Fischer grows revenues, settles with SEC

Fischer Imaging reported third-quarter revenues of $17.8 million, up 53% compared with the $11.6 million turned in during the third quarter of 2003. For the quarter (end-September 30), the Denver-based women's imaging firm had a net loss of $1.7 million, compared to a net loss of $2 million a year ago.

Fischer president and CEO Harris Ravine said that the firm is investing substantial resources to improve product quality and reduce costs. However, the full effect of these efforts are not anticipated to be felt before mid-2005, Ravine said.

Ravine said that the company continues to monitor its cash resources and working capital closely, and cannot rule out the possibility of having to raise additional funds under disadvantageous circumstances.

In other company news, Fischer has reached a settlement with the U.S. Securities and Exchange Commission (SEC), stemming from an investigation into Fischer's accounting practices that began in June 2003. Fischer said that it has consented to entry of an order that it cease and desist from violating certain provisions of the federal securities laws; no civil money penalties were imposed by the commission.

By staff writers
November 16, 2004

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