Fischer Imaging Corp. last week completed its review of its financial results, per order of the Securities and Exchange Commission (SEC), for the years 2000 through 2003.
The company recorded total revenues of $46.2 million in 2003, compared with $45.1 million in 2002. Fischer Imaging also posted a net loss of $14.4 million in 2003, compared with net income of $9.7 million in 2002.
2003 results include patent litigation settlement income of $900,000 million, while 2002 results include income of $25 million from the same settlement. 2003 numbers also include costs of $12.3 million including service costs related to product stabilization as well as inventory adjustments, European expansion expenses and costs associated with the restatement, and SEC investigation and securities litigation.
Fischer Imaging added that it ended 2003 with an order backlog of $19.8 million, compared with a backlog of $2.5 million at the end of 2002. The 2003 backlog includes $8.4 million from a large international order that was shipped in December 2003. The company expects to record the revenues in 2004, as payment was received in January.
With its restatements done, Fischer Imaging President and CEO Harris Ravine said the company "will begin the process of re-listing our shares on the NASDAQ SmallCap market as soon as practicable."
Fischer Imaging also is planning for an annual meeting in late June.