Medical imaging firm Analogic announced that its board of directors has authorized the repurchase of up to $60 million of the company's common stock. The program will be funded with the Peabody, MA-based company's available cash; as of May 31, Analogic had 13,997,000 shares of common stock outstanding.
The company also reported results from its third quarter (end-April 30), with revenues of $83,889,000, a 3% increase compared to last year's revenues for the same period. Net income from continuing operations and net income for the third quarter was $6,998,000, compared to $2,510,000 in the third quarter of 2006.
Medical imaging revenues were up 17% compared to the previous year, with revenues for clinical ultrasound systems up by 11%; revenues for digital radiography systems were down by 55%, which the company attributed to the decreased demand for Anrad's digital flat-panel detectors, following record shipments in 2006.
By AuntMinnie.com staff writers
June 8, 2007
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