Imaging technology developer Analogic reported fiscal fourth-quarter revenues of $82 million, down 7.8% compared with the $88.9 million reported in the fourth quarter last year. For the period (end-July 31), the Peabody, MA-based vendor had net income of $1.7 million, compared with net income of $6.6 million a year ago.
The quarterly revenue decline was attributed to a dip in shipments of the company’s explosives-detection systems. Medical revenues climbed slightly due to increased sales of data acquisition systems for CT scanners and revenues from its Sound Technology ultrasound subsidiary.
For the year, Analogic had record revenues of $471.5 million, up 54% from the $306.1 million reported in fiscal 2002. The firm had record net income of $49.5 million, compared with $3 million last year.
The gains were due primarily to orders for 500 of its EXACT security imaging systems, although the firm said it also enjoyed substantial growth in its medical imaging subsystems business.
In other developments, Analogic said it will restate its financial statements for the nine months ending April 30, as well as the 2002 and 2001 fiscal years. The firm had determined during its year-end audit that accounting for revenue at its Camtronics Medical Systems subsidiary and for foreign exchange transactions related to inter-company debt (from a loan to Danish subsidiary B-K Medical Systems) did not meet required accounting standards.
As restated, Analogic’s earnings per share for the nine months ended April 30, 2003, reflected a 1¢ change, from $3.59 to $3.58 per share. Revenues in fiscal 2002 were restated from $313.6 million to $306.1 million, with net income dropping from $3.3 million to $3 million. In fiscal 2001, revenues were restated from $360.6 million to $352.1 million, with net income changing from $15.2 million to $13.6 million.
President and CEO John Wood said that the company does not believe the restatement will have any adverse impact on its future operating results or its business outlook, which remains strong.
By AuntMinnie.com staff writers
October 15, 2003
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Analogic declares dividend, March 13, 2002
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