Radiation therapy firm North American Scientific reported fiscal 2006 year-end results that showed a downturn in revenues, but with a sizeable drop in net loss.
For the period (end-October 31), the Chatsworth, CA-based company reported revenues of approximately $29 million, compared with revenues of $32.2 million reported for the 2005 fiscal year. The company attributed the downturn primarily to reduced product and service revenue from intensity-modulated radiation therapy (IMRT) and image-guided radiation therapy (IGRT) systems.
The company's net loss for fiscal year 2006 was $17.1 million, compared with a net loss in the prior fiscal year of $55.5 million. According to NAS, the $38.4 million decrease in net loss was due to a write-down of goodwill and intangible assets of $40.2 million in the fourth quarter of 2005 that did not recur in the fourth quarter of 2006, and a $2.8 million reduction in operating expenses resulting from cost reductions in fiscal 2006.
By AuntMinnie.com staff writers
January 12, 2007
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