenced hereby, the Optionee irrevocably agrees never to institute any claim against the Company, waives the Optionee’s ability, if any, to bring any such claim, and releases the Company from any such claim that may arise; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Optionee shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim.

(k) Compliance with Law and Regulations. This option and the obligation of the Company to sell and deliver shares hereunder shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required. The Company shall not be required to issue or deliver any certificates for shares of Common Shares prior to (i) the listing of such shares on any stock exchange on which the Common Shares may then be listed, and (ii) the completion of any registration or qualification of such shares under any federal or state law, or any rule or regulation of any government body which the Company shall, in its sole discretion, determine to be necessary or advisable. Moreover, this option may not be exercised if its exercise, or the receipt of Common Shares pursuant thereto, would be contrary to applicable law.

3. Investment Representation. The Committee may require the Optionee to furnish to the Company, prior to the issuance of any shares upon the exercise of all or any part of this option, an agreement (in such form as such Committee may specify) in which the Optionee represents that the shares acquired by the Optionee upon exercise are being acquired for investment and not with a view to the sale or distribution thereof.

4. Optionee Bound by Plan. The Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof.

5. Withholding Taxes. Optionee acknowledges and agrees that the Company and its subsidiaries have the right to deduct from payments of any kind otherwise due to Optionee any federal, state or local taxes of any kind required by law to be withheld with respect to the exercise of this option hereunder.

6. Notices. Any notice hereunder to the Company shall be addressed to it at its office, 600 East Greenwich Avenue, West Warwick, RI 02893, Attention: Chief Financial Officer, and any notice hereunder to the Optionee shall be addressed to the Optionee at the address reflected on the payroll records of the Company, subject to the right of either party to designate at any time hereafter in writing some other address.

7. Rhode Island Law to Govern. This Agreement shall be construed and administered in accordance with and governed by the laws of the State of Rhode Island.

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EXHIBIT A

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Optionee has executed this Agreement as of the      day of                             , 2014

ASTRO-MED, INC.
By:
Name:
Title:	Chairman of the Board of Directors

OPTIONEE:
By:
Name:	Gregory A. Woods

EXHIBIT B

FORM OF

ASTRO-MED, INC.

RESTRICTED STOCK AGREEMENT

This Agreement is by and between Astro-Med, Inc. (the “Company”) and Gregory A. Woods (the “Grantee”). Capitalized terms used in this Agreement and not otherwise defined herein shall have the meaning as set forth in the Astro-Med, Inc. 2007 Equity Incentive Plan (the “Plan”) and the Equity Incentive Award Agreement dated as of November 24, 2014 by and between the Company and Grantee (the “Equity Incentive Agreement”), as applicable.

W I T N E S S E T H:

1. Grant of Stock. Pursuant to the provisions of the Plan and the Equity Incentive Agreement, on [ ¹ ] (the “Grant Date”), the Company granted to the Grantee, subject to the terms and conditions of the Plan and subject further to the terms and conditions herein, [ ² ] shares of the common stock ($.05 par value) of the Company (“Common Shares”), hereinafter (“Restricted Shares”).

2. Terms and Conditions. In addition to the terms and conditions contained in the Plan, it is understood and agreed that the grant of Restricted Shares evidenced hereby is subject to the following additional terms and conditions:

(a) Effective Date: The Restricted Shares shall be issued effective upon the Grant Date.

(b) Vesting: The restrictions applicable to the Restricted Shares shall lapse and the Restricted Shares shall vest in four (4) installments as follows (each a “Vesting Date”):

Vesting Date	Number of Shares
[1st anniversary of Grant Date]	[25% of Restricted Shares]
[2nd anniversary of Grant Date	[25% of Restricted Shares]
[3rd anniversary of Grant Date]	[25% of Restricted Shares]
[4th anniversary of Grant Date]	[25% of Restricted Shares]

Notwithstanding the foregoing, the Grantee may not sell, transfer, pledge or otherwise encumber the Restricted Shares prior to the second anniversary of the applicable Vesting Date. The period during which all or any portion of the Restricted Shares is subject to restrictions shall be referred to as the “Restricted Period”.

¹  The date of the Annual Option Grant and Restricted Stock Award

² Number of shares based upon Deficiency Amount determined as of the Effective Date of this Agreement.

(c) Issuance of Shares: Restricted Shares shall be held by the Company in custody for the Grantee, until they are either forfeited by the Grantee or are surrendered and exchanged for unrestricted Common Shares pursuant to this Section 2(c). On the expiration and termination of the Restricted Period in respect of any portion of the Restricted Shares, the restrictions as to such shares shall lapse and Common Shares representing the Grantee’s Restricted Shares for which the restrictions have lapsed shall be issued either (i) in certificate form or (ii) in book entry or electronic form, registered in the name of the Grantee, with legends, or notations, as applicable, referring to the terms, conditions and restrictions set forth in this Agreement. The grant of the Restricted Shares hereunder shall not constitute a trust.

(d) Fractional Shares. The Company shall not be required to deliver any fractional Common Shares, but will pay in lieu thereof the Fair Market Value (determined as the date the restrictions lapse) of the fractional share to which the Grantee or the Grantee’s beneficiary or estate, as the case may be. No payment will be required from the Grantee upon the issuance or delivery of any Restricted Shares except that any amount necessary to satisfy applicable federal, state or local tax requirements shall be withheld or paid promptly upon notification of the amount due and prior to or concurrently with the issuance or delivery of a certificate representing such shares.

(e) Forfeiture. In the event of the termination of Grantee’s employment with the Company for any reason, those Restricted Shares which have not vested as provided in Section 2(b) hereof shall be forfeited. An employment relationship between the Company and the Grantee shall be deemed to exist during any period in which the Grantee is employed by the Company or any parent or subsidiary of the Company. Whether authorized leave of absence, or absence on military or government service, shall constitute termination of the employment relationship between the Company and the Grantee shall be determined by the Committee at the time thereof.

(f) Change in Control. Notwithstanding Section 2(b) hereof, all Restricted Shares shall become immediately vested upon a Change in Control (as defined in the Equity Incentive Agreement).

(g) Nontransferability. None of the applicable portion of the Restricted Shares may be sold, transferred or assigned, pledged or otherwise encumbered or disposed of during the Restricted Period applicable to such Restricted Shares until the satisfaction of all of the conditions prescribed herein.

(h) Share Adjustments. In the event of any change in the Common Shares of the Company by reason of any stock dividend, recapitalization, reorganization, merger,consolidation, split-up, combination or exchange of shares, or any rights offering to purchase Common Shares at a price substantially below fair market value, or of any similar change affecting the Common Shares, then the Committee shall, in accordance with the terms and provisions of the Plan, make or provide for such adjustments to the number and kind of shares subject hereto as the Committee may deem equitable to prevent substantial dilution or enlargement of the rights granted to the Grantee hereunder. Any adjustment so made shall be final and binding upon the Grantee.

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(i) Rights As a Shareholder: The Grantee shall generally have the rights and privileges of a shareholder as to the Restricted Shares, including the right to vote such Restricted Shares, except as herein provided. The Company shall pay cash dividends to the Grantee with respect to Restricted Shares. Upon the forfeiture of any Restricted Shares, any cash or stock dividends withheld for the Grantee’s account shall be transferred to the Company without further action by the Grantee.

(j) Effect Upon Employment and Benefits. By accepting the Restricted Shares, the Grantee acknowledges, understands, and agrees that: (i) the Plan is established voluntarily by the Company, is discretionary in nature, and may be modified, amended, suspended or terminated by the Company at any time; (ii) the grant of the Restricted Shares is made pursuant to the Equity Incentive Plan and, except as contemplated by the Equity Incentive Agreement, does not create any contractual or other right to receive future restricted stock, or benefits in lieu of restricted stock, even if Restricted Shares have been granted repeatedly in the past; (iii) except as provided in the Equity Incentive Agreement, all decisions with respect to future awards, if any, will be at the sole discretion of the Company; (iv) the Grantee’s acceptance of the Restricted Shares and participation under the Plan is voluntary; (v) the Grantee’s participation in the Plan shall not create a right to further employment with the Company and shall not interfere with the ability of the Company to terminate the Grantee’s employment at any time subject to any terms and conditions of any employment agreement between the Company and the Grantee, if any; (vi) the grant of the Restricted Shares and the Grantee’s participation in the Plan shall not be interpreted to form an employment contract or relationship with the Company or any affiliate; and (vii) subject to any rights of the Grantee under the Equity Incentive Agreement or any employment agreement, no claim or entitlement to compensation or damages shall arise from forfeiture of any portion of the Restricted Shares resulting from termination of the Grantee’s employment by the Company (for any reason whatsoever and regardless of whether in breach of local labor laws) and, in consideration of the grant of the Restricted Shares, the Grantee irrevocably agrees never to institute any claim against the Company, waives the Grantee’s ability, if any, to bring any such claim, and releases the Company from any such claim that may arise; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Grantee shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim.

(k) Compliance with Law and Regulations. The obligation of the Company to deliver shares hereunder shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required. The Company shall not be required to issue or deliver any certificates for Common Shares prior to (i) the listing of such shares on any stock exchange on which the Common Shares may then be listed, and (ii) the completion of any registration or qualification of such shares under any federal or state law, or any rule or regulation of any government body which the Company shall, in its sole discretion, determine to be necessary or advisable.

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3. Investment Representation. The Committee may require the Grantee to furnish to the Company, prior to the issuance of any Common Shares, an agreement (in such form as the Committee may specify) in which the Grantee represents that the Common Shares acquired by the Grantee are being acquired for investment and not with a view to the sale or distribution thereof.

4. Grantee Bound by Plan. The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof.

5. Taxes, Section 83(b) Election. The Grantee has reviewed with the Grantee’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Grantee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Grantee understands that the Grantee (and not the Company) shall be responsible for the Grantee’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. The Grantee understands that it may be beneficial in many circumstances to elect to be taxed at the time the Restricted Shares are granted rather than when and as the Restricted Shares vest by filing an election under Section 83(b) of the Internal Revenue Code of 1986 with the I.R.S. within 30 days from the date of grant.

6. Withholding Taxes. Grantee acknowledges and agrees that the Company shall have the right to withhold from the distribution of the Restricted Shares to the Grantee, in order to meet the Company’s obligations for the payment of withholding taxes, Common Shares with a Fair Market Value (as defined in the Plan) equal to the minimum statutory withholding for taxes (including federal and state income taxes and payroll taxes applicable to the supplemental taxable income relating to such distribution) and any other tax liabilities for which the Company has an obligation relating to such distribution. Any Common Shares withheld in accordance with this Section 6 shall be treated as if issued and sold by the Grantee when determining any share retention requirements applicable to the Grantee under the share ownership and/or retention guidelines of the Company.

6. Notices. Any notice hereunder to the Company shall be addressed to it at its office, 600 East Greenwich Avenue, West Warwick, Rhode Island 02893, Attention: Chief Financial Officer, and any notice hereunder to the Grantee shall be addressed to the Grantee at the address reflected on the payroll records of the Company, subject to the right of either party to designate at any time hereafter in writing some other address.

7. Rhode Island Law to Govern. This Agreement shall be construed and administered in accordance with and governed by the laws of the State of Rhode Island.

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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized Chairman of the Board and the Grantee has executed this Agreement as of the      day of                             , 20    .

ASTRO-MED, INC.
By:
Name:
Title:	Chairman of the Board of Directors

Gregory A. Woods

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EX-10.13

Exhibit 10.13

CHANGE IN CONTROL AGREEMENT

THIS CHANGE IN CONTROL AGREEMENT (the “Agreement”), is effective as of November 24, 2014 (the “Effective Date”) by and between Astro-Med, Inc., a Rhode Island corporation (the “Company”), and Gregory A. Woods (the “Executive”).

RECITALS

WHEREAS, the Board of Directors of the Company (the “Board”) recognizes that the possibility of a Change in Control (as hereinafter defined) exists and that the threat or the occurrence of a Change in Control can result in significant distractions of its key management personnel because of the uncertainties inherent in such a situation;

WHEREAS, the Board has determined that it is essential and in the best interest of the Company and its stockholders to retain the services of the Executive in the event of a threat or occurrence of a Change in Control and to ensure the Executive’s continued dedication and efforts in such event without undue concern for personal financial and employment security; and

WHEREAS, in order to induce the Executive to remain in the employ of the Company, particularly in the event of a threat or the occurrence of a Change in Control, the Company desires to enter into this Agreement with the Executive to provide the Executive with certain benefits in the event his employment is terminated as a result of, or in connection with, a Change in Control.

AGREEMENT

NOW THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable receipt of which is hereby acknowledged, the parties do hereby agree as follows:

1. Term of Agreement. This Agreement shall commence as of the date hereof and continue in effect until November 30,2019; provided, however, that on November 30,2019 and on each anniversary thereof, the term of this Agreement shall automatically be extended for one year unless either the Company or the Executive shall have given at least 90 days written notice to the other prior thereto that the term of this Agreement shall not be so extended; provided, further, however, that notwithstanding any such notice by the Company or the Executive not to extend, if a Change in Control shall theretofore have occurred, the term of this Agreement shall not expire prior to the second anniversary of a Change in Control Date. The benefits payable pursuant to Paragraph 2 hereof shall be due in all events if a Change in Control occurs during the term of this Agreement, and a Change in Control will be deemed to have occurred during the term, hereof if an agreement for a transaction resulting in a Change in Control is entered into during the term hereof, notwithstanding that the Change in Control Date occurs after the expiration of the term of this Agreement.

2. Benefits Upon Change in Control.

(a) Events Giving Rise to Benefits. The Company agrees to pay or cause to be paid to the Executive the benefits specified in this Paragraph 2 if (i) there is a Change in Control, and (ii) within the Change in Control Period, (a) the Company or the Successor terminates the employment of the Executive for any reason other than Cause, death or Disability or (b) the Executive voluntarily terminates employment for Good Reason.

(b) Benefits Upon Termination of Employment. If the Executive is entitled to benefits pursuant to this Paragraph 2, the Company agrees to pay or provide to the Executive as severance payment, the following:

(i) A single lump sum payment, payable in cash within five days of the Termination Date (or with respect to amounts described in clauses (B) and (C) only if later, the Change in Control Date), equal to the sum of:

(A) the accrued portion of any of the Executive’s unpaid base salary and vacation through the Termination Date and any unpaid portion of the Executive’s bonus for the prior fiscal year; plus

(B) a portion of the Executive’s bonus for the fiscal year in progress, prorated based upon the number of days elapsed since the commencement of the fiscal year and calculated assuming that 100% of the target under the bonus plan is achieved; plus

(C) an amount equal to the Executive’s Base Compensation times 1.5.

(ii) Continuation, on the same basis as if the Executive continued to be employed by the Company, of Benefits for the Benefit Period commencing on the Termination Date. The Company’s obligation hereunder with respect to the foregoing Benefits shall be limited to the extent that the Executive obtains any such benefits pursuant to a subsequent employer’s benefit plans, in which case the Company may reduce the coverage of any Benefits it is required to provide the Executive hereunder as long as the aggregate coverage and benefits of the combined benefit plans is no less favorable to the Executive than the Benefits required to be provided hereunder.

(iii) Outplacement services to be provided by an outplacement organization of national repute for a period of up to twelve months following the Termination Date, which shall include the provision of office space and equipment (including telephone and personal computer) but in no event shall the Company be required to provide such services for a value exceeding 17% of the Executive’s Base Compensation.

