The transition from a third-party distribution system to direct sales of its brachytherapy seed products resulted in an adverse effect on North American Scientific Inc.'s (NAS) net sales in the company's first fiscal quarter, ending Jan. 31.
Net sales slipped to $3.4 million, compared with $5.1 million in the first quarter of FY03. The net loss for the first quarter was $3.9 million, compared with a net loss of $1 in the year-ago quarter.
NAS also noted in its first-quarter report that its proposed acquisition of Nomos Corp. will take longer than anticipated. The companies had planned to close the transaction in the first calendar quarter, but NAS President and CEO L. Michael Cutrer said the acquisition is likely to close in the second quarter.
"While we are disappointed with the delay in the closing of the Nomos transaction," Cutrer said in a prepared statement, "both parties remain committed to the transaction and integration efforts continue in order to maximize our combined synergies on day one."
Earlier this month, NAS announced the resignation of senior vice president and CFO Alan Edrick. Controller and chief accounting officer Erik Johnson currently serves as interim CFO, while NAS searches for a permanent replacement.