Vital Images skirts Nasdaq delisting

Three-dimensional-software developer Vital Images of Plymouth, MN, has filed its 10-Q financial report for the third quarter (end-September 30). The move puts the company back in compliance with Nasdaq listing requirements, thus enabling it to avoid being delisted by the stock exchange.

Vital Images announced last week that it had received a notice from Nasdaq stating that its shares were eligible for delisting because the company did not file its third-quarter 10-Q in a timely fashion. The company previously announced that it was unable to file the report as it needed to restate previously reported financial results for 2003 and the first half of 2004.

The restated results now include previously unrecognized deferred revenue of $605,000 from maintenance and service contracts over the past seven quarters, and related income tax effects. The restatement added $330,000 to the company's after-tax net income for 2003, and $37,000 to net income for the first nine months of 2004.

Including the restated results, Vital Images reported third-quarter revenue of $9.2 million, up 24% compared to $7.4 million in sales reported in the third quarter of 2003. The firm had net income for the quarter of $670,000, compared to net income of $6.8 million in the same period of 2003.

By staff writers
November 23, 2004

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