Medical imaging firm Analogic reported fiscal 2006 fourth-quarter revenues from continuing operations of $83.7 million, down 7.7% compared with revenues of $90.7 million from continuing operations reported in the fourth quarter last year.
For the period (end-July 31), the Peabody, MA-based firm posted a net loss of $8.5 million, compared with net income of $4.3 million a year ago.
The firm said that fourth-quarter sales of ultrasound systems and subsystems were up significantly from a year ago, as were sales of digital radiography subsystems, but overall results for the quarter were unsatisfactory, as the company's CT subsystem revenues were at about the same level as a year earlier and sales of MRI subsystems were down.
Results for Anrad, Analogic's DR detector subsidiary, improved from a year ago and from the sequential third quarter, but still did not meet company expectations. Anexa, Analogic's subsidiary that markets DR systems directly to end users in niche markets, also fell short of company expectations for the quarter.
For the fiscal year, the company reported revenues of $351 million, a 7.6% increase compared with the prior year's revenues of $326 million. Net income for the period was $25 million, a downturn when compared with net income of $28.8 million for the same period a year earlier.
Over the course of the fiscal year, the firm said it recorded asset impairment charges of $14.9 million related to a $7.7 million write-down of capitalized software and inventory on hand in excess of future estimated requirements related to a medical CT development program, a $3.6 million write-down related to its decision to discontinue the development of a medical CT workstation, $2.8 million related to the closure of SKY Computers, and $491,000 related to the write-down of other assets.
By AuntMinnie.com staff writers
September 26, 2006
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Analogic selects Melson as VP, controller, March 15, 2006
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