10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended August 1, 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)

(401) 828-4000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

Common Stock, $.05 Par Value – 7,316,906 shares

(excluding treasury shares) as of August 28, 2015

ASTRO-MED, INC.

INDEX

		Page No.
Part I.	Financial Information
Item 1.	Financial Statements
	Unaudited Condensed Consolidated Balance Sheets—August 1, 2015 and January 31, 2015		3
	Unaudited Condensed Consolidated Statements of Income—Three and Six Months Ended August  1, 2015 and August 2, 2014		4
	Unaudited Condensed Consolidated Statements of Comprehensive Income—Three and Six Months Ended August  1, 2015 and August 2, 2014		5
	Unaudited Condensed Consolidated Statements of Cash Flows—Six Months Ended August  1, 2015 and August 2, 2014		6
	Notes to the Condensed Consolidated Financial Statements (unaudited)		7-16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16-23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		23
Item 4.	Controls and Procedures		23
Part II.	Other Information
Item 1.	Legal Proceedings		23
Item 1A.	Risk Factors		24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		24
Item 3.	Defaults Upon Senior Securities		24
Item 4.	Mine Safety Disclosures		24
Item 5.	Other Information		24
Item 6.	Exhibits		25
Signatures			26

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

ASTRO-MED, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, Except Share Data)

	August 1, 2015			January 31, 2015
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	5,056		$	7,958
Securities Available for Sale		13,274			15,174
Accounts Receivable, net		15,223			14,107
Inventories		13,937			15,582
Deferred Tax Assets		2,636			2,629
Line of Credit Receivable		150			173
Note Receivable		250			255
Asset Held for Sale		1,900			1,900
Prepaid Expenses and Other Current Assets		3,087			4,140
Total Current Assets		55,513			61,918
PROPERTY, PLANT AND EQUIPMENT		38,080			36,823
Less Accumulated Depreciation		(29,175	)		(28,444	)
Property, Plant and Equipment, net		8,905			8,379
OTHER ASSETS
Note Receivable		69			256
Intangible Assets, net		6,284			2,698
Goodwill		4,522			991
Other		103			88
Total Other Assets		10,978			4,033
TOTAL ASSETS	$	75,396		$	74,330
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable	$	3,369		$	3,155
Accrued Compensation		2,522			3,302
Other Liabilities and Accrued Expenses		2,464			2,343
Deferred Revenue		419			621
Income Taxes Payable		99			148
Total Current Liabilities		8,873			9,569
Deferred Tax Liabilities		72			83
Other Long Term Liabilities		1,072			1,167
TOTAL LIABILITIES		10,017			10,819
SHAREHOLDERS’ EQUITY
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 9,576,518 shares and 9,544,864 shares at August 1, 2015 and January 31, 2015, respectively		479			477
Additional Paid-in Capital		44,238			43,600
Retained Earnings		41,091			39,735
Treasury Stock, at Cost, 2,293,606 shares at August 1, 2015 and January 31, 2015		(19,602	)		(19,602	)
Accumulated Other Comprehensive Loss		(827	)		(699	)
TOTAL SHAREHOLDERS’ EQUITY		65,379			63,511
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	75,396		$	74,330

See Notes to condensed consolidated financial statements (unaudited).

3

ASTRO-MED, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, Except Per Share Data)

(Unaudited)

	Three Months Ended				Six Months Ended
	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
Net Sales	$	23,938	$	22,366	$	46,144	$	43,140
Cost of Sales		14,092		12,777		27,268		24,915
Gross Profit		9,846		9,589		18,876		18,225
Operating Expenses:
Selling and Marketing		4,664		4,503		8,992		8,878
Research and Development		1,565		1,479		3,361		2,850
General and Administrative		1,783		1,443		3,241		2,634
Operating Expenses		8,012		7,425		15,594		14,362
Operating Income, net		1,834		2,164		3,282		3,863
Other Income (Expense)		21		83		254		(38	)
Income before Income Taxes		1,855		2,247		3,536		3,825
Income Tax Provision		687		812		1,158		1,261
Net Income	$	1,168	$	1,435	$	2,378	$	2,564
Net Income per Common Share—Basic:	$	0.16	$	0.19	$	0.33	$	0.34
Net Income per Common Share—Diluted:	$	0.16	$	0.18	$	0.32	$	0.33
Weighted Average Number of Common Shares Outstanding:
Basic		7,278		7,704		7,269		7,652
Diluted		7,469		7,916		7,459		7,883
Dividends Declared Per Common Share	$	0.07	$	0.07	$	0.14	$	0.14

See Notes to condensed consolidated financial statements (unaudited).

4

ASTRO-MED, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	August 1, 2015			August 2, 2014			August 1, 2015			August 2, 2014
Net Income	$	1,168		$	1,435		$	2,378		$	2,564
Other Comprehensive Income (Loss), Net of Taxes and Reclassification Adjustments:
Foreign Currency Translation Adjustments		(122	)		(133	)		(113	)		(41	)
Unrealized Holding Gain (Loss) on Securities Available for Sale		4			1			(15	)		(2	)
Other Comprehensive Income (Loss)		(118	)		(132	)		(128	)		(43	)
Comprehensive Income	$	1,050		$	1,303		$	2,250		$	2,521

See Notes to condensed consolidated financial statements (unaudited).

5

ASTRO-MED, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

	Six Months Ended
	August 1, 2015			August 2, 2014
Cash Flows from Operating Activities:
Net Income	$	2,378		$	2,564
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:
Depreciation and Amortization		946			1,038
Share-Based Compensation		444			259
Deferred Income Tax Provision (Benefit)		(18	)		51
Changes in Assets and Liabilities, net of acquisition:
Accounts Receivable		(1,067	)		(2,709	)
Inventories		1,646			(845	)
Income Taxes		863			(1,555	)
Accounts Payable and Accrued Expenses		(842	)		(191	)
Other		(191	)		(1,267	)
Net Cash Provided (Used) by Operating Activities		4,159			(2,655	)
Cash Flows from Investing Activities:
Proceeds from Sales/Maturities of Securities Available for Sale		5,003			7,900
Purchases of Securities Available for Sale		(3,127	)		(3,945	)
Acquisition of RITEC’s Ruggedized Printer Business		(7,360	)		—
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		208			165
Additions to Property, Plant and Equipment		(1,291	)		(874	)
Net Cash Provided (Used) by Investing Activities		(6,567	)		7,401
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		197			903
Dividends Paid		(1,022	)		(1,076	)
Net Cash Used by Financing Activities		(825	)		(173	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		331			285
Net Increase (Decrease) in Cash and Cash Equivalents		(2,902	)		4,858
Cash and Cash Equivalents, Beginning of Period		7,958			8,341
Cash and Cash Equivalents, End of Period	$	5,056		$	13,199
Supplemental Disclosures of Cash Flow Information:
Cash Paid During the Period for Income Taxes, Net of Refunds	$	264		$	2,776

See Notes to condensed consolidated financial statements (unaudited).

6

ASTRO-MED, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(1) Overview

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

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

(2) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015.

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

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

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

(3) Principles of Consolidation

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

(4) Acquisition

On June 19, 2015, Astro-Med completed the acquisition of the ruggedized printer product line for civil and commercial aircraft from Rugged Information Technology Equipment Corporation (RITEC) under the terms of an Asset Purchase Agreement dated June 18, 2015. The products of RITEC consist of rugged printers for use in commercial aircraft sold primarily to aircraft manufacturers, tier one contractors and directly to airlines around the world. Astro-Med’s ruggedized printer product line is part of the Test & Measurement (T&M) product group and is reported as part of the T&M segment. The Company will begin shipment of the RITEC products in the third quarter of the current fiscal year.

The purchase price of the acquisition was $7,360,000 which was funded using available cash and investment securities. Of the $7,360,000 purchase price, $750,000 is being held in escrow for twelve months following the acquisition date to support an indemnity to the Company in the event of any breach in the representations, warranties and covenants of RITEC. The assets acquired consist principally of accounts receivables and certain intangible assets. Acquisition related costs of approximately $90,000 are included in the general and administrative expenses in the Company’s consolidated statements of income for the three and six months ended August 1, 2015. The acquisition was accounted for under the acquisition method in accordance with the guidance provided by FASB ASC 805, “Business Combinations.”

7

Astro-Med also entered into a Transition Services Agreement, under which RITEC will provide transition services and continue to manufacture products in the acquired product line for approximately six months until the Company transitions the manufacturing to its West Warwick, Rhode Island facility. Upon expiration of the Transition Services Agreement, Astro-Med will purchase any inventory held by RITEC at its book value (net of reserves), which the Company estimates will be approximately $100,000.

Also as part of the Asset Purchase Agreement, Astro-Med entered into a License Agreement, which grants RITEC certain rights to use the intellectual property acquired by the Company in the design, development, marketing, manufacture, sale and servicing of ruggedized printers for aircraft sold to the military end-user market and printers sold to other non-aircraft market segments. RITEC will pay royalties equal to 7.5% of the sales price on all products sold into the military end-user aircraft market during the first five years of the License Agreement.

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

(In thousands)
Accounts Receivable	$	50
Identifiable Intangible Assets		3,780
Goodwill		3,530
Total Purchase Price	$	7,360

The fair value of the intangible assets acquired was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and therefore, represent a Level 3 measurement as defined in ASC 820, “Fair Value Measurement and Disclosure.” Key assumptions include (1) a weighted average cost of capital of 15.5%; (2) a range of earnings projections from $110,000-$700,000 and (3) a range of contract renewal probability from 0%-100%.

Goodwill of $3,530,000, 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 from RITEC. 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	$	2,830		10
Non-Compete Agreement		950		5
Total	$	3,780

Assuming the acquisition of RITEC occurred on February 1, 2014, the impact on net sales, net income and earnings per share would not have been material to the Company for the three and six months ended August 1, 2015 and August 2, 2014.

(5) Net Income Per Common Share

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

	Three Months Ended				Six Months Ended
	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
Weighted Average Common Shares Outstanding—Basic		7,278,329		7,703,782		7,268,745		7,652,000
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units		190,934		212,176		190,676		230,706
Weighted Average Common Shares Outstanding—Diluted		7,469,263		7,915,958		7,459,421		7,882,706

For the three and six months ended August 1, 2015 the diluted per share amounts do not reflect common equivalent shares outstanding of 424,100. For the three and six months ended August 2, 2014 the diluted per share amounts do not reflect common equivalent shares outstanding of 150,000. These outstanding common equivalent shares were not included due to their anti-dilutive effect. Anti-dilutive shares consist of those common stock equivalents that have either an exercise price above the average stock price for the period, or the common stock equivalent’s related average unrecognized stock compensation expense is sufficient to “buy back” the entire amount of shares. Restricted stock units which vest based upon achievement of performance targets are excluded from the diluted shares outstanding unless the performance targets have been met as of the end of the reporting period regardless of whether such performance targets are probable of achievement as of the end of the measurement period.

8

(6) Intangible Assets

Intangible assets are as follows:

	August 1, 2015							January 31, 2015
($ In thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets subject to amortization:
Customer Contract Relationships (Miltope)	$	3,100		(580	)	$	2,520	$	3,100	$	(402	)	$	2,698
Customer Contract Relationships (RITEC)		2,830		—			2,830		—		—			—
Non-Compete Agreement (RITEC)		950		(16	)		934		—		—			—
Intangible assets, net	$	6,880	$	(596	)	$	6,284	$	3,400	$	(702	)	$	2,698

There were no impairments to intangible assets during the periods ended August 1, 2015 and August 2, 2014. Amortization expense of $105,000 and $175,000 in regards to the above acquired intangibles has been included in the condensed consolidated statement of income for the three months ended August 1, 2015 and August 2, 2014, respectively. Amortization expense of $194,000 and $351,000 in regards to the above acquired intangibles has been included in the condensed consolidated statement of income for the six months ended August 1, 2015 and August 2, 2014, respectively.

