Specialty electronics manufacturer Astro-Med Inc. said yesterday its board of directors has approved a new three-year strategic plan after the company experienced a sharp drop in second-quarter profit.

Astro-Med (Nasdaq: ALOT) posted a net profit of $585,000, or 8 cents per diluted share, in the three months ended Aug. 1, down from $1.15 million, or 15 cents per diluted share, during the same period a year earlier. Revenue fell 17 percent to $16.42 million.