Gregory A. Woods, President and CEO Needham …...Needham Growth Conference January 12, 2017 Gregory A. Woods, President and CEO John P. Jordan, VP, CFO & Treasurer Forward-looking

Needham Growth Conference January 12, 2017

Gregory A. Woods, President and CEO John P. Jordan, VP, CFO & Treasurer

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Forward-looking Statements

2 AstroNova | NASDAQ: ALOT

Information included in this presentation 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. These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, as well as statements relating to future operating targets, involve risks, uncertainties, and other factors, some of which are beyond the Company’s control, which may cause its actual results, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties, and factors include, but are not limited to, those factors set forth in the Company’s Annual Report on Form 10-K and subsequent filings AstroNova makes with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this presentation.

AstroNova Financial Snapshot

3

NASDAQ: ALOT Russell Microcap® Index(Stock price and yield as of 1/6/2017)

Recent Price $13.55

52-Week Range $11.18 - $16.41

Market Capitalization $104.7 million

Common Stock Outstanding 7.6 million

Enterprise Value(1) $76.4 million

Book Value per Share(1) $9.21

Annualized Dividend $0.28 per share

Yield 2.0%

Q3 FY 2017 Financial Highlights(2)

• Revenue: $23.3 million • Net income: $1.2 million • Diluted EPS: $0.15 GAAP

AstroNova | NASDAQ: ALOT

Solid Capital Structure • Cash & Marketable Securities: $25.4 million(3)

• No Debt • Strong Free Cash Flow (3)At 10/29/2016

(2)Three months ended 10/29/2016

(1)As of 10/29/2016

Our Business

4

Data Visualization Technology:


Our products process analog and digital data in a fast, efficient, and often proprietary manner, then convert it into human useable formats.

Aerospace Product Identification Test & Measurement

Unique Technology Creates Wide Moat

5

Track record of successful M&A

Recurring revenue >50%

Robust product development pipeline

Expanding global footprint

Continuous improvement culture


Leading market positions and brands

High Barriers to Entry

Reasons to Invest

Complementary acquisitions strengthen product platforms

Higher revenue and improved efficiencies increase free cash flow

VOC Stage-gate methodology accelerates and streamlines product development process

Operations excellence helps fuel improved margins

AOS Tools drive improved quality, delivery, cost and growth


How the AstroNova Operating System Delivers Value

7

AstroNova Business Model


Increased Shareholder Value

AOS – Best Quality, Cost, Delivery

Common Core: R&D, FIN, IT, OPS, M&A

Data Visualization Technology

Strategic Planning & Deployment Process

Aerospace Product

Identification Test &

Measurement

Unique Go To Market Teams

Stage Gate Product Management

Voice of the Customer

Prof

itabl

e re

venu

e gr

owth

8

Near-Term: 1-2 Years

Longer-Term: 3-5 Years

• Accelerate product launches and channel build out • Innovate game-changing products • Automate key processes • Build management team depth • Pursue smaller bolt-on acquisitions

• Broaden product lines and recurring revenue opportunities • Focus AOS on growing market share and operating margins • Increase global presence • Pursue larger bolt-on acquisitions

Five-year Growth Strategy


9

Agreement to Acquire Trojanlabel


Profitable and growing European manufacturer of digital label printing presses

Three major product lines focused on a broad range of end markets

Robust R&D pipeline

Expected to be accretive to earnings in the first 12 months of combined operation

Closing expected at the beginning of February 2017

10

Near-Term: 1-2 Years

Trojanlabel: Strategic Rationale


Expands Product Line

Opens New End Markets

Broadens Technical Capabilities

Enhances Global Dealer Network

Creates Significant Cross-Selling Opportunities

Strong Financials

11

$61.6

$76.4

$88.3

$102.3

$0

$20

$40

$60

$80

$100

$120

FY 2013 FY 2014 FY 2015 FY 2016

Bookings ($M)


Revenue and Net Income ($M)

$61.2$68.6

$88.3$94.7

$10.8

$3.2$4.7 $4.5

$0

$10

$20

$30

$40

$0

$20

$40

$60

$80

$100

FY 2013 FY 2014 FY 2015 FY 2016

Revenue Net Income

*

* Divested Medical Business

Chart1

FY 2013FY 2013

FY 2014FY 2014

FY 2015FY 2015

FY 2016FY 2016

Revenue

Net Income

$10.8

61610

76357

88261

102257

Sheet1

OrdersNet IncomeSeries 3

FY 2011$39,5004.7%2

FY 2013$61,6102

FY 2014$76,3573

FY 2015$88,2615

FY 2016$102,257

E 2017

To resize chart data range, drag lower right corner of range.

