MRI developer Magna-Lab of Lynnfield, MA, posted a net loss of $963,000 for the second quarter (end-August 31), compared with a loss of $866,000 for the same period last year. The net loss for the first six months of its fiscal year was $2.16 million compared with $1.71 in the year ago six months.
During the fiscal second quarter the company identified and implemented measures to reduce costs and preserve cash. In addition, subsequent to the quarter, it identified additional measures such as exit activities that are likely to result in a charge to third quarter operations, said chief executive officer John Geisel.
By AuntMinnie.com staff writersOctober 17, 2002
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Magna-Lab shows downturn in Q1 numbers, July 11, 2002
FDA clears Magna-Lab MRI components, May 24, 2002
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