Analogic reported first-quarter revenues of $75.8 million, down 7% from the $81.6 million posted in the first quarter of last year. For the period (end-October 31), the Peabody, MA-based vendor had a net loss of $6.4 million, compared with net income of $4.6 million in the same quarter year. The loss is the first in the nearly 30-year history of the firm.
The net loss included an $8.9 million write-off of assets related to the company’s telecommunications and semiconductor businesses. Without the write-down, Analogic would have had net income of $736,000. Analogic is eliminating unprofitable noncore activities and is reducing certain expenses added during the past year, according to president and CEO Tom Miller.
Despite the recession, Analogic said it posted modest growth in CT and digital radiography sales. In addition, Analogic's Anrad, B-K Medical, Camtronics Medical Systems, and SKY Computers subsidiaries all notched gains compared with the same quarter a year ago, the company said. Analogic said that the fundamentals of its medical business remain sound, and that it is cautiously optimistic for the remainder of the fiscal year.
By AuntMinnie.com staff writersDecember 12, 2001
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