(c) Acceleration of Vesting. Upon the termination of the Executive’s employment under the circumstances enumerated in Paragraph 2(a) of this Agreement, all of Executive’s unvested stock options and restricted stock shall vest and become exercisable in full as of a time immediately prior to such termination and the stock issuable under such options and such restricted stock shall thereafter be freely transferable without restriction.

3. Section 409A of the Code.

It is intended that any payments or benefits provided pursuant to this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code (“Section 409A”) provided under Treasury Regulation Sections 1.409A-1(b)(4) and 1.409A-1(b)(5). Notwithstanding the foregoing, if the Company determines that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A, and to the extent that such payment or benefit is payable upon Executive’s termination of employment, then such payments or benefits shall be payable only upon Executive’s “separation from service.” The determination ,of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1 (h). In addition, if at the time of Executive’s separation from service Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A any payment or benefit that Executive becomes entitled to under this Agreement on account of Executive’s separation from service shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six (6) months and one (1) day after Executive’s separation from service and (ii) Executive’s death. If any such delayed payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six (6)-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. In addition, interest at the Prime Rate as reported in the Wall Street Journal shall be added to any payment that is delayed pursuant to this Paragraph 3, for the time period during which such payment was delayed.

4. Section 280G.

(a) Notwithstanding anything to the contrary herein, if it shall be determined that any payment or benefit hereunder or under any other plan or agreement or otherwise (collectively, “Payments”) would constitute an “excess parachute payment” to the Executive within the meaning of Section 280G of the Code, and thus would not be deductible under Section 280G of the Code and would be subject to the excise tax imposed by Section 4999 of the Code or any similar tax (“280G Tax”), and if and only if the Executive would be in a better after-tax position by reducing the Payments, the amounts payable hereunder shall be reduced to the extent necessary to eliminate any Payments or portion of the Payments from being non-deductible under Section 280G(b)(1) of the Code and thereby not subject to the excise tax imposed by Section 4999 of the Code. In such case, the Payments shall be reduced so that the total aggregate value of the Payments do not exceed 2.99 times the total value of the Executive’s average annualized compensation for the preceding five years. If the Company determines that the Payments constitute “non-qualified deferred compensation” under Section 409A, any reduction in the Payments required to be made pursuant to this Paragraph 4(a) shall be made first with respect to Payments payable in cash before being made in respect to any Payments to be provided in the form of benefits or equity award acceleration, and in the form of benefits before being made with respect to equity award acceleration, and in any case, shall be made with respect to such Payments in inverse order of the scheduled dates or times for the payment or provision of such Payments.

(b) If any dispute between the Company and Executive as to any of the amounts to be determined under Paragraph 4(a), or the method of calculating such amounts, cannot be resolved by Executive and the Company, either the Company or Executive after giving three (3) days written notice to the other, may refer the dispute to a tax partner in the Boston, Massachusetts office of a firm of independent certified public accountants selected jointly by Executive and the Company. The determination of such partner as to the amount to be determined under Paragraph 4(a) and the method of calculating such amounts shall be final and binding on Executive and the Company. The Company shall bear the costs of any such determination.

5. Legal Fees. The Company agrees that it will pay or reimburse Executive for the reasonable legal fees and expenses incurred by the Executive in the negotiation and drafting of this Agreement. Such payments or reimbursement will be made directly to the law firm providing legal services to the Executive, upon presentation of such law firm’s bill for services rendered or by reimbursement to Executive upon presentation of her invoice therefor, or by a combination of such payment and reimbursement, in each case within fifteen (15) days after Company’s receipt of such bill and/or invoice, as applicable.

6. Notices. The delivery of any statement or the giving of any notice provided for or required herein may be effected by (i) delivery by hand and the execution by the recipient of a written receipt, or (ii) by depositing with the United States Postal Service or in any one of its regular depositories the same to the recipient by registered or certified mail, postage prepaid, with return receipt requested, addressed as follows: in the case of Executive, to Executive’s last known residence, with a copy to (which shall not constitute notice) Foley Hoag LLP, 155 Seaport Blvd., Boston, MA 02210, attn.: Peter M. Rosenblum; or in the case of the Company, to its principal offices, or any subsequent address provided to Executive, to the attention of the Chairman of the Board of Directors, with copy to Hinckley Allen & Snyder, LLP, 100 Westminster Street, Suite 1500, Providence, RI 02903, attn.: Margaret D Farrell.

7. Effect. This Agreement shall be binding on and inure to the respective benefit of the Company and its successors and assigns and the Executive and her personal representatives.

8. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the matters set forth herein and supersedes all prior agreements and understandings between the parties with respect to the same.

9. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision.

10. Amendment and Waiver. No provision of this Agreement, including the provisions of this Paragraph, may be amended, modified, deleted, or waived in any manner except by a written agreement executed by the parties.

11. No Assignment and Non-Transferability. Neither-this Agreement nor any interest herein may be assigned by the Executive without the consent of the Company. To the extent this Agreement contains payments which are subject to Section 409A, the Executive’s rights to such payments are not subject to anticipation, alienation, sale, transfer, pledge, encumbrance, attachment or garnishment and, where applicable, may only be transferred by will or the laws of descent and distribution.

12. Governing Law. This Agreement will be governed by and construed according to the laws of the State of Rhode Island without regard to its principles of conflicts of laws.

13. Counterparts. This Agreement may be executed in more than one counterpart, each of which shall be deemed an original, and all of which shall be deemed a single agreement.

14. Headings; Capitalized Terms. The headings herein are for convenience only and shall not affect the interpretation of this Agreement. Capitalized Terms not otherwise defined in the text of this Agreement are used as defined in Exhibit A hereto.

[The remainder of this page is intentionally left blank.]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

COMPANY:
ASTRO-MED, INC.
By:	/s/ Hermann Viets
Printed Name: Hermann Viets
Title: Chairman of the Board

EXECUTIVE:
	/s/ Gregory A. Woods
	Gregory A. Woods

EXHIBIT A

DEFINITIONS

When used in this Agreement, the following terms have the meanings set forth below:

“Base Compensation” means the sum of (i) the Executive’s annual salary in effect on the earlier of the Change in Control Date and the Termination Date and (ii) the greater of (A) 100% of the Executive’s target under the bonus plan for the fiscal year during which the Change in Control Date occurs or (B) the highest annual bonus paid to the Executive in the prior three years.

“Benefits” means benefits that would be available under any health and welfare plan of the Company on the Termination Date.

“Benefit Period” means 18 months.

“Cause” means: (A) conviction of a felony or misdemeanor involving moral turpitude, or (B) willful gross neglect or willful gross misconduct in carrying out the Executive’s duties, resulting in material economic harm to the Company or a Successor.

“Change in Control” means (i) the acquisition of 50% or more of the beneficial ownership of the combined voting securities of the Company by any person or group (as such terms are used in Section 13(d) and 14(d) of the Exchange Act), other than the Company or its subsidiaries or any employee benefit plan of the Company or any person who was an officer or director of the Company on the Effective Date of this Agreement, which person or group did not theretofore beneficially own 30% or more of the combined voting securities of the Company; (ii) consummation by the Company of a reorganization, merger or consolidation, in each case, with respect to which all or substantially all of the individuals and entities who were the beneficial owners of the voting securities of such entity immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially own, directly or indirectly, securities representing more than 50% of the voting power of then outstanding voting securities of the corporation resulting from such a reorganization, merger or consolidation; (iii) the sale, exchange or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company (on a consolidated basis) to a party which is not controlled by or under common control with the Company; or (iv) a change in the composition of a majority of the Board over a two-year period unless the selection or nomination of each of the new members is approved by two-thirds of those remaining members of the Board who were members at the beginning of the two-year period; provided, however, that notwithstanding the foregoing, no event or condition will constitute a Change in Control to the extent (but only to the extent) that, if it were a Change in Control, a tax or other penalty would be imposed under Section 409A, and in such case the definition of Change in Control herein shall be modified to the extent necessary to comply with Section 409A so as not to result in such tax or penalty.

“Change in Control Date” means the date on which a Change in Control is consummated.

“Change in Control Period” means the period commencing on the earlier of (i) 180 days prior to the Change in Control Date and (ii) the announcement of a transaction expected to result in a Change in Control, and ending on the second anniversary of the Change in Control Date.

“Code” means the Internal Revenue Code of 1986, as amended. References herein to a specific section of the Code shall be deemed to include comparable or analogous provisions of state, local and foreign law.

“Disability” means the inability of the Executive due to illness (mental or physical), accident, or otherwise to perform his duties for any period of 180 consecutive days, as determined by a qualified physician.

“Good Reason” means (A) without the Executive’s prior written consent, assignment to the Executive of duties materially inconsistent in any respect with his position, authority, duties or responsibilities, annual base salary or target bonus when compared with the same immediately prior to the Change in Control Date or if any change in the same is hereafter made in anticipation of a Change in Control or potential Change in Control, when compared with the same immediately before such change; (B) without the Executive’s prior written consent, reduction in the Executive’s annual base salary, target bonus or benefits when compared with the same immediately prior to the Change in Control Date; or (C) assignment of the Executive, without his prior written consent, to a place of business that is not within twenty-five miles of the Executive’s current place of business. Notwithstanding the foregoing, no such event shall constitute “Good Reason” unless (a) Executive shall have given written notice of such event to the Company within ninety (90) days after the initial occurrence, (b) the Company shall have failed to cure the condition constituting Good Reason within thirty (30) days after expiration of such cure period, and (c) Executive terminates employment within thirty (30) days after expiration of such cure period.

“Successor” means any acquirer of all or substantially all of the stock, assets or business of the Company.

“Termination Date” means the last day of the Executive’s employment by the Company. For the purposes of this Agreement, the terms “termination of employment,” “terminates employment” and “Termination Date” mean a “separation from service” as such term is defined in Section 409A of the Code.

EX-21

Exhibit 21

LIST OF SUBSIDIARIES OF THE COMPANY

Name	Jurisdiction of Organization
AWO, Inc.	Delaware
Astro-Med GmbH	Germany
Grass Technologies Corporation	Delaware
Grass Properties, Inc.	Delaware

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statements (Form S-8 Nos. 333-24123, 333-32315, 333-93565, 333-62431, 333-44414, 333-63526 and 333-143854) pertaining to employee benefit and stock option plans of Astro-Med, Inc. of our report dated April 8, 2015, with respect to the consolidated financial statements and schedule of Astro-Med, Inc., included in this Annual Report (Form 10-K) for the year ended January 31, 2015.

/s/ Wolf & Company, P.C.

Boston, Massachusetts

April 8, 2015

EX-31.1

Exhibit 31.1

CERTIFICATION OF THE 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 annual report on Form 10-K 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 annual 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 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 our 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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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 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 registrant’s board of directors (or persons performing the equivalent function):

(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 April 8, 2015

/S/ GREGORY A. WOODS

Gregory A. Woods

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Joseph P. O’Connell certify that:

1. I have reviewed this annual report on Form 10-K 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 annual 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 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 our 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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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 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 registrant’s board of directors (or persons performing the equivalent function):

(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 April 8, 2015

/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 OF THE CHIEF EXECUTIVE OFFICER

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 Annual Report of Astro-Med, Inc. (the “Company”) on Form 10-K for the year ended January 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory A. Woods, Chief Executive Officer, hereby certify, pursuant to Rule 13a-14(b) and 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Dated this 8th day of April, 2015

/S/ GREGORY A. WOODS

Gregory A. Woods

President and Chief Executive Officer

(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 OF THE CHIEF FINANCIAL OFFICER

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 Annual Report of Astro-Med, Inc. (the “Company”) on Form 10-K for the year ended January 31, 2015, 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, hereby certify, pursuant to Rule 13a-14(b) and 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Dated this 8th day of April, 2015

/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.

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Nature of Operations, Segment Reporting and Geographical Information (Tables)

12 Months Ended

Jan. 31, 2015

Segment Reporting [Abstract]

Net Sales and Segment Operating Profit for Each Reporting Segment

Summarized below are the Net Sales and Segment Operating Profit (both in dollars and as a percentage of Net Sales) for each reporting segment:

($ in thousands)	Net Sales				Segment Operating Profit				Segment Operating Profit % of Net Sales
	2015		2014		2015		2014		2015			2014
QuickLabel	$	59,779	$	49,065	$	7,259	$	5,154		12.1	%		10.5	%
T&M		28,568		19,527		5,627		2,655		19.7	%		13.6	%
Total	$	88,347	$	68,592		12,886		7,809		14.6	%		11.4	%
Product Replacement Costs						—		672
Corporate Expenses						5,655		5,604
Operating Income						7,231		1,533
Other Expense						299		121
Income from Continuing Operations before Income Taxes						6,932		1,412
Income Tax Provision for Continuing Operations						2,270		175
						4,662		1,237
Income from Discontinued Operations, Net of Taxes						—		1,975
Net Income					$	4,662	$	3,212

Summary of Other Information by Segment

Other information by segment is presented below:

(In thousands)	Assets
	2015		2014
QuickLabel	$	24,874	$	25,306
T&M		22,323		17,049
Discontinued Operations		—		3,917
Corporate*		27,133		31,692
Total	$	74,330	$	77,964

* Corporate assets consist principally of cash and cash equivalents, securities available for sale, and building held for sale.

