Radiation therapy firm North American Scientific (NAS) reported 2004 fiscal second-quarter net sales of $3.5 million, a 20% uptick compared with the $2.9 million in sales posted last year.
For the period (end-April 30), the Chatsworth, CA-based vendor showed an increase in its net loss to $3.9 million, compared with a net loss of $2.4 million in the second quarter a year ago. The increase in net loss reflects a one-time investment gain of $600,000 in the second quarter of fiscal 2003, as well as a $200,000 investment-related loss in the most recent quarter, the company said.
For the first half of the fiscal year, the company's net sales were $6.8 million, a 15% decrease as compared with net sales of $8 million for the first six months of fiscal 2003. The year-over-year drop is principally attributable to the firm's transition from a third-party distribution relationship to a direct sales force, a move that began toward the end of the first quarter of the 2003 fiscal year, NAS said.
The net loss for the first six months of fiscal 2004 was $7.8 million, more than double the $3.5 million net loss for the first half of fiscal 2003. In addition to the quarter-over-quarter nonrecurring items, year-to-date comparisons also include a one-time charge of $951,000 in the fiscal 2004 period relating to the resignation of the company's former CFO, as well as a $311,000 charge for the cumulative effect of a change in accounting principle related to future decommissioning costs, according to NAS.
By AuntMinnie.com staff writersMay 27, 2004
Related Reading
North American Scientific completes Nomos buy, May 6, 2004
NAS, Nomos initiate reciprocal sales, March 22, 2004
NAS revenues slip in Q1, February 26, 2004
NAS bids for Nomos, October 27, 2003
NAS loss widens on one-time charges, May 22, 2002
Copyright © 2004 AuntMinnie.com
