Contrast and virtual colonoscopy accessory developer E-Z-EM reported that it grew net sales and saw a double-digit surge in its CT imaging product line for the company's fiscal 2007 third quarter.
For the period (end-March 3), the Lake Success, NY-based firm posted net sales from continuing operations of $33.6 million for the quarter, up 4.6% compared with net sales of $32.1 million for the same quarter in fiscal 2006. E-Z-EM noted that CT imaging product sales were up 14.4% for the period, contributing to increased sales in the quarter, but that this was partially offset by lower sales in its contract manufacturing operations.
Net earnings from continuing operations for the period showed a downturn when compared with the fiscal 2006 third quarter, $2.4 million for the current quarter in contrast to $4.3 million last year. The current quarter included increased costs associated with the expansion of its North American sales force, E-Z-EM said.
Although sales were strong for the period, they were not at the level it anticipated earlier in the fiscal year. As a result, the guidance for net sales was adjusted in fiscal year 2007 downward to $141 million from its prior $147 million estimate, E-Z-EM said. The net earnings guidance for the fiscal year remains unchanged at an estimated $7.4 million.
By AuntMinnie.com staff writers
April 11, 2007
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