(In thousands)	Depreciation and Amortization				Capital Expenditures
	2015		2014		2015		2014
QuickLabel	$	678	$	639	$	1,408	$	543
T&M		1,385		640		839		585
Total	$	2,063	$	1,279	$	2,247	$	1,128

Summary of Selected Financial Information by Geographic Area

Presented below is selected financial information by geographic area:

(In thousands)	Net Sales				Long-Lived Assets
	2015		2014		2015		2014
United States	$	61,494	$	48,679	$	10,422	$	10,115
Europe		18,181		14,909		383		538
Canada		3,934		2,569		272		339
Asia		1,408		1,167		—		—
Central and South America		1,919		908		—		—
Other		1,411		360		—		—
Total	$	88,347	$	68,592	$	11,077	$	10,992

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Accrued Expenses - Summary of Accrued Expenses (Detail) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Payables and Accruals [Abstract]
Warranty	$ 375	$ 355
Product Replacement Cost Reserve	353	480
Professional Fees	256	269
Executive Retirement Package	250	250
Dealer Commissions	163	55
Other	946	901
Total	$ 2,343	$ 2,310

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Acquisition - Unaudited Pro-Forma Information (Detail) (Miltope's Ruggedized Printer Product Line Operation [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2014
Miltope's Ruggedized Printer Product Line Operation [Member]
Business Acquisition [Line Items]
Net Revenue	$ 75,362

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Income Taxes - Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Deferred Tax Assets:
Inventory	$ 1,666	$ 1,792
Share-Based Compensation	572	535
State R&D Credits	371	258
Compensation Accrual	417	493
ASC 740 Liability Federal Benefit	304	290
Deferred Service Contract Revenue	235	181
Warranty Reserve	140	137
Reserve for Doubtful Accounts	116	127
Foreign Tax Credit	356	213
Other	298	119
Deferred Tax Assets, Total	4,475	4,145
Deferred Tax Liabilities:
Accumulated Tax Depreciation in Excess of Book Depreciation	766	830
Deferred Gain on Asset Held for Sale	785	897
Currency Translation Adjustment	36	173
Other	87	78
Deferred Tax Liabilities, Total	1,674	1,978
Subtotal	2,801	2,167
Valuation Allowance	(255)	(258)
Net Deferred Tax Assets	$ 2,546	$ 1,909

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Line of Credit - Additional Information (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015
Line of Credit Facility [Line Items]
Agreement expiration date	Jan. 31, 2015
Agreement term	1 year
Wells Fargo Bank [Member]
Line of Credit Facility [Line Items]
Agreement expiration date	May 30, 2014
Revolving line of credit	10,000,000
Agreement term	3 years
Line of credit, interest rate description	Any borrowings made under the new line of credit bear interest at either a fluctuating base rate equal to the highest of (i) the Prime Rate, (ii) 1.50% above the daily one month LIBOR, and (iii) the Federal Funds Rate in effect plus 1.50% or at a fixed rate of LIBOR plus an agreed upon margin of between 0% and 2.25%, based on the Company's funded debt to EBITDA ratio as defined in the agreement.
Borrowings against new line of credit	0
Fixed Charge Coverage Ratio	3
Funded debt to adjusted EBITDA ratio	1.25
Wells Fargo Bank [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Percentage above rate	1.50%
Wells Fargo Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Percentage above rate	0.00%
Wells Fargo Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Percentage above rate	2.25%
Wells Fargo Bank [Member] | Federal Funds Effective Swap Rate [Member]
Line of Credit Facility [Line Items]
Percentage above rate	1.50%

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Employee Benefit Plans - Additional Information (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Postemployment Benefits [Abstract]
Compensation expense	$ 100,000	$ 100,000
Contributions paid or accrued amounted	$ 294,000	$ 251,000

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Acquisition - Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) (Miltope's Ruggedized Printer Product Line Operation [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 22, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 3,400	$ 3,400
Customer Contract Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	3,100
Useful Life	10 years
Backlog [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 300
Useful Life	1 year

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Inventories (Tables)

12 Months Ended

Jan. 31, 2015

Inventory Disclosure [Abstract]

Components of Inventories

The components of inventories are as follows:

	January 31
	2015			2014
(In thousands)
Materials and Supplies	$	10,600		$	10,722
Work-in-Progress		765			852
Finished Goods		7,372			6,798
		18,737			18,372
Inventory Reserve		(3,155	)		(3,194	)
Balance at January 31	$	15,582		$	15,178

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Product Warranty Liability - Activity in Product Warranty Liability (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Product Warranties Disclosures [Abstract]
Balance, beginning of the year	$ 355	$ 350
Warranties issued	546	447
Settlements made	(526)	(442)
Balance, end of the year	$ 375	$ 355

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Contractual Obligations - Additional Information (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent and lease expenses	$ 614,000	$ 599,000

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Accumulated Other Comprehensive Income (Loss) - Changes in the Balance of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Schedule of Capitalization, Equity [Line Items]
Beginning Balance	$ 176	$ 173
Other comprehensive income (loss)	(875)	3
Amounts Reclassified to Net Income	0	0
Net other comprehensive income (loss)	(875)	3
Ending Balance	(699)	176
Foreign Currency Translation Adjustments [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balance	152	166
Other comprehensive income (loss)	(866)	(14)
Amounts Reclassified to Net Income	0	0
Net other comprehensive income (loss)	(866)	(14)
Ending Balance	(714)	152
Unrealized Holding Gain on Available for Sale Securities [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balance	24	7
Other comprehensive income (loss)	(9)	17
Amounts Reclassified to Net Income	0	0
Net other comprehensive income (loss)	(9)	17
Ending Balance	$ 15	$ 24

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Nature of Operations, Segment Reporting and Geographical Information - Summary of Other Information by Segment (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 74,330	$ 77,964
Depreciation and Amortization	2,063	1,279
Capital Expenditures	2,247	1,128
Operating Segments [Member] | QuickLabel [Member]
Segment Reporting Information [Line Items]
Assets	24,874	25,306
Depreciation and Amortization	678	639
Capital Expenditures	1,408	543
Operating Segments [Member] | T&M [Member]
Segment Reporting Information [Line Items]
Assets	22,323	17,049
Depreciation and Amortization	1,385	640
Capital Expenditures	839	585
Operating Segments [Member] | Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Assets		3,917
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Assets	$ 27,133	$ 31,692

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Discontinued Operations - Summary of Discontinued Operations (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Net Sales	$ 8,401
Cost of Sales	7,353
Gross Profit	1,048
Operating Expenses	96
Income from Discontinued Operations	952
Gain on Sale of Assets of Discontinued Operations	1,800
Income Tax Expense	777
Income from Discontinued Operations	$ 1,975

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Concentration of Risk - Additional Information (Detail) (Vendor [Member])	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Purchases [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	21.90%	14.30%
Accounts Payable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	55.10%	23.60%

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Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) (Allowance for Doubtful Accounts [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 370	$ 345
Provision Charged to Operations	60	119
Deductions	(87)	(94)
Balance at End of Year	$ 343	$ 370

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Nature of Operations, Segment Reporting and Geographical Information - Summary of Selected Financial Information by Geographic Area (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	$ 88,347	$ 68,592
Long-Lived Assets	11,077	10,992
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	61,494	48,679
Long-Lived Assets	10,422	10,115
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	18,181	14,909
Long-Lived Assets	383	538
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	3,934	2,569
Long-Lived Assets	272	339
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	1,408	1,167
Central and South America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	1,919	908
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	$ 1,411	$ 360

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Income Taxes - Change in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Income Tax Disclosure [Abstract]
Balance at February 1	$ 715,000	$ 941,000
Increases in prior period tax positions		31,000
Increases in current period tax positions	87,000	42,000
Reductions related to lapse of statute of limitations	(95,000)	(299,000)
Balance at January 31	$ 707,000	$ 715,000

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Concentration of Risk

12 Months Ended

Jan. 31, 2015

Risks and Uncertainties [Abstract]

Concentration of Risk

Note 17—Concentration of Risk

Credit is generally extended on an uncollateralized basis to almost all customers after review of credit worthiness. Concentration of credit and geographic risk with respect to accounts receivable is limited due to the large number and general dispersion of accounts which constitute the Company’s customer base. The Company periodically performs on-going credit evaluations of its customers. The Company has not historically experienced significant credit losses on collection of its accounts receivable.

Excess cash is invested principally in investment grade government and state municipal securities. The Company has established guidelines relative to diversification and maturities that maintain safety of principal, liquidity and yield. These guidelines are periodically reviewed and modified to reflect changes in market conditions. The Company has not historically experienced any significant losses on its cash equivalents or investments.

During the years ended January 31, 2015 and 2014, one vendor accounted for 21.9% and 14.3% of purchases, and 55.1% and 23.6% of accounts payable, respectively.

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Securities Available for Sale - Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of the Securities (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 15,174	$ 18,766
State and Municipal Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	15,150	18,729
Gross Unrealized Gains	26	37
Gross Unrealized Losses	(2)
Fair Value	$ 15,174	$ 18,766

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Discontinued Operations (Tables)

12 Months Ended

Jan. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

Results for discontinued operations are as follows:

	2014
(In thousands)
Net Sales	$	8,401
Cost of Sales	$	7,353
Gross Profit	$	1,048
Operating Expenses	$	96
Income from Discontinued Operations	$	952
Gain on Sale of Assets of Discontinued Operations	$	1,800
Income Tax Expense	$	777
Income from Discontinued Operations	$	1,975

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Nature of Operations, Segment Reporting and Geographical Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Segment Reporting Information [Line Items]
Net Sales	$ 88,347	$ 68,592
Corporate Expenses	29,746	25,450
Operating Income	7,231	1,533
Other Expense	299	121
Segment Operating Profit % of Net Sales	14.60%	11.40%
Income from Continuing Operations before Income Taxes	6,932	1,412
Income Tax Provision for Continuing Operations	2,270	175
Income from Continuing Operations	4,662	1,237
Income from Discontinued Operations, Net of Taxes		1,975
Net Income	4,662	3,212
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating Income	12,886	7,809
Operating Segments [Member] | QuickLabel [Member]
Segment Reporting Information [Line Items]
Net Sales	59,779	49,065
Operating Income	7,259	5,154
Segment Operating Profit % of Net Sales	12.10%	10.50%
Operating Segments [Member] | T&M [Member]
Segment Reporting Information [Line Items]
Net Sales	28,568	19,527
Operating Income	5,627	2,655
Segment Operating Profit % of Net Sales	19.70%	13.60%
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Product Replacement Costs		672
Corporate Expenses	$ 5,655	$ 5,604

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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income from Continuing Operations before Income Taxes

The components of income from continuing operations before income taxes are as follows:

	Years Ended January 31,
	2015		2014
(In thousands)
Domestic	$	5,401	$	537
Foreign		1,531		875
	$	6,932	$	1,412

Components of Provision for Income Taxes from Continuing Operations

The components of the provision for income taxes from continuing operations are as follows:

	Years Ended January 31,
	2015			2014
(In thousands)
Current:
Federal	$	1,666		$	930
State		466			179
Foreign		535			297
		2,667			1,406
Deferred:
Federal		(290	)		(1,044	)
State		(107	)		(174	)
Foreign		—			(13	)
		(397	)		(1,231	)
	$	2,270		$	175

Components of Difference Between Provision for Income Taxes from Continuing Operations and Amount Computed by Applying Statutory Federal Income Tax Rate

The provision for income taxes for continuing operations differs from the amount computed by applying the statutory federal income tax rate of 34% in fiscal 2015 and 2014 to income before income taxes due to the following:

	Years Ended January 31
	2015			2014
(In thousands)
Income Tax Provision at Statutory Rate	$	2,357		$	480
State Taxes, Net of Federal Tax Effect		233			(47	)
Change in Reserves Related to ASC 740 Liability		23			(59	)
Meals and Entertainment		41			38
Domestic Production Deduction		(164	)		(30	)
Share-Based Compensation		(25	)		36
Tax-exempt Income		(24	)		(22	)
R&D Credits		(135	)		(114	)
Foreign Rate Differential		(56	)		(26	)
Other Permanent Differences and Miscellaneous, Net		20			(81	)
	$	2,270		$	175

Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:

	January 31
	2015			2014
(In thousands)
Deferred Tax Assets:
Inventory	$	1,666		$	1,792
Share-Based Compensation		572			535
State R&D Credits		371			258
Compensation Accrual		417			493
ASC 740 Liability Federal Benefit		304			290
Deferred Service Contract Revenue		235			181
Warranty Reserve		140			137
Reserve for Doubtful Accounts		116			127
Foreign Tax Credit		356			213
Other		298			119
		4,475			4,145
Deferred Tax Liabilities:
Accumulated Tax Depreciation in Excess of Book Depreciation		766			830
Deferred Gain on Asset Held for Sale		785			897
Currency Translation Adjustment		36			173
Other		87			78
		1,674			1,978
Subtotal		2,801			2,167
Valuation Allowance		(255	)		(258	)
Net Deferred Tax Assets	$	2,546		$	1,909

Changes in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties

A reconciliation of unrecognized tax benefits, excluding interest and penalties follows:

	2015			2014
(In thousands)
Balance at February 1	$	715		$	941
Increases in prior period tax positions		—			31
Increases in current period tax positions		87			42
Reductions related to lapse of statute of limitations		(95	)		(299	)
Balance at January 31	$	707		$	715

XML

Inventories - Components of Inventories (Detail) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Inventory Disclosure [Abstract]
Materials and Supplies	$ 10,600	$ 10,722
Work-in-Progress	765	852
Finished Goods	7,372	6,798
Inventory, Gross	18,737	18,372
Inventory Reserve	(3,155)	(3,194)
Balance at January 31	$ 15,582	$ 15,178

XML

Income Taxes - Components of Provision for Income Taxes from Continuing Operations (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Current:
Federal	$ 1,666	$ 930
State	466	179
Foreign	535	297
Current Income Tax Expense	2,667	1,406
Deferred:
Federal	(290)	(1,044)
State	(107)	(174)
Foreign		(13)
Deferred Income Tax Expense Total	(397)	(1,231)
Total	$ 2,270	$ 175

XML

Share-Based Compensation - Summary of Options Outstanding (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option outstanding, total	656,011	736,647
Options exercisable , total	413,612
Range One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Range of Exercise prices, Lower Limit	$ 5.78
Outstanding Range of Exercise prices, Upper Limit	$ 8.73
Outstanding, Options	314,365
Outstanding, Weighted Average Exercise Price	$ 7.64
Exercisable, Weighted Average Exercise Price	$ 7.54
Outstanding Remaining Contractual Life	5 years 1 month 6 days
Exercisable, Options	254,516
Range Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Range of Exercise prices, Lower Limit	$ 8.95
Outstanding Range of Exercise prices, Upper Limit	$ 13.46
Outstanding, Options	190,046
Outstanding, Weighted Average Exercise Price	$ 10.79
Exercisable, Weighted Average Exercise Price	$ 10.76
Outstanding Remaining Contractual Life	4 years 3 months 18 days
Exercisable, Options	159,096
Range Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Range of Exercise prices, Lower Limit	$ 13.80
Outstanding Range of Exercise prices, Upper Limit	$ 14.20
Outstanding, Options	151,600
Outstanding, Weighted Average Exercise Price	$ 14.00
Outstanding Remaining Contractual Life	9 years 2 months 12 days

XML

Acquisition - Summary of Estimated Amortization Expense for Next Five Years (Detail) (Miltope's Ruggedized Printer Product Line Operation [Member], USD $) In Thousands, unless otherwise specified	Jan. 31, 2015
Miltope's Ruggedized Printer Product Line Operation [Member]
Business Acquisition [Line Items]
Estimated amortization expenses, 2016	$ 357
Estimated amortization expenses, 2017	349
Estimated amortization expenses, 2018	331
Estimated amortization expenses, 2019	278
Estimated amortization expenses, 2020	$ 278

XML

Summary of Significant Accounting Policies

12 Months Ended

Jan. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 1—Summary of Significant Accounting Policies

Basis of Presentation: The accompanying financial data have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and are presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Our fiscal year end is January 31. Unless otherwise stated, all years and dates refer to our fiscal year.

On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope Corporation, a company of VT Systems (“Miltope”). Astro-Med’s ruggedized printer product line is part of the Ruggedized product group and is reported as part of the Test & Measurement (T&M) segment. The results of the Miltope’s ruggedized printer product line operations have been included in the consolidated financial statements of the Company since the acquisition date. Refer to Note 2, “Acquisition,” for further details.

On January 31, 2013, we completed the sale of substantially all of the assets of our Grass Technologies Product Group. Consequently, we have classified the results of operations of the Grass Technologies Product Group as discontinued operations for the 2014 period presented. Refer to Note 20, “Discontinued Operations,” for further discussion.

Principles of Consolidation: The consolidated financial statements include the accounts of Astro-Med, Inc. and its subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation.

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

Use of Estimates: The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect these financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, valuation and estimated lives of intangible assets, impairment of long-lived assets, asset held for sale and goodwill, income taxes, share-based compensation 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.

Cash and Cash Equivalents: Highly liquid investments with an original maturity of 90 days or less are considered to be cash equivalents. Similar investments with original maturities beyond three months are classified as securities available for sale. Cash of $2,995,000 and $2,544,000 was held in foreign bank accounts at January 31, 2015 and 2014, respectively.

Securities Available for Sale: Securities available for sale are carried at fair value based on quoted market prices, where available. The difference between cost and fair value, net of related tax effects, is recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity.

Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets (land improvements—10 to 20 years; buildings and improvements—10 to 45 years; machinery and equipment—3 to 10 years). Depreciation expense was $1,361,000 for fiscal 2015 and $1,279,000 for 2014.