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

(In thousands)	Remainder of 2016		2017		2018		2019		2020
Estimated amortization expenses	$	305	$	715	$	774	$	769	$	802

(7) Share-Based Compensation

Astro-Med has two equity incentive plans – the 2007 Equity Incentive Plan (the “2007 Plan”) and the 2015 Equity Incentive Plan (the “2015 Plan”). Under these plans, the Company may grant incentive stock options, non-qualified stock options, stock appreciation rights, time or performance based restricted stock units (“RSUs”), restricted stock awards (“RSAs”), and other stock-based awards to executives, key employees, directors and other eligible individuals. At August 1, 2015, 107,874 shares were available for grant under the 2007 Plan, of which 100,000 are reserved for stock options that the Company is obligated to issue to its CEO in fiscal years 2017 and 2018 pursuant to an Equity Incentive Award Agreement dated as of November 24, 2014 (the “CEO Equity Incentive Agreement”). The 2007 Plan will expire in May 2017. The 2015 Plan was approved by the Company’s shareholders at the 2015 annual meeting. The 2015 Plan authorizes the issuance of up to 500,000 shares (subject to adjustment for stock dividends and stock splits) and will expire in May 2025. At August 1, 2015, 240,000 shares were available for grant under the 2015 Plan.

Options granted to employees under both Plans vest over four years and expire after ten years. The exercise price of each stock option will be established at the discretion of the Compensation Committee; however, any incentive stock options granted under the 2007 Plan, and all options granted under the 2015 Plan, must be at an exercise price of not less than the fair market value of the Company’s common stock on the date of grant.

In March 2012 (fiscal year 2013), a portion of the Company’s executives’ 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.

9

In April 2013 (fiscal year 2014), the Company granted options and RSUs to officers (“2014 RSUs”). The 2014 RSUs will be earned and vest as follows: twenty-five percent vest on the third anniversary of the grant date, fifty percent vest upon the Company achieving its cumulative budgeted net sales target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent vest upon the Company 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 2014 RSUs until the first anniversary of the vesting date. On February 1, 2014, the Company accelerated the vesting of 4,166 of the 2014 RSUs held by Everett Pizzuti in connection with his retirement. None of the remaining 2014 RSUs, have vested as of August 1, 2015.

In March 2015 (fiscal year 2016), the Company granted 50,000 options and 537 RSAs to its CEO pursuant to the CEO Equity Incentive Agreement, and 35,000 options to other key employees. The options and RSAs vest in four equal annual installments commencing on the first anniversary of the grant date.

In May 2015 (fiscal year 2016), the Company granted an aggregate of 80,000 time-based and 155,000 performance-based RSUs (“2016 RSUs”) to certain officers of the Company. The time-based 2016 RSUs will vest in four equal annual installments commencing on the first anniversary of the grant date. The performance-based 2016 RSUs will vest over three years based upon the increase in net sales, if any, achieved each fiscal year relative to a three-year net sales increase goal. Performance-based 2016 RSUs that are earned based on organic revenue growth will be fully vested when earned, while those earned based on revenue growth via acquisitions will vest annually over a three-year period following the fiscal year in which the revenue growth occurs. Any performance-based 2016 RSUs that have not been earned at the end of the three-year performance period will be forfeited.

Under the Plans, each non-employee director receives an automatic annual grant of ten-year options to purchase 5,000 shares of stock upon the adjournment of each shareholders meeting. Each such option is exercisable at the fair market value of the Company’s common stock as of the grant date, and vests immediately prior to the next succeeding shareholders’ meeting. During the second quarter of fiscal 2016, 25,000 options in total were granted to the non-employee directors. In addition to the automatic option grant, 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, the Chairman of the Board also receives an annual retainer of $6,000, and the Chairs of the Audit and Compensation Committees each receive an annual retainer of $4,000 (“Chair Retainer”). The non-employee directors 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 one of the Plans. 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 the Company’s common stock on the date such installment is payable. The common stock received in lieu of such Cash Retainer will be fully vested. However, a non-employee director who receives common stock in lieu of all or a portion of the Cash Retainer may not sell, transfer, assign, pledge or otherwise encumber the common stock prior to the first anniversary of the date on which such shares were issuable. In the event of the death or disability of a nonemployee director, or a change in control of the Company, any shares of common stock issued in lieu of such Cash Retainer, shall no longer be subject to such restrictions on transfer. During the first and second quarters of fiscal 2016, 698 and 722 shares, respectively, were awarded to non-employee directors in lieu of the Cash Retainer.

In addition, under the Program, each non-employee director receives RSAs with a value equal to $20,000 (the “Equity Retainer”) upon adjournment of each annual shareholders’ meeting. If a non-employee director is first appointed or elected to the Board of Directors effective on a date other than at the annual shareholders’ meeting, on the date of such appointment or election, the director shall receive a pro rata award of restricted common stock having a value based on the number of days remaining until the next annual meeting. The Equity Retainer will vest on the earlier of 12 months after the grant date or the date immediately prior to the next annual meeting of the shareholders following the meeting at which such RSAs were granted. However, a non-employee director may not sell, transfer, assign, pledge or otherwise encumber the vested common stock prior to the second anniversary of the vesting date. In the event of the death or disability of a non-employee director, or a change in control of the Company, the RSAs shall immediately vest and shall no longer be subject to such restrictions on transfer. During the second quarter of fiscal 2016, 7,115 shares were awarded as the Equity Retainer to the non-employee directors.

We account for compensation cost related to share-based payments based on the estimated fair value of the equity award. We estimate the fair value of each option on the date of grant using the Black-Scholes option-pricing model. Our estimate requires a number of complex and subjective assumptions including our stock price volatility, employee exercise patterns (expected life of the options), the risk-free interest rate and the Company’s expected future dividend yield. The stock price volatility assumption is based on the historical weekly price 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

10

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

Share-based compensation expense was recognized as follows:

	Three Months Ended				Six Months Ended
	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
(In thousands)
Stock Options	$	70	$	59	$	144	$	112
Restricted Stock Awards and Restricted Stock Units		228		67		296		144
Employee Stock Purchase Plan		3		2		4		3
Total	$	301	$	128	$	444	$	259

Stock Options

The fair value of stock options granted during the six months ended August 1, 2015 and August 2, 2014 was estimated using the following assumptions:

	August 1, 2015			August 2, 2014
Risk Free Interest Rate		1.6	%		1.6	%
Expected Volatility		22.7	%		26.8	%
Expected Life (in years)		5.0			5.0
Dividend Yield		2.0	%		2.0	%

The weighted average fair value per share for options granted was $2.43 and $2.44 during the first and second quarters of fiscal 2016, respectively, compared to $2.93 and $2.84 during the first and second quarters of fiscal 2015.

Aggregated information regarding stock options granted under the Plans for the six months ended August 1, 2015 is summarized below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at January 31, 2015		656,011		$	10.01		4.2	$	3,225,000
Granted		110,000			13.98
Exercised		(20,979	)		8.24
Expired or canceled		(2,093	)		7.93
Forfeited		(700	)		12.61
Outstanding at August 1, 2015		742,239		$	10.65		6.1	$	2,396,104
Exercisable at August 1, 2015		475,776		$	9.41		4.6	$	2,109,647

As of August 1, 2015, there was $577,000 of unrecognized compensation expense related to unvested options, which may be recognized through March 2019.

11

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

Aggregated information regarding RSUs and RSAs granted under the Plan for the six months ended August 1, 2015 is summarized below:

	RSAs & RSUs			Weighted Average Grant Date Fair Value
Unvested at January 31, 2015		72,245		$	9.70
Granted		244,072			14.05
Vested		(8,665	)		13.95
Forfeited		(2,800	)		10.07
Unvested at August 1, 2015		304,852		$	13.06

As of August 1, 2015, there was $1,658,000 of unrecognized compensation expense related to unvested RSUs and RSAs which may be recognized through May 2019.

Employee Stock Purchase Plan

Astro-Med has an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the date of purchase. A total of 247,500 shares were reserved for issuance under this plan. During the quarters ended August 1, 2015 and August 2, 2014, there were 1,293 and 1,592 shares, respectively, purchased under this plan. As of August 1, 2015, 54,980 shares remain available for purchase under the plan.

(8) 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:

	August 1, 2015			January 31, 2015
(In thousands)
Materials and Supplies	$	9,962		$	10,600
Work-In-Process		816			765
Finished Goods		6,900			7,372
		17,678			18,737
Inventory Reserve		(3,741	)		(3,155	)
	$	13,937		$	15,582

(9) Income Taxes

The Company’s effective tax rates for the period, which are based on the projected effective tax rate for the full year, are as follows:

	Three Months Ended			Six Months Ended
Fiscal 2016		37.0	%		32.7	%
Fiscal 2015		36.1	%		33.0	%

During the six months ended August 1, 2015, the Company recognized income tax expense of $1,158,000. The effective tax rate in this period was directly impacted by a $135,000 tax benefit related to the statute of limitations expiring on a previously uncertain tax position. During the six months ended August 2, 2014, the Company recognized income tax expense of $1,261,000 which included a tax benefit of $100,000 related to the favorable resolution of a previously uncertain tax position.

As of August 1, 2015, the Company’s cumulative unrecognized tax benefits totaled $643,000 compared to $707,000 as of January 31, 2015. There were no other developments affecting unrecognized tax benefits during the period ended August 1, 2015.

12

(10) Note Receivable and Line of Credit Issued

On January 30, 2012, the Company completed the sale of its label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sale price of $1,000,000 was received in the form of a promissory note issued by Label Line Ltd. and is 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 August 1, 2015, $319,000 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 in the amount of $600,000. This line of credit is secured by a first lien on various collateral of Label Line Ltd., including the Asheboro plant and plant assets, and bears interest at a rate equal to the United States prime rate plus an additional margin of two percent on the outstanding credit balance. The term of this revolving line of credit has been extended through January 31, 2016. As of August 1, 2015, $150,000 remains outstanding on this revolving line of credit. The estimated fair value of the line of credit approximates its carrying value.

(11) Segment Information

Astro-Med reports two segments: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M). The Company evaluates segment performance based on the segment profit before corporate expenses.

On June 19, 2015, Astro-Med completed the asset purchase of the ruggedized printer product line from RITEC. 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 Company will begin shipment of the RITEC products in the third quarter of the current fiscal year. Refer to Note 4, “Acquisition,” for further details.

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

	Three Months Ended								Six Months Ended
	Net Sales				Segment Operating Profit				Net Sales				Segment Operating Profit
(In thousands)	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
QuickLabel	$	17,100	$	15,257	$	2,720	$	2,247	$	32,744	$	29,680	$	4,698	$	4,445
T&M		6,838		7,109		897		1,360		13,400		13,460		1,825		2,052
Total	$	23,938	$	22,366		3,617		3,607	$	46,144	$	43,140		6,523		6,497
Corporate Expenses						1,783		1,443						3,241		2,634
Operating Income						1,834		2,164						3,282		3,863
Other Income (Expense)—Net						21		83						254		(38	)
Income Before Income Taxes						1,855		2,247						3,536		3,825
Income Tax Provision						687		812						1,158		1,261
Net Income					$	1,168	$	1,435					$	2,378	$	2,564

(12) Recent Accounting Pronouncements

Inventory

In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-11, “Inventory (Topic 330).” ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value instead of at lower of cost or market. This guidance does not apply to inventory that is measured using last-in, first out (LIFO) or the retail inventory method but applies to all other inventory including inventory measured using first-in, first-out (FIFO) or the average cost method. ASU 2015-11 will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years (Q1 fiscal 2018 for Astro-Med) and should be applied prospectively. Early adoption is permitted as of the beginning of an interim or annual reporting period. Astro-Med is currently evaluating the effect of this new guidance on the Company’s consolidated financial statements.

