Film digitizer and computed radiography manufacturer Lumisys of Sunnyvale, CA, reported lower revenues for the first quarter of 2000 (end-March 31). The company also posted a net loss for the quarter, mostly due to expenses related to its AuntMinnie.com subsidiary.
Reported sales for the period were $5.2 million, down 12.7% compared with the first quarter of 1999, when revenues were $5.9 million. The company said its first-quarter 1999 sales were higher than usual due to the shipment of 25 not-for-resale DesktopCRs for use by distributors as demonstration units.
Despite the lower year-over-year numbers, Lumisys reported that sales in the first quarter of 2000 were up 18.3% compared with the $4.4 million in revenue posted during the fourth quarter of 1999. Shipments of digitizers and DesktopCR units increased 13.7% in the first quarter compared with the prior quarter, with over 50 DesktopCR units shipped in the most recent period, Lumisys said.
The company also reported a net loss from continuing operations of $397,000, compared with net income from continuing operations of $692,000 in the first quarter of 1999. Much of the loss was due to the company's AuntMinnie.com subsidiary, launched in July of 1999. AuntMinnie.com reported $1 million in expenses in the first quarter, with $90,000 in revenues.
Despite the recent expenditures on AuntMinnie.com, Lumisys reported that it has cash on hand of $15.4 million, and total assets of $24 million. Lumisys has retained investment banking firm Warburg Dillon Read to explore strategic alternatives to unlock the value of the company, Lumisys said.
By AuntMinnie.com staff writersApril 13, 2000
(Disclosure notice: AuntMinnie.com is a wholly owned subsidiary of Lumisys, Inc.)
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