Revenue Recognition: Astro-Med’s product sales are recognized when all of the following criteria have been met: persuasive evidence of an arrangement exists; price to the buyer is fixed or determinable; delivery has occurred and legal title and risk of loss have passed to the customer; and collectability is reasonably assured. Returns and customer credits are infrequent and are recorded as a reduction to sales. Rights of return are not included in sales arrangements. Revenue associated with products that contain specific customer acceptance criteria is not recognized before the customer acceptance criteria are satisfied. Discounts from list prices are recorded as a reduction to sales. Amounts billed to customers for shipping and handling fees are included in sales while related shipping and handling costs are included in cost of sales.

The majority of our equipment contains embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole as it is not sold separately or marketed separately and its production costs are minor as compared to those of the hardware system. Therefore, the Company’s hardware appliances are considered non-software elements and are not subject to the industry-specific software revenue recognition guidance.

Our multiple-element arrangements are generally comprised of a combination of equipment, software, installation and/or training services. Hardware and software elements are typically delivered at the same time and revenue is recognized when all the revenue recognition criteria for each unit are met. Delivery of installation and training services will vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. Service revenue is deferred and recognized over the contractual period or as services are rendered and accepted by the customer.

We have evaluated the deliverables in our multiple-element arrangements and concluded that they are separate units of accounting if the delivered item or items have value to the customer on a standalone basis and delivery or performance of the undelivered item(s) is considered probable and substantially in our control. We allocate revenue to each element in our multiple-element arrangements based upon their relative selling prices. We determine the selling price for each deliverable based on a selling price hierarchy. The selling price for a deliverable is based on vendor specific objective evidence (VSOE) if available, third-party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE nor TPE is available. Revenue allocated to each element is then recognized when the basic revenue recognition criteria for that element have been met.

Infrequently, Astro-Med recognizes revenue for non-recurring engineering (NRE) fees for product modification orders upon completion of agreed-upon milestones. Revenue is deferred for any amounts received prior to completion of milestones. Certain of our NRE arrangements include formal customer acceptance provisions. In such cases, we determine whether we have obtained customer acceptance for the specific milestone before recognizing revenue. NRE fees have not been significant in the periods presented herein.

Infrequently, Astro-Med receives requests from customers to hold product purchased from us for the customer’s convenience. Revenue is recognized for such bill and hold arrangements in accordance with the requirements of SEC Staff Accounting Bulletin No. 104 which requires, among other things, the existence of a valid business purpose for the arrangement; the transfer of ownership of the purchased product; a fixed delivery date that is reasonable and consistent with the buyer’s business purpose; the readiness of the product for shipment; the use of customary payment terms; no continuing performance obligation by us; and segregation of the product from our inventories.

Research and Development Costs: Astro-Med charges costs to expense in the period incurred, and these expenses are shown on a separate line in the consolidated statement of income. Included in research and development expense are the following: salaries and benefits, external engineering service costs, engineering related information costs and supplies. The Company also complies with Accounting Standards Codification (“ASC”) 985-20, “Costs of Computer Software to be Sold, Leased or Marketed” and ASC 350-40, “Internal-Use Software” in accounting for the costs of software either developed or acquired.

Foreign Currency Translation: The financial statements of foreign subsidiaries and branches are measured using the local currency as the functional currency. Foreign currency denominated assets and liabilities are translated into U.S. dollars at year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the monthly average exchange rates. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our German subsidiary since its undistributed earnings are considered to be permanently invested. Our net foreign exchange losses were $219,000 and $190,000 for fiscal 2015 and 2014, respectively.

Advertising: Astro-Med expenses advertising costs as incurred. Advertising costs including advertising production, trade shows and other activities are designed to enhance demand for our products and amounted to approximately $1,717,000 and $1,236,000 in fiscal 2015 and 2014, respectively.

Health Insurance Reimbursement Reserve: Astro-Med reimbursed a portion of employee health insurance deductibles and co-payments for fiscal 2015 and 2014. The total reimbursement amounted to approximately $129,000 and $201,000 in 2015 and 2014, respectively. We accrued approximately $20,000 and $75,000 at January 31, 2015 and 2014, respectively, for estimated outstanding reimbursements due to employees, including a reserve for incurred but not reported amounts.

Long-Lived Assets: Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the projected undiscounted cash flows are less these the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, as determined by the discounting of future cash flows. For both 2015 and 2014, these were no impairment charges for long-lived assets.

Assets Held for Sale: Assets held for sale are reported at the lower of cost or fair value less cost to sell. Astro-Med’s former Grass facility in Rockland met the held for sale classification criteria as of January 31, 2015 and 2014. This property is being actively marketed and management expects to sell the property during the upcoming fiscal year. Accordingly, the asset held for sale has been classified as a current asset.

The Company estimated the fair value of the Rockland facility using the market values for similar properties and estimated the fair value less the cost to sell. This property is considered a Level 2 asset as defined in ASC 820, “Fair Value Measurements.”

During the years ended 2015 and 2014, the Company recorded impairment charges of $220,000 and $779,000, respectively, related to the write-down of the Rockland facility to fair value, less cost to sell. In fiscal 2015, the impairment charge was included in other income (expense), other, net in the consolidated statement of income. For fiscal 2014, the impairment charge was included in the income from discontinued operations in the consolidated statement of income.

Intangible Assets: Intangible assets include the value of customer relationships and backlog rights acquired in connection with business acquisitions and are recorded at fair value as determined by the Company. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. For both 2015 and 2014, there were no impairment charges for intangible assets.

Goodwill: Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in sales, earnings or cash flows, or material adverse changes in the business climate, indicate that the carrying value of an asset might be impaired. Goodwill is first qualitatively assessed to determine whether further impairment testing is necessary. Factors that management considers in this assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a two step process is then performed. Step one compares the fair value of the reporting unit with its carrying value, including goodwill. If the carrying amount exceeds the fair value of the reporting unit, step two is required to determine if there is an impairment of the goodwill. Step two compares the implied fair value of the reporting unit goodwill to the carrying amount of the goodwill. We estimate the fair value of our reporting units using the income approach based upon a discounted cash flow model. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long–term operating cash flow performance. In addition, the Company uses the market approach, which compares the reporting unit to publicly-traded companies and transactions involving similar business, to support the conclusions based upon the income approach. The income approach requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates.

We performed a qualitative assessment for our 2015 analysis of goodwill. Based on this assessment, management does not believe that it is more likely than not that the carrying value of the reporting units exceed their fair values. Accordingly, no further testing was performed as management believes that there are no impairment issues in regards to goodwill at this time.

Income Taxes: Astro-Med uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and tax basis of the assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At January 31, 2015 and 2014, a valuation allowance was provided for deferred tax assets attributable to certain state R&D credit carryforwards.

Astro-Med accounts for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosure.

Net Income Per Common Share: Basic net income per share is based on the weighted average number of shares outstanding during the period. Diluted net income per share is based on the basic weighted average number of shares and potential common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period using the treasury stock method. In fiscal years 2015 and 2014, there were 156,600 and 126,800 common equivalent shares that were not included in the computation of diluted net income per common share because their inclusion would be anti-dilutive.

Allowance for Doubtful Accounts: In circumstances where we are aware of a customer’s inability to meet its financial obligations, an allowance is established. The majority of accounts are individually evaluated on a regular basis and allowances are established to state such receivables at their net realizable value. The remainder of the allowance is based upon historical write-off experience and current market assessments.

Fair Value of Financial Instruments: Our financial instruments consist of cash and cash equivalents, investment securities, accounts receivable, a note receivable, a line of credit receivable and accounts payable. The carrying amount reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value due to the short-term nature of these items. Investment securities, all of which are available for sale, are carried in the consolidated balance sheets at fair value based on quoted market prices, when available. The note receivable is carried in the consolidated balance sheets at fair value based on the present value of the discounted cash flows over the life of the note.

The Company measures assets held for sale at fair value on a nonrecurring basis and records impairment charges when the assets are deemed to be impaired.

Share-Based Compensation: Share-based compensation expense is measured based on the estimated fair value of the share-based award when granted and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate of share-based compensation 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. No compensation expense is recognized for options that are forfeited for which the employee does not render the requisite service. Our accounting for share-based compensation for restricted stock awards (“RSA”) and restricted stock units (“RSU”) 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.

The cash flow from the tax benefits that are a result of tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as a cash inflow from financing activities and a cash outflow from operating activity. Tax deductions from certain stock option exercises are treated as being realized when they reduce taxes payable in accordance with relevant tax law.

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 and is to be applied prospectively. We are currently evaluating the impact of ASU 2014-08 and do not expect it to have a material effect on the Company’s financial position or results of operations.

Revenue Recognition

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services and is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements.

XML

Share-Based Compensation - Fair Value of Stock Options Granted (Detail)	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Life (years)	5 years	5 years
Expected Dividend Yield	1.98%	2.63%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate	1.50%	0.81%
Expected Volatility	21.47%	38.07%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate	1.62%	0.84%
Expected Volatility	26.75%	38.46%

XML

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Summary Of Significant Accounting Policies [Line Items]
Highly liquid investments with an original maturity	90 days or less
Cash of held in foreign bank accounts	$ 2,995,000	$ 2,544,000
Depreciation expense	1,361,000	1,279,000
Net foreign exchange losses	219,000	190,000
Advertising expense	1,717,000	1,236,000
Total reimbursement	129,000	201,000
Estimated outstanding reimbursements	20,000	75,000
Impairment charges for long-lived assets	0	0
Write-down of asset held for sale	220,000	779,000
Impairment charges for intangible assets	0	0
Number of common equivalent shares	156,600	126,800
Compensation expenses is recognized for option forfeited	$ 0
Miltope's Ruggedized Printer Product Line Operation [Member]
Summary Of Significant Accounting Policies [Line Items]
Completion date of acquisition	Jan. 22, 2014
Land Improvements [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	20 years
Land Improvements [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	10 years
Building and Improvements [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	45 years
Building and Improvements [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	10 years
Machinery and Equipment [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	10 years
Machinery and Equipment [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	3 years

XML

Valuation and Qualifying Accounts and Reserves

12 Months Ended

Jan. 31, 2015

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts and Reserves

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

Description	Balance at Beginning of Year		Provision Charged to Operations		Deductions(2)			Balance at End of Year
Allowance for Doubtful Accounts(1):
(In thousands)
Year Ended January 31,
2015	$	370	$	60	$	(87	)	$	343
2014	$	345	$	119	$	(94	)	$	370

(1) The allowance for doubtful accounts has been netted against accounts receivable as of the respective balance sheet dates.

(2) Uncollectible accounts written off, net of recoveries, also includes foreign exchange adjustment.

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Discontinued Operations

12 Months Ended

Jan. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 20—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. 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. The proceeds from the sale consisted of $18.6 million in cash, of which $1.8 million was held in escrow following the closing date of the transaction and was received by Astro-Med in the first quarter of fiscal 2015.

As part of this transaction, a Transition Service Agreement (TSA) was entered into with the purchaser pursuant to which Astro-Med 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 were not significant and therefore Grass has been classified as a discontinued operation for the fiscal 2014 period presented. The TSA 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, the purchaser was obligated to acquire the remaining Grass inventory upon expiration of the TSA and as such, 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 since fiscal 2014 have not been, and are not expected to be material.

Results for discontinued operations are as follows:

	2014
(In thousands)
Net Sales	$	8,401
Cost of Sales	$	7,353
Gross Profit	$	1,048
Operating Expenses	$	96
Income from Discontinued Operations	$	952
Gain on Sale of Assets of Discontinued Operations	$	1,800
Income Tax Expense	$	777
Income from Discontinued Operations	$	1,975

XML

Note Receivable and Revolving Line of Credit Issued - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended	1 Months Ended
	Jan. 30, 2012	Jan. 31, 2015 Installment	Feb. 28, 2015
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		511,000
Revolving line of credit		600,000
Interest rate on outstanding credit balance		2.00%
Line of credit facility maturity date		Jan. 31, 2015
Extended revolving line of credit		$ 173,000
Line of credit issued initial term		1 year
Revolving Credit Facility [Member]
Note Receivable And Line Of Credit Issued [Line Items]
Promissory note interest rate		5.25%
Subsequent Event [Member]
Note Receivable And Line Of Credit Issued [Line Items]
Line of credit facility maturity date			Jan. 31, 2016

XML

Acquisition - Additional Information (Detail) (Miltope's Ruggedized Printer Product Line Operation [Member], USD $)	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Miltope's 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
Amount held in escrow related to business acquisition		500,000
Duration of escrow deposits		12 months
General and administrative expenses		90,000
Goodwill	196,000
Amortization expense	$ 702,000

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation: The accompanying financial data have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and are presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Our fiscal year end is January 31. Unless otherwise stated, all years and dates refer to our fiscal year.

On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope Corporation, a company of VT Systems (“Miltope”). Astro-Med’s ruggedized printer product line is part of the Ruggedized product group and is reported as part of the Test & Measurement (T&M) segment. The results of the Miltope’s ruggedized printer product line operations have been included in the consolidated financial statements of the Company since the acquisition date. Refer to Note 2, “Acquisition,” for further details.

On January 31, 2013, we completed the sale of substantially all of the assets of our Grass Technologies Product Group. Consequently, we have classified the results of operations of the Grass Technologies Product Group as discontinued operations for the 2014 period presented. Refer to Note 20, “Discontinued Operations,” for further discussion.

Principles of Consolidation

Principles of Consolidation: The consolidated financial statements include the accounts of Astro-Med, Inc. and its subsidiaries. All material intercompany accounts and transactions are eliminated in consolidation.

Reclassification

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

Use of Estimates

Use of Estimates: The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect these financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, valuation and estimated lives of intangible assets, impairment of long-lived assets, asset held for sale and goodwill, income taxes, share-based compensation 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.

Cash and Cash Equivalents

Cash and Cash Equivalents: Highly liquid investments with an original maturity of 90 days or less are considered to be cash equivalents. Similar investments with original maturities beyond three months are classified as securities available for sale. Cash of $2,995,000 and $2,544,000 was held in foreign bank accounts at January 31, 2015 and 2014, respectively.

Securities Available for Sale

Securities Available for Sale: Securities available for sale are carried at fair value based on quoted market prices, where available. The difference between cost and fair value, net of related tax effects, is recorded as a component of accumulated other comprehensive income in shareholders’ equity.

Property, Plant and Equipment

Property, Plant and Equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets (land improvements—10 to 20 years; buildings and improvements—10 to 45 years; machinery and equipment—3 to 10 years). Depreciation expense was $1,361,000 for fiscal 2015 and $1,279,000 for 2014.

Revenue Recognition

Revenue Recognition: Astro-Med’s product sales are recognized when all of the following criteria have been met: persuasive evidence of an arrangement exists; price to the buyer is fixed or determinable; delivery has occurred and legal title and risk of loss have passed to the customer; and collectability is reasonably assured. Returns and customer credits are infrequent and are recorded as a reduction to sales. Rights of return are not included in sales arrangements. Revenue associated with products that contain specific customer acceptance criteria is not recognized before the customer acceptance criteria are satisfied. Discounts from list prices are recorded as a reduction to sales. Amounts billed to customers for shipping and handling fees are included in sales while related shipping and handling costs are included in cost of sales.

The majority of our equipment contains embedded operating systems and data management software which is included in the purchase price of the equipment. The software is deemed incidental to the systems as a whole as it is not sold separately or marketed separately and its production costs are minor as compared to those of the hardware system. Therefore, the Company’s hardware appliances are considered non-software elements and are not subject to the industry-specific software revenue recognition guidance.