13

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 (IASB) to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. In July 2015, the FASB modified ASU 2014-09 to be effective for annual reporting periods beginning after December 15, 2017 (Q1 fiscal 2019 for Astro-Med), including interim periods within that reporting period. As modified, the FASB permits the adoption of the new revenue standard early, but not before the annual periods beginning after December 15, 2016. 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.

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

(13) Securities Available for Sale

Pursuant to our investment policy, securities available for sale include state and municipal securities with various contractual or anticipated maturity dates ranging from one to 31 months. Securities available for sale are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until realized. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis. A decline in the fair value of any available for sale security below cost that is determined to be other than temporary will result in a write-down of its carrying amount to fair value. No such impairment charges were recorded for any period presented. All short-term investment securities have original maturities greater than 90 days.

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

(In thousands) August 1, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
State and Municipal Obligations	$	13,273	$	10	$	(9	)	$	13,274
January 31, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
State and Municipal Obligations	$	15,150	$	26	$	(2	)	$	15,174

(14) Fair Value

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

The fair value hierarchy is summarized as follows:

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

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

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

14

Cash and cash equivalents, accounts receivables, accounts payable, accrued compensation and other expenses and income tax payable are reflected in the condensed consolidated balance sheet at carrying value, which approximates fair value due to the short term nature of the these instruments.

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

(In thousands) August 1, 2015	Level 1		Level 2		Level 3		Total
Money Market Funds (included in Cash and Cash Equivalents)	$	1,363	$	—	$	—	$	1,363
State and Municipal Obligations (included in Securities Available for Sale)		—		13,274		—		13,274
Total	$	1,363	$	13,274	$	—	$	14,637
January 31, 2015	Level 1		Level 2		Level 3		Total
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

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

Non-financial assets such as goodwill, intangible assets, and property, plant and equipment are required to be measured at fair value only when impairment loss is recognized. The Company did not record an impairment loss related to these assets during the six month period ended August 1, 2015.

(15) Accumulated Other Comprehensive 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, 2015	$	(714	)	$	15		$	(699	)
Other Comprehensive Income (Loss)		(113	)		(15	)		(128	)
Balance at August 1, 2015	$	(827	)	$	—		$	(827	)

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

15

(16) Commitments and Contingencies

Product Replacement Program

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

Upon identifying this issue, Astro-Med immediately suspended production of the printers, notified all customers and contacted the supplier who confirmed the problem. Astro-Med is continuing to work with its customers to replace the non-conforming material on existing printers with conforming material. The estimated costs associated with the replacement program were $672,000, which was based upon the number of printers shipped during the period the non-conforming material was used. Those estimated costs were recognized and recorded as a reserve in the first quarter of fiscal 2014. As of August 1, 2015, the Company had expended $358,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $314,000 is included in Other Accrued Expenses in the accompanying condensed consolidated balance sheet dated August 1, 2015.

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

Since the supplier deviated from the agreed upon specifications for the power supply while providing certificates of conformance to the original specifications, in January 2014, Astro-Med received a non-refundable $450,000 settlement from the supplier for recovery of the costs and expense associated with this issue. In addition to this cash settlement, the Company is receiving lower product prices from the supplier through fiscal 2017.

(17) Line of Credit

The Company has a three-year, $10 million revolving line of credit available for ongoing working capital requirements, business acquisitions or general corporate purposes as needed. Any 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. The agreement provides 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 August 1, 2015, there have been no borrowings against this line of credit and the Company was in compliance with its financial covenants.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Business Overview

This section should be read in conjunction with Astro-Med’s Condensed Consolidated Financial Statements included elsewhere herein and our Annual Report on Form 10-K for the fiscal year ended January 31, 2015.

Astro-Med is a multi-national enterprise that utilizes 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. The T&M segment also includes a line of Ruggedized airborne printers that are used in the flight deck and in the cabin of military and commercial aircraft to print hard copies of airport approach plans, flight itineraries, weather maps, connecting gate information, and ground communications. Ruggedized products also include Ethernet switches which are used in military aircraft and military vehicles to connect multiple computers or Ethernet devices.

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.

16

On June 19, 2015, Astro-Med completed the asset purchase of the ruggedized printer product line from RITEC. 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 Company will begin shipment of the RITEC products in the third quarter of the current fiscal year. Refer to Note 4, “Acquisition,” for further details

Results of Operations

Three Months Ended August 1, 2015 vs. Three Months Ended August 2, 2014

Net sales by segment and current quarter percentage change over prior year for the three months ended August 1, 2015 and August 2, 2014 were:

(Dollars in thousands)	August 1, 2015		As a % of Net Sales			August 2, 2014		As a % of Net Sales			% Change Over Prior Year
QuickLabel	$	17,100		71.4	%	$	15,257		68.2	%		12.1	%
T&M		6,838		28.6	%		7,109		31.8	%		(3.8	)%
Total	$	23,938		100.0	%	$	22,366		100.0	%		7.0	%

Net sales for the second quarter of the current year were $23,938,000, representing a 7.0% increase as compared to the previous year’s second quarter sales of $22,366,000. Sales through the domestic channels for the current quarter were $17,309,000, an increase of 14.1% over the prior year’s second quarter. International sales for the second quarter of the current year were $6,629,000, representing a 7.8% decrease from the previous year. Current year’s second quarter international sales include an unfavorable foreign exchange rate impact of $909,000.

Hardware sales in the current quarter were $8,581,000, a decrease as compared to prior year’s second quarter hardware sales of $9,910,000. Hardware sales were down 10.1% in the T&M product group primarily due to the decrease in the Ruggedized product line sales, due to shipments of orders being postponed. Additionally, data acquisition sales were down due to the delay in the release of a new product. These declines are partially offset by an increase in Dash product line sales for the current quarter. Hardware sales in the current quarter were down 18.7% from the prior year in the QuickLabel product group due to a decline in sales of both monochromatic and other color printers. This decline was slightly offset by an increase in current quarter Kiaro! sales.

Consumables sales in the current quarter were $13,339,000, representing a 22.1% increase over prior year’s second quarter consumable sales of $10,922,000. The current quarter increase in consumable sales as compared to the second quarter of the prior year is attributable to a double-digit increase in sales of digital color printer supplies and the label and tag products within the QuickLabel segment.

Service and other revenues of $2,018,000 in the current quarter were up 31.5% from prior year’s second quarter service and other revenues of $1,534,000, primarily due to the increase in repairs and parts revenue during the quarter related to the fiscal 2014 Miltope acquisition.

17

Current year second quarter gross profit was $9,846,000, representing a 2.7% improvement as compared to prior year’s second quarter gross profit of $9,589,000; however, the Company’s gross profit margin of 41.1% in the current quarter reflects a decrease from the prior year’s second quarter gross profit margin of 42.9%. The higher gross profit for the current quarter as compared to prior year is primarily attributable to higher sales, while the current quarter’s decrease in margin is due to product mix and higher manufacturing costs.

Operating expenses for the current quarter were $8,012,000, a 7.9% increase as compared to prior year’s second quarter operating expenses of $7,425,000. Specifically, G&A expenses increased in the second quarter to $1,783,000 as compared to $1,443,000 in the prior year primarily due to increases in wages and benefits plus professional fees related to the RITEC acquisition. R&D expenses increased 5.8% in the current quarter as compared to the prior year, due to outside R&D design and product testing to accelerate on-going development, as well as RITEC R&D costs. The R&D spending level, as a percentage of net sales, for the current quarter is 6.5% as compared to 6.6% for the same period of the prior year. Selling and marketing expenses for the current quarter increased slightly to $4,664,000 as compared to $4,504,000 in the second quarter of the prior year due to increases in commissions and trade show expenses.

Other income during the second quarter was $21,000 compared to $83,000 in the second quarter of the previous year. The decrease was primarily due to the increase in foreign exchange loss for the current quarter as compared to the same period of the prior year.

The provision for federal, state and foreign taxes for the second quarter of the current year was $687,000, reflecting an effective tax rate of 37.0%. This compares to the prior year’s second quarter tax provision on income of $812,000, reflecting an effective tax rate of 36.1%.

The Company reported net income of $1,168,000 for the second quarter of the current year, generating EPS of $0.16 per diluted share as compared to the prior year’s second quarter net income of $1,435,000 and related EPS of $0.18 per diluted share. Return on sales was 4.9% for the second quarter fiscal 2016 as compared to 6.4% in the second quarter of fiscal 2015.

Six Months Ended August 1, 2015 vs. Six Months Ended August 2, 2014

Net sales by product group and current quarter percentage change over prior year for the six months ended August 1, 2015 and August 2, 2014 were:

(Dollars in thousands)	August 1, 2015		As a % of Net Sales			August 2, 2014		As a % of Net Sales			% Change Over Prior Year
QuickLabel	$	32,744		71.0	%	$	29,680		68.8	%		10.3	%
T&M		13,400		29.0	%		13,460		31.2	%		(0.4	)%
Total	$	46,144		100.0	%	$	43,140		100.0	%		7.0	%

18

Net sales for the first six months of the current year were $46,144,000, representing a 7.0% increase as compared to the previous year’s sales of $43,140,000. Sales through the domestic channels for the first half of the current year were $33,029,000, an increase of 10.8% over the prior year. International sales for the first six months of the current year were $13,115,000, representing a 1.7% decrease from the previous year. The current year’s first six months international sales include an unfavorable foreign exchange rate impact of $1,862,000.

Hardware sales in the first six months of the current year were $16,982,000, a decrease compared to prior sales of $18,472,000. Current year T&M hardware sales of $10,731,000 decreased 6.9% as compared to prior year sales of $11,532,000 and QuickLabel hardware sales of $6,251,000 in the current year, were lower by 10.0% compared to prior year sales of $6,942,000. The decrease in sales can be attributed to the decline in Ruggedized sales in the T&M group, due to shipments of orders being postponed. Also contributing to the current year sales decrease was the decline in data recorder sales in the T&M group, as well as lower monochromatic and other color printer sales in the QuickLabel product group. These declines in sales were slightly offset by increases in T&M’s Dash product line, as well as an increase in sales of the Kairo! Product line in the QuickLabel product group.

Consumables sales in the first half of the current year were $25,108,000, representing a 15.4% increase over prior year’s first six months sales of $21,760,000. The current year increase in consumable sales is primarily due to the double-digit increase in both label and tag, as well as digital color printer supplies product sales in the QuickLabel segment.

Service and other revenues of $4,054,000 in the first six months of the current year were up 39.4% from prior year’s first six months service and other revenues of $2,908,000, primarily due to the increase in repairs and parts revenue during the current year due to the 2014 Miltope acquisition.

Current year first six months gross profit was $18,876,000, reflecting a 3.6% improvement as compared to prior year’s first six months gross profit of $18,225,000. However, the Company’s gross profit margin of 40.9% in the current year reflects a decrease from the prior year’s first six months gross profit margin of 42.2%. The higher gross profit for the current year as compared to prior year is primarily attributable to increased sales, while the current quarter’s decrease in margin is due to product mix and lower factory absorption.

Operating expenses for the first six months of the fiscal year were $15,594,000, an 8.6% increase as compared to prior year’s first six months operating expenses of $14,362,000. Selling and marketing expenses for the current year of $8,992,000 increased as compared to the previous year’s first six months due to increased commission costs, as well as an increase in targeted marketing and trade show

19

expenditures. G&A expenses increased to $3,241,000 in the first six months of the current year as compared to prior year’s first six months G&A expenses of $2,634,000 primarily due to an increase in wages and benefits, as well as professional fees related to the acquisition of the RITEC business. R&D spending in the first six months of the current year of $3,361,000 increased compared to prior year’s first six months spending of $2,850,000 due primarily to an increase in outside service cost related to the development of new product programs. Current year spending in R&D represents 7.3% of sales as compared to prior year’s first six months level of 6.6%.

