Analogic Corp. reported healthy gains in its explosive detection and medical imaging businesses to post record revenues and earnings in FY03, ending July 31.
The imaging technology supplier reached revenues of $471.5 million, compared with $306.1 million in FY02. Net income totaled $49.5 million, compared with $3 million in the previous fiscal year. Analogic credited orders for 500 Explosive Assessment Computed Tomography (EXACT) security imaging systems and "substantial growth" in its medical imaging subsystems business for its gains.
The company also announced that it will restate its financial results for the nine-month period, ending April 30, 2003, and fiscal years ending July 31, 2002 and 2001. The company is restating the numbers to apply the appropriate accounting standards to the recognition of software revenues from subsidiary Camtronics Medical Systems Ltd. and an inter-company loan from its ultrasound subsidiary B-K Medical Systems A/S.