MIC posts results for 2004

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Revenues at Molecular Imaging Corp. (MIC) increased 1.5 percent to $21.2 million, for the fiscal year ended June 30, 2004, compared with revenues of $20.9 million for fiscal year ended 2003.

The company reported a net loss of $8.8 million for the fiscal year ended 2004, compared with a net income of $964,000 for the fiscal year ended 2003. According to MIC, $3,26 million of the loss for fiscal year ended 2004 was attributable to an impairment charge related to the decreased value of the company's molecular imaging scanners in light of the wide-spread adoption of the combination PET/CT scanners.

An additional approximately $1.5 million of the loss for fiscal year ended 2004 was attributable to cost related to initial cyclotron operations; increased depreciation due to a change in the estimated useful life of our molecular imaging scanners; and write-offs of bad debt related to discontinued molecular imaging projects, said MIC.