First six months operating income of $3,282,000, resulted in an operating profit margin of 7.1%, lower than the prior year’s first six months operating income of $3,863,000 with a related operating margin of 9.0%. Product mix, lower factory absorption and an increase in operating expenses all contributed to the decline in operating income.

Other income during the first six months was $254,000 compared to other expense of $38,000 in the first six months of the previous year. The current year increase was primarily due to the $248,000 of income recognized from a settlement in an escrow account related to the Miltope transaction. Relative to the prior year, other expense in fiscal 2015 included a $251,000 write down on the disposition of inventory related to the conclusion and settlement of the Grass Transition Service Agreement.

The Company recognized a $1,158,000 income tax expense for the first six months of the current fiscal year which includes a $135,000 benefit related to the statute of limitations expiring on a previously uncertain tax position. This compares to the prior year’s first six months income tax expense of $1,261,000 which included a $100,000 benefit related to the favorable resolution of a previously uncertain tax position.

The Company reported net income of $2,378,000 for the first six months of the current year, reflecting a return on sales of 5.2% and generating a EPS of $0.32 per diluted share. On a comparative basis, in the prior year’s first six months, the Company recognized net income of $2,564,000, reflecting a return on sales of 5.9% and an EPS of $0.33 per diluted share.

Segment Analysis

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

20

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

	Three Months Ended								Six Months Ended
	Net Sales				Segment Operating Profit				Net Sales				Segment Operating Profit
(In thousands)	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
QuickLabel	$	17,100	$	15,257	$	2,720	$	2,247	$	32,744	$	29,680	$	4,698	$	4,445
T&M		6,838		7,109		897		1,360		13,400		13,460		1,825		2,052
Total	$	23,938	$	22,366		3,617		3,607	$	46,144	$	43,140		6,523		6,497
Corporate Expenses						1,783		1,443						3,241		2,634
Operating Income						1,834		2,164						3,282		3,863
Other Income (Expense)—Net						21		83						254		(38	)
Income Before Income Taxes						1,855		2,247						3,536		3,825
Income Tax Provision						687		812						1,158		1,261
Net Income					$	1,168	$	1,435					$	2,378	$	2,564

QuickLabel Systems—QuickLabel

Sales revenues from the QuickLabel product group increased 12.1% with sales of $17,100,000 in the second quarter of the current year as compared to $15,257,000 in the same period of the prior year. The current quarter’s sales were affected by the contribution from the QuickLabel’s consumable products line which posted a 22.7% growth rate over the prior year. The current quarter increase in consumable sales is due to the increased demand for label and tag products as well as digital color printer supplies products, both of which have experienced double-digit growth as compared to the prior year. QuickLabel’s quarter segment operating profit was $2,720,000, reflecting a profit margin of 15.9%, a 21.1% increase from prior year’s second quarter segment profit of $2,247,000 and related profit margin of 14.7 %. The increase in QuickLabel’s current year’s segment operating profit and related margin is due to higher sales and lower manufacturing costs.

Sales revenues from the QuickLabel product group increased 10.3% for the first six months of the current fiscal year to $32,744,000 as compared to $29,680,000 in the same period of the prior year. The increase in sales is mostly due to the consumables product line which increased 16.1% from the prior year, primarily traceable to the increased demand for the label products, as well as digital color printer supplies product lines. Also contributing to the current year increase were sales of the new Kiaro! printers in the hardware product line. QuickLabel’s current year’s segment operating profit was $4,698,000, reflecting a profit margin of 14.3% as compared to prior year’s segment profit of $4,445,000 and related profit margin of 15.0%. The increase in QuickLabel’s current year’s segment operating profit is primarily due to sales growth, while the lower segment operating margin is due to higher manufacturing costs, product mix and increased R&D spending.

21

Test & Measurement—T&M

Sales revenues from the T&M products were $6,838,000 for the second quarter of the current fiscal year, representing a 3.8% decrease as compared to sales of $7,109,000 for the same period in the prior year. The decrease is traceable to the timing in sales of the Ruggedized printers, as well as a slight decline in sales in the data acquisition line. The decrease is partially tempered by an increase in sales of the Dash product line, as well as growth in parts and repairs revenue during the quarter. T&M’s second quarter segment operating profit of $897,000 resulted in a 13.1% profit margin as compared to the prior year’s segment operating profit of $1,360,000 and related operating margin of 19.1%. The lower segment operating profit and related margin were due to lower sales and higher operating expenses.

Sales revenues from the T&M product group were $13,400,000 for the first six months of the current fiscal year were slightly lower as compared to sales of $13,460,000 for the same period in the prior year. The decrease is traceable to the decline in sales of Ruggedized printers due to certain aerospace customers postponing shipments to future quarters. However, sales growth in the Dash product line, as well as increases in parts and repairs revenue during the quarter tempered the lower sales volume. T&M’s segment operating profit for the first six months of the current fiscal year was $1,825,000 which resulted in a 13.6% profit margin as compared to the prior year’s segment operating profit of $2,052,000 and related operating margin of 15.2%. The lower segment operating profit and related margin were due to product mix and higher manufacturing and selling costs.

Financial Condition and Liquidity

The Company believes that cash provided by operations will continue to be sufficient to meet operating and capital needs for at least the next twelve months. The Company has a substantial cash and short term marketable securities balance as well as 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. As of the filing date of this Quarterly Report on Form 10-Q, there have been no borrowings against this line of credit and the entire line is currently available.

The Company’s statements of cash flows for the six months ended August 1, 2015 and August 2, 2014 are included on page 6. Net cash flows provided by operating activities were $4,159,000 in the current year compared to cash used of $2,655,000 in the previous year. The increase in operating cash flow for the first six months of the current year as compared to the previous year is related to tax payments made in the prior year in connection with the gain on the sale of Grass, as well as lower working capital requirements for the current year. The combination of accounts receivable, inventory, accounts payable and accrued expenses decreased working capital by $263,000 in the current year, compared to a decrease of $3,745,000 in the same period of the prior year. The year over year improvement related to lower inventory on hand, offset slightly by increased sales and a longer account receivable collection cycle, which increased to 54 days sales outstanding compared to 52 days outstanding at year end. Inventory days on hand decreased to 89 days at August 1, 2015 from 106 days at year end.

The Company’s cash, cash equivalents and investments at the end of the second quarter totaled $18,330,000 compared to $23,132,000 at year end. The decreased cash and investment position at August 1, 2015 resulted primarily from the $7,360,000 cash used to purchase the RITEC Ruggedized printer business, as well as dividends paid of $1,022,000, and cash used to acquire property, plant and equipment of $1,291,000.

The Company’s backlog increased 36.2% from year-end to $16,428,000 at August 1, 2015.

22

Critical Accounting Policies, Commitments and Certain Other Matters

In the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015, the Company’s most critical accounting policies and estimates upon which our financial status depends were identified as those relating to revenue recognition, warranty claims, bad debts, inventories, income taxes, long-lived assets, goodwill and share-based compensation. We considered the disclosure requirements of Financial Release (“FR”) 60 (“FR-60”) regarding critical accounting policies and FR-61 regarding liquidity and capital resources, certain trading activities and related party disclosures, and concluded that nothing materially changed during the quarter that would warrant further disclosure under these releases.

Forward-Looking Statements

This Quarterly Report on Form 10-Q may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but rather reflect our current expectations concerning future events and results. We generally use the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning our expectations, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Factors which could cause actual results to differ materially from those anticipated include, but are not limited to (a) general economic, financial and business conditions; (b) declining demand in the test and measurement markets, especially defense and aerospace; (c) competition in the specialty printer industry; (d) ability to develop market acceptance of our products and effective design of customer required features; (e) competition in the data acquisition industry; (f) the impact of changes in foreign currency exchange rates on the results of operations; (g) the ability to successfully integrate acquisitions and realize benefits from divestitures; (h) the business abilities and judgment of personnel and changes in business strategy; (i) the efficacy of research and development investments to develop new products; (j) the launching of significant new products which could result in unanticipated expenses; (k) bankruptcy or other financial problems at major suppliers or customers that could cause disruptions in the Company’s supply chain or difficulty in collecting amounts owed by such customers; (l) and other risks included under “Item 1A-Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Control over Financial Reporting

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

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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

23

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, which could materially affect our business, financial condition or future operating results. The risks described in our Annual Report on Form 10-K are not the only risks that we face, as additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating result as well as adversely affect the value of our common stock.

There have been no material updates to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015.

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

(a) Not applicable

(b) Not applicable

(c) During the second quarter of fiscal 2016, 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
May 3—May 30		—		$	—			—		390,000
May 31—June 27		767	(1)	$	13.79	(1)		—		390,000
June 28—August 1		—		$	—			—		390,000

(1) An employee of the Company delivered 767 shares of the Company’s common stock to satisfy the exercise price for 1,562 stock options exercised. The shares delivered were valued at an average market value of $13.79 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 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

None

24

Item 6. Exhibits

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

31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer Pursuant 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(101)	The following materials from Registrant’s Quarterly Report on Form 10-Q for the periods ended August 1, 2015 and August 2, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to the Condensed Consolidated Financial Statements. Filed electronically herein.

25

SIGNATURES

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

	ASTRO-MED, INC. (Registrant)
Date: September 8, 2015	By	/s/ Gregory A. Woods
		Gregory A. Woods,
		President and Chief Executive Officer
		(Principal Executive Officer)
	By	/s/ Joseph P. O’Connell
		Joseph P. O’Connell
		Senior Vice President, Treasurer and Chief Financial Officer
		(Principal Financial Officer)

26

EX-31.1

Exhibit 31.1

CERTIFICATION

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

I, Gregory A. Woods certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: September 8, 2015

/s/ Gregory A. Woods

Gregory A. Woods,

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

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

I, Joseph P. O’Connell certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: September 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 PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Astro-Med, Inc. (the “Company”) on Form 10-Q for the period ended August 1, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory A. Woods, President, Chief Executive Officer and Director, certify, pursuant to Rule 13a-14(b) and 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Date: September 8, 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 PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Astro-Med, Inc. (the “Company”) on Form 10-Q for the period ended August 1, 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 of the Company, certify, pursuant to Rule 13a-14(b) and 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Date: September 8, 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.

