PET firm CTI reports strong year-end results

PET provider CTI Molecular Imaging reported fiscal fourth-quarter revenues of $86.5 million, up 15% from the $75.5 million in sales posted in the same period last year. For the quarter (end-September 30), the Knoxville, TN-based firm had net income of $7.6 million, compared with net income of $653,000 in the third quarter of 2001.

For the fiscal year (end-September 30), CTI reported revenues of $258.4 million, as compared with $188.9 million reported for the same period in 2001, an increase of 37%. Net income on a pro forma basis, after excluding the effect of nonrecurring expenses, was $16.4 million, compared with $10.4 million for the same period last year, an increase of 58%.

The vendor reported a net loss of $3.4 million, after $12.3 million in noncash stock compensation expense and $8.9 million in nonrecurring warrant mark-to-market expense for the fiscal year, as compared with net income of $6.1 million for the 2001 fiscal year. All warrants were exercised on March 31, 2002, thus, there were no noncash charges relating to warrants during the fourth quarter of 2002.

By staff writers
November 20, 2002

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Copyright © 2002

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