Chart1

FY 2013FY 2013

FY 2014FY 2014

FY 2015FY 2015

FY 2016FY 2016

Revenue

Net Income

$10.8

61224

10.8

68592

3.2

88347

4.7

94700

4.5

Sheet1

Historical RevenueNet IncomeSeries 3

FY 2011$39,5004.7%2

FY 2013$61,224$10.82

FY 2014$68,592$3.23

FY 2015$88,347$4.75

FY 2016$94,700$4.5


Improved Cash Generation


* Free cash flow is a Non-GAAP metric which AstroNova defines as net cash from operating activities less capital expenditures. Please see Appendix for reconciliation of Non-GAAP results to their most directly comparable GAAP results.

($ in thousands)

$(386)

$(1,269) $(756)

$4,666

-$2,000

-$1,000

$0

$1,000

$2,000

$3,000

$4,000

$5,000

FY2013 FY2014 FY2015 FY2016

FCF

CAPEX

Free Cash Flow* and CapEx($M)

Global Reach, Worldwide Customer Base

13

Canada

USA

Mexico

Representative Customers AstroNova Offices

France

Denmark

UK

China

Malaysia Singapore

World Headquarters – West Warwick, RI


Spain

India

Germany

Operations Excellence is Yielding Improved Productivity


$203

$226

$259 $288

$0

$5

$10

$15

$20

$25

$30

$35

$40

$0

$50

$100

$150

$200

$250

$300

$350

FY2013 FY2014 FY2015 FY2016

EBIT

/ Em

ploy

ee

Rev

enue

/ Em

ploy

ee

Sales / Emp

EBIT / Emp

($ in thousands)

$9.6

$4.6

$20.4 $21.0

Revenue/Employee CAGR: 12.4% EBIT/Employee CAGR: 29.8%

Business Units

Reporting Segments

Overview


AstroNova Business Segments

16

Product Identification

Color Label Printers and Consumables

Product Identification: Capitalizing on Demand for Customization

17

$43.6$49.1

$59.8$67.1

10.0% 10.5% 12.1%13.9%

$0

$20

$40

$60

$80

FY 2013 FY 2014 FY 2015 FY 2016

($ in millions)

Annual Revenue and Segment Operating Profit Margins

Growth Catalysts: Mass Customization and

Personalization


CAGR: 15.5%

Chart1

FY 2013FY 2013

FY 2014FY 2014

FY 2015FY 2015

FY 2016FY 2016

Historical T&M Revenue

Segment operating profit

13.9%

43588

0.1

49065

0.105

59800

0.121

67100

0.139

Sheet1

Historical T&M RevenueSegment operating profitSeries 3

FY 2013$43,58810.0%2

FY 2014$49,06510.5%2

FY 2015$59,80012.1%3

FY 2016$67,10013.9%5


To Each Their Own

18

Combining Quality and Flexibility Across a Broad Range of Applications

19

Cosmetics Electrical Pharmaceutical & Nutraceutical

Food and Beverage FDA and GHS Compliance (Globally Harmonized System of Classification)


Automotive

Comprehensive Product Line Commercial, Industrial, and Medical Markets

20

Thermal

Leader in On-Demand Digital Color Label Printers


End-to-end Solution: Software, Printer, Die-cut Blank Labels, Inks & Toner, Field Service

Inkjet Label Printers Electro- Photographic

High Recurring Revenue Streams Consumables Revenue of ∼$10K / yr. per Printer

21

• Branded labels, toner, and ink supplies • In-house development and laboratory testing • Multiple production facilities • Dedicated media sales and support team


AstroNova Business Segments

AstroNova | NASDAQ: ALOT 22

Data Acquisition Systems

Aerospace Printers and Electronics

Test & Measurement

Aerospace Products: Significant Worldwide Opportunity


• Graphical flight deck printers • Rugged Ethernet switches • Aviation grade thermal paper • Certified FAA repair facility

ToughWriter 4® ToughWriter 5® Miltope Printers

Networking Electronics

ToughWriter 640

Growth Catalysts: Global Aircraft Demand

(Replacement and Growth)

Global Aircraft Fleet New and Existing Aircraft – 2015-2034


Existing Fleet

New Aircraft Demand: 2015-2034

Single-aisle 14,140 26,730 Wide body 4,880 8,830 Regional jets 2,580 2,490 Business jets 15,735 9,200* Total 36,975 38,050