XML

Intangible Assets - Fair Value of Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - USD ($) $ in Thousands	Aug. 01, 2015	Jan. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 6,880	$ 3,400
Accumulated Amortization	(596)	(702)
Net Carrying Amount	6,284	2,698
Customer Contract Relationships [Member] | Miltope [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,100	3,100
Accumulated Amortization	(580)	(402)
Net Carrying Amount	2,520	$ 2,698
Customer Contract Relationships [Member] | RITEC [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,830
Net Carrying Amount	2,830
Non-Compete Agreement [Member] | RITEC [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	950
Accumulated Amortization	(16)
Net Carrying Amount	$ 934

XML

Securities Available for Sale - Fair Value, Amortized Cost and Gross Unrealized Gains and Losses of the Securities (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Aug. 01, 2015	Jan. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 13,274	$ 15,174
State and Municipal Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	13,273	15,150
Gross Unrealized Gains	10	26
Gross Unrealized Losses	(9)	(2)
Fair Value	$ 13,274	$ 15,174

XML

Income Taxes - Projected Effective Tax Rate for Periods (Detail)	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Income Tax Disclosure [Abstract]
Effective tax rates for income from continuing operations	37.00%	36.10%	32.70%	33.00%

XML

Fair Value - Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Aug. 01, 2015	Jan. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Funds (included in Cash and Cash Equivalents)	$ 1,363	$ 3,028
State and Municipal Obligations (included in Securities Available for Sale)	13,274	15,174
Total	14,637	18,202
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)	1,363	3,028
Total	1,363	3,028
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)	13,274	15,174
Total	$ 13,274	$ 15,174

XML

Share-Based Compensation - Aggregated Information Regarding RSUs and RSAs Granted (Detail) - 6 months ended Aug. 01, 2015 - $ / shares	Total
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Beginning balance, Unvested Restricted Stock Units and Restricted Stock Awards	72,245
Granted, Restricted Stock Units and Restricted Stock Awards	244,072
Vested, Restricted Stock Units and Restricted Stock Awards	(8,665)
Forfeited, Restricted Stock Units and Restricted Stock Awards	(2,800)
Ending balance, Unvested Restricted Stock Units and Restricted Stock Awards	304,852
Beginning balance, Weighted Average Grant Date Fair Value	$ 9.70
Granted, Weighted Average Grant Date Fair Value	14.05
Vested, Weighted Average Grant Date Fair Value	13.95
Forfeited, Weighted Average Grant Date Fair Value	10.07
Ending balance, Weighted Average Grant Date Fair Value	$ 13.06

XML

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Aug. 01, 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, 2015	$	(714	)	$	15		$	(699	)
Other Comprehensive Income (Loss)		(113	)		(15	)		(128	)
Balance at August 1, 2015	$	(827	)	$	—		$	(827	)

XML

Commitments and Contingencies - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2014	May. 04, 2013	Aug. 01, 2015
Commitments and Contingencies Disclosure [Abstract]
Estimated replacement cost		$ 672,000
Replacement cost charged against reserve			$ 358,000
Other accrued expenses			$ 314,000
Amount received from supplier for recovery	$ 450,000
Lower product prices period			Through fiscal 2017

XML

Net Income Per Common Share (Tables)

6 Months Ended

Aug. 01, 2015

Earnings Per Share [Abstract]

Reconciliation of Shares Used in Calculating Basic and Diluted

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

	Three Months Ended				Six Months Ended
	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
Weighted Average Common Shares Outstanding—Basic		7,278,329		7,703,782		7,268,745		7,652,000
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units		190,934		212,176		190,676		230,706
Weighted Average Common Shares Outstanding—Diluted		7,469,263		7,915,958		7,459,421		7,882,706

XML

Note Receivable and Line of Credit Issued - Additional Information (Detail)		6 Months Ended
	Jan. 30, 2012 USD ($)	Aug. 01, 2015 USD ($) Installment
Debt Disclosure [Abstract]
Net sale price	$ 1,000,000
Promissory note interest rate	3.75%
Interest commencement date		Jan. 30, 2013
Interest installments | Installment		16
Promissory note outstanding		$ 319,000
Revolving line of credit issued maximum		$ 600,000
Interest rate on outstanding credit balance		2.00%
Line of credit facility maturity date		Jan. 31, 2016
Extended revolving line of credit		$ 150,000

XML

Share-Based Compensation - Additional Information (Detail)			1 Months Ended		3 Months Ended				6 Months Ended
	Aug. 01, 2014 USD ($)	Feb. 01, 2014 shares	May. 31, 2015 Installment shares	Mar. 31, 2015 Installment shares	Aug. 01, 2015 USD ($) $ / shares shares	May. 02, 2015 $ / shares shares	Aug. 02, 2014 $ / shares shares	May. 03, 2014 $ / shares	Aug. 01, 2015 USD ($) Equity_Plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reservation of shares under Stock Purchase Plan									247,500
Number of equity incentive plan | Equity_Plan									2
Maximum disposal restricted percentage of RSU									50.00%
Number of options, granted									110,000
Restricted stocks, granted									244,072
Non-employee director is entitled to an annual cash retainer | $									$ 7,000
Non-employee director received restricted stock award value | $					$ 7,115				$ 20,000
Options granted weighted average fair value per share | $ / shares					$ 2.44	$ 2.43	$ 2.84	$ 2.93
2007 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive plan, expiration period									2017-05
Shares available for grant under the Plan					107,874				107,874
Reservation of shares under Stock Purchase Plan									100,000
2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive plan, expiration period									2025-05
Shares available for grant under the Plan					240,000				240,000
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under the Plan					54,980				54,980
Employee Stock Purchase Plan discount rate									15.00%
Shares purchase under Employee Stock Purchase Plan					1,293		1,592
Maximum [Member] | 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares of common stock of the Company authorized for issuance					500,000				500,000
Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, granted					25,000
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
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, granted				50,000
Other Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, granted				35,000
RSA [Member] | Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period									12 months
RSA [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stocks, granted				537
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to unvested options | $					$ 577,000				$ 577,000
Unrecognized compensation expense related to unvested options, recognize date									Through March 2019
Stock Options [Member] | 2007 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period									4 years
Option expiration period									10 years
Stock Options [Member] | 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period									4 years
Option expiration period									10 years
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]
Number of accelerated vesting shares		4,166							0
Unrecognized compensation expense related to unvested options, recognize date									Through May 2019
Unrecognized compensation expense related to unvested RSUs and RSAs | $					$ 1,658,000				$ 1,658,000
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] | Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period									10 years
Number of options, granted									5,000
Number of stock options grant to each non-employee director					722	698
Restricted Stock And Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual vesting installments | Installment				4
Time Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stocks, granted			80,000
Number of annual vesting installments | Installment			4
Performance Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Restricted stocks, granted			155,000

XML

Net Income Per Common Share - Reconciliation of Shares Used in Calculating Basic and Diluted (Detail) - shares	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Earnings Per Share [Abstract]
Weighted Average Common Shares Outstanding-Basic	7,278,000	7,704,000	7,269,000	7,652,000
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units	190,934	212,176	190,676	230,706
Weighted Average Common Shares Outstanding-Diluted	7,469,000	7,916,000	7,459,000	7,883,000

XML

Segment Information - Net Sales and Segment Operating Profit for Each Reporting Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Segment Reporting Information [Line Items]
Net Sales	$ 23,938	$ 22,366	$ 46,144	$ 43,140
Corporate Expenses	1,783	1,443	3,241	2,634
Operating Income	1,834	2,164	3,282	3,863
Other Income (Expense)-Net	21	83	254	(38)
Income Before Income Taxes	1,855	2,247	3,536	3,825
Income Tax Provision	687	812	1,158	1,261
Net Income	1,168	1,435	2,378	2,564
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating Income	3,617	3,607	6,523	6,497
Operating Segments [Member] | QuickLabel [Member]
Segment Reporting Information [Line Items]
Net Sales	17,100	15,257	32,744	29,680
Operating Income	2,720	2,247	4,698	4,445
Operating Segments [Member] | T&M [Member]
Segment Reporting Information [Line Items]
Net Sales	6,838	7,109	13,400	13,460
Operating Income	897	1,360	1,825	2,052
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Corporate Expenses	$ 1,783	$ 1,443	$ 3,241	$ 2,634

XML

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Aug. 01, 2015	Jan. 31, 2015
Inventory Disclosure [Abstract]
Materials and Supplies	$ 9,962	$ 10,600
Work-In-Process	816	765
Finished Goods	6,900	7,372
Inventory, Gross	17,678	18,737
Inventory Reserve	(3,741)	(3,155)
Total Inventory	$ 13,937	$ 15,582

XML

Principles of Consolidation

6 Months Ended

Aug. 01, 2015

Accounting Policies [Abstract]

Principles of Consolidation

(3) Principles of Consolidation

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

XML

Share-Based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Share-based Compensation [Abstract]
Stock Options	$ 70	$ 59	$ 144	$ 112
Restricted Stock Awards and Restricted Stock Units	228	67	296	144
Employee Stock Purchase Plan	3	2	4	3
Total	$ 301	$ 128	$ 444	$ 259

XML

Income Taxes (Tables)

6 Months Ended

Aug. 01, 2015

Income Tax Disclosure [Abstract]

Projected Effective Tax Rate for Periods

The Company’s effective tax rates for the period, which are based on the projected effective tax rate for the full year, are as follows:

	Three Months Ended			Six Months Ended
Fiscal 2016		37.0	%		32.7	%
Fiscal 2015		36.1	%		33.0	%

XML

Inventories (Tables)

6 Months Ended

Aug. 01, 2015

Inventory Disclosure [Abstract]

Components of Inventories

The components of inventories are as follows:

	August 1, 2015			January 31, 2015
(In thousands)
Materials and Supplies	$	9,962		$	10,600
Work-In-Process		816			765
Finished Goods		6,900			7,372
		17,678			18,737
Inventory Reserve		(3,741	)		(3,155	)
	$	13,937		$	15,582

XML

Accumulated Other Comprehensive Loss - Changes in the Balance of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Schedule of Capitalization, Equity [Line Items]
Beginning Balance			$ (699)
Other Comprehensive Income (Loss)	$ (118)	$ (132)	(128)	$ (43)
Ending Balance	(827)		(827)
Foreign Currency Translation Adjustments [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balance			(714)
Other Comprehensive Income (Loss)			(113)
Ending Balance	$ (827)		(827)
Unrealized Holding Gain on Available for Sale Securities [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balance			15
Other Comprehensive Income (Loss)			$ (15)

XML

Share-Based Compensation - Fair Value of Stock Options Granted (Detail)	6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk Free Interest Rate	1.60%	1.60%
Expected Volatility	22.70%	26.80%
Expected Life (in years)	5 years	5 years
Dividend Yield	2.00%	2.00%

XML

Segment Information (Tables)

6 Months Ended

Aug. 01, 2015

Segment Reporting [Abstract]

Net Sales and Segment Operating Profit for Each Reporting Segment

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

	Three Months Ended								Six Months Ended
	Net Sales				Segment Operating Profit				Net Sales				Segment Operating Profit
(In thousands)	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
QuickLabel	$	17,100	$	15,257	$	2,720	$	2,247	$	32,744	$	29,680	$	4,698	$	4,445
T&M		6,838		7,109		897		1,360		13,400		13,460		1,825		2,052
Total	$	23,938	$	22,366		3,617		3,607	$	46,144	$	43,140		6,523		6,497
Corporate Expenses						1,783		1,443						3,241		2,634
Operating Income						1,834		2,164						3,282		3,863
Other Income (Expense)—Net						21		83						254		(38	)
Income Before Income Taxes						1,855		2,247						3,536		3,825
Income Tax Provision						687		812						1,158		1,261
Net Income					$	1,168	$	1,435					$	2,378	$	2,564

XML

Securities Available for Sale (Tables)

6 Months Ended

Aug. 01, 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 securities available for sale are as follows:

(In thousands) August 1, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
State and Municipal Obligations	$	13,273	$	10	$	(9	)	$	13,274
January 31, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
State and Municipal Obligations	$	15,150	$	26	$	(2	)	$	15,174

XML

Basis of Presentation

6 Months Ended

Aug. 01, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

(2) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015.

