Contrast agent and virtual colonoscopy developer E-Z-EM reported record fiscal 2005 first-quarter net sales of $36.9 million, up 11.5% compared with the $33.1 million booked in the first quarter of fiscal 2004 (end-August 30, 2003).
For the current period (end-August 28), the Lake Success, NY-based firm had net earnings of $1.3 million, compared with a net loss of $300,000 in the same period last year.
Sales in the company's E-Z-EM segment were $24 million for the quarter, a gain of 6.1% compared with the $22.6 million posted in the prior fiscal year's first quarter. Sales in the firm's AngioDynamics segment were $13.1 million, up 23.3% from $10.6 million for the year-ago quarter, the company said.
In related news, the company's board of directors declared a special stock dividend of the 9.2 million shares of common stock of its AngioDynamics subsidiary still held by E-Z-EM. The company's shareholders will receive 0.856377 of a share of AngioDynamics for each outstanding share of E-Z-EM common stock, according to the firm.
The special stock dividend is payable on October 30 to E-Z-EM shareholders of record at the close of business on October 11. The distribution will mark the completion of AngioDynamics' spin-off from E-Z-EM, the company said.
By AuntMinnie.com staff writers
October 8, 2004
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E-Z-EM completes AngioDynamics spin-off, August 20, 2004
E-Z-EM debuts VoLumen, August 10, 2004
AngioDynamics gives new name to laser venous system, August 6, 2004
Vital Images and E-Z-EM renew alliance, August 3, 2004
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