Analogic said it will have to defer at least $14 million of previously announced revenues from fiscal 2004, stemming from an ongoing investigation into revenue-recognition procedures at its Camtronics Medical Systems subsidiary.
Also, the Peabody, MA-based firm did not file its Form 10-Q for its first quarter (end-October 31) with the Securities and Exchange Commission (SEC) by the December 10 due date. The company said it would a file a notification of late filing form with the SEC today reporting the delinquency.
Analogic said it is currently assessing whether some of the same Camtronics revenue-recognition issues will require the company to restate its financial statements for periods prior to fiscal 2004. The company said it believes that the Camtronics transactions in question represent bona fide customer sales, and that the revenue that has been reversed will be recognized in future fiscal periods.
In other developments, Analogic announced that Camtronics president Eugene Bergholz has left the company. Camtronics vice president and controller John McKinnon has also departed the firm.
Replacing Bergholz as interim president is Daniel Webster Jr. Webster comes to Camtronics after serving as president, CEO, and chairman of Quest Technologies.
By AuntMinnie.com staff writers
December 14, 2004
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