Contrast and virtual colonoscopy accessory developer E-Z-EM reported net sales of $33.4 million in its first quarter of fiscal 2007 (end-September 2), a 2.8% slump compared with the prior year's first-quarter net revenues of $34.4 million.
The Lake Success, NY-based firm stated that net sales in the previous year's first quarter benefited from an additional selling week compared with the fiscal 2007 first quarter, as well as from approximately $1.6 million in backlog sales associated with the voluntary recall of certain liquid barium products by the Mallinckrodt business unit of Tyco Healthcare, which affected CT imaging and x-ray fluoroscopy products.
Net earnings for the fiscal 2007 first quarter were $1.6 million, also down from net earnings for the fiscal 2006 first quarter of $2.6 million. E-Z-EM said that its first-quarter fiscal 2007 results reflect a loss from discontinued operations of $200,000 associated with the closing of its Japanese subsidiary.
The company affirmed its financial guidance for fiscal year 2007 with net sales of at least $147 million and net earnings of at least $7.4 million.
By AuntMinnie.com staff writers
October 11, 2006
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