ASTRONOVA, INC. MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q)

Company Overview

This section should be read in conjunction with our condensed consolidated
financial statements included elsewhere herein and our Annual Report on Form
10-K
for the fiscal year ended January 31, 2022.

We are a multinational enterprise that leverages our 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. We organize our structure around a core set of
competencies, including research and development, manufacturing, service,
marketing and distribution. We market and sell our products and services through
the following two segments:

• Product Identification (“PI”): Offers color and monochromatic digital images

             label printers,
             direct-to-package
             printers and custom OEM printers. PI also provides software to design,
             manage and print labeling and packaging images locally and across
             networked printing systems, as well as all related printing supplies
             such as pressure sensitive labels, tags, inks, toners and thermal
             transfer ribbons used by digital printers. PI also provides
             on-site
             and remote service, spare parts and various service contracts.


• Test and Measurement (“T&M”) – offers a suite of products and services

             that acquire data from local and networked data streams and sensors as
             well as wired and wireless networks. The T&M segment includes a line
             of aerospace printers that are used to print hard copies of data
             required for the safe and efficient operation of aircraft including
             navigation maps, clearances, arrival and departure procedures, flight
             itineraries, weather maps, performance data, passenger data, and
             various air traffic control data. Aerospace products also include
             aircraft networking systems for high-speed onboard data

to transfer. T&M

             also provides repairs, service and spare parts.


We market and sell our products and services globally through a diverse
distribution structure of direct sales personnel, manufacturers' representatives
and authorized dealers that deliver a full complement of branded products and
services to customers in our respective markets. Our growth strategy centers on
organic growth through product innovation made possible by research and
development initiatives, as well as strategic acquisitions that fit into or
complement existing core businesses.

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  Table of Contents

COVID-19
Update-Overview

All of our global operations have been materially adversely affected by the
worldwide
COVID-19
pandemic during the past two years. We expect this adverse impact to continue to
a degree that we cannot predict.

We made significant modifications to our global operations because of the
COVID-19
pandemic. We initially required most
non-production
related team members to work remotely. Although this is no longer required for
health and safety reasons, for many of our team members, remote work has become
a preference and we believe we have to a large degree successfully adapted to it
through the use of technology and changed management practices, but further
adaptations, may be required. We expect that our operations and modalities of
on-site
and remote work will be impacted permanently, as will our increased safety
protocols and the other adaptations undertaken during the pandemic, but our
practices and plans are still developing, and we cannot predict the results yet.

Since the
COVID-19
pandemic began we have experienced difficulties in obtaining raw materials and
components for our products. Some of the structural dislocations in the global
economy caused by the pandemic are deepening and prolonging these difficulties.
We have had to incur additional costs, such as expedited and express shipping
fees (i.e., air rather than ocean freight). These difficulties have also
negatively impacted our efficiency, delayed shipments and caused product
shortages
.
We are currently monitoring the world-wide delays in transit time, as freight
carriers continue to experience significant delays in overseas shipments. We are
addressing these issues through long range planning and procuring higher
inventory on severely allocated items to help mitigate potential shortages
whenever practicable. We are also monitoring and reacting to extended lead times
on electronic components and utilizing a variety of strategies, including
blanket orders, vendor-bonded inventories, extended commitments to our supply
base, and seeking alternative suppliers. Additionally, we have taken actions to
increase regular contact with our essential vendors and increased our
forecasting horizon for our products to help us better manage our supply chain.
In some cases, we are working with our vendors to help them procure components.
Our strategies to counteract the impact of the pandemic and the related supply
chain dislocations have increased the amount of inventory we maintain to support
our product sales. We have also experienced several situations where component
shortages and scarcity have required us to pay significantly higher costs to
obtain those components. We will continue to monitor our supply chain going
forward and update our mitigation strategies as we determine appropriate. We are
not able to predict how current supply chain difficulties will develop in the
future, and if the steps we are taking are not effective, it could have a
material adverse impact on our results of operations.

Product ID Update

Our Product Identification business has been negatively impacted by the
COVID-19
pandemic because our ability to meet with customers to demonstrate our products
at trade shows and
on-site
in their facilities has been curtailed. We have partially countered this through
a variety of virtual,
on-line
selling and digital marketing strategies, but the degree to which this will be
successful to mitigate the lack of
face-to-face
selling is unclear.

