CORRECTING and REPLACING Analogic Corporation Announces Revenues and Earnings for Its First Quarter.Business Editors/Health/Medical Writers/High-Tech Writers CORRECTION...by 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. PEABODY, Mass.--(BUSINESS WIRE)--Dec. 9, 2003 In BW5401 issued Dec. 9, 2003: First table, column header should read: Three Months Ended October 31 (sted: Three Months Ended April 30 and October 31). The corrected release reads: ANALOGIC CORPORATION ANNOUNCES REVENUES AND EARNINGS FOR ITS FIRST QUARTER Analogic Corporation (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, announced today revenues and earnings for its first quarter ended October 31, 2003. Revenues for the first quarter ended October 31, 2003, were $74,969,000, compared with the prior year's first quarter revenues of $132,284,000, a decrease of 43%. Net income for the first quarter was $631,000, or $.05 per diluted share. This compares with $19,650,000, or $1.48 per diluted share, for the prior year's first quarter. John Wood, President 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, "The decrease in revenue and income was about as expected. Last year we reported record revenue and income in the first quarter due to extraordinary sales of the 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(TM)) systems for use in 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. Last year we shipped 175 systems in the first quarter. This year we did not ship any EXACT systems in the quarter as we had earlier supplied our 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 customer with an adequate backlog to meet the recent, significantly lower demand. The result was a quarter over quarter decrease in EXACT shipments of approximately $70,000,000. We expect additional orders for the EXACT this fiscal year and into the future, but at a much more modest level than a year ago. "The decrease in security revenues was offset in part by increased demand quarter over quarter for our patient monitoring equipment, due to the recent introduction of a new generation of monitors, and growth in our medical components businesses. The growth in components reflects strong demand for our advanced CT data acquisition systems and power systems for 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. ." Wood observed that the Company has been implementing a variety of cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. measures over the past four months. During the quarter the Company began consolidating some of its facilities, moving the Life Care group from leased premises in Wakefield into the Peabody headquarters, and further building consolidations are planned in the future. As anticipated, the Company also considerably reduced staffing in its Haverhill manufacturing facility due to the currently reduced demand for EXACT systems. Orders for explosive detection systems anticipated in the near term will be produced at the Company's expanding Peabody headquarters, where 100,000 square feet of manufacturing and engineering space are being added. Completion is scheduled for January 2004. Wood noted, however, that research and development expenses had increased substantially over the previous first quarter. "As we indicated last year, we took advantage of the increase in income generated by the new security systems to substantially increase our investment in the development of major new medical and security systems. For example, we are in the late stages of development of prototypes of an automated, CT-based portal screening system that can scan carry-on baggage at airports, 'carry-in' baggage at public buildings, and parcels for corporations and delivery services. We expect the Carry-On Baggage Real-time Assessment (COBRA) Threat Detection System to be ready for submission to the U.S. Transportation Security Administration (TSA TSA See tax-sheltered annuity (TSA). ) for certification and testing in the first half of the coming calendar year. In September we were a recipient of two awards from the TSA made under the Phoenix Project, established to develop next-generation Explosive Detection Systems (EDS) that deliver deployment-ready aviation checked-baggage inspection systems in two to five years. With Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. , we received an award to develop enhancements for EDS systems that are already deployed in airports across the nation. Analogic also received a grant for the initial design phases of an ambitious program to develop an entirely new generation of advanced explosive detection systems that will dramatically improve speed, throughput, and reliability." Analogic has similarly increased its investment in the development of a number of innovative medical imaging systems for niche markets. Several major CT systems are in development, including a low-cost, movable, multi-slice scanner intended for community hospitals and developing countries, a large-bore system for medical and security applications, and a hybrid system A hybrid system is a dynamic system that exhibits both continuous and discrete dynamic behavior — a system that can both flow (described by a differential equation) and jump (described by a difference equation). combining the Company's newest CT technology with innovative, patented scintillator scin·til·la·tor n. A substance that glows when hit by high-energy particles or photons. technology for Positron Emission Tomography positron emission tomography: see PET scan. positron emission tomography (PET) Imaging technique used in diagnosis and biomedical research. (PET). The Company is also continuing major development work on advanced digital X-ray systems for general radiography radiography: see X ray. and mammography mammography, diagnostic procedure that uses low-dose X rays to detect abnormalities in the breasts. The early diagnosis of breast cancer made possible by the routine use of mammography for screening women increases a woman's treatment alternatives and improves her , and a unique digital ultrasound mammography system. During the quarter, Analogic also announced the establishment of a new subsidiary, Anexa Corporation, which will sell advanced 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 to select end-user markets. Wood concluded, "We are confident that our considerable investment in new product development in health as well as in security technology will help position the Company for long-term growth." Analogic Corporation is a leading 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 (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 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.
Condensed Consolidated Statements of Operations
(Unaudited) (in thousands, except share data)
Three Months Ended October 31
2003 2002
Net revenue
Product $63,912 $123,228
Engineering 8,621 6,380
Other 2,436 2,676
Total net revenue $74,969 $132,284
Income (loss) from operations -$211 31,370
Other (income) expense:
Interest income, net -1,051 -1,219
Equity in unconsolidated
affiliates 157 1,238
Other -106 -343
Income before income taxes $789 31,694
Provision for Income Taxes 158 12,044
Net Income $631 $19,650
Earnings (loss) per common share:
Basic $0.05 $1.49
Diluted $0.05 1.48
Dividends Declared Per Share $0.08 $0.08
Shares Outstanding:
Basic 13,381 13,173
Diluted 13,547 13,252
Condensed Consolidated Balance Sheets 31-Oct-03 31-Jul-03
in thousands (Unaudited) (Audited)
Assets:
Cash & cash equivalents $167,310 $177,961
Accounts & notes receivable, net 53,385 53,875
Inventories 71,778 69,548
Prepaid expenses & other current
assets 37,561 33,923
Total current assets $330,034 $335,307
Property, plant, & equipment, net 87,751 83,926
Other assets 37,149 37,142
Total assets $454,934 $456,375
Liabilities & Stockholders' Equity:
Mortgage and other notes payable $2,181 $1,457
Accounts payable 19,898 21,162
Accrued liabilities 21,332 24,412
Advance payments and deferred
revenue 36,590 35,882
Accrued income taxes 5,601 5,867
Total current liabilities $85,602 $88,780
Long-term debt 4,069 4,164
Deferred income taxes 5,069 5,175
Deferred revenue and other 1,679 1,743
Total long-term liabilities $10,817 $11,082
Stockholders' Equity 358,515 356,513
Total Liabilities and Stockholders'
Equity $454,934 $456,375
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