Radiation therapy firm North American Scientific reported fiscal 2006 third-quarter revenues of $7.1 million, down 14% from the $8.1 million posted in the third quarter of fiscal 2005.
Chatsworth, CA-based NAS attributed the decline to reduced product and service revenues from sales of intensity-modulated radiation therapy/image-guided radiation therapy (IMRT/IGRT) products, but said it was partially offset by an increase in radiation sources revenues.
For the period (end-July 31), NAS posted a net loss of $4.6 million, compared with a net loss of $3.3 million in the same period last year.
The company said a 33% increase in the net loss for the quarter was primarily due to: a decrease in gross profit of $900,000; $1 million in legal fees related to litigation, $300,000 from stock compensation expense; and a $100,000 increase in interest expense due to increased debt financing. NAS said its losses were partially offset by a reduction in operating expenses of $1 million that were the result of cost reductions.
By AuntMinnie.com staff writers
September 8, 2006
Related Reading
NAS nets FDA nod, July 25, 2006
NAS back in compliance with Nasdaq, June 29, 2006
NAS revenues dip in Q2, June 8, 2006
NAS raises $24 million, June 7, 2006
NAS inks prostate brachytherapy deal with Novation, May 18, 2006
Copyright © 2006 AuntMinnie.com
