Analogic Corporation Announces Record Revenues and Earnings for Its First Quarter.Business/Technology Editors PEABODY, Mass.--(BUSINESS WIRE)--Dec. 11, 2002 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-ALOG), a leading designer and manufacturer of high precision health and security imaging equipment, announced today revenues and earnings for its first quarter ended October 31, 2002. Revenues for the first quarter ended October 31, 2002, were a record $135,702,000, compared with the prior year's first quarter revenues of $75,802,000, an increase of 79%. Net income for the first quarter was a record $20,171,000, or $1.52 per diluted share. This compares with a net loss of $6,370,000, or a loss of $0.49 per diluted share, for the prior year's first quarter. The net loss for the prior year's first quarter included a pre-tax asset impairment charge of $8,883,000 related to the Company's telecommunications subsidiary, Anatel Communications, and its Test & Measurement Division. Bernard Gordon Bernard Gordon (October 29, 1918 – May 11, 2007) was an American writer and producer. For much of his 27-year career, he toiled in obscurity, prevented from taking screen credit by the Hollywood Blacklist. , Chairman of the Board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "We are very pleased with the results of this quarter. The record revenue and income were due in large part to a significant increase in our security imaging business. During the quarter we shipped a substantial number of our advanced EXplosive Assessment 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. (EXACT/oo) systems to L-3 Communications
L-3 Communications Holdings, Inc. (NYSE: LLL) is a company that supplies command, control, communications, intelligence, surveillance and reconnaissance (C3ISR) systems and (NYSE NYSE See: New York Stock Exchange : LLL LLL abbr. left lower lobe (of the lung) ) for use in government-certified Explosive Detection Systems Noun 1. explosive detection system - a rapid automatic system to detect plastic explosives in passengers' luggage using X-ray technology and computers; designed for use in airports EDS (EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. ) that screen checked luggage for aircraft." "We established a new CT production facility, recruited and trained an expanded manufacturing staff, and ensured adequate sources of critical components within very short time frames. The new production facility in Haverhill, Mass., was transformed from an empty warehouse into what we believe to be the most advanced security CT manufacturing plant in the world in less than four months, and we were producing security CTs at the rate of six a day by October. We have been on or ahead of the delivery schedule from the inception of the project. The remainder of the systems ordered for delivery by the end of this calendar year will also be shipped on time." Analogic recently received a purchase order to deliver an additional 75 EXACT systems during the first four months of 2003. We believe that orders for additional EXACT systems will be forthcoming to meet a continuing demand for EDS systems. Our customer has indicated that it also expects a sizeable overseas demand for these systems once U.S. security needs are met. Gordon noted, "Although some observers have thought of this demand for EDS systems as a short-term `bubble,' we believe there are opportunities for long-term growth in developing security imaging systems for a number of applications, such as carry-on baggage, `carry-in' baggage at public buildings, and parcel services. We have increased our investment in a number of projects to develop a suite of security detection products to meet diverse, rapidly evolving needs in the U.S. and abroad." "We are also focusing substantial resources," Gordon added, "in the development of innovative medical CT systems for a number of rapidly developing niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. , as well as in advanced digital X-ray systems and subsystems and a whole new generation of CT Data Acquisition Systems for both medical and security applications. We believe that our achievements in this first quarter will help position the Company for long-term growth in both health and security applications." Analogic Corporation is a leading designer and manufacturer of advanced health and security systems and subsystems sold primarily to Original Equipment Manufacturers (OEMs). The Company is recognized worldwide for advancing the state of the art in Computed Tomography (CT), 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 (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 Inserted into. See embedded system. Multiprocessing multiprocessing Mode of computer operation in which two or more processors (see CPU) are connected and are active at the same time. In such a system, each processor is executing a different program or set of instructions, thus increasing computation speed over a . This press release contains the Company's or management's intentions, hopes, beliefs, expectations or predictions. These are considered "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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. Forward-looking statements (statements which are not historical facts) in this presentation 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 the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that all forward-looking statements, including statements about product development, market and industry trends, strategic initiatives, regulatory approvals, sales, profits, expenses, price trends, research and development expenses and trends, and capital expenditures involve risk and uncertainties and actual events and results may differ significantly from those in any forward-looking statements. Actual results may differ materially from those indicated by such statements as a result of various factors, including those discussed in the company's periodic reports filed with the SEC.
Analogic Corporation
Condensed Consolidated Statements of Income
(in Thousands, except share data)
Three Months Ended
October 31
2002 2001
Net revenue (Unaudited) (Unaudited)
Product $126,646 $ 65,353
Engineering 6,380 7,477
Other 2,676 2,972
Total net revenue $135,702 $ 75,802
Income (loss) from operations $ 32,103 $ (9,689)
Other (income) expense:
Interest income, net (1,219) (1,155)
Equity in unconsolidated affiliates 986 (738)
Other, net (198) 166
Income (loss) before income taxes $ 32,534 $ (7,962)
Provision (benefit) for Income Taxes 12,363 (1,592)
Net Income (loss) $ 20,171 $ (6,370)
Earnings (loss) per common share:
Basic $ 1.53 $ (0.49)
Diluted $ 1.52 $ (0.49)
Dividends Declared Per Share $ 0.08 $ 0.07
Shares Outstanding:
Basic 13,173 13,093
Diluted 13,252 13,093
Condensed Consolidated Balance Sheets
(In thousands)
October 31, July 31,
2002 2002
(Unaudited) (Audited)
Assets:
Cash & cash equivalents $178,066 $181,789
Accounts & notes receivable, net 73,986 61,119
Inventories 87,385 65,128
Prepaid expenses & other current assets 16,745 16,992
Total current assets $356,182 $325,028
Property, plant, & equipment, net 82,925 79,613
Other assets 19,308 19,266
Total assets $458,415 $423,907
Liabilities & Stockholders' Equity:
Mortgage and other notes payable $ 497 $ 540
Accounts payable 41,841 24,731
Accrued liabilities 20,987 17,267
Advance payments and deferred revenue 48,778 66,474
Accrued income taxes 14,350 2,487
Total current liabilities $126,453 $111,499
Long-term debt 4,318 4,406
Deferred income taxes 2,336 2,162
Deferred revenue and other 745 745
Total long-term liabilities $ 7,399 $ 7,313
Stockholders' Equity 324,563 305,095
Total Liabilities and Stockholders' Equity $458,415 $423,907
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