Our multiple-element arrangements are generally comprised of a combination of equipment, software, installation and/or training services. Hardware and software elements are typically delivered at the same time and revenue is recognized when all the revenue recognition criteria for each unit are met. Delivery of installation and training services will vary based on certain factors such as the complexity of the equipment, staffing availability in a geographic location and customer preferences, and can range from a few days to a few months. Service revenue is deferred and recognized over the contractual period or as services are rendered and accepted by the customer.

We have evaluated the deliverables in our multiple-element arrangements and concluded that they are separate units of accounting if the delivered item or items have value to the customer on a standalone basis and delivery or performance of the undelivered item(s) is considered probable and substantially in our control. We allocate revenue to each element in our multiple-element arrangements based upon their relative selling prices. We determine the selling price for each deliverable based on a selling price hierarchy. The selling price for a deliverable is based on vendor specific objective evidence (VSOE) if available, third-party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE nor TPE is available. Revenue allocated to each element is then recognized when the basic revenue recognition criteria for that element have been met.

Infrequently, Astro-Med recognizes revenue for non-recurring engineering (NRE) fees for product modification orders upon completion of agreed-upon milestones. Revenue is deferred for any amounts received prior to completion of milestones. Certain of our NRE arrangements include formal customer acceptance provisions. In such cases, we determine whether we have obtained customer acceptance for the specific milestone before recognizing revenue. NRE fees have not been significant in the periods presented herein.

Infrequently, Astro-Med receives requests from customers to hold product purchased from us for the customer’s convenience. Revenue is recognized for such bill and hold arrangements in accordance with the requirements of SEC Staff Accounting Bulletin No. 104 which requires, among other things, the existence of a valid business purpose for the arrangement; the transfer of ownership of the purchased product; a fixed delivery date that is reasonable and consistent with the buyer’s business purpose; the readiness of the product for shipment; the use of customary payment terms; no continuing performance obligation by us; and segregation of the product from our inventories.

Research and Development Costs

Research and Development Costs: Astro-Med charges costs to expense in the period incurred, and these expenses are shown on a separate line in the consolidated statement of income. Included in research and development expense are the following: salaries and benefits, external engineering service costs, engineering related information costs and supplies. The Company also complies with Accounting Standards Codification (“ASC”) 985-20, “Costs of Computer Software to be Sold, Leased or Marketed” and ASC 350-40, “Internal-Use Software” in accounting for the costs of software either developed or acquired.

Foreign Currency Translation

Foreign Currency Translation: The financial statements of foreign subsidiaries and branches are measured using the local currency as the functional currency. Foreign currency denominated assets and liabilities are translated into U.S. dollars at year-end exchange rates with the translation adjustment recorded as a component of accumulated comprehensive income (loss) in shareholders’ equity. Revenues and expenses are translated at the monthly average exchange rates. We do not provide for U.S. income taxes on foreign currency translation adjustments associated with our German subsidiary since its undistributed earnings are considered to be permanently invested. Our net foreign exchange losses were $219,000 and $190,000 for fiscal 2015 and 2014, respectively.

Advertising

Advertising: Astro-Med expenses advertising costs as incurred. Advertising costs including advertising production, trade shows and other activities are designed to enhance demand for our products and amounted to approximately $1,717,000 and $1,236,000 in fiscal 2015, and 2014, respectively.

Health Insurance Reimbursement Reserve

Health Insurance Reimbursement Reserve: Astro-Med reimbursed a portion of employee health insurance deductibles and co-payments for fiscal 2015 and 2014. The total reimbursement amounted to approximately $129,000 and $201,000 in 2015 and 2014, respectively. We accrued approximately $20,000 and $75,000 at January 31, 2015 and 2014, respectively, for estimated outstanding reimbursements due to employees, including a reserve for incurred but not reported amounts.

Long-Lived Assets and Assets Held for Sale

Long-Lived Assets: Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. If the projected undiscounted cash flows are less these the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, as determined by the discounting of future cash flows. For both 2015 and 2014, these were no impairment charges for long-lived assets.

Assets Held for Sale: Assets held for sale are reported at the lower of cost or fair value less cost to sell. Astro-Med’s former Grass facility in Rockland met the held for sale classification criteria as of January 31, 2015 and 2014. This property is being actively marketed and management expects to sell the property during the upcoming fiscal year. Accordingly, the asset held for sale has been classified as a current asset.

The Company estimated the fair value of the Rockland facility using the market values for similar properties and estimated the fair value less the cost to sell. This property is considered a Level 2 asset as defined in ASC 820, “Fair Value Measurements.”

During the years ended 2015 and 2014, the Company recorded impairment charges of $220,000 and $779,000, respectively, related to the write-down of the Rockland facility to fair value, less cost to sell. In fiscal 2015, the impairment charge was included in other income (expense), other, net in the consolidated statement of income. For fiscal 2014, the impairment charge was included in the income from discontinued operations in the consolidated statement of income.

Intangible Assets

Intangible Assets: Intangible assets include the value of customer relationships and backlog rights acquired in connection with business acquisitions and are recorded at fair value as determined by the Company. These intangible assets have a definite life and are amortized over the assets’ useful lives using a systematic and rational basis which is representative of the assets use. Intangible assets with a definite life are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows used in determining the fair value of the asset. The amount of the impairment loss recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. For both 2015 and 2014, there were no impairment charges for intangible assets.

Goodwill

Goodwill: Management evaluates the recoverability of goodwill annually or more frequently if events or changes in circumstances, such as declines in sales, earnings or cash flows, or material adverse changes in the business climate, indicate that the carrying value of an asset might be impaired. Goodwill is first qualitatively assessed to determine whether further impairment testing is necessary. Factors that management considers in this assessment include macroeconomic conditions, industry and market considerations, overall financial performance (both current and projected), changes in management and strategy and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a two step process is then performed. Step one compares the fair value of the reporting unit with its carrying value, including goodwill. If the carrying amount exceeds the fair value of the reporting unit, step two is required to determine if there is an impairment of the goodwill. Step two compares the implied fair value of the reporting unit goodwill to the carrying amount of the goodwill. We estimate the fair value of our reporting units using the income approach based upon a discounted cash flow model. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long–term operating cash flow performance. In addition, the Company uses the market approach, which compares the reporting unit to publicly-traded companies and transactions involving similar business, to support the conclusions based upon the income approach. The income approach requires the use of many assumptions and estimates including future revenue, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates.

We performed a qualitative assessment for our 2015 analysis of goodwill. Based on this assessment, management does not believe that it is more likely than not that the carrying value of the reporting units exceed their fair values. Accordingly, no further testing was performed as management believes that there are no impairment issues in regards to goodwill at this time.

Income Taxes

Income Taxes: Astro-Med uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and tax basis of the assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. An allowance against deferred tax assets is recognized when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. At January 31, 2015 and 2014, a valuation allowance was provided for deferred tax assets attributable to certain state R&D credit carryforwards.

Astro-Med accounts for uncertain tax positions in accordance with the guidance provided in ASC 740, “Accounting for Income Taxes.” This guidance describes a recognition threshold and measurement attribute for the financial statement disclosure of tax positions taken or expected to be taken in a tax return and requires recognition of tax benefits that satisfy a more-likely-than-not threshold. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

Net Income Per Common Share

Net Income Per Common Share: Basic net income per share is based on the weighted average number of shares outstanding during the period. Diluted net income per share is based on the basic weighted average number of shares and potential common equivalent shares for stock options, restricted stock awards and restricted stock units outstanding during the period using the treasury stock method. In fiscal years 2015 and 2014, there were 156,600 and 126,800 common equivalent shares that were not included in the computation of diluted net income per common share because their inclusion would be anti-dilutive.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts: In circumstances where we are aware of a customer’s inability to meet its financial obligations, an allowance is established. The majority of accounts are individually evaluated on a regular basis and allowances are established to state such receivables at their net realizable value. The remainder of the allowance is based upon historical write-off experience and current market assessments.

Fair Value of Financial Instruments

Fair Value of Financial Instruments: Our financial instruments consist of cash and cash equivalents, investment securities, accounts receivable, a note receivable, a line of credit receivable and accounts payable. The carrying amount reflected in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value due to the short-term nature of these items. Investment securities, all of which are available for sale, are carried in the consolidated balance sheets at fair value based on quoted market prices, when available. The note receivable is carried in the consolidated balance sheets at fair value based on the present value of the discounted cash flows over the life of the note.

The Company measures assets held for sale at fair value on a nonrecurring basis and records impairment charges when the assets are deemed to be impaired.

Share-Based Compensation

Share-Based Compensation: Share-based compensation expense is measured based on the estimated fair value of the share-based award when granted and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). We have estimated the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate of share-based compensation 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. No compensation expense is recognized for options that are forfeited for which the employee does not render the requisite service. Our accounting for share-based compensation for restricted stock awards (“RSA”) and restricted stock units (“RSU”) 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.

The cash flow from the tax benefits that are a result of tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as a cash inflow from financing activities and a cash outflow from operating activity. Tax deductions from certain stock option exercises are treated as being realized when they reduce taxes payable in accordance with relevant tax law.

Recent Accounting Pronouncements

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 and is to be applied prospectively. We are currently evaluating the impact of ASU 2014-08 and do not expect it to have a material effect on the Company’s financial position or results of operations.

Revenue Recognition

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services and is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements.

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Acquisition (Tables)

12 Months Ended

Jan. 31, 2015

Unaudited Pro Forma Information

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.

	Year Ended January 31
(In thousands)	2014
Net Revenue	$	75,362

Miltope's 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

Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives

The following table reflects the fair value of the acquired identifiable intangible assets and related estimated useful lives:

(In thousands)	Fair Value		Useful Life (Years)
Customer Contract Relationships	$	3,100		10
Backlog		300		1
Total	$	3,400

Summary of Estimated Amortization Expense for Next Five Years

Estimated amortization expense for the next five years is as follows:

(In thousands)	2016		2017		2018		2019		2020
Estimated amortization expenses	$	357	$	349	$	331	$	278	$	278

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Cash Flows from Operating Activities:
Net Income	$ 4,662	$ 3,212
Adjustments to Reconcile Net Income to Net Cash Provided (Used) By Operating Activities:
Gain on Disposal of Discontinued Operations		(1,800)
Depreciation and Amortization	2,063	1,279
Share-Based Compensation	511	562
Deferred Income Tax Benefit	(636)	(636)
Excess Tax Benefit From Share-Based Compensation	(107)	(158)
Write-down of asset held for sale	220	779
Changes in Assets and Liabilities, Net of Impact of Acquisition and Divestiture:
Accounts Receivable	(2,741)	(2,588)
Inventories	(404)	(1,283)
Accounts Payable and Accrued Expenses	810	1,469
Income Taxes Payable	(1,747)	(3,515)
Other	(1,140)	(1,004)
Net Cash Provided (Used) by Operating Activities	1,491	(4,462)
Cash Flows from Investing Activities:
Proceeds from Sales/Maturities of Securities Available for Sale	12,885	10,835
Purchases of Securities Available for Sale	(9,306)	(21,065)
Release of Funds Held in Escrow From Sale of Grass	1,800
Proceeds Received on Disposition of Grass Inventory	2,355
Payments Received on Line of Credit and Note Receivable	258	373
Additions to Property, Plant and Equipment	(2,247)	(1,128)
Acquisition of Miltope Ruggedized Printer Business		(6,732)
Net Cash Provided (Used) by Investing Activities	5,745	(17,717)
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	870	944
Purchase of Treasury Stock	(6,250)
Excess Tax Benefit from Share-Based Compensation	107	158
Dividends Paid	(2,128)	(2,103)
Net Cash Used in Financing Activities	(7,401)	(1,001)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(218)	522
Net Decrease in Cash and Cash Equivalents	(383)	(22,658)
Cash and Cash Equivalents, Beginning of Year	8,341	30,999
Cash and Cash Equivalents, End of Year	7,958	8,341
Supplemental Information:
Income Taxes, Net of Refunds	$ 4,566	$ 5,085

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Securities Available for Sale (Tables)

12 Months Ended

Jan. 31, 2015

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:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(In thousands)
January 31, 2015
State and Municipal Obligations	$	15,150	$	26	$	(2	)	$	15,174
January 31, 2014
State and Municipal Obligations	$	18,729	$	37	$	—		$	18,766

Contractual Maturity Dates of Securities

The contractual maturity dates of these securities are as follows:

	January 31
	2015		2014
(In thousands)
Less than one year	$	9,470	$	11,439
One to three years		5,704		7,327
	$	15,174	$	18,766

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Fair Value Measurements - Fair Value Measurements of Assets on Non-Recurring Basis (Detail) (Fair Value, Measurements, Nonrecurring [Member], Level 2 [Member], USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Asset Held for Sale	$ 1,900	$ 2,120

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Product Warranty Liability (Tables)

12 Months Ended

Jan. 31, 2015

Guarantees [Abstract]

Activity in Product Warranty Liability

The Company regularly assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Activity in the product warranty liability is as follows:

	January 31,
	2015			2014
(In thousands)
Balance, beginning of the year	$	355		$	350
Warranties issued		546			447
Settlements made		(526	)		(442	)
Balance, end of the year	$	375		$	355

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Inventories - Additional Information (Detail) (USD $)	Jan. 31, 2015	Jan. 31, 2014
Inventory Disclosure [Abstract]
Inventory demonstration equipment	$ 1,030,000	$ 767,000

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Contractual Obligations - Summary of Contractual Obligations (Detail) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitments, Total	$ 15,117
Purchase Commitments, 2016	14,907
Purchase Commitments, 2017	210
Purchase Commitments, 2018	0
Purchase Commitments, 2019	0
Purchase Commitments, 2020 and Thereafter	0
Operating Lease Obligations, Total	688
Operating Lease Obligations, 2016	255
Operating Lease Obligations, 2017	225
Operating Lease Obligations, 2018	136
Operating Lease Obligations, 2019	72
Operating Lease Obligations, 2020 and Thereafter	0
Contractual Obligation, Total	15,805
Contractual Obligation, 2016	15,162
Contractual Obligation, 2017	435
Contractual Obligation, 2018	136
Contractual Obligation, 2019	72
Contractual Obligation, 2020 and Thereafter	$ 0

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
CURRENT ASSETS
Cash and Cash Equivalents	$ 7,958	$ 8,341
Securities Available for Sale	15,174	18,766
Accounts Receivable, net of reserves of $343 in 2015 and $370 in 2014	14,107	11,366
Inventories	15,582	15,178
Deferred Tax Assets	2,629	1,673
Restricted Cash		1,800
Line of Credit Receivable	173	240
Note Receivable	255	250
Asset Held for Sale	1,900	2,120
Prepaid Expenses and Other Current Assets	4,140	1,383
Current Assets of Discontinued Operations		3,917
Total Current Assets	61,918	65,034
PROPERTY, PLANT AND EQUIPMENT
Land and Improvements	904	873
Buildings and Improvements	10,551	10,341
Machinery and Equipment	25,368	23,746
Total Property, Plant and Equipment , gross	36,823	34,960
Less Accumulated Depreciation	(28,444)	(27,368)
Total Property, Plant and Equipment, net	8,379	7,592
OTHER ASSETS
Note Receivable	256	440
Deferred Tax Assets		313
Identifiable Intangibles	2,698	3,400
Goodwill	991	991
Other	88	194
Total Other Assets	4,033	5,338
TOTAL ASSETS	74,330	77,964
CURRENT LIABILITIES
Accounts Payable	3,155	2,374
Accrued Compensation	3,302	3,130
Other Accrued Expenses	2,343	2,310
Deferred Revenue	621	454
Income Taxes Payable	148	788
Current Liabilities of Discontinued Operations		836
Total Current Liabilities	9,569	9,892
Long Term Obligation	250	250
Deferred Tax Liabilities	83	77
Other Long Term Liabilities	1,167	1,131
TOTAL LIABILITIES	10,819	11,350
SHAREHOLDERS' EQUITY
Preferred Stock, $10 Par Value, Authorized 100,000 shares, None Issued
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 9,544,864 shares in 2015 and 9,291,225 shares in 2014	477	465
Additional Paid-in Capital	43,589	41,235
Retained Earnings	39,735	37,201
Treasury Stock, at Cost, 2,293,606 shares in 2015 and 1,730,042 shares in 2014	(19,591)	(12,463)
Accumulated Other Comprehensive Income (Loss),Net of Tax	(699)	176
Total Shareholders' Equity	63,511	66,614
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 74,330	$ 77,964