Test & Measurement Update

The aerospace industry, which we serve through our aerospace product line, has
also been significantly disrupted by the
COVID-19
pandemic, both inside and outside of the United States because of the severe
decline in the demand for air travel and aircraft, and a general curtailment of
aircraft production rates. This has had a material adverse impact on our
financial results. While air travel demand and aircraft production demand has
recovered to some extent, it remains unclear whether these demand factors will
continue to recover and to what extent. The secondary impacts of the demand
decline and resulting financial losses on the economic structure of the airline
industry could become a negative factor for demand for aircraft due to industry
consolidation. Individually or in combination, these factors may continue to
have a material adverse impact on our business operations and financial results.

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Contents

Operating results

Three months completed April 30, 2022 compared to the three months ended May 1, 2021

Revenue by Segment and Percentage Change Current Quarter vs. Prior Year for the Three Months Ended April 30, 2022 and May 1, 2021 were:

                                                                                   % Change

                                           As a                       As a         Compared

                          April 30,        % of         May 1,        % of            to

(Dollars in thousands)      2022         Revenue         2021       Revenue       Prior Year
Product Identification   $    21,724         70.1 %    $ 23,098         79.4 %           (5.9 )%
T&M                            9,286         29.9 %       5,980         20.6 %           55.3 %

Total                    $    31,010       100.0  %    $ 29,078       100.0  %            6.6 %



Revenue for the first quarter of the current year was $31.0 million,
representing a 6.6% increase compared to the previous year first quarter revenue
of $29.1 million. Revenue through domestic channels for the first quarter of the
current year was $19.7 million, an increase of 17.7% from the prior year's first
quarter. International revenue for the first quarter of the current year was
$11.4 million, representing 36.6% of our first quarter revenue and reflecting an
8.3% decrease from the previous year first quarter. Current year first quarter
international revenue includes an unfavorable foreign exchange rate impact of
$0.5 million.

Hardware revenue in the current quarter was $9.3 million, a 21.6% increase
compared to the prior year's first quarter revenue of $7.6 million. The increase
is attributable to the T&M segment, as the aerospace printer product line sales
revenue increased 91.9% compared to the first quarter of the prior year
primarily attributed to growth in demand for new aircraft as air travel
increased as
COVID-19
restrictions lessened. The increase in current quarter hardware sales was also
impacted, to a lesser degree, by increased data recorder product line sales in
the T&M segment. The increase in current quarter hardware sales was partially
offset by an overall 25.1% decrease in hardware sales in the PI segment.

Supplies revenue in the current quarter was $17.9 million, a 1.5% decrease
compared to the prior year's first quarter supplies revenue of $18.2 million.
The decrease is primarily as a result of lower thermal film supplies sales in
the QuickLabel product group and, to a lesser degree, a decline in sales of
certain inks and media supplies in the Trojan Label product group, both of which
are in the PI segment. The overall decrease in supplies revenue was slightly
offset by an increase in sales of ink jet supplies in the QuickLabel product
group in the PI segment and an overall increase in sales of supplies in the T&M
segment.

Services and other income from $3.8 million in the current quarter increased by 16.9% compared to the turnover of the first quarter of $3.2 million in the previous year. The increase is primarily due to higher parts and repair revenue for the aerospace printer product line in the T&M segment.

Current year first quarter gross profit was $10.7 million, a 1.5% decrease
compared to the prior year's first quarter gross profit. Current quarter gross
profit margin of 34.6% reflects a 2.8 percentage point decrease from the prior
year's first quarter gross profit margin of 37.4%. The lower gross profit margin
for the current quarter compared to the prior year's first quarter is primarily
attributable to increased period costs.

Operating expenses for the current quarter were $10.0 million, a 1.9% decrease
compared to the prior year's first quarter operating expenses. Current quarter
selling and marketing expenses were $5.9 million, a 3.4% decrease compared to
the first quarter of the prior year. The decrease for the current quarter was
primarily due to the decrease in amortization expense related to the fiscal 2022
second quarter change in the remaining useful lives and amortization methods for
certain of our customer relationship intangibles, as well as decreases in
outside services for marketing activities and sales commission expenses. The
decrease in current quarter selling and marketing expenses was partially offset
by increases in employee wages and benefits and increased travel and
entertainment expenses. Current quarter general and administrative expenses were
$2.6 million, a 9.2% increase compared to the first quarter of the prior year
primarily due to an increase in outside service fees. Research and development
("R&D") expenses were $1.5 million in the current quarter, an 11.3% decrease
compared to $1.7 million in the first quarter of the prior year primarily due to
decreases in supplies and repairs expenses and employee wage expenses. R&D
spending as a percentage of revenue for the current quarter was 4.9% as compared
to 5.9% for the same period in the prior year.

