Three-dimensional-software developer Vital Images reported $7.2 million in revenue for its fiscal 2003 third quarter, up 29% from $5.6 million posted in the same period last year. The Plymouth, MN-based company booked operating income of $895,000 for the quarter (end-September 30), compared with operating income of $390,000 in the third quarter of 2002.
Vital Images reported net income of $6.8 million for the third quarter of 2003, which included a net tax benefit of $5.9 million related to the reversal of a deferred tax assets valuation allowance. Had the company not reversed this valuation allowance, the third-quarter tax rate would have been consistent with prior quarters at approximately 5% of pre-tax income, and net income would have been $920,000, up 119% compared with net income of $419,000 in the third quarter of 2002.
The company expects to meet its guidance targets for 2003, according to Jay Miller, Vital Images president and CEO.
By AuntMinnie.com staff writersOctober 21, 2003
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