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Acquisition - Purchase Price of Acquisition Allocated on Basis of Estimated Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 22, 2014
Business Acquisition [Line Items]
Goodwill	$ 991	$ 991
Miltope's Ruggedized Printer Product Line Operation [Member]
Business Acquisition [Line Items]
Accounts Receivable			713
Inventories			2,503
Identifiable Intangible Assets	3,400		3,400
Goodwill			196
Warranty Reserve			(80)
Total Purchase Price			$ 6,732

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Statement of Comprehensive Income [Abstract]
Net Income	$ 4,662	$ 3,212
Other Comprehensive Income (Loss), net of taxes and reclassification adjustments:
Foreign currency translation adjustments	(866)	(14)
Unrealized gain (loss) on securities available for sale	(9)	17
Net other comprehensive income (loss)	(875)	3
Comprehensive Income	$ 3,787	$ 3,215

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Share-Based Compensation - Additional Information (Detail) (USD $)	12 Months Ended		0 Months Ended
	Jan. 31, 2015 Equity_Plan	Jan. 31, 2014	Aug. 01, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plan	1
Maximum disposal restricted percentage of RSU	50.00%
Stock options grant to each non-employee director	158,600
Non-employee director is entitled to an annual cash retainer	$ 7,000
Non-employee director received restricted stock award value	20,000
Options granted weighted average fair value per share	$ 2.85	$ 2.79
Aggregate intrinsic value of options exercised	1,149,000	706,000
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Stock Purchase Plan discount rate	15.00%
Reservation of shares under Stock Purchase Plan	247,500
Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-employee director is entitled to an annual cash retainer additional	500
Chairman of Board [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of Chair Retainer payable			6,000
Chair of Audit Committee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of Chair Retainer payable			4,000
Chair of Compensation Committee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of Chair Retainer payable			4,000
2013 Restricted Stock Units (RSUs) [Member] | First Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit vested percentage	50.00%
2013 Restricted Stock Units (RSUs) [Member] | Second Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit vested percentage	50.00%
2014 Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to unvested RSUs and RSAs	278,000
2014 Restricted Stock Units (RSUs) [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative budgeted net sales target measurement period	2014 through 2016
2014 Restricted Stock Units (RSUs) [Member] | Officer [Member] | Net Sales Target [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit vested percentage	50.00%
2014 Restricted Stock Units (RSUs) [Member] | Officer [Member] | ORONA Target [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit vested percentage	25.00%
2014 Restricted Stock Units (RSUs) [Member] | Officer [Member] | Third Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit vested percentage	25.00%
Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares authorized for awards under the Plan	1,000,000
Shares available for grant under the Plan	206,339
Equity Incentive Plan [Member] | Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period	10 years
Stock options grant to each non-employee director	5,000
Restricted Stock [Member] | Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	12 months
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Unrecognized compensation expense related to unvested options	455,000
Weighted average period for the recognition of unrecognized compensation expense	2 years
Aggregate intrinsic value of option exercised	2,554,000
Aggregate intrinsic value of the options outstanding	$ 3,225,000
Weighted average remaining contractual terms for these options that are exercisable	4 years 2 months 12 days
Weighted average remaining contractual terms for these options outstanding	4 years 2 months 12 days

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Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Jan. 31, 2015

Equity [Abstract]

Changes in the Balance of Accumulated Other Comprehensive Income (Loss)

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

(In thousands)	Foreign Currency Translation Adjustments			Unrealized Holding Gain on Available for Sale Securities			Total
Balance at January 31, 2013	$	166		$	7		$	173
Other Comprehensive Income (Loss)		(14	)		17			3
Amounts Reclassified to Net Income		—			—			—
Net Other Comprehensive Income (Loss)		(14	)		17			3
Balance at January 31, 2014		152			24			176
Other Comprehensive Income (Loss)		(866	)		(9	)		(875	)
Amounts Reclassified to Net Income		—			—			—
Net Other Comprehensive Income (Loss)		(866	)		(9	)		(875	)
Balance at January 31, 2015	$	(714	)	$	15		$	(699	)

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Share-Based Compensation - Summarized Plan Activity (Detail)	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Equity [Abstract]
Shares Reserved, Beginning Balance	60,242	64,231
Shares Purchased	(3,237)	(3,989)
Shares Reserved, Ending Balance	57,005	60,242

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Employee Benefit Plans

12 Months Ended

Jan. 31, 2015

Postemployment Benefits [Abstract]

Employee Benefit Plans

Note 14—Employee Benefit Plans

Employee Stock Ownership Plan (ESOP):

Astro-Med has an ESOP providing retirement benefits to all eligible employees. Annual contributions in amounts determined by the Company’s Board of Directors are invested by the ESOP’s Trustees in shares of common stock of Astro-Med. Contributions may be in cash or stock. Astro-Med’s contributions (paid or accrued) amounted to $100,000 in both fiscal 2015 and 2014 and were recorded as compensation expense. All shares owned by the ESOP have been allocated to participants.

Profit-Sharing Plan:

Astro-Med sponsors a Profit-Sharing Plan (the “Plan”) which provides retirement benefits to all eligible domestic employees. The Plan allows participants to defer a portion of their cash compensation and contribute such deferral to the Plan through payroll deductions. The Company makes matching contributions up to specified levels. The deferrals are made within the limits prescribed by Section 401(k) of the Internal Revenue Code.

All contributions are deposited into trust funds. It is the policy of the Company to fund any contributions accrued. The Company’s annual contribution amounts are determined by the Board of Directors. Contributions paid or accrued amounted to $294,000 and $251,000 in fiscal 2015 and 2014, respectively.

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Share-Based Compensation (Tables)

12 Months Ended

Jan. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Aggregated Information Regarding Stock Options Granted

Aggregated information regarding stock options granted under the Plan is summarized below:

	Number of Shares			Option Price Per Share		Weighted Average Option Price Per Share
Options Outstanding, January 31, 2014		736,647		$	5.78-11.90	$	8.63
Options Granted		158,600		$	13.46-14.20	$	13.99
Options Exercised		(224,275	)	$	6.22-11.90	$	8.29
Options Expired		(14,961	)	$	7.95-14.20	$	9.49
Options Outstanding, January 31, 2015		656,011		$	5.78-14.20	$	10.01
Options Exercisable, January 31, 2015		413,612		$	5.78-13.46	$	8.78

Summary of Options Outstanding

Set forth below is a summary of options outstanding at January 31, 2015:

Outstanding							Exercisable
Range of Exercise prices	Options		Weighted Average Exercise Price		Remaining Contractual Life		Options		Weighted Average Exercise Price
$5.78-8.73		314,365	$	7.64		5.1		254,516	$	7.54
$8.95-13.46		190,046	$	10.79		4.3		159,096	$	10.76
$13.80-14.20		151,600	$	14.00		9.2		—	$	—
		656,011						413,612

Fair Value of Stock Options Granted

The fair value of each stock option granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Years Ended January 31
	2015	2014
Risk-Free Interest Rate	1.5%-1.62%	0.81%-0.84%
Expected Life (years)	5	5
Expected Volatility	21.47%-26.75%	38.07%-38.46%
Expected Dividend Yield	1.98%	2.63%

Aggregated Information Regarding RSUs and RSAs Granted

Aggregated information regarding RSUs and RSAs granted under the Plan is summarized below:

	RSAs & RSUs			Weighted Average Grant Date Fair Value
Outstanding at January 31, 2014		106,496		$	9.12
Granted		7,245			13.80
Vested		(35,662	)		8.75
Expired or canceled		(5,834	)		10.07
Outstanding at January 31, 2015		72,245		$	9.70

Share-Based Compensation Expense

Share-based compensation expense has been recognized as follows:

	Years Ended January 31,
	2015		2014
(In thousands)
Stock Options	$	241	$	192
Restricted Stock Awards and Restricted Stock Units		270		370
Total	$	511	$	562

Summarized Plan Activity

Summarized plan activity is as follows:

	Years Ended January 31
	2015			2014
Shares Reserved, Beginning		60,242			64,231
Shares Purchased		(3,237	)		(3,989	)
Shares Reserved, Ending		57,005			60,242

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Product Replacement Costs

12 Months Ended

Jan. 31, 2015

Other Income and Expenses [Abstract]

Product Replacement Costs

Note 16—Product Replacement Costs

In April 2013, tests conducted by the Company revealed that one of its suppliers had been using a non-conforming material 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 costs were recognized and recorded in the first quarter of fiscal 2014 and are included in cost of sales in the accompanying consolidated statement of income for the fiscal year ended January 31, 2014. As of January 31, 2015, the Company had expended $319,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $353,000 is included in other accrued expenses in the accompanying consolidated balance sheet as of January 31, 2015.

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, Astro-Med received a non-refundable $450,000 settlement from the supplier in January 2014 for recovery of the costs and expense associated with this issue. This settlement was recorded in cost of sales in the accompanying consolidated statement of income for the fiscal year ended January 31, 2014. In addition to this cash settlement, the Company will receive lower product prices from the supplier through fiscal 2017.

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Income Taxes - Additional Information (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2013
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	34.00%	34.00%
Increase (decrease) in valuation allowance	$ (3,000)	$ 27,000
Recognized tax benefits excluding interest and penalties	707,000	715,000	941,000
Impact on effective tax rate, decrease	493,000
Recognized expense related to interest and penalties	43,000	68,000
Accrued potential interest and penalties	460,000	416,000
Undistributed earnings of foreign subsidiaries	$ 3,909,000

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Consolidated Statements of Changes in Shareholders' Equity (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Jan. 31, 2013	$ 63,837,000	$ 452,000	$ 38,786,000	$ 36,092,000	$ (11,666,000)	$ 173,000
Beginning Balance, Shares at Jan. 31, 2013		9,031,756
Share-based compensation	562,000		562,000
Employee option exercises	1,801,000	11,000	1,790,000
Employee option exercises, Shares		214,779
Tax benefit of employee stock options	158,000		158,000
Restricted stock awards	(59,000)	2,000	(61,000)
Restricted stock awards, Shares		44,690
Purchases of common stock from employees	(797,000)				(797,000)
Dividends paid	(2,103,000)			(2,103,000)
Net Income	3,212,000			3,212,000
Other Comprehensive Income (Loss)	3,000					3,000
Ending Balance at Jan. 31, 2014	66,614,000	465,000	41,235,000	37,201,000	(12,463,000)	176,000
Ending Balance, Shares at Jan. 31, 2014		9,291,225
Share-based compensation	511,000		511,000
Employee option exercises	1,887,000	11,000	1,876,000
Employee option exercises, Shares	224,275	227,512
Tax benefit of employee stock options	107,000		107,000
Restricted stock awards	(139,000)	1,000	(140,000)
Restricted stock awards, Shares		26,127
Purchases of common stock from employees	(878,000)				(878,000)
Repurchases of common stock	(6,250,000)				(6,250,000)
Dividends paid	(2,128,000)			(2,128,000)
Net Income	4,662,000			4,662,000
Other Comprehensive Income (Loss)	(875,000)					(875,000)
Ending Balance at Jan. 31, 2015	$ 63,511,000	$ 477,000	$ 43,589,000	$ 39,735,000	$ (19,591,000)	$ (699,000)
Ending Balance, Shares at Jan. 31, 2015		9,544,864

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Statement of Financial Position [Abstract]
Accounts Receivable, Reserves	$ 343	$ 370
Preferred Stock, Par Value	$ 10	$ 10
Preferred Stock, Shares Authorized	100,000	100,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par Value	$ 0.05	$ 0.05
Common Stock, Shares Authorized	13,000,000	13,000,000
Common Stock, Shares Issued	9,544,864	9,291,225
Treasury Stock, Shares	2,293,606	1,730,042

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Shareholders' Equity

12 Months Ended

Jan. 31, 2015

Equity [Abstract]

Shareholders' Equity

Note 9—Shareholders’ Equity

On December 5, 2014, the Company repurchased 500,000 shares of the Company’s common stock from the Estate of Albert W. Ondis for an aggregate purchase price of $6,250,000. Prior to entering into the Stock Purchase Agreement, the Company obtained an opinion from an independent investment banking firm as to the fairness, from a financial point of view, to the public shareholders of the Company other than the selling shareholders, of the consideration paid by the Company in the transaction. The purchase was funded using existing cash on hand. This transaction did not impact the number of shares authorized for repurchase under the Company’s current repurchase program. During fiscal 2014 the Company did not repurchase any shares of its common stock except as described below in connection with the exercise of employee stock options.

During fiscal 2015 and 2014, certain of the Company’s employees delivered a total of 62,797 and 66,828 shares respectively, of the Company’s common stock to satisfy the exercise price for stock options exercised and related taxes. The shares delivered were valued at a total of $878,000 and $797,000, respectively, and are included in treasury stock in the accompanying consolidated balance sheets at January 31, 2015 and 2014. These transactions did not impact the number of shares authorized for repurchase under the Company’s current repurchase program.

As of January 31, 2015, the Company’s Board of Directors has authorized the purchase of up to an additional 390,000 shares Company’s common stock on the open market or in privately negotiated transactions.

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Document and Entity Information (USD $)	12 Months Ended
	Jan. 31, 2015	Mar. 27, 2015	Aug. 01, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jan. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	ALOT
Entity Registrant Name	ASTRO MED INC /NEW/
Entity Central Index Key	0000008146
Current Fiscal Year End Date	--01-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,266,134
Entity Public Float			$ 68,077,000

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Share-Based Compensation

12 Months Ended

Jan. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

Note 10—Share-Based Compensation

Astro-Med maintains the following share-based compensation plans:

Stock Plans:

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 January 31, 2015, 206,339 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 of the Board of Directors; 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 vests on the third anniversary of the grant date, fifty percent vests upon the Company achieving its cumulative budgeted net sales target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent 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. No 2014 RSUs whose vesting is dependent upon the achievement of financial performance goals as set forth herein, have vested as of January 31, 2015.

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 annual 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 also receives an annual retainer of $6,000 and the Chair of the Audit Committee and Compensation Committee 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 non-employee 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.

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.

