Analogic Corporation announced last week that it would delay the filing of its annual 10-K report with the Securities and Exchange Commission for the fiscal year ended July 31, 2004. The company is seeking a 15-day extension to file the report, which was originally due on October 14.
In preparing the 10-K, Analogic said it further evaluated certain information leading it to question whether appropriate revenue-recognition procedures had been followed in all cases by its Camtronics Medical Systems subsidiary, a supplier of cardiac information management systems.
Peabody, MA-based Analogic has been conducting a review of some Camtronics transactions and the way that revenue for them was recognized. While the review had initially focused on the fourth quarter of fiscal 2004, Analogic has expanded its review to encompass some transactions in prior quarters of fiscal 2004.
This review has led to a delay in Analogic's completion of the preparation and audit of its financial statements for the fiscal year ended July 31, 2004.
Camtronics' revenues are expected to account for less than 20% of Analogic's revenues for fiscal 2004.
By AuntMinnie.com staff writers
November 1, 2004
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