Other expense in the first quarter of the current year was $0.3 million compared
to $0.4 million for the same period in the prior year. Current quarter other
expense includes interest expense on debt and the revolving line of credit of
$0.2 million and $0.1 million of net foreign exchange loss. Other expense for
the first quarter of the prior year also consisted primarily of interest expense
on our debt of $0.2 million and $0.2 million of net foreign exchange loss.

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Contents

We recognized a federal, state and foreign income tax provision for the first
quarter of the current year of $60,000, resulting in an effective tax rate of
12.4%. This rate was impacted by a $38,000 tax benefit related to the expiration
of the statute of limitations on a previously uncertain tax position and a
$30,000 tax benefit arising from windfall tax benefits related to the Company's
stock. During the three months ended May 1, 2021, we recognized an income tax
benefit of approximately $227,000. The effective tax rate in this period was
directly impacted by a $276,000 tax benefit related to the expiration of the
statute of limitations on a previously uncertain tax position and a $37,000 tax
benefit arising from windfall tax benefits related to the Company's stock.

We reported net income of $0.4 million or $0.06 per diluted share for the first
quarter of the current year. On a comparable basis, net income for the prior
year's first quarter was $0.6 million or $0.08 per diluted share. Return on
revenue was 1.4% for the first quarter of fiscal 2023 compared to 2.0% for the
first quarter of fiscal 2022.

Sector analysis

We report two segments: Product Identification and Test & Measurement and
evaluate segment performance based on the segment profit before corporate and
financial administration expenses. Summarized below are the Revenue and Segment
Operating Profit for each reporting segment:

                                                                Three Months Ended
                                                   Revenue                  Segment Operating Profit
                                           April 30,        May 1,        April 30,            May 2,

(In thousands)                               2022            2021            2022               2020
Product Identification                    $    21,724      $ 23,098      $      1,413       $      2,729
T&M                                             9,286         5,980             1,911                350

Total                                     $    31,010      $ 29,078             3,324              3,079

Corporate Expenses                                                              2,560              2,344

Operating Income                                                                  764                735
Other Expense, Net                                                                279                369

Income Before Income Taxes                                                        485                366
Income Tax Provision (Benefit)                                                     60               (227 )

Net Income                                                               $        425       $        593



Product Identification

Revenue from the Product Identification segment decreased 5.9% in the first
quarter of the current year, with revenue of $21.7 million compared to
$23.1 million in the same period of the prior year. The current quarter decrease
in revenue is due to a net decrease in both hardware and supply revenue,
slightly offset by increased sales of ink jet supplies. Product Identification's
current quarter segment operating profit was $1.4 million, reflecting a profit
margin of 6.5%. This compares to the prior year's first quarter segment profit
of $2.7 million and related profit margin of 11.8%. The decrease in Product
Identification current year first quarter segment operating profit and margin is
primarily due to lower revenue and higher manufacturing and operating costs.

Test & Measurement-T&M

Revenue from the T&M segment was $9.3 million for the first quarter of the
current fiscal year, representing a 55.3% increase compared to revenue of
$6.0 million for the same period in the prior year. The increase in revenue for
the current quarter is primarily attributable to strong hardware sales in our
aerospace product lines as a result of the recertification of the Boeing 737 MAX
and increase in demand for new aircraft due to increase in air travel as
COVID-19
restrictions lessen. T&M's first quarter segment operating profit was
$1.9 million, reflecting a profit margin of 20.6%, an increase compared to the
prior year segment operating profit of $0.4 million and related operating margin
of 5.9%. The increase in T&M's current year first quarter segment operating
profit and margin is primarily due to higher revenue and lower operating costs,
along with a slightly better sales mix.

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Contents

Cash and capital resources

Insight

Historically, our primary sources of short-term liquidity have been cash
generated from operating activities and borrowings under our revolving credit
facility. These sources have also usually funded the majority of our capital
expenditures and contractual contingent consideration obligations. We have
funded acquisitions by borrowing under bank term loan facilities.

