Analogic, a manufacturer of healthcare imaging equipment, has reported results for its first quarter of 2008, which ended Oct. 31.
Based on generally accepted accounting principles (GAAP), net income for the first quarter was $320,000, compared with $6.39 million for the prior year's first quarter, the Peabody, Mass.-based company reported.
Analogic said that revenues for the 2008 first quarter were $101.55 million, compared with the prior year's first quarter revenues of $94.2 million, an increase of 8 percent. Loss from operations on a GAAP basis was $1.58 million.
Gross margins were negatively impacted by product mix, increased manufacturing costs due to lower production volumes, and amortization costs related to the Copley acquisition, according to Analogic. A 16 percent increase in operating expenses was due primarily to the Copley acquisition, the company said. Net income was also affected by a reduction in pretax interest income of $1.7 million.
However, digital radiography product revenues were $7.45 million, up 53 percent over the prior year, which the company said reflects sales of its amorphous Selenium direct digital mammography detectors to Siemens.