Stock Options:

Aggregated information regarding stock options granted under the Plan is summarized below:

	Number of Shares			Option Price Per Share		Weighted Average Option Price Per Share
Options Outstanding, January 31, 2014		736,647		$	5.78-11.90	$	8.63
Options Granted		158,600		$	13.46-14.20	$	13.99
Options Exercised		(224,275	)	$	6.22-11.90	$	8.29
Options Expired		(14,961	)	$	7.95-14.20	$	9.49
Options Outstanding, January 31, 2015		656,011		$	5.78-14.20	$	10.01
Options Exercisable, January 31, 2015		413,612		$	5.78-13.46	$	8.78

Set forth below is a summary of options outstanding at January 31, 2015:

Outstanding							Exercisable
Range of Exercise prices	Options		Weighted Average Exercise Price		Remaining Contractual Life		Options		Weighted Average Exercise Price
$5.78-8.73		314,365	$	7.64		5.1		254,516	$	7.54
$8.95-13.46		190,046	$	10.79		4.3		159,096	$	10.76
$13.80-14.20		151,600	$	14.00		9.2		—	$	—
		656,011						413,612

The fair value of each stock option granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Years Ended January 31
	2015	2014
Risk-Free Interest Rate	1.5%-1.62%	0.81%-0.84%
Expected Life (years)	5	5
Expected Volatility	21.47%-26.75%	38.07%-38.46%
Expected Dividend Yield	1.98%	2.63%

The weighted average fair value of options granted during fiscal 2015 and 2014 was $2.85 and $2.79, respectively. As of January 31, 2015, there was $455,000 of unrecognized compensation expense related to the unvested stock options granted under the plans. The expense is to be recognized over a weighted average of two years.

As of January 31, 2015, the aggregate intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock on January 31, 2015, and the exercise price of the outstanding options) that would have been received by the option holders if all options had been exercised was $2,554,000 for all exercisable options and $3,225,000 for all options outstanding. The weighted average remaining contractual terms for these options are 4.2 years. The total aggregate intrinsic value of options exercised during fiscal 2015 and 2014 was $1,149,000 and $706,000, respectively.

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

Aggregated information regarding RSUs and RSAs granted under the Plan is summarized below:

	RSAs & RSUs			Weighted Average Grant Date Fair Value
Outstanding at January 31, 2014		106,496		$	9.12
Granted		7,245			13.80
Vested		(35,662	)		8.75
Expired or canceled		(5,834	)		10.07
Outstanding at January 31, 2015		72,245		$	9.70

As of January 31, 2015, there was $278,000 of unrecognized compensation expense related to unvested RSUs and RSAs.

Share-based compensation expense has been recognized as follows:

	Years Ended January 31
	2015		2014
(In thousands)
Stock Options	$	241	$	192
Restricted Stock Awards and Restricted Stock Units		270		370
Total	$	511	$	562

Employee Stock Purchase Plan (ESPP):

Astro-Med’s ESPP allows eligible employees to purchase shares of common stock at a 15% discount from fair market value on the date of purchase. A total of 247,500 shares were initially reserved for issuance under this plan. Summarized plan activity is as follows:

	Years Ended January 31
	2015			2014
Shares Reserved, Beginning		60,242			64,231
Shares Purchased		(3,237	)		(3,989	)
Shares Reserved, Ending		57,005			60,242

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Product Replacement Costs - Additional Information (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015
Other Income and Expenses [Abstract]
Estimated replacement cost	$ 672,000
Replacement cost charged against reserve	319,000
Other accrued expenses	353,000
Amount received from supplier for recovery	$ 450,000
Lower product prices period	Through fiscal 2017

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Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Income Statement [Abstract]
Net Sales	$ 88,347	$ 68,592
Cost of Sales	51,370	41,609
Gross Profit	36,977	26,983
Costs and Expenses:
Selling and Marketing	18,289	14,774
Research and Development	5,802	5,072
General and Administrative	5,655	5,604
Operating Expenses	29,746	25,450
Operating Income	7,231	1,533
Other Income (Expense):
Investment Income	81	72
Other, Net	(380)	(193)
Other Income (Expense)	(299)	(121)
Income from Continuing Operations before Income Taxes	6,932	1,412
Income Tax Provision for Continuing Operations	2,270	175
Income from Continuing Operations	4,662	1,237
Income from Discontinued Operations, Net of Taxes of $777 in 2014		1,975
Net Income	$ 4,662	$ 3,212
Net Income per Common Share-Basic:
From Continuing Operations	$ 0.61	$ 0.17
From Discontinued Operations		$ 0.26
Net Income Per Common Share-Basic	$ 0.61	$ 0.43
Net Income per Common Share-Diluted:
From Continuing Operations	$ 0.60	$ 0.16
From Discontinued Operations		$ 0.26
Net Income Per Common Share-Diluted	$ 0.60	$ 0.42
Weighted Average Number of Common Shares Outstanding-Basic	7,612	7,470
Dilutive Effect of Common Stock Equivalents	222	227
Weighted Average Number of Common Shares Outstanding-Diluted	7,834	7,697
Dividends Declared Per Common Share	$ 0.28	$ 0.28

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Inventories

12 Months Ended

Jan. 31, 2015

Inventory Disclosure [Abstract]

Inventories

Note 4—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:

	January 31
	2015			2014
(In thousands)
Materials and Supplies	$	10,600		$	10,722
Work-in-Progress		765			852
Finished Goods		7,372			6,798
		18,737			18,372
Inventory Reserve		(3,155	)		(3,194	)
Balance at January 31	$	15,582		$	15,178

Included within finished goods inventory is $1,030,000 and $767,000 of demonstration equipment at January 31, 2015 and 2014, respectively.

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Securities Available for Sale

12 Months Ended

Jan. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Securities Available for Sale

Note 3—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 month to three years. These securities are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss), net of taxes 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 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:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(In thousands)
January 31, 2015
State and Municipal Obligations	$	15,150	$	26	$	(2	)	$	15,174
January 31, 2014
State and Municipal Obligations	$	18,729	$	37	$	—		$	18,766

The contractual maturity dates of these securities are as follows:

	January 31
	2015		2014
(In thousands)
Less than one year	$	9,470	$	11,439
One to three years		5,704		7,327
	$	15,174	$	18,766

Actual maturities may differ from contractual dates as a result of sales or earlier issuer redemptions.

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Product Warranty Liability

12 Months Ended

Jan. 31, 2015

Guarantees [Abstract]

Product Warranty Liability

Note 15—Product Warranty Liability

Astro-Med offers a manufacturer’s warranty for the majority of its hardware products. The specific terms and conditions of warranty vary depending upon the product sold and country in which the Company does business. For products sold in the United States, the Company provides a basic limited warranty, including parts and labor. The Company estimates the warranty costs based on historical claims experience and records a liability in the amount of such estimates at the time product revenue is recognized. The Company regularly assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Activity in the product warranty liability is as follows:

	January 31,
	2015			2014
(In thousands)
Balance, beginning of the year	$	355		$	350
Warranties issued		546			447
Settlements made		(526	)		(442	)
Balance, end of the year	$	375		$	355

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Income Taxes

12 Months Ended

Jan. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Note 11—Income Taxes

The components of income from continuing operations before income taxes are as follows:

	Years Ended January 31
	2015		2014
(In thousands)
Domestic	$	5,401	$	537
Foreign		1,531		875
	$	6,932	$	1,412

The components of the provision for income taxes from continuing operations are as follows:

	Years Ended January 31
	2015			2014
(In thousands)
Current:
Federal	$	1,666		$	930
State		466			179
Foreign		535			297
		2,667			1,406
Deferred:
Federal		(290	)		(1,044	)
State		(107	)		(174	)
Foreign		—			(13	)
		(397	)		(1,231	)
	$	2,270		$	175

The provision for income taxes for continuing operations differs from the amount computed by applying the statutory federal income tax rate of 34% in fiscal 2015 and 2014 to income before income taxes due to the following:

	Years Ended January 31
	2015			2014
(In thousands)
Income Tax Provision at Statutory Rate	$	2,357		$	480
State Taxes, Net of Federal Tax Effect		233			(47	)
Change in Reserves Related to ASC 740 Liability		23			(59	)
Meals and Entertainment		41			38
Domestic Production Deduction		(164	)		(30	)
Share-Based Compensation		(25	)		36
Tax-exempt Income		(24	)		(22	)
R&D Credits		(135	)		(114	)
Foreign Rate Differential		(56	)		(26	)
Other Permanent Differences and Miscellaneous, Net		20			(81	)
	$	2,270		$	175

The components of deferred income tax expense arise from various temporary differences and relate to items included in the statement of income. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:

	January 31
	2015			2014
(In thousands)
Deferred Tax Assets:
Inventory	$	1,666		$	1,792
Share-Based Compensation		572			535
State R&D Credits		371			258
Compensation Accrual		417			493
ASC 740 Liability Federal Benefit		304			290
Deferred Service Contract Revenue		235			181
Warranty Reserve		140			137
Reserve for Doubtful Accounts		116			127
Foreign Tax Credit		356			213
Other		298			119
		4,475			4,145
Deferred Tax Liabilities:
Accumulated Tax Depreciation in Excess of Book Depreciation		766			830
Deferred Gain on Asset Held for Sale		785			897
Currency Translation Adjustment		36			173
Other		87			78
		1,674			1,978
Subtotal		2,801			2,167
Valuation Allowance		(255	)		(258	)
Net Deferred Tax Assets	$	2,546		$	1,909

The valuation allowance at January 31, 2015 relates to certain state research and development tax credit carryforwards which are expected to expire unused. The change in the valuation allowance in 2015 was a decrease of approximately $3,000 and represented a decrease in the reserve due to the utilization of research and development credits during the current year, net of federal benefit. The change in the valuation allowance in 2014 was an increase of approximately $27,000 and represented an increase in the reserve due to the generation of research and development credits during the current year, net of federal benefit.

The Company reasonably believes that it is possible that some unrecognized tax benefits, accrued interest and penalties could decrease income tax expense in the next year due to either the review of previously filed tax returns or the expiration of certain statutes of limitation. The changes in the balance of unrecognized tax benefits, excluding interest and penalties are as follows:

	2015			2014
(In thousands)
Balance at February 1	$	715		$	941
Increases in prior period tax positions		—			31
Increases in current period tax positions		87			42
Reductions related to lapse of statute of limitations		(95	)		(299	)
Balance at January 31	$	707		$	715

If the $707,000 is recognized, $493,000 would decrease the effective tax rate in the period in which each of the benefits is recognized and the remainder would be offset by a reversal of deferred tax assets.

During fiscal 2015 and 2014 the Company recognized an expense of $43,000 and $68,000, respectively, related to interest and penalties, which are included as a component of income tax expense in the accompanying statements of income. At January 31, 2015 and 2014, the Company had accrued potential interest and penalties of $460,000 and $416,000, respectively.

The Company and its subsidiaries file income tax returns in U.S. federal jurisdictions, various state jurisdictions, and various foreign jurisdictions. The Company is no longer subject to U.S. federal tax examinations prior to 2010.

On September 13, 2013, the U.S. Treasury Department and the Internal Revenue Service released final regulations that provided guidance on the application of IRC Section 263(a) for amounts paid to acquire, produce, or improve tangible property, as well as the rules for materials and supplies and proposed regulations addressing dispositions and general asset accounts. The final regulations are generally effective for tax years beginning on or after January 1, 2014. We are currently evaluating the impact of these new regulations and do not expect them to have a material impact to our financial statements.

At January 31, 2015, the Company has indefinitely reinvested $3,909,000 of the cumulative undistributed earnings of its foreign subsidiary in Germany, all of which would be subject to U.S. taxes if repatriated to the U.S. Through January 31, 2015, the Company has not provided deferred income taxes on the undistributed earnings of this subsidiary because such earnings are considered to be indefinitely reinvested. Non-U.S. income taxes are, however, provided on these undistributed earnings.

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Fair Value Measurements - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Fair Value Disclosures [Abstract]
Write-down of Asset Held for Sale	$ 220	$ 779

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Note Receivable and Revolving Line of Credit Issued

12 Months Ended

Jan. 31, 2015

Receivables [Abstract]

Note Receivable and Revolving Line of Credit Issued

Note 7—Note Receivable and Revolving Line of Credit Issued

On January 30, 2012, we completed the sale of our label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sales 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% and is payable in sixteen quarterly installments of principal and interest which commenced on January 30, 2013. As of January 31, 2015, $511,000 remains outstanding on this note which approximates its estimated fair value.

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 of $600,000, which is fully secured by a first lien on various collateral, including the Asheboro plant and plant assets. This line of credit bears interest at a rate equal to the United States prime rate plus an additional margin of two percent of the outstanding credit balance (5.25% at January 31, 2015). Although the initial term was for a period of one-year from the date of the sale, the agreement had been extended through January 31, 2015. As of January 31, 2015, $173,000 remains outstanding on this revolving line of credit. Subsequent to fiscal 2015 year-end, the agreement was amended to extend the term of the agreement through January 31, 2016.

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Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Number of Shares	736,647
Options Granted, Number of Shares	158,600
Options Exercised, Number of Shares	(224,275)
Options Expired, Number of Shares	(14,961)
Ending balance, Number of Shares	656,011
Options Exercisable, Number of Shares	413,612
Beginning balance, Weighted Average Option Price Per Share	$ 8.63
Options Granted, Weighted Average Option Price Per Share	$ 13.99
Options Exercised, Weighted Average Option Price Per Share	$ 8.29
Options Expired, Weighted Average Option Price Per Share	$ 9.49
Ending balance, Weighted Average Option Price Per Share	$ 10.01
Options Exercisable, Weighted Average Option Price Per Share	$ 8.78
Range One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Option Price Per Share, Lower range, Ending balance	$ 5.78
Options Outstanding, Option Price Per Share, Upper range, Ending balance	$ 11.9
Range Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Granted, Option Price Per Share, Lower range	$ 13.46
Options Granted, Option Price Per Share, Upper range	$ 14.2
Range Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Exercised, Option Price Per Share, Lower range	$ 6.22
Options Exercised, Option Price Per Share, Upper range	$ 11.9
Range Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Expired, Option Price Per Share, Lower range	$ 7.95
Options Expired, Option Price Per Share, Upper range	$ 14.2
Range Five [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Option Price Per Share, Lower range, Ending balance	$ 5.78
Options Outstanding, Option Price Per Share, Upper range, Ending balance	$ 14.2
Range Six [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Exercisable, Option Price Per Share, Lower range	$ 5.78
Options Exercisable, Option Price Per Share, Upper range	$ 13.46

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Accrued Expenses

12 Months Ended

Jan. 31, 2015

Payables and Accruals [Abstract]

Accrued Expenses

Note 5—Accrued Expenses

Accrued expenses consisted of the following:

	January 31
	2015		2014
(In thousands)
Warranty	$	375	$	355
Product Replacement Cost Reserve		353	$	480
Professional Fees		256		269
Executive Retirement Package		250		250
Dealer Commissions		163		55
Other		946		901
	$	2,343	$	2,310

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Line of Credit

12 Months Ended

Jan. 31, 2015

Debt Disclosure [Abstract]

Line of Credit

Note 6—Line of Credit

On September 5, 2014, Astro-Med entered into a new unsecured revolving line of credit agreement with Wells Fargo Bank to replace the previous agreement which expired on May 30, 2014. The terms of the new agreement are for a three-year, $10 million revolving line of credit to be available to the Company to be used as needed for ongoing working capital requirements, business acquisitions or general corporate purposes. Any borrowings made under the new line of credit bear interest at either a fluctuating base rate equal to the highest of (i) the Prime Rate, (ii) 1.50% above the daily one month LIBOR, and (iii) the Federal Funds Rate in effect plus 1.50% or at a fixed rate of LIBOR plus an agreed upon margin of between 0% and 2.25%, based on the Company’s funded debt to EBITDA ratio as defined in the agreement. In addition, the new agreement provided for two financial covenant requirements, namely, Total Funded Debt to Adjusted EBITDA (as defined) of not greater than 3 to 1 and a Fixed Charge Coverage Ratio (as defined) of not less than 1.25 to 1, both measured at the end of each quarter on a rolling four quarter basis. As of the January 31, 2015, there have been no borrowings against this line of credit and the Company was in compliance with its financial covenants.