Sources: Boeing Long-Term Outlook, Bombardier Market Forecast *10 year forecast

Large and Growing Markets

Aerospace Products Select Contracts


Military Transport & Tanker Aircraft Business Jet Commercial

In-Flight Entertainment

C-130J – TW4

A400M – TW4

C-130T – TW4

KC-390 – TW5

Airbus A380 – TW4

Boeing 787 – TW4

Boeing 737NG – TW5

Confidential – TW5

Global 5000/6000 – TW5




Panasonic Avionics – TW5

Zodiac Inflight Innov. – TW4

Thales Avionics – TW4

Deep Aerospace Relationships

Addressing the Top 3 Tiers of the Aerospace Value Chain


Airline Direct

Aircraft OEMs

Tier 1 Systems Integrators

Miltope & RITEC Acquisitions Significantly Expand Aerospace Printer Business


• Acquired Miltope business in 2014

• Acquired RITEC business in 2015

• Vaults AstroNova to No. 1 position in wide-format aerospace printers

• Expands global customer base

• Adds long-term contracts with multiple commercial, business, and military customers

Data Acquisition Systems Real-Time Data Analysis

28

Applications • Aircraft equipment qualification and certification • Monitoring rail and automotive performance • Validating fixed plant control instrumentation • Wireless remote monitoring and data acquisition


Signal capture and analysis • Main markets: aerospace, transportation, industrial

Growth Catalysts: Regulatory,

Safety Compliance and Quality Assurance

DDX 100 SMARTCORDER Daxus

New Products

Data Acquisition Technology A380 Qualification and Testing

29

Compliance testing


Operating Model


FY 2016 FY 2021 (targets) Revenue $94.7M >$250M

3-year CAGR 15.7% >17%

Operating Margin 6.3% >15%

Strategic Driving Force Data Visualization Technology

End Market Focus Aerospace, Data Acquisition, Industrial Fast-Moving Consumer Goods

Growth Strategy (Organic growth of current platforms) + (bolt-on M&A)

Management Approach AstroNova Operating System

FY 2017 Priorities


• Maintain sales momentum of current platforms through organic growth and strategic acquisitions

• Use AOS to broaden competitive advantages

• IT systems integration and process automation

• Expand direct sales presence in Asia

• Expand and improve global distribution channels

• Achieve double-digit growth and long-term shareholder returns well above peer average


Financial Overview

Q3 ‘17 Financial Highlights


• Revenue decreased approximately 6% year-over-year to $23.3 million driven by a confluence of previously discussed short-term issues

• Strong growth in Europe and Asia

• Operating margin increased 40 bps and gross margin was up 30 bps, year over year

YOY Quarterly Revenue Comparison

34

$23.1$22.1 $22.2

$23.9$24.8$24.7

$23.8 $24.1$25.3

$23.3

Q3 Q4 Q1 Q2 Q3

($ in millions)

+5.9% +7.0% +8.6%


+7.7% -6.0%

FY 2015 FY 2016 FY 2017

Chart1

Q3Q3

Q4Q4

Q1Q1

Q2Q2

Q3Q3

2015

2016

23.1

24.7

22.1

23.8

22.2

24.1

23.9

25.3

24.8

23.3

Sheet1

201520162017FY 20162

Q323.124.723.9

Q422.123.824.7

Q122.224.1

Q223.925.3

Q324.823.3


Sheet2

Revenue by Type Q3 FY 2017 vs. Q3 FY 2016

35

$ in millions (% of total revenue)

Hardware 33% Q3 FY17: $7.8

Q3 FY16: $8.7 35% Consumables Q3 FY17: $13.6 Q3 FY16: $13.9

58% 56%

Service and other Q3 FY17: $2.0 Q3 FY16: $2.2

9%

9%

Q3 FY17: $23.3 Q3 FY16: $24.8

Revenue


Chart1

Consumables

Hardware

Services

Current Sales

57

35

8

Sheet1

Current Sales

Consumables57

Hardware35

Services8


Revenue by Channel Q3 FY 2017 vs. Q3 FY 2016

36

70%

72% 28% 30%

$ in millions (% of total revenue)

Q3 FY17: $16.7 Q3 FY16: $17.9

International

Q3 FY17: $6.6 Q3 FY16: $6.9

Q3 FY17: $23.3 Q3 FY16: $24.8

Domestic

Revenue

29%


71%

73%

Revenue by Segment Q3 FY 2017 vs. Q3 FY 2016

37


$16.9

Test & Measurement

$6.5

Q3 FY 2017

$ in millions (% of total)