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

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

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

XML

Fair Value (Tables)

6 Months Ended

Aug. 01, 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:

(In thousands) August 1, 2015	Level 1		Level 2		Level 3		Total
Money Market Funds (included in Cash and Cash Equivalents)	$	1,363	$	—	$	—	$	1,363
State and Municipal Obligations (included in Securities Available for Sale)		—		13,274		—		13,274
Total	$	1,363	$	13,274	$	—	$	14,637
January 31, 2015	Level 1		Level 2		Level 3		Total
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

XML

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Impairment of Intangible Assets (Excluding Goodwill) [Abstract]
Impairments of intangible assets			$ 0	$ 0
Amortization expense	$ 105,000	$ 175,000	$ 194,000	$ 351,000

XML

Securities Available for Sale - Additional Information (Detail) - 6 months ended Aug. 01, 2015 - USD ($)	Total
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	31 months

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 01, 2015	Jan. 31, 2015
CURRENT ASSETS
Cash and Cash Equivalents	$ 5,056	$ 7,958
Securities Available for Sale	13,274	15,174
Accounts Receivable, net	15,223	14,107
Inventories	13,937	15,582
Deferred Tax Assets	2,636	2,629
Line of Credit Receivable	150	173
Note Receivable	250	255
Asset Held for Sale	1,900	1,900
Prepaid Expenses and Other Current Assets	3,087	4,140
Total Current Assets	55,513	61,918
PROPERTY, PLANT AND EQUIPMENT	38,080	36,823
Less Accumulated Depreciation	(29,175)	(28,444)
Property, Plant and Equipment, net	8,905	8,379
OTHER ASSETS
Note Receivable	69	256
Intangible Assets, net	6,284	2,698
Goodwill	4,522	991
Other	103	88
Total Other Assets	10,978	4,033
TOTAL ASSETS	75,396	74,330
CURRENT LIABILITIES
Accounts Payable	3,369	3,155
Accrued Compensation	2,522	3,302
Other Liabilities and Accrued Expenses	2,464	2,343
Deferred Revenue	419	621
Income Taxes Payable	99	148
Total Current Liabilities	8,873	9,569
Deferred Tax Liabilities	72	83
Other Long Term Liabilities	1,072	1,167
TOTAL LIABILITIES	10,017	10,819
SHAREHOLDERS' EQUITY
Common Stock, $0.05 Par Value, Authorized 13,000,000 shares; Issued 9,576,518 shares and 9,544,864 shares at August 1, 2015 and January 31, 2015, respectively	479	477
Additional Paid-in Capital	44,238	43,600
Retained Earnings	41,091	39,735
Treasury Stock, at Cost, 2,293,606 shares at August 1, 2015 and January 31, 2015	(19,602)	(19,602)
Accumulated Other Comprehensive Loss	(827)	(699)
TOTAL SHAREHOLDERS' EQUITY	65,379	63,511
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 75,396	$ 74,330

XML

Share-Based Compensation - Aggregated Information Regarding Stock Options Granted (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Aug. 01, 2015	Jan. 31, 2015
Share-based Compensation [Abstract]
Beginning balance, Number of Options	656,011
Granted, Number of Options	110,000
Exercised, Number of Options	(20,979)
Expired or canceled, Number of Options	(2,093)
Forfeited, Number of Options	(700)
Ending balance, Number of Options	742,239	656,011
Exercisable, Number of Options	475,776
Beginning balance, Weighted Average Exercise Price	$ 10.01
Granted, Weighted Average Exercise Price	13.98
Exercised, Weighted Average Exercise Price	8.24
Expired or canceled, Weighted Average Exercise Price	7.93
Forfeited, Weighted Average Exercise Price	12.61
Ending balance, Weighted Average Exercise Price	10.65	$ 10.01
Exercisable, Weighted Average Exercise Price	$ 9.41
Weighted Average Remaining Contractual Life (in Years)	6 years 1 month 6 days	4 years 2 months 12 days
Exercisable, Weighted Average Remaining Contractual Life (in Years)	4 years 7 months 6 days
Beginning balance, Aggregated Intrinsic Value	$ 3,225,000
Ending balance, Aggregated Intrinsic Value	2,396,104
Exercisable, Aggregate Intrinsic Value	$ 2,109,647	$ 3,225,000

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014
Cash Flows from Operating Activities:
Net Income	$ 2,378	$ 2,564
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:
Depreciation and Amortization	946	1,038
Share-Based Compensation	444	259
Deferred Income Tax Provision (Benefit)	(18)	51
Changes in Assets and Liabilities, net of acquisition:
Accounts Receivable	(1,067)	(2,709)
Inventories	1,646	(845)
Income Taxes	863	(1,555)
Accounts Payable and Accrued Expenses	(842)	(191)
Other	(191)	(1,267)
Net Cash Provided (Used) by Operating Activities	4,159	(2,655)
Cash Flows from Investing Activities:
Proceeds from Sales/Maturities of Securities Available for Sale	5,003	7,900
Purchases of Securities Available for Sale	(3,127)	(3,945)
Acquisition of RITEC's Ruggedized Printer Business	(7,360)
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	208	165
Additions to Property, Plant and Equipment	(1,291)	(874)
Net Cash Provided (Used) by Investing Activities	(6,567)	7,401
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	197	903
Dividends Paid	(1,022)	(1,076)
Net Cash Used by Financing Activities	(825)	(173)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	331	285
Net Increase (Decrease) in Cash and Cash Equivalents	(2,902)	4,858
Cash and Cash Equivalents, Beginning of Period	7,958	8,341
Cash and Cash Equivalents, End of Period	5,056	13,199
Supplemental Disclosures of Cash Flow Information:
Cash Paid During the Period for Income Taxes, Net of Refunds	$ 264	$ 2,776

XML

Acquisition - Purchase Price of Acquisition Allocated on Basis of Fair Value (Detail) - USD ($) $ in Thousands	Aug. 01, 2015	Jun. 19, 2015	Jan. 31, 2015
Business Acquisition [Line Items]
Goodwill	$ 4,522		$ 991
RITEC [Member]
Business Acquisition [Line Items]
Accounts Receivable		$ 50
Identifiable Intangible Assets	$ 3,780	3,780
Goodwill		3,530
Total Purchase Price		$ 7,360

XML

Commitments and Contingencies

6 Months Ended

Aug. 01, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(16) Commitments and Contingencies

Product Replacement Program

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

Upon identifying this issue, Astro-Med immediately suspended production of the printers, notified all customers and contacted the supplier who confirmed the problem. Astro-Med is continuing to work with its customers to replace the non-conforming material on existing printers with conforming material. The estimated costs associated with the replacement program were $672,000, which was based upon the number of printers shipped during the period the non-conforming material was used. Those estimated costs were recognized and recorded as a reserve in the first quarter of fiscal 2014. As of August 1, 2015, the Company had expended $358,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $314,000 is included in Other Accrued Expenses in the accompanying condensed consolidated balance sheet dated August 1, 2015.

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

Since the supplier deviated from the agreed upon specifications for the power supply while providing certificates of conformance to the original specifications, in January 2014, Astro-Med received a non-refundable $450,000 settlement from the supplier for recovery of the costs and expense associated with this issue. In addition to this cash settlement, the Company is receiving lower product prices from the supplier through fiscal 2017.

XML

Acquisition - Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives (Detail) - RITEC [Member] - USD ($) $ in Thousands	6 Months Ended
	Aug. 01, 2015	Jun. 19, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 3,780	$ 3,780
Customer Contract Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 2,830
Useful Life	10 years
Non-Compete Agreement [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 950
Useful Life	5 years

XML

Acquisition (Tables) - RITEC [Member]

6 Months Ended

Aug. 01, 2015

Purchase Price of Acquisition Allocated on Basis of Fair Value

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

(In thousands)
Accounts Receivable	$	50
Identifiable Intangible Assets		3,780
Goodwill		3,530
Total Purchase Price	$	7,360

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	$	2,830		10
Non-Compete Agreement		950		5
Total	$	3,780

XML

Overview

6 Months Ended

Aug. 01, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview

(1) Overview

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

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

XML

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 01, 2015	Jan. 31, 2015
Statement of Financial Position [Abstract]
Common Stock, Par Value	$ 0.05	$ 0.05
Common Stock, Shares Authorized	13,000,000	13,000,000
Common Stock, Shares Issued	9,576,518	9,544,864
Treasury Stock, Shares	2,293,606	2,293,606

XML

Segment Information

6 Months Ended

Aug. 01, 2015

Segment Reporting [Abstract]

Segment Information

(11) Segment Information

Astro-Med reports two segments: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M). The Company evaluates segment performance based on the segment profit before corporate expenses.

On June 19, 2015, Astro-Med completed the asset purchase of the ruggedized printer product line from RITEC. 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 Company will begin shipment of the RITEC products in the third quarter of the current fiscal year. Refer to Note 4, “Acquisition,” for further details.

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

	Three Months Ended								Six Months Ended
	Net Sales				Segment Operating Profit				Net Sales				Segment Operating Profit
(In thousands)	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
QuickLabel	$	17,100	$	15,257	$	2,720	$	2,247	$	32,744	$	29,680	$	4,698	$	4,445
T&M		6,838		7,109		897		1,360		13,400		13,460		1,825		2,052
Total	$	23,938	$	22,366		3,617		3,607	$	46,144	$	43,140		6,523		6,497
Corporate Expenses						1,783		1,443						3,241		2,634
Operating Income						1,834		2,164						3,282		3,863
Other Income (Expense)—Net						21		83						254		(38	)
Income Before Income Taxes						1,855		2,247						3,536		3,825
Income Tax Provision						687		812						1,158		1,261
Net Income					$	1,168	$	1,435					$	2,378	$	2,564

XML

Document and Entity Information - shares	6 Months Ended
	Aug. 01, 2015	Aug. 28, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 01, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Trading Symbol	ALOT
Entity Registrant Name	ASTRO MED INC /NEW/
Entity Central Index Key	0000008146
Current Fiscal Year End Date	--01-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,316,906

XML

Recent Accounting Pronouncements

6 Months Ended

Aug. 01, 2015

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

(12) Recent Accounting Pronouncements

Inventory

In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-11, “Inventory (Topic 330).” ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value instead of at lower of cost or market. This guidance does not apply to inventory that is measured using last-in, first out (LIFO) or the retail inventory method but applies to all other inventory including inventory measured using first-in, first-out (FIFO) or the average cost method. ASU 2015-11 will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years (Q1 fiscal 2018 for Astro-Med) and should be applied prospectively. Early adoption is permitted as of the beginning of an interim or annual reporting period. Astro-Med is currently evaluating the effect of this new guidance on the Company’s consolidated financial statements.

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 (IASB) to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. In July 2015, the FASB modified ASU 2014-09 to be effective for annual reporting periods beginning after December 15, 2017 (Q1 fiscal 2019 for Astro-Med), including interim periods within that reporting period. As modified, the FASB permits the adoption of the new revenue standard early, but not before the annual periods beginning after December 15, 2016. 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.

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

XML

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Income Statement [Abstract]
Net Sales	$ 23,938	$ 22,366	$ 46,144	$ 43,140
Cost of Sales	14,092	12,777	27,268	24,915
Gross Profit	9,846	9,589	18,876	18,225
Operating Expenses:
Selling and Marketing	4,664	4,503	8,992	8,878
Research and Development	1,565	1,479	3,361	2,850
General and Administrative	1,783	1,443	3,241	2,634
Operating Expenses	8,012	7,425	15,594	14,362
Operating Income, net	1,834	2,164	3,282	3,863
Other Income (Expense)	21	83	254	(38)
Income before Income Taxes	1,855	2,247	3,536	3,825
Income Tax Provision	687	812	1,158	1,261
Net Income	$ 1,168	$ 1,435	$ 2,378	$ 2,564
Net Income per Common Share-Basic:	$ 0.16	$ 0.19	$ 0.33	$ 0.34
Net Income per Common Share-Diluted:	$ 0.16	$ 0.18	$ 0.32	$ 0.33
Weighted Average Number of Common Shares Outstanding:
Basic	7,278	7,704	7,269	7,652
Diluted	7,469	7,916	7,459	7,883
Dividends Declared Per Common Share	$ 0.07	$ 0.07	$ 0.14	$ 0.14

XML

Intangible Assets

6 Months Ended

Aug. 01, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

(6) Intangible Assets

Intangible assets are as follows:

	August 1, 2015							January 31, 2015
($ In thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets subject to amortization:
Customer Contract Relationships (Miltope)	$	3,100		(580	)	$	2,520	$	3,100	$	(402	)	$	2,698
Customer Contract Relationships (RITEC)		2,830		—			2,830		—		—			—
Non-Compete Agreement (RITEC)		950		(16	)		934		—		—			—
Intangible assets, net	$	6,880	$	(596	)	$	6,284	$	3,400	$	(702	)	$	2,698

There were no impairments to intangible assets during the periods ended August 1, 2015 and August 2, 2014. Amortization expense of $105,000 and $175,000 in regards to the above acquired intangibles has been included in the condensed consolidated statement of income for the three months ended August 1, 2015 and August 2, 2014, respectively. Amortization expense of $194,000 and $351,000 in regards to the above acquired intangibles has been included in the condensed consolidated statement of income for the six months ended August 1, 2015 and August 2, 2014, respectively.