On July 30, 2020, we entered into an Amended and Restated Credit Agreement (the
"A&R Credit Agreement") with Bank of America, N.A. (the "Lender"), our wholly
owned subsidiary ANI ApS, a Danish private limited liability company and ANI
ApS's wholly-owned subsidiary TrojanLabel ApS, a Danish private limited
liability company ("TrojanLabel"). The A&R Credit Agreement amended and restated
the Credit Agreement dated as of February 28, 2017, by and among us, ANI ApS,
TrojanLabel and the Lender. In connection with our entry into the A&R Credit
Agreement, we entered into an Amended and Restated Security and Pledge Agreement
and a mortgage in favor of the Lender with respect to our owned real property in
West Warwick, Rhode Island. Under the A&R Credit Agreement, AstroNova, Inc. is
the sole borrower, and, prior to the effectiveness of the Amendment (as defined
below), its obligations were guaranteed by ANI ApS and TrojanLabel.

The Amended Credit Agreement expires on September 30, 2025, a significant
extension of tenor. It also eliminated a minimum adjusted EBITDA covenant, an
asset coverage covenant and a minimum liquidity covenant, and, subject to
ongoing covenant compliance, significantly reduced limitations on restricted
payments such as dividends, eliminated restrictions on capital expenditures and
increased operating flexibility with respect to funding our global operations.

The Amended Credit Agreement provides for (i) a term loan in the principal
amount of $10.0 million, and (ii) a $22.5 million revolving credit facility
available for general corporate purposes. At the closing of the Amended Credit
Agreement, we borrowed the entire $10.0 million term loan which was used to
refinance in full the outstanding term loan under the A&R Credit Agreement.
Under the Amended Credit Agreement, revolving credit loans may continue to be
borrowed, at our option, in U.S. Dollars or, subject to certain conditions,
Euros, British Pounds, Canadian Dollars or Danish Kroner.

While we expected that as a result of the impact of the
COVID-19
pandemic, some of our customers would experience liquidity pressure and be
unable to pay us for products on a timely basis, in general our recent
receivables collection experience has been consistent with our historical
experience and a significant deterioration in receivables collection has not
occurred.

In response to the
COVID-19
pandemic and related economic dislocation, we have implemented and will continue
to implement a variety of expense reduction and cash preservation initiatives.
On April 27, 2020, our board of directors suspended our quarterly cash dividend
beginning with the second quarter of our fiscal year 2021.

At April 30, 2022, our cash and cash equivalents were $5.8 million. During the
first quarter of the current year, we borrowed $3.0 million on our revolving
line of credit and at April 30, 2022, we have $19.5 million available for
borrowing under that facility. We believe that our available cash and credit
facilities combined with our cash generated from operations will be sufficient
to support our operating requirements including our capital expenditure
commitments.

Indebtedness

Term Loan

The Amended Credit Agreement requires that the term loan be paid in quarterly
installments on the last day of each of our fiscal quarters with the final
payment due on September 30, 2025. We may voluntarily prepay the term loan, in
whole or in part, from time to time without premium or penalty (other than
customary breakage costs, if applicable). We may repay borrowings under the
revolving credit facility at any time without premium or penalty (other than
customary breakage costs, if applicable), but in any event no later than
September 30, 2025, at which time any outstanding revolving loans will be due
and payable in full, and the revolving credit facility will terminate. We may
reduce or terminate the revolving line of credit at any time, subject to certain
thresholds and conditions, without premium or penalty.

The Amended Credit Agreement includes an uncommitted accordion provision under
which the term loan and/or revolving credit facility commitments may be
increased in an aggregate principal amount not exceeding $10.0 million, subject
to obtaining the agreement of the Lender and the satisfaction of certain other
conditions.

As under the A&R Credit Agreement, the loans under the Amended Credit Agreement
are subject to certain mandatory prepayments, subject to various exceptions,
from (a) net cash proceeds from certain dispositions of property, (b) net cash
proceeds from certain issuances of equity, (c) net cash proceeds from certain
issuances of additional debt and (d) net cash proceeds from certain
extraordinary receipts.

Amounts repaid under the revolving credit facility may be reborrowed, subject to
continued compliance with the Amended Credit Agreement. No amount of the term
loan that is repaid may be reborrowed.

