Analogic Corp. says that its decrease in revenue from last year "is about as expected" in response to its sales and earnings in the third fiscal quarter of FY04, ending April 30.
Revenues were $92.25 million, compared with $100.1 million in the third quarter of FY03. Net income reached $1.77 million, down 74 percent from $6.86 million in the year-ago quarter.
For the nine month period, sales decreased 33 percent to $262.49 million, down from $389.5 million in the year ago period. Net income decreased 85 percent to $7.26 million, down from $47,820,000 in the year ago period.
John Wood, president and CEO, attributed the decrease in revenues to the decline in security revenues. "Last year we reported record revenue and income for the third quarter and for nine months due to extraordinary shipments of EXplosive Assessment Computed Tomography (EXACT) systems. The EXACT is the heart of a certified Explosive Detection System (EDS) that screens checked luggage for aircraft."
Analogic's numbers were partially offset by a 16 percent growth in the sales of its medical imaging systems, including cardiac information management, digital radiography, and patient monitoring systems.
"Our medical systems business is beginning to improve," said Wood. "We believe it will continue to grow next calendar year with the introduction of several new complete medical CT and digital radiography systems. Our medical subsystems business, including data acquisition systems for CT and ultrasound transducers, remains strong."