Imaging equipment developer Analogic did not file its annual report on Form 10-K with the Securities and Exchange Commission (SEC) by the October 14 deadline. In the course of preparing the report, the Peabody, MA-based firm said it has evaluated certain information that led it to question whether appropriate revenue recognition procedures had been followed in all cases by its Camtronics Medical Systems cardiac information management systems subsidiary.
As a result, Analogic said it is conducting an additional review of certain Camtronics transactions and the revenue recognition procedures that were followed, which has led to a delay in completing the preparation and audit of its 2004 fiscal year financial statements. The company will file a Form 12b-25 with the SEC seeking a 15-day extension to file its 10-K, and expects that the review will be completed within the 15-day extension.
Analogic expects that the audited financial statements that will be filed as part of its annual report on Form 10-K will not include revenue from one transaction totaling $833,000, which was included in its operating results for the fourth quarter and fiscal year (end-July 31). The review may also lead to deferral of revenue from other transactions that were included in the operating results reported on September 22, Analogic said.
By AuntMinnie.com staff writers
October 15, 2004
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