Advanced visualization firm Vital Images of Minnetonka, MN, saw its financial results dip into the red for the third quarter (end-September 30), even though the company saw a slight increase in revenues.
For the period, Vital Images posted sales of $17.7 million, up 4% compared to sales of $17.1 million in the same period of 2007. The company registered a net loss of $243,000 for the quarter, compared with net income of $927,000 in the corresponding quarter of 2007.
The firm said that while it was pleased with its revenue growth in a "difficult environment," it was launching a program to cut costs by 10% to improve profitability in 2009. The plan includes an 11% workforce reduction and other internal cost-control measures, and it is expected to result in a pretax charge of $800,000 in the fourth quarter of 2008.
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