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Contents

On December 14, 2021, we and Bank of America, N.A. entered into a LIBOR
Transition Amendment (the "LIBOR Amendment") with regard to the Amended Credit
Agreement. The LIBOR Amendment, among other things, (i) changes the rate under
the Amended Credit Agreement for borrowings denominated in U.S. Dollars from a
LIBOR-based rate to a BSBY (Bloomberg Short-Term Bank Yield Index)-based rate,
subject to certain adjustments, (ii) changes the rate under the Amended Credit
Agreement for borrowings denominated in British Pounds Sterling from a
LIBOR-based rate to a SONIA (Sterling Overnight Index Average)-based rate,
subject to certain adjustments, (iii) changes the rate under the Amended Credit
Agreement for borrowings denominated in Euros from a LIBOR-based rate to a
EURIBOR (Euro Interbank Offered Rate)-based rate, subject to certain
adjustments, and (iv) updates certain other provisions of the Amended Credit
Agreement regarding successor interest rates to LIBOR.

The interest rates under the Amended Credit Agreement, giving effect to the
LIBOR Amendment, are as follows: the term loan and revolving credit loans bear
interest at a rate per annum equal to, at our option, either (a) the BSBY Rate
as defined in the LIBOR Amendment (or in the case of revolving credit loans
denominated in a Pounds Sterling, Euros or another currency other than U.S.
Dollars, the SONIA Rate as defined in the LIBOR Amendment, EURIOBOR Rate as
defined in the LIBOR Amendment, or the applicable quoted rate, respectively),
plus a margin that varies within a range of 1.60% to 2.30% based on our
consolidated leverage ratio, or (b) a fluctuating reference rate equal to the
highest of (i) the federal fund rate plus 0.50%, (ii) Bank of America's publicly
announced prime rate, (iii) the BSBY Rate, SONIA Rate, EURIBOR Rate or other
applicable quoted rate plus 1.00% or (iv) 0.50%, plus a margin that varies
within a range of 0.60% to 1.30% based on our consolidated leverage ratio. In
addition to certain other fees and expenses that we are required to pay to the
Lender, we are required to pay a commitment fee on the undrawn portion of the
revolving credit facility that varies within a range of 0.15% and 0.30% based on
our consolidated leverage ratio.

We must comply with various customary financial and
non-financial
covenants under the Amended Credit Agreement. The financial covenants under the
Amended Credit Agreement consist of a maximum consolidated leverage ratio and a
minimum consolidated fixed charge coverage ratio. The minimum EBITDA, minimum
consolidated asset coverage ratio, minimum liquidity and maximum capital
expenditures covenants with which we were required to comply under the A&R
Credit Agreement were eliminated by the Amendment. The primary
non-financial
covenants limit our and our subsidiaries' ability to incur future indebtedness,
to place liens on assets, to pay dividends or distributions on their capital
stock, to repurchase or acquire their capital stock, to conduct mergers or
acquisitions, to sell assets, to alter their capital structure, to make
investments and loans, to change the nature of their business, and to prepay
subordinated indebtedness, in each case subject to certain exceptions and
thresholds as set forth in the Amended Credit Agreement, certain of which
provisions were modified by the Amendment.

The Lender is entitled to accelerate repayment of the loans and to terminate its
revolving credit commitment under the Amended Credit Agreement upon the
occurrence of any of various customary events of default, which include, among
other events, the following (which are subject, in some cases, to certain grace
periods): failure to pay when due any principal, interest or other amounts in
respect of the loans, breach of any of our covenants or representations under
the loan documents, default under any other of our or our subsidiaries'
significant indebtedness agreements, a bankruptcy, insolvency or similar event
with respect to us or any of our subsidiaries, a significant unsatisfied
judgment against us or any of our subsidiaries, or a change of control.

Our obligations under the Amended Credit Agreement continue to be secured by
substantially all of our personal property assets (including a pledge of the
equity interests held by our wholly-owned Danish subsidiary, ANI ApS), in our
wholly-owned German subsidiary AstroNova GmbH, and in our wholly-owned French
subsidiary AstroNova SAS), subject to certain exceptions, and by a mortgage on
our owned real property in West Warwick, Rhode Island. Pursuant to the
Amendment, the guarantees of our obligations under the A&R Credit Agreement that
were previously provided by ANI ApS and TrojanLabel were released.

Cash flow

Our statements of cash flows for the three months ended April 30, 2022 and
May 1, 2021 are included on page 5 of this report. Net cash used by operating
activities was $1.6 million for the first three months of fiscal 2023 compared
to cash provided of $3.9 million for the same period of the previous year. The
decrease in net cash provided by operations for the first three months of the
current year is primarily due to the decrease in cash provided by working
capital. The combination of changes in accounts receivable, inventory, income
taxes payable, accounts payable and accrued expenses decreased cash by
$3.3 million for the first three months of fiscal 2023, compared to an increase
of $1.8 million for the same period in fiscal 2022.

Our accounts receivable balance increased to $18.4 million at the end of the
first quarter compared to $17.1 million at year end. Days sales outstanding for
the first quarter of the current year also increased to 50 days compared to 45
days at prior year end. The inventory balance was $36.9 million at the end of
the first quarter of fiscal 2023, an increase compared to $34.6 million at year
end. Inventory days on hand increased to 164 days at the end of the current
quarter from 156 days at the prior year end.

The cash position at April 30, 2022, was $5.8 million compared to $5.3 million
at year end. The increase in cash during the current quarter was primarily a
result of borrowings under the revolving line of credit of $3.0 million. This
increase was offset by cash used from the working capital accounts, as discussed
above. Cash outflows during the quarter also included principal payments on the
long-term debt and the guaranteed royalty obligation of $0.3 million and
$0.5 million, respectively.

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Contents

Contractual obligations, commitments and contingencies

There have been no material changes to our contractual obligations as disclosed
in our Annual Report on
Form 10-K
for the fiscal year ended January 31, 2022 other than those occurring in the
ordinary course of business.

Critical Accounting Policies, Estimates and Certain Other Matters

The preparation of our condensed consolidated financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, and disclosure of commitments and
contingencies at the date of the condensed consolidated financial statements and
reported amounts of revenue and expenses during the reporting period. We base
these estimates and judgments on factors we believe to be relevant, the results
of which form the basis for making judgments about the carrying values of assets
and liabilities that are not readily apparent from other sources.

The process of determining significant estimates is fact-specific and takes into
account factors such as historical experience, current and expected economic
conditions, product mix, and in some cases, actuarial and appraisal techniques.
We constantly
re-evaluate
these significant factors and make adjustments where facts and circumstances
dictate.

While we believe that the factors considered provide a meaningful basis for the
accounting policies applied in the preparation of the condensed consolidated
financial statements, we cannot guarantee that our estimates and assumptions
will be accurate. As the determination of these estimates requires the exercise
of judgment, actual results may differ from those estimates, and such
differences may be material to our condensed consolidated financial statements.
There have been no material changes to the application of critical accounting
policies as disclosed in our Annual Report on Form
10-K
for the fiscal year ended January 31, 2022.

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,
industry and business conditions; (b) the impact of the ongoing
COVID-19
pandemic on us, our customers, our suppliers and the global economy;
(c) declining demand in the test and measurement markets, especially defense and
aerospace; (d) our ability to develop and introduce new products and achieve
market acceptance of these products; (e) our dependance on contract manufactures
and/or single or limited source suppliers; (f) competition in the specialty
printer or data acquisition industries; (g) our ability to obtain adequate
pricing for our products and control our cost structure; (h) our ability to
adequately enforce and protect our intellectual property, defend against
assertions of infringement or loss of certain licenses; (i) the risk of
incurring liabilities as a result of installed product failures due to design or
manufacturing defects (j) the risk of a material security breach of our
information technology system or cybersecurity attack impacting our business and
our relationship with customers; (k) our ability to attract, develop and retain
key employees; (l) economic, political and other risks associated with
international sales and operations and the impact of changes in foreign currency
exchange rates on the results of operations; (m) changes in tax rates or
exposure to additional income tax liabilities; (n) our ability to comply with
our current credit agreement or secure alternative financing and to otherwise
manage our indebtedness; (o) our ability to successfully integrate acquisitions
and realize benefits from divestitures; (p) our ability to maintain adequate
self-insurance accruals or insurance coverage for employee health care benefits;
(q) our compliance with customer or regulators certifications and our compliance
with certain governmental laws and regulations; and (r) other risks included
under
"Item 1A-Risk
Factors" in our Annual Report on Form
10-K
for the fiscal year ended January 31, 2022. 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.

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