Virtual colonoscopy and contrast agent developer E-Z-EM reported fiscal 2003 first-quarter net sales of $30.3 million, compared with the $27.6 million posted in its 2002 fiscal first quarter. For the period (end-August 31), the Westbury, NY-based firm had a net loss of $741,000, compared with a net loss of $112,000 in the same period last year.
Results for the quarter were adversely affected by a decrease in procedure volumes in core radiographic and fluoroscopic procedures, and by increased operating expenses of $2.7 million. Operating expenses were also affected by continued investments in several growth areas, namely the interventional radiology, CT injector, and virtual colonoscopy product lines, according to the firm.
In other news, the company said that stockholders had approved a previously announced plan to combine its two currently outstanding classes of common stock -- Class A and Class B -- into a single class of common stock. The recapitalization merger is expected to be completed in the next few days, subject to final approval of the firm’s new common stock listing on the American Stock Exchange.
By AuntMinnie.com staff writersOctober 16, 2002
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E-Z-EM posts gains for Q4 and fiscal 2002, August 7, 2002
E-Z-EM adds to management team, June 5, 2002
E-Z-EM revenues, earnings grow in Q3, April 16, 2002
E-Z-EM debuts InnerviewGI, March 11, 2002
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