Analogic Corporation announces record revenues and record earnings for its fourth quarter and fiscal year ended July 31, 1998.PEABODY Peabody (pē`bədē, –bädē), city (1990 pop. 47,039), Essex co., NE Mass., a suburb of Boston, on the Danvers River; settled c.1633, inc. as South Danvers 1855, name changed 1868. , MASS.--(BUSINESS WIRE)--Oct. 5, 1998--Analogic Corp. (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 manufacturer of high precision medical and industrial diagnostic and measurement instruments and equipment, announced today record revenues and earnings for its fourth quarter and fiscal year ended July July: see month. 31, 1998. Revenues for the fiscal year ended July 31, 1998, were a record $294.5 million compared with the prior fiscal year's revenues of $256.7 million, an increase of fifteen percent. Net income for the fiscal year was a record $23.9 million, or $1.87 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared with $20.1 million, or $1.58 per diluted share for fiscal 1997, an increase of nineteen percent. Revenues for the fourth quarter ended July 31, 1998, were a record $81.5 million compared with the prior year's fourth quarter revenues of $71.4 million, an increase of fourteen percent. Net income for the fourth quarter was a record $7.2 million, or $.56 per diluted share compared with $6.4 million, or $.50 per diluted share for the prior year's fourth quarter, an increase of thirteen percent. The increase in revenues was primarily due to increased sales of mobile CT scanners CT scanner n. See CAT scanner. , subsystems for MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. and CT imaging, Ultrasound ultrasound or sonography, in medicine, technique that uses sound waves to study and treat hard-to-reach body areas. In scanning with ultrasound, high-frequency sound waves are transmitted to the area of interest and the returning echoes recorded systems and telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. products. For more information on Analogic An`a`log´ic a. 1. Of or belonging to analogy. , visit www.analogic.com. -0-
ANALOGIC CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Thousands, except share data)
Three Months Ended Twelve Months Ended
July 31 July 31
(Unaudited) (Audited)
1998 1997 1998 1997
---------------------------------------------
Revenues:
Product & Service (Net) $73,392 $60,739 $260,517 $222,033
Engineering & Licensing 3,404 5,774 16,045 17,517
Other Operating Revenues 3,251 3,366 12,036 11,591
Interest & Dividend
Income 1,471 1,475 5,874 5,588
-------- -------- --------- ---------
Total Revenues $81,518 $71,354 $294,472 $256,729
Income from Operations 11,647 10,698 39,996 32,107
Equity in Net Loss of
Unconsolidated
Affiliates (805) (1,316) (3,616) (2,374)
Loss on Investment (1,742) (400) (1,742)
Gain on Sale of
Marketable Securities 997
Income Before Income Taxes
and Minority Interest $10,842 $7,640 $36,977 $27,991
Provision for Income Taxes 3,161 545 11,991 6,631
Minority Interest in Net
Income of Consolidated
Subsidiary 470 725 1,098 1,270
Net Income $7,211 $6,370 $23,888 $20,090
Basic Net Income Per
Common Share $0.57 $0.51 $1.89 $1.60
Diluted Net Income Per
Common Share $0.56 $0.50 $1.87 $1.58
Dividends Declared Per
Share $0.06 $0.05 $0.23 $0.20
Basic
Shares
Outstanding 12,640,086 12,575,415 12,614,303 12,533,628
Diluted
Shares
Outstanding 12,828,778 12,746,844 12,793,027 12,701,800
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