$23.3 27%


72%$17.8

Test & Measurement

$7.0

Q3 FY 2016

$24.8

28% Product Identification


Chart1

PI

T&M

73%

East

0.7

0.3

Sheet1

PIT&M

East70%30%

Chart1

QLS

T&M

72%

East

0.72

0.28

Sheet1

QLST&M

East72%28%

65% 78%

Operating Profit by Segment Q3 FY 2017 vs. Q3 FY 2016

38

$2.4 - Profit Margin 14.5%


$3.7

35%



$3.7

22%

Q3 FY 2017


Q3 FY 2016 $ in millions (% of total)



Test & Measurement

Test & Measurement


Chart1

PI

T&M

65%

East

0.7

0.3

Sheet1

PIT&M

East70%30%

Sheet1

1st Qtr2nd Qtr

East78%22%

Sheet5

Sheet6

Sheet3

Sheet4

Chart1

1st Qtr

2nd Qtr

78%

East

0.78

0.22

Sheet2

Financial Highlights

39

(In thousands, except per share data) Three Months Ended October 29, 2016 October 31, 2015

Revenue $23,342 $24,753

Gross Profit $9,641 $10,152

Gross Profit Margin (%) 41.3% 41.0%

Operating Income $1,834 $1,859

Net Income $1,151 $1,319

Net Income Per Share – Diluted $0.15 $0.18

Weighted Avg Number of Common Shares Outstanding – Diluted 7,594 7,466

Cash Dividends Per Share $0.07 $0.07 Book Value Per Common Share(1) $9.21 $8.92

(1) Based on the number of shares outstanding at each quarter end


Selected Balance Sheet Data

40

($ in thousands) As of

October 29, 2016 (Unaudited)

As of January 31, 2016

(Audited)

Cash & Marketable Securities $25,368 $20,419

Current Assets $60,566 $54,514

Total Assets $82,843 $77,963

Current Liabilities $11,700 $9,548

Shareholders’ Equity $70,002 $67,373



Appendix

Reconciliation: Net Cash Provided by Operating Activities to Free Cash Flow


($ in thousands) Three Months Ended Nine Months Ended

Oct. 29, 2016 Oct. 31, 2015 Oct. 29, 2016 Oct. 31, 2015

Net Cash Provided by Operating Activities $2,952 $4,086 $7,335 $8,245

Capital Expenditures ($520) ($882) ($897) ($2,173)

Free Cash Flow $2,432 $3,204 $6,438 $6,072

Needham Growth Conference�January 12, 2017 Forward-looking Statements AstroNova Financial SnapshotOur BusinessSlide Number 5How the AstroNova Operating System Delivers Value Slide Number 7Slide Number 8Slide Number 9Slide Number 10Strong Financials Improved Cash Generation Global Reach, Worldwide Customer Base Operations Excellence is Yielding �Improved Productivity OverviewAstroNova Business SegmentsProduct Identification: �Capitalizing on Demand for CustomizationTo Each Their Own Combining Quality and Flexibility Across a Broad Range of Applications Comprehensive Product Line�Commercial, Industrial, and Medical MarketsHigh Recurring Revenue Streams �Consumables Revenue of $10K / yr. per PrinterAstroNova Business SegmentsAerospace Products:�Significant Worldwide Opportunity � Global Aircraft Fleet�New and Existing Aircraft – 2015-2034 Aerospace Products�Select ContractsAddressing the Top 3 Tiers of the �Aerospace Value Chain Miltope & RITEC Acquisitions Significantly Expand�Aerospace Printer Business Data Acquisition Systems �Real-Time Data Analysis Data Acquisition Technology �A380 Qualification and Testing � Operating Model FY 2017 Priorities Slide Number 32Q3 ‘17 Financial Highlights YOY Quarterly Revenue Comparison Revenue by Type �Q3 FY 2017 vs. Q3 FY 2016 Revenue by Channel �Q3 FY 2017 vs. Q3 FY 2016 Revenue by Segment �Q3 FY 2017 vs. Q3 FY 2016 Operating Profit by Segment�Q3 FY 2017 vs. Q3 FY 2016 Financial Highlights Selected Balance Sheet DataSlide Number 41Reconciliation: Net Cash Provided by �Operating Activities to Free Cash Flow

Documents

Gregory A. Woods, President and CEO Needham …...Needham Growth Conference January 12, 2017 Gregory A. Woods, President and CEO John P. Jordan, VP, CFO & Treasurer Forward-looking