Women's imaging vendor Fischer Imaging of Denver has completed its restatement of financial results for the years 2000 through 2003. The move should put to rest an accounting tangle that has embroiled the firm for the past year.
In April 2003, Fischer reported that it would restate its financial results after a review of its financial statements by auditing firm Ernst & Young, which had replaced Fischer’s previous auditors, the now-defunct accounting firm Arthur Andersen.
Ernst & Young’s review focused on issues regarding the timing of revenue recognition, re-work, warranty inventory matters, and vendor receivables. Fischer said the restatement would primarily involve shifting revenues into different financial quarters than reported previously.
According to the company's restated results, Fischer reported revenue of $46.2 million for 2003 (end-December 31), up 2.4% compared with $45.1 million in sales in 2002. Fischer's net loss for 2003 was $14.4 million, versus net income of $9.7 million in 2002.
Fischer said its 2003 results included $900,000 in income from its patent settlement with Trex Medical parent Thermo Electron over stereotactic breast biopsy technology, whereas the 2002 results included income of $25 million from the settlement.
In the fourth quarter of 2003, Fischer reported revenues of $13 million, up 24% compared with revenue of $10.5 million in the fourth quarter of 2002. The company had a net loss of $7.7 million in the fourth quarter of 2003, compared with a net loss of $5.8 million in the same period of 2002.
By AuntMinnie.com staff writersApril 15, 2004
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