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

(In thousands)	Remainder of 2016		2017		2018		2019		2020
Estimated amortization expenses	$	305	$	715	$	774	$	769	$	802

XML

Net Income Per Common Share

6 Months Ended

Aug. 01, 2015

Earnings Per Share [Abstract]

Net Income Per Common Share

(5) Net Income Per Common Share

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

	Three Months Ended				Six Months Ended
	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
Weighted Average Common Shares Outstanding—Basic		7,278,329		7,703,782		7,268,745		7,652,000
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units		190,934		212,176		190,676		230,706
Weighted Average Common Shares Outstanding—Diluted		7,469,263		7,915,958		7,459,421		7,882,706

For the three and six months ended August 1, 2015 the diluted per share amounts do not reflect common equivalent shares outstanding of 424,100. For the three and six months ended August 2, 2014 the diluted per share amounts do not reflect common equivalent shares outstanding of 150,000. These outstanding common equivalent shares were not included due to their anti-dilutive effect. Anti-dilutive shares consist of those common stock equivalents that have either an exercise price above the average stock price for the period, or the common stock equivalent’s related average unrecognized stock compensation expense is sufficient to “buy back” the entire amount of shares. Restricted stock units which vest based upon achievement of performance targets are excluded from the diluted shares outstanding unless the performance targets have been met as of the end of the reporting period regardless of whether such performance targets are probable of achievement as of the end of the measurement period.

XML

Line of Credit

6 Months Ended

Aug. 01, 2015

Debt Disclosure [Abstract]

Line of Credit

(17) Line of Credit

The Company has a three-year, $10 million revolving line of credit available for ongoing working capital requirements, business acquisitions or general corporate purposes as needed. Any 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. The agreement provides 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 August 1, 2015, there have been no borrowings against this line of credit and the Company was in compliance with its financial covenants.

XML

Securities Available for Sale

6 Months Ended

Aug. 01, 2015

Investments, Debt and Equity Securities [Abstract]

Securities Available for Sale

(13) Securities Available for Sale

Pursuant to our investment policy, securities available for sale include state and municipal securities with various contractual or anticipated maturity dates ranging from one to 31 months. Securities available for sale are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until realized. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis. A decline in the fair value of any available for sale security below cost that is determined to be other than temporary will result in a write-down of its carrying amount to fair value. No such impairment charges were recorded for any period presented. All short-term investment securities have original maturities greater than 90 days.

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

(In thousands) August 1, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
State and Municipal Obligations	$	13,273	$	10	$	(9	)	$	13,274
January 31, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
State and Municipal Obligations	$	15,150	$	26	$	(2	)	$	15,174

XML

Income Taxes

6 Months Ended

Aug. 01, 2015

Income Tax Disclosure [Abstract]

Income Taxes

(9) Income Taxes

The Company’s effective tax rates for the period, which are based on the projected effective tax rate for the full year, are as follows:

	Three Months Ended			Six Months Ended
Fiscal 2016		37.0	%		32.7	%
Fiscal 2015		36.1	%		33.0	%

During the six months ended August 1, 2015, the Company recognized income tax expense of $1,158,000. The effective tax rate in this period was directly impacted by a $135,000 tax benefit related to the statute of limitations expiring on a previously uncertain tax position. During the six months ended August 2, 2014, the Company recognized income tax expense of $1,261,000 which included a tax benefit of $100,000 related to the favorable resolution of a previously uncertain tax position.

As of August 1, 2015, the Company’s cumulative unrecognized tax benefits totaled $643,000 compared to $707,000 as of January 31, 2015. There were no other developments affecting unrecognized tax benefits during the period ended August 1, 2015.

XML

Share-Based Compensation

6 Months Ended

Aug. 01, 2015

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

Share-Based Compensation

(7) Share-Based Compensation

Astro-Med has two equity incentive plans – the 2007 Equity Incentive Plan (the “2007 Plan”) and the 2015 Equity Incentive Plan (the “2015 Plan”). Under these plans, the Company may grant incentive stock options, non-qualified stock options, stock appreciation rights, time or performance based restricted stock units (“RSUs”), restricted stock awards (“RSAs”), and other stock-based awards to executives, key employees, directors and other eligible individuals. At August 1, 2015, 107,874 shares were available for grant under the 2007 Plan, of which 100,000 are reserved for stock options that the Company is obligated to issue to its CEO in fiscal years 2017 and 2018 pursuant to an Equity Incentive Award Agreement dated as of November 24, 2014 (the “CEO Equity Incentive Agreement”). The 2007 Plan will expire in May 2017. The 2015 Plan was approved by the Company’s shareholders at the 2015 annual meeting. The 2015 Plan authorizes the issuance of up to 500,000 shares (subject to adjustment for stock dividends and stock splits) and will expire in May 2025. At August 1, 2015, 240,000 shares were available for grant under the 2015 Plan.

Options granted to employees under both Plans vest over four years and expire after ten years. The exercise price of each stock option will be established at the discretion of the Compensation Committee; however, any incentive stock options granted under the 2007 Plan, and all options granted under the 2015 Plan, must be at an exercise price of not less than the fair market value of the Company’s common stock on the date of grant.

In March 2012 (fiscal year 2013), a portion of the Company’s executives’ 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 (fiscal year 2014), the Company granted options and RSUs to officers (“2014 RSUs”). The 2014 RSUs will be earned and vest as follows: twenty-five percent vest on the third anniversary of the grant date, fifty percent vest upon the Company achieving its cumulative budgeted net sales target for fiscal years 2014 through 2016 (the “Measurement Period”), and twenty-five percent vest upon the Company 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 2014 RSUs until the first anniversary of the vesting date. On February 1, 2014, the Company accelerated the vesting of 4,166 of the 2014 RSUs held by Everett Pizzuti in connection with his retirement. None of the remaining 2014 RSUs, have vested as of August 1, 2015.

In March 2015 (fiscal year 2016), the Company granted 50,000 options and 537 RSAs to its CEO pursuant to the CEO Equity Incentive Agreement, and 35,000 options to other key employees. The options and RSAs vest in four equal annual installments commencing on the first anniversary of the grant date.

In May 2015 (fiscal year 2016), the Company granted an aggregate of 80,000 time-based and 155,000 performance-based RSUs (“2016 RSUs”) to certain officers of the Company. The time-based 2016 RSUs will vest in four equal annual installments commencing on the first anniversary of the grant date. The performance-based 2016 RSUs will vest over three years based upon the increase in net sales, if any, achieved each fiscal year relative to a three-year net sales increase goal. Performance-based 2016 RSUs that are earned based on organic revenue growth will be fully vested when earned, while those earned based on revenue growth via acquisitions will vest annually over a three-year period following the fiscal year in which the revenue growth occurs. Any performance-based 2016 RSUs that have not been earned at the end of the three-year performance period will be forfeited.

Under the Plans, each non-employee director receives an automatic annual grant of ten-year options to purchase 5,000 shares of stock upon the adjournment of each shareholders meeting. Each such option is exercisable at the fair market value of the Company’s common stock as of the grant date, and vests immediately prior to the next succeeding shareholders’ meeting. During the second quarter of fiscal 2016, 25,000 options in total were granted to the non-employee directors. In addition to the automatic option grant, 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, the Chairman of the Board also receives an annual retainer of $6,000, and the Chairs of the Audit and Compensation Committees each receive an annual retainer of $4,000 (“Chair Retainer”). The non-employee directors 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 one of the Plans. 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 the Company’s common stock on the date such installment is payable. The common stock received in lieu of such Cash Retainer will be fully vested. However, a non-employee director who receives common stock in lieu of all or a portion of the Cash Retainer may not sell, transfer, assign, pledge or otherwise encumber the common stock prior to the first anniversary of the date on which such shares were issuable. In the event of the death or disability of a nonemployee director, or a change in control of the Company, any shares of common stock issued in lieu of such Cash Retainer, shall no longer be subject to such restrictions on transfer. During the first and second quarters of fiscal 2016, 698 and 722 shares, respectively, were awarded to non-employee directors in lieu of the Cash Retainer.

In addition, under the Program, each non-employee director receives RSAs with a value equal to $20,000 (the “Equity Retainer”) upon adjournment of each annual shareholders’ meeting. If a non-employee director is first appointed or elected to the Board of Directors effective on a date other than at the annual shareholders’ meeting, on the date of such appointment or election, the director shall receive a pro rata award of restricted common stock having a value based on the number of days remaining until the next annual meeting. The Equity Retainer will vest on the earlier of 12 months after the grant date or the date immediately prior to the next annual meeting of the shareholders following the meeting at which such RSAs were granted. However, a non-employee director may not sell, transfer, assign, pledge or otherwise encumber the vested common stock prior to the second anniversary of the vesting date. In the event of the death or disability of a non-employee director, or a change in control of the Company, the RSAs shall immediately vest and shall no longer be subject to such restrictions on transfer. During the second quarter of fiscal 2016, 7,115 shares were awarded as the Equity Retainer to the non-employee directors.

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

Share-based compensation expense was recognized as follows:

	Three Months Ended				Six Months Ended
	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
(In thousands)
Stock Options	$	70	$	59	$	144	$	112
Restricted Stock Awards and Restricted Stock Units		228		67		296		144
Employee Stock Purchase Plan		3		2		4		3
Total	$	301	$	128	$	444	$	259

Stock Options

The fair value of stock options granted during the six months ended August 1, 2015 and August 2, 2014 was estimated using the following assumptions:

	August 1, 2015			August 2, 2014
Risk Free Interest Rate		1.6	%		1.6	%
Expected Volatility		22.7	%		26.8	%
Expected Life (in years)		5.0			5.0
Dividend Yield		2.0	%		2.0	%

The weighted average fair value per share for options granted was $2.43 and $2.44 during the first and second quarters of fiscal 2016, respectively, compared to $2.93 and $2.84 during the first and second quarters of fiscal 2015.

Aggregated information regarding stock options granted under the Plans for the six months ended August 1, 2015 is summarized below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at January 31, 2015		656,011		$	10.01		4.2	$	3,225,000
Granted		110,000			13.98
Exercised		(20,979	)		8.24
Expired or canceled		(2,093	)		7.93
Forfeited		(700	)		12.61
Outstanding at August 1, 2015		742,239		$	10.65		6.1	$	2,396,104
Exercisable at August 1, 2015		475,776		$	9.41		4.6	$	2,109,647

As of August 1, 2015, there was $577,000 of unrecognized compensation expense related to unvested options, which may be recognized through March 2019.

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

Aggregated information regarding RSUs and RSAs granted under the Plan for the six months ended August 1, 2015 is summarized below:

	RSAs & RSUs			Weighted Average Grant Date Fair Value
Unvested at January 31, 2015		72,245		$	9.70
Granted		244,072			14.05
Vested		(8,665	)		13.95
Forfeited		(2,800	)		10.07
Unvested at August 1, 2015		304,852		$	13.06

As of August 1, 2015, there was $1,658,000 of unrecognized compensation expense related to unvested RSUs and RSAs which may be recognized through May 2019.

Employee Stock Purchase Plan

Astro-Med has an Employee Stock Purchase Plan allowing eligible employees to purchase shares of common stock at a 15% discount from fair value on the date of purchase. A total of 247,500 shares were reserved for issuance under this plan. During the quarters ended August 1, 2015 and August 2, 2014, there were 1,293 and 1,592 shares, respectively, purchased under this plan. As of August 1, 2015, 54,980 shares remain available for purchase under the plan.

