Analogic Corporation Announces Revenues and Earnings for Its Third Quarter.Business/Technology Editors PEABODY, Mass.--(BUSINESS WIRE)--June 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 custom designer and manufacturer of high precision medical diagnostic and security equipment, announced today revenues and earnings for its third quarter ending April 30, 2002. Revenues for the third quarter ending April 30, 2002, were $72,908,000, compared with the prior year's third quarter revenues of $91,086,000. Net income for the third quarter was $2,747,000, or $.21 per diluted share, compared with $4,856,000, or $.37 per diluted share, for the prior year's third quarter. Revenues for the nine months ended April 30, 2002, were $221,320,000, compared with the prior year's nine months' revenues of $264,351,000, a decrease of 16%. Net loss for the nine-month period was $3,018,000 or $.23 per diluted share, compared with a net income of $13,987,000, or $1.07 per diluted share, for the same period a year ago. The net loss for the first nine months of the year includes a first quarter asset impairment charge of $8,883,000 related to the Company's telecommunications subsidiary, Anatel Communications, and its Test & Measurement Division. Bernard M. Gordon 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. , 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 making considerable progress recovering from the simultaneous precipitous industry-wide declines in the telecommunications and semiconductor markets, which resulted in a proportional reduction in our communications-related signal processing See DSP. and our semiconductor-related test equipment businesses. We have considerably reduced our break-even point break-even point - In the process of implementing a new computer language, the point at which the language is sufficiently effective that one can implement the language in itself. by re-instituting operational and financial discipline throughout the Company. As a result, general and administrative expenses as well as sales and marketing costs are down significantly from the same period a year earlier. We have also more finely refocused our efforts in the test and measurement area. Concurrently, our explosive detection Explosive detection is a non-destructive inspection process to determine whether a container contains explosive material. Explosive detection is commonly used at airports, ports and for border control. business is building up. Activities in this area began to rapidly accelerate near the end of the quarter and are expected to increase substantially over the next quarters. "We are also very positive about new opportunities for growth in our health technology businesses. During the quarter, we began shipments of the next generation of 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 chest x-ray chest x-ray, n an examination of the chest using x-rays. Routinely performed in patients complaining of chest pain to rule out respiratory or heart disease. chest X-ray Chest film, see there equipment to clinical sites in Europe and the U.S. for a well known Original Equipment Manufacturer (OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and ). Furthermore, another leading OEM customer introduced the world's first 14" x 14" real-time amorphous Selenium selenium (səlē`nēəm), nonmetallic chemical element; symbol Se; at. no. 34; at. wt. 78.96; m.p. 217°C;; b.p. about 685°C;; sp. gr. 4.81 at 20°C;; valence −2, +4, or +6. x-ray detector plate, designed and manufactured by our Anrad subsidiary. Anrad has now completed a new manufacturing area for producing flat-panel digital x-ray detectors for a number of OEM customers. We are also designing new models of 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. (CT) systems for a variety of medical applications." As previously announced, in April the Company received its largest contract ever, a blanket order A blanket order is defined as an order the customer makes with its supplier which contains multiple delivery dates scheduled over a period of time, sometimes at predetermined prices. It is normally used when there is a recurring need for expendable goods. for up to 1000 EXplosive Assessment Computed Tomography (EXACT(TM)) systems, with a potential value of up to $500 million. The initial order, valued at approximately $100 million, included the first release of systems, components for the next release, spares, and funds to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale production. Gordon noted, "Although the order came in during the last month of the quarter, we were able to ship a number of these large, complex systems before the quarter closed. Near the end of the quarter we signed a lease for a 200,000 square foot facility in Haverhill, Mass., that will provide the space required to manufacture and test a hundred or more of these large systems per month by the end of the year." The Haverhill facility is expected to be fully online this summer. Progress also continues on two lower cost "ARGUS Argus (är`gəs) or Argos (är`gŏs, –gəs), in Greek mythology. 1 Many-eyed monster, also called Panoptes. He guarded Io after she had been changed into a heifer. " 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 , designed for OEM customers to meet the needs of smaller, regional airports. Subsequent to the close of the quarter, one ARGUS system passed certification testing by the Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control and the second is being readied for testing. Gordon noted, "The Company is gaining significant recognition in the security imaging field. We are currently evaluating a number of new opportunities in security applications, such as examining carry-on baggage, cargo, packages and mail for a variety of transportation, government and business facilities. "We are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the fourth quarter. During this period of expanded production in security imaging systems, we will be investing heavily in the development of new medical- and security-related CT systems, digital X-ray equipment, ultrasound systems, and cardiology image and information management systems." Analogic Corporation is a leading custom designer and manufacturer of advanced health and security systems and subsystems sold to Original Equipment Manufacturers (OEMs). 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 Multiprocessing. This press release contains the Company's or management's intentions, hopes, beliefs, expectations or predictions. 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. 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.
Condensed Consolidated Statements of Operations
(Unaudited) (in thousands, except per share data)
Three Months Ended Nine Months Ended
April 30 April 30
2002 2001 2002 2001
Net revenue:
Product $64,979 $81,449 $196,729 $235,889
Engineering 5,988 6,852 17,726 18,920
Other revenue 1,941 2,785 6,865 9,542
Total net revenue $72,908 $91,086 $221,320 $264,351
Income (loss) from
operations $1,161 $4,487 $-9,332 $15,709
Other (income) expense:
Interest income, net -913 -1,314 -2,946 -4,254
Equity in unconsolidated
affiliates 688 -1,331 -681 -1,192
Other, net -16 94 98 516
Income (loss) before
income taxes and
minority interest $1,402 $7,038 $-5,803 $20,639
Provision (benefit)
for Income Taxes -1,345 2,006 -2,785 6,358
Minority Interest 176 294
Net Income (loss) $2,747 $4,856 $-3,018 $13,987
Earnings per common share:
Basic $0.21 $0.37 $-0.23 $1.08
Diluted $0.21 $0.37 $-0.23 $1.07
Dividends Declared
Per Share $0.07 $0.07 $0.21 $0.21
Shares Outstanding:
Basic 13,112 12,992 13,107 12,901
Diluted 13,256 13,127 13,107 13,044
Condensed Consolidated Balance Sheets
(in thousands)
30-Apr-02 31-Jul-01
(Unaudited)
Assets:
Cash & cash equivalents $144,938 $122,912
Accounts & notes receivable, net 55,386 68,287
Inventories 62,356 60,696
Prepaid expenses & other current assets 22,366 16,455
Total current assets $285,046 $268,350
Property, plant, & equipment, net 75,392 68,846
Other assets 19,522 15,323
Total assets $379,960 $352,519
Liabilities & Stockholders' Equity:
Mortgage and other notes payable $530 $644
Accounts payable 18,457 15,378
Accrued liabilities 19,152 21,850
Deferred revenue 35,812 4,333
Accrued income taxes 858 1,646
Total current liabilities $74,809 $43,851
Long-term debt 4,545 5,560
Deferred income taxes 3,028 1,836
Other liabilities 1,045 1,135
Total long-term liabilities $8,618 $8,531
Stockholders' Equity 296,533 300,137
Total Liabilities and Stockholders' Equity $379,960 $352,519
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion