Electron beam computed tomography (EBCT) scanner manufacturer Imatron has scaled back earnings estimates for fiscal-year 2001 by approximately 12%. The South San Francisco, CA-based company blamed the recent economic downturn for its alteration of projected revenues from $80 million to $71 million. The company reports that it expects to report a profit for the year, with second-half fiscal-year operations to be at approximately break-even.
In other news, the company released further details of its acquisition by GE Medical Systems of Waukesha, WI. Four Imatron shareholders have signed agreements granting to GE a proxy on approximately 10% of its common stock, under Securities and Exchange Commission rules. The transaction is expected to close by December 31, pending shareholder approval, and is intended by both companies to qualify as a tax-free reorganization for U.S. income tax purposes.
By AuntMinnie.com staff writers
October 8, 2001
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GE to buy EBT developer Imatron, September 24, 2001
Imatron turns in record revenues, August 14, 2001
Imatron gets first C-300 customer, July 30, 2001
Positron gets loan from Imatron, July 24, 2001
Imatron ships 10 scanners in Q2, July 9, 2001
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