XML

Inventories

6 Months Ended

Aug. 01, 2015

Inventory Disclosure [Abstract]

Inventories

(8) 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:

	August 1, 2015			January 31, 2015
(In thousands)
Materials and Supplies	$	9,962		$	10,600
Work-In-Process		816			765
Finished Goods		6,900			7,372
		17,678			18,737
Inventory Reserve		(3,741	)		(3,155	)
	$	13,937		$	15,582

XML

Note Receivable and Line of Credit Issued

6 Months Ended

Aug. 01, 2015

Receivables [Abstract]

Note Receivable and Line of Credit Issued

(10) Note Receivable and Line of Credit Issued

On January 30, 2012, the Company completed the sale of its label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sale price of $1,000,000 was received in the form of a promissory note issued by Label Line Ltd. and is 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 August 1, 2015, $319,000 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 in the amount of $600,000. This line of credit is secured by a first lien on various collateral of Label Line Ltd., including the Asheboro plant and plant assets, and bears interest at a rate equal to the United States prime rate plus an additional margin of two percent on the outstanding credit balance. The term of this revolving line of credit has been extended through January 31, 2016. As of August 1, 2015, $150,000 remains outstanding on this revolving line of credit. The estimated fair value of the line of credit approximates its carrying value.

XML

Acquisition - Additional Information (Detail) - Aug. 01, 2015 - USD ($)	Total
Business Acquisition [Line Items]
Fair value assumptions, Weighted average cost of capital	15.50%
Fair value key assumptions	Key assumptions include (1) a weighted average cost of capital of 15.5%; (2) a range of earnings projections from $110,000-$700,000 and (3) a range of contract renewal probability from 0%-100%.
Minimum [Member]
Business Acquisition [Line Items]
Fair value assumptions, Earnings projections	$ 110,000
Fair value assumptions, Contract renewal probability	0.00%
Maximum [Member]
Business Acquisition [Line Items]
Fair value assumptions, Earnings projections	$ 700,000
Fair value assumptions, Contract renewal probability	100.00%
RITEC [Member]
Business Acquisition [Line Items]
Completion date of acquisition	Jun. 19, 2015
Date of asset purchase agreement	Jun. 18, 2015
Purchase price of the acquisition	$ 7,360,000
Amount held in escrow related to business acquisition	$ 750,000
Duration of escrow deposits	12 months
General and administrative expenses	$ 90,000
Estimated inventory purchase	$ 100,000
Percentage of royalties on sale price of products	7.50%
Initial royalty payment period	5 years
Goodwill deductible for tax purposes	$ 3,530,000

XML

Segment Information - Additional Information (Detail)	6 Months Ended
	Aug. 01, 2015 Segment
Segment Reporting [Abstract]
Number of reporting segments	2

XML

Accumulated Other Comprehensive Loss

6 Months Ended

Aug. 01, 2015

Equity [Abstract]

Accumulated Other Comprehensive Loss

(15) Accumulated Other Comprehensive 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, 2015	$	(714	)	$	15		$	(699	)
Other Comprehensive Income (Loss)		(113	)		(15	)		(128	)
Balance at August 1, 2015	$	(827	)	$	—		$	(827	)

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

XML

Intangible Assets (Tables)

6 Months Ended

Aug. 01, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

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

Intangible assets are as follows:

	August 1, 2015							January 31, 2015
($ In thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets subject to amortization:
Customer Contract Relationships (Miltope)	$	3,100		(580	)	$	2,520	$	3,100	$	(402	)	$	2,698
Customer Contract Relationships (RITEC)		2,830		—			2,830		—		—			—
Non-Compete Agreement (RITEC)		950		(16	)		934		—		—			—
Intangible assets, net	$	6,880	$	(596	)	$	6,284	$	3,400	$	(702	)	$	2,698

Summary of Estimated Amortization Expense

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

(In thousands)	Remainder of 2016		2017		2018		2019		2020
Estimated amortization expenses	$	305	$	715	$	774	$	769	$	802

XML

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014	Jan. 31, 2015
Income Tax Disclosure [Abstract]
Income tax expense	$ 687,000	$ 812,000	$ 1,158,000	$ 1,261,000
Income tax expense (benefit) related to prior year's state taxes			(135,000)	$ (100,000)
Cumulative unrecognized tax benefits	$ 643,000		643,000		$ 707,000
Developments affecting unrecognized tax benefits			$ 0

XML

Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands	Aug. 01, 2015 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2016	$ 305
2017	715
2018	774
2019	769
2020	$ 802

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,168	$ 1,435	$ 2,378	$ 2,564
Other Comprehensive Income (Loss), Net of Taxes and Reclassification Adjustments:
Foreign Currency Translation Adjustments	(122)	(133)	(113)	(41)
Unrealized Holding Gain (Loss) on Securities Available for Sale	4	1	(15)	(2)
Other Comprehensive Income (Loss)	(118)	(132)	(128)	(43)
Comprehensive Income	$ 1,050	$ 1,303	$ 2,250	$ 2,521

XML

Acquisition

6 Months Ended

Aug. 01, 2015

Business Combinations [Abstract]

Acquisition

(4) Acquisition

On June 19, 2015, Astro-Med completed the acquisition of the ruggedized printer product line for civil and commercial aircraft from Rugged Information Technology Equipment Corporation (RITEC) under the terms of an Asset Purchase Agreement dated June 18, 2015. The products of RITEC consist of rugged printers for use in commercial aircraft sold primarily to aircraft manufacturers, tier one contractors and directly to airlines around the world. Astro-Med’s ruggedized printer product line is part of the Test & Measurement (T&M) product group and is reported as part of the T&M segment. The Company will begin shipment of the RITEC products in the third quarter of the current fiscal year.

The purchase price of the acquisition was $7,360,000 which was funded using available cash and investment securities. Of the $7,360,000 purchase price, $750,000 is being held in escrow for twelve months following the acquisition date to support an indemnity to the Company in the event of any breach in the representations, warranties and covenants of RITEC. The assets acquired consist principally of accounts receivables and certain intangible assets. Acquisition related costs of approximately $90,000 are included in the general and administrative expenses in the Company’s consolidated statements of income for the three and six months ended August 1, 2015. The acquisition was accounted for under the acquisition method in accordance with the guidance provided by FASB ASC 805, “Business Combinations.”

Astro-Med also entered into a Transition Services Agreement, under which RITEC will provide transition services and continue to manufacture products in the acquired product line for approximately six months until the Company transitions the manufacturing to its West Warwick, Rhode Island facility. Upon expiration of the Transition Services Agreement, Astro-Med will purchase any inventory held by RITEC at its book value (net of reserves), which the Company estimates will be approximately $100,000.

Also as part of the Asset Purchase Agreement, Astro-Med entered into a License Agreement, which grants RITEC certain rights to use the intellectual property acquired by the Company in the design, development, marketing, manufacture, sale and servicing of ruggedized printers for aircraft sold to the military end-user market and printers sold to other non-aircraft market segments. RITEC will pay royalties equal to 7.5% of the sales price on all products sold into the military end-user aircraft market during the first five years of the License Agreement.

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

(In thousands)
Accounts Receivable	$	50
Identifiable Intangible Assets		3,780
Goodwill		3,530
Total Purchase Price	$	7,360

The fair value of the intangible assets acquired was estimated by applying the income approach. This fair value measurement is based on significant inputs that are not observable in the market and therefore, represent a Level 3 measurement as defined in ASC 820, “Fair Value Measurement and Disclosure.” Key assumptions include (1) a weighted average cost of capital of 15.5%; (2) a range of earnings projections from $110,000-$700,000 and (3) a range of contract renewal probability from 0%-100%.

Goodwill of $3,530,000, 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 from RITEC. 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	$	2,830		10
Non-Compete Agreement		950		5
Total	$	3,780

Assuming the acquisition of RITEC occurred on February 1, 2014, the impact on net sales, net income and earnings per share would not have been material to the Company for the three and six months ended August 1, 2015 and August 2, 2014.

XML

Line of Credit - Additional Information (Detail) - Aug. 01, 2015 - USD ($)	Total
Line of Credit Facility [Line Items]
Revolving line of credit	$ 10,000,000
Agreement term	3 years
Line of credit, interest rate description	Any 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.
Borrowings against new line of credit	$ 0
Fixed Charge Coverage Ratio	300.00%
Funded debt to adjusted EBITDA ratio	125.00%
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Percentage above rate	1.50%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Percentage above rate	0.00%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Percentage above rate	2.25%
Federal Funds Effective Swap Rate [Member]
Line of Credit Facility [Line Items]
Percentage above rate	1.50%

XML

Share-Based Compensation (Tables)

6 Months Ended

Aug. 01, 2015

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

Share-Based Compensation Expense

Share-based compensation expense was recognized as follows:

	Three Months Ended				Six Months Ended
	August 1, 2015		August 2, 2014		August 1, 2015		August 2, 2014
(In thousands)
Stock Options	$	70	$	59	$	144	$	112
Restricted Stock Awards and Restricted Stock Units		228		67		296		144
Employee Stock Purchase Plan		3		2		4		3
Total	$	301	$	128	$	444	$	259

Fair Value of Stock Options Granted

The fair value of stock options granted during the six months ended August 1, 2015 and August 2, 2014 was estimated using the following assumptions:

	August 1, 2015			August 2, 2014
Risk Free Interest Rate		1.6	%		1.6	%
Expected Volatility		22.7	%		26.8	%
Expected Life (in years)		5.0			5.0
Dividend Yield		2.0	%		2.0	%

Aggregated Information Regarding Stock Options Granted

Aggregated information regarding stock options granted under the Plans for the six months ended August 1, 2015 is summarized below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding at January 31, 2015		656,011		$	10.01		4.2	$	3,225,000
Granted		110,000			13.98
Exercised		(20,979	)		8.24
Expired or canceled		(2,093	)		7.93
Forfeited		(700	)		12.61
Outstanding at August 1, 2015		742,239		$	10.65		6.1	$	2,396,104
Exercisable at August 1, 2015		475,776		$	9.41		4.6	$	2,109,647

Aggregated Information Regarding RSUs and RSAs Granted

Aggregated information regarding RSUs and RSAs granted under the Plan for the six months ended August 1, 2015 is summarized below:

	RSAs & RSUs			Weighted Average Grant Date Fair Value
Unvested at January 31, 2015		72,245		$	9.70
Granted		244,072			14.05
Vested		(8,665	)		13.95
Forfeited		(2,800	)		10.07
Unvested at August 1, 2015		304,852		$	13.06

XML

Net Income Per Common Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Earnings Per Share [Abstract]
Number of common equivalent shares	424,100	150,000	424,100	150,000

XML

Fair Value

6 Months Ended

Aug. 01, 2015

Fair Value Disclosures [Abstract]

Fair Value

(14) Fair Value

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

The fair value hierarchy is summarized as follows:

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

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

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

Cash and cash equivalents, accounts receivables, accounts payable, accrued compensation and other expenses and income tax payable are reflected in the condensed consolidated balance sheet at carrying value, which approximates fair value due to the short term nature of the these instruments.

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

(In thousands) August 1, 2015	Level 1		Level 2		Level 3		Total
Money Market Funds (included in Cash and Cash Equivalents)	$	1,363	$	—	$	—	$	1,363
State and Municipal Obligations (included in Securities Available for Sale)		—		13,274		—		13,274
Total	$	1,363	$	13,274	$	—	$	14,637
January 31, 2015	Level 1		Level 2		Level 3		Total
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

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

Non-financial assets such as goodwill, intangible assets, and property, plant and equipment are required to be measured at fair value only when impairment loss is recognized. The Company did not record an impairment loss related to these assets during the six month period ended August 1, 2015.