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Jan. 31, 2015

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 8—Accumulated Other Comprehensive Income (Loss)

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

(In thousands)	Foreign Currency Translation Adjustments			Unrealized Holding Gain on Available for Sale Securities			Total
Balance at January 31, 2013	$	166		$	7		$	173
Other Comprehensive Income (Loss)		(14	)		17			3
Amounts Reclassified to Net Income		—			—			—
Net Other Comprehensive Income (Loss)		(14	)		17			3
Balance at January 31, 2014		152			24			176
Other Comprehensive Income (Loss)		(866	)		(9	)		(875	)
Amounts Reclassified to Net Income		—			—			—
Net Other Comprehensive Income (Loss)		(866	)		(9	)		(875	)
Balance at January 31, 2015	$	(714	)	$	15		$	(699	)

The amounts presented above in other comprehensive income (loss) are net of taxes except for translation adjustments associated with our German subsidiary.

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Share-Based Compensation - Share-Based Compensation Expense (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, Total	$ 511	$ 562
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, Total	241	192
Restricted Stock Awards and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, Total	$ 270	$ 370

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Discontinued Operations - Additional Information (Detail) (USD $)	0 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2013	May 03, 2014	Jan. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale	$ 1,800,000	$ 18,600,000
Period of transition services and manufacturing, Maximum				12 months
Transition Service Agreement expiration date				Jan. 31, 2014
Amount received from disposition of inventory			$ 2,355,000	$ (2,355,000)

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Income Taxes - Components of Income from Continuing Operations before Income Taxes (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Income Tax Disclosure [Abstract]
Domestic	$ 5,401	$ 537
Foreign	1,531	875
Income from Continuing Operations before Income Taxes	$ 6,932	$ 1,412

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Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Beginning balance, Outstanding Restricted Stock Units and Restricted Stock Awards	106,496
Granted, Restricted Stock Units and Restricted Stock Awards	7,245
Vested, Restricted Stock Units and Restricted Stock Awards	(35,662)
Expired or canceled, Restricted Stock Units and Restricted Stock Awards	(5,834)
Ending balance, Outstanding Restricted Stock Units and Restricted Stock Awards	72,245
Beginning balance, Weighted Average Grant Date Fair Value	$ 9.12
Granted, Weighted Average Grant Date Fair Value	$ 13.80
Vested, Weighted Average Grant Date Fair Value	$ 8.75
Expired or cancelled , Weighted Average Grant Date Fair Value	$ 10.07
Ending balance, Weighted Average Grant Date Fair Value	$ 9.70

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Accrued Expenses (Tables)

12 Months Ended

Jan. 31, 2015

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consisted of the following:

	January 31
	2015		2014
(In thousands)
Warranty	$	375	$	355
Product Replacement Cost Reserve		353	$	480
Professional Fees		256		269
Executive Retirement Package		250		250
Dealer Commissions		163		55
Other		946		901
	$	2,343	$	2,310

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Securities Available for Sale - Contractual Maturity Dates of Securities (Detail) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Amortized Cost and Fair Value Debt Securities [Abstract]
Less than one year	$ 9,470	$ 11,439
One to three years	5,704	7,327
Fair Value	$ 15,174	$ 18,766

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Nature of Operations, Segment Reporting and Geographical Information

12 Months Ended

Jan. 31, 2015

Segment Reporting [Abstract]

Nature of Operations, Segment Reporting and Geographical Information

Note 13—Nature of Operations, Segment Reporting and Geographical Information

The Company’s operations consist of the design, development, manufacture and sale of specialty printers and data acquisition and analysis systems, including both hardware & software and related consumable supplies. The Company organizes and manages its business as a portfolio of products and services designed around a common theme of data acquisition and information output. The Company has two reporting segments consistent with its sales product groups: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M).

QuickLabel produces an array of high-technology digital color and monochrome label printers, labeling software and consumables for a variety of commercial industries worldwide. T&M produces data recording equipment used worldwide for a variety of recording, monitoring and troubleshooting applications for many industries including aerospace, automotive, defense, rail, energy, industrial and general manufacturing.

Business is conducted in the United States and through foreign affiliates in Canada, Europe, Southeast Asia and Mexico. Manufacturing activities are primarily conducted in the United States. Sales and service activities outside the United States are conducted through wholly-owned entities and, to a lesser extent, through authorized distributors and agents. Transfer prices are intended to produce gross profit margins as would be associated with an arms-length transaction.

On January 22, 2014, Astro-Med completed the acquisition of the ruggedized printer product line from Miltope. Astro-Med’s ruggedized printer product line is part of the Ruggedized 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 from the date of acquisitions for all periods presented below. Refer to Note 2, “Acquisition,” for further details.

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 core businesses. Consequently, the Company has classified the results of operations of Grass as discontinued operations for the fiscal 2014 period presented. Refer to Note 20 “Discontinued Operations,” for further details.

The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies herein. 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 (both in dollars and as a percentage of Net Sales) for each reporting segment:

($ in thousands)	Net Sales				Segment Operating Profit				Segment Operating Profit % of Net Sales
	2015		2014		2015		2014		2015			2014
QuickLabel	$	59,779	$	49,065	$	7,259	$	5,154		12.1	%		10.5	%
T&M		28,568		19,527		5,627		2,655		19.7	%		13.6	%
Total	$	88,347	$	68,592		12,886		7,809		14.6	%		11.4	%
Product Replacement Costs						—		672
Corporate Expenses						5,655		5,604
Operating Income						7,231		1,533
Other Expense						299		121
Income from Continuing Operations before Income Taxes						6,932		1,412
Income Tax Provision for Continuing Operations						2,270		175
						4,662		1,237
Income from Discontinued Operations, Net of Taxes						—		1,975
Net Income					$	4,662	$	3,212

No customer accounted for greater than 10% of net sales in fiscal 2015 and 2014.

Other information by segment is presented below:

(In thousands)	Assets
	2015		2014
QuickLabel	$	24,874	$	25,306
T&M		22,323		17,049
Discontinued Operations		—		3,917
Corporate*		27,133		31,692
Total	$	74,330	$	77,964

* Corporate assets consist principally of cash and cash equivalents, securities available for sale, and building held for sale.

(In thousands)	Depreciation and Amortization				Capital Expenditures
	2015		2014		2015		2014
QuickLabel	$	678	$	639	$	1,408	$	543
T&M		1,385		640		839		585
Total	$	2,063	$	1,279	$	2,247	$	1,128

Geographical Data

Presented below is selected financial information by geographic area:

(In thousands)	Net Sales				Long-Lived Assets
	2015		2014		2015		2014
United States	$	61,494	$	48,679	$	10,422	$	10,115
Europe		18,181		14,909		383		538
Canada		3,934		2,569		272		339
Asia		1,408		1,167		—		—
Central and South America		1,919		908		—		—
Other		1,411		360		—		—
Total	$	88,347	$	68,592	$	11,077	$	10,992

Long-lived assets excludes goodwill assigned to the T&M segment of $1.0 million at January 31, 2015 and 2014.

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Commitments and Contingencies

12 Months Ended

Jan. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 18—Commitments and Contingencies

Astro-Med is subject to contingencies, including legal proceedings and claims arising in the normal course of business that cover a wide range of matters including, among others, contract and employment claims, workers compensation claims, product liability, warranty and modification, adjustment or replacement of component parts of units sold.

Direct costs associated with the estimated resolution of contingencies are accrued at the earliest date at which it is deemed probable that a liability has been incurred and the amount of such liability can be reasonably estimated. While it is impossible to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits, the Company believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations. It is possible, however, that future results of operations for any particular future period could be materially affected by changes in our assumptions or strategies related to these contingencies or changes out of the Company’s control.

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Securities Available for Sale - Additional Information (Detail) (USD $)	12 Months Ended
	Jan. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Impairment charges on available for sale security	$ 0
Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Original maturity of short-term investments	90 days
Anticipated maturity period	1 month
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Anticipated maturity period	3 years

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Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2015

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:

January 31, 2015	Level 1		Level 2		Level 3		Total
(In thousands)
Money market funds (included in cash and cash equivalents)	$	3,028	$	—	$	—	$	3,028
State and municipal obligations (included in securities available for sale)		—		15,174		—		15,174
Total	$	3,028	$	15,174	$	—	$	18,202
January 31, 2014	Level 1		Level 2		Level 3		Total
(In thousands)
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

Fair Value Measurements of Assets on Non-Recurring Basis

Non-financial assets measured at fair value on a non-recurring basis are summarized below:

January 31, 2015	Level 1		Level 2		Level 3
(In thousands)
Asset Held for Sale	$	—	$	1,900	$	—
January 31, 2014	Level 1		Level 2		Level 3
(In thousands)
Asset Held for Sale	$	—	$	2,120	$	—

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Consolidated Statements of Income (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2014
Income Statement [Abstract]
Income tax expense (benefit) of discontinued operations	$ 777

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Acquisition

12 Months Ended

Jan. 31, 2015

Business Combinations [Abstract]

Acquisition

Note 2—Acquisition

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 reported as part of the T&M segment. The results of the Miltope’s ruggedized printer product line operations have been included in the consolidated financial statements of the Company since the acquisition date.

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 was 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. Acquisition related costs of approximately $90,000 are included in the general and administrative expenses in the Company’s consolidated statement of income for the fiscal year ended January 31, 2014. 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 entered into a manufacturing services agreement under which Miltope provided transition services and continued to manufacture printers for Astro-Med. This agreement concluded in the third quarter of fiscal 2015, as the Company has transitioned all the manufacturing to its West Warwick, Rhode Island facility at that time.

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

Goodwill of $196,000, which is deductible for tax purposes, represents the excess of the purchase price over the estimated fair value assigned to the tangible and identifiable intangible assets acquired and liabilities assumed from Miltope. The carrying amount of the goodwill was allocated to the T&M segment of the Company.

The following table reflects the fair value of the acquired identifiable intangible assets and related estimated useful lives:

(In thousands)	Fair Value		Useful Life (Years)
Customer Contract Relationships	$	3,100		10
Backlog		300		1
Total	$	3,400

Amortization expense of $702,000 has been included in the statement of income for fiscal 2015 in regards to the above acquired intangibles.

Estimated amortization expense for the next five years is as follows:

(In thousands)	2016		2017		2018		2019		2020
Estimated amortization expenses	$	357	$	349	$	331	$	278	$	278

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.

	Year Ended January 31
(In thousands)	2014
Net Revenue	$	75,362

The impact on income from continuing operations, net income and earnings per share would not have been material to the Company for the year ended January 31, 2014.

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Shareholders' Equity - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended
	Dec. 05, 2014	Jan. 31, 2015	Jan. 31, 2014
Equity [Abstract]
Common stock repurchased, shares	500,000
Common stock shares repurchased, value	$ 6,250,000	$ 6,250,000
Company shares given to employees, shares		62,797	66,828
Company shares given to employees, value		$ 878,000	$ 797,000
Common stock shares additional authorized		390,000

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Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds (included in cash and cash equivalents)	$ 3,028	$ 4,734
State and municipal obligations (included in securities available for sale)	15,174	18,766
Total	18,202	23,500
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds (included in cash and cash equivalents)	3,028	4,734
Total	3,028	4,734
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
State and municipal obligations (included in securities available for sale)	15,174	18,766
Total	$ 15,174	$ 18,766

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Income Taxes - Components of Difference Between Provision for Income Taxes from Continuing Operations and Amount Computed by Applying Statutory Federal Income Tax Rate (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax Provision at Statutory Rate	$ 2,357	$ 480
State Taxes, Net of Federal Tax Effect	233	(47)
Change in Reserves Related to ASC 740 Liability	23	(59)
Meals and Entertainment	41	38
Domestic Production Deduction	(164)	(30)
Share-Based Compensation	(25)	36
Tax-exempt Income	(24)	(22)
R&D Credits	(135)	(114)
Foreign Rate Differential	(56)	(26)
Other Permanent Differences and Miscellaneous, Net	20	(81)
Total	$ 2,270	$ 175

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Fair Value Measurements

12 Months Ended

Jan. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 19—Fair Value Measurements

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. 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; accounts receivables; line of credit receivable; accounts payable, note receivable, accrued compensation and other expenses; and income tax payable are reflected in the 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:

January 31, 2015	Level 1		Level 2		Level 3		Total
(In thousands)
Money market funds (included in cash and cash equivalents)	$	3,028	$	—	$	—	$	3,028
State and municipal obligations (included in securities available for sale)		—		15,174		—		15,174
Total	$	3,028	$	15,174	$	—	$	18,202
January 31, 2014	Level 1		Level 2		Level 3		Total
(In thousands)
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 market prices for identical assets.

Non-financial assets measured at fair value on a non-recurring basis are summarized below:

January 31, 2015	Level 1		Level 2		Level 3
(In thousands)
Asset Held for Sale	$	—	$	1,900	$	—
January 31, 2014	Level 1		Level 2		Level 3
(In thousands)
Asset Held for Sale	$	—	$	2,120	$	—

Asset held for sale consists of Astro-Med’s former Grass facility in Rockland, Massachusetts which is being actively marketed for sale. In accordance with ASC 360, “Property, Plant and Equipment,” assets held for sale are written down to fair value less cost to sell and as such, the Company has recorded impairment charges of $220,000 and $779,000, in fiscal 2015 and 2014, respectively. In fiscal 2015, the impairment charge was included in other income (expense), other, net in the consolidated statement of income. In fiscal 2014, the impairment charge was included in the income from discontinued operations in the consolidated statement of income, as the Rockland facility was part of the Grass operations at that time. The Company estimated the fair value of the Rockland facility using the market values for similar properties less the cost to sell.

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Nature of Operations, Segment Reporting and Geographical Information - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Jan. 31, 2015 Segment Customer	Jan. 31, 2014 Customer
Segment Reporting Information [Line Items]
Number of reporting segments	2
Customer accounted for greater than 10% of net sales	0	0
Goodwill assigned	$ 991	$ 991
T&M [Member]
Segment Reporting Information [Line Items]
Goodwill assigned	$ 1,000	$ 1,000

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Contractual Obligations (Tables)

12 Months Ended

Jan. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Summary of Contractual Obligations

The following table summarizes our contractual obligations:

	Total		2016		2017		2018		2019		2020 and Thereafter
(In thousands)
Purchase Commitments*	$	15,117	$	14,907	$	210	$	—	$	—	$	—
Operating Lease Obligations		688		255		225		136		72		—
	$	15,805	$	15,162	$	435	$	136	$	72	$	—

* Purchase commitments consists primarily of inventory and equipment purchase orders made in the ordinary course of business.

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Contractual Obligations

12 Months Ended

Jan. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligations

Note 12—Contractual Obligations

The following table summarizes our contractual obligations:

	Total		2016		2017		2018		2019		2020 and Thereafter
(In thousands)
Purchase Commitments*	$	15,117	$	14,907	$	210	$	—	$	—	$	—
Operating Lease Obligations		688		255		225		136		72		—
	$	15,805	$	15,162	$	435	$	136	$	72	$	—

* Purchase commitments consists primarily of inventory and equipment purchase orders made in the ordinary course of business.

The Company incurred rent and lease expenses in the amount of $614,000 and $599,000 for the fiscal years 2015 and 2014, respectively.