Sales at PACS software developer Cedara Software dropped 22% in the company’s fiscal third quarter (end-March 31) due to what the firm called a "temporary overhang" of software licenses held by customers. Despite the drop, the company cited 9% growth in sales compared to the second quarter of the fiscal year, and said that its turnaround effort was showing incremental improvement.
For the quarter, Cedara posted sales of $6.5 million (U.S.), compared to sales of $8.3 million in the corresponding period of the previous fiscal year. The Mississauga, Ontario firm posted a net loss of $1.2 million, compared with a net profit of $1.5 million in the third quarter of fiscal 2002. The 2002 income numbers included a one-time net gain of $1.9 million in income from discontinued operations.
Cedara president and CEO Abe Schwartz said the company made progress in the third quarter by reducing operating expenses by 18%. In addition, the company’s third-quarter net loss is down sharply from the $2.8 million loss Cedara posted for the second quarter of 2003, he said.
By AuntMinnie.com staff writersMay 14, 2003
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