Analogic Corporation Announces Delay in Filing of Annual Report on Form 10-K for Fiscal Year Ended July 31, 2004.PEABODY, Mass. -- Analogic Corporation This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALOG ALOG Army Logistician (Magazine) ALOG Army Logistics ALOG Activity Log ALOG AWIS Logistics ), a leading designer and manufacturer of high precision health and security imaging equipment, today announced that it did not file its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended July 31, 2004, by the October 14, 2004, due date. The Company will file a Form 12b-25 (Notification of Late Filing) with the SEC seeking a 15-day extension to file its Annual Report on Form 10-K. In the course of preparing its Annual Report on Form 10-K, the Company further evaluated certain information leading it to question whether appropriate revenue recognition procedures had been followed in all cases by its Camtronics Medical Systems subsidiary, a supplier of advanced cardiac information management systems. As a result, the Company is conducting an additional review of certain Camtronics transactions and the revenue recognition procedures followed, which has led to a delay in completing the preparation and audit of its financial statements for the fiscal year ended July 31, 2004. The Company anticipates that this review will be completed in time to permit the filing of the Form 10-K within the 15-day extension provided for under SEC rules. Camtronics' revenues are expected to account for less than twenty percent of the Company's revenues for fiscal 2004. The Company expects that the audited financial statements that will be filed as part of its Annual Report on Form 10-K will not include revenue from one transaction, totaling $833,000, which was included in the Company's operating results for the fourth quarter and fiscal year ended July 31, 2004, as originally reported in the Company's September 22, 2004, earnings release. It is possible that the review being undertaken by the Company will lead to the deferral of revenue from other transactions that had been included in the operating results reported in the September 22, 2004, press release. The Company will issue a press release describing any changes from its originally announced operating results when it files its Annual Report on Form 10-K. The Company's business was strong during the fourth quarter, as described in the September 22, 2004, news release. Sales increased quarter over quarter for computed tomography Computed tomography (CT scan) X rays are aimed at slices of the body (by rotating equipment) and results are assembled with a computer to give a three-dimensional picture of a structure. subsystems, clinical ultrasound systems, digital radiography digital radiography Imaging A format for producing x-rays in which film used to produce conventional x-ray images is replaced with more sensitive sensitive electronics; DXRs produce images with1⁄2 systems, and patient monitoring systems, as well as for the cardiac information management systems from Camtronics. The Company's cash, cash equivalents and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has were over $175 million as of July 31, 2004. John J. Millerick, Senior Vice President and Chief Financial Officer, said, "The Company regrets the delay in completing its audited financial statements for the fiscal year ended July 31, 2004, and the possible changes to its fiscal 2004 operating results as originally announced. However, the Company recognizes its responsibility to report complete and accurate financial information, and is taking what it believes are the steps necessary to ensure that it will do so." Analogic Corporation is a leading designer and manufacturer of advanced health and security systems and subsystems. The Company is recognized worldwide for advancing the state of the art in Computed Tomography (CT), Digital Radiography (DR), Ultrasound, Magnetic Resonance Imaging magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures. (MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. ), Patient Monitoring, Cardiovascular Information Management, and Embedded Multicomputing. This release contains projections or other forward-looking statements regarding future events or the future financial performance of the Company that involve risks and uncertainties. These are considered "forward-looking statements" within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995 and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of that Act. Investors are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results as a result of various important factors, including those referred to under the heading "Business Environment and Risk Factors" in the Company's most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. on file with the SEC, as well as unforeseen issues encountered in the completion of the Company's financial review and year-end audit. In addition, the forward-looking statements included in this press release represent the Company's views as of October 14, 2004. The Company anticipates that subsequent events and developments may cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to October 14, 2004. |
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