Analogic fiscal 1Q profit plunges, hurt by charges

AP News
Posted: Dec 09, 2009 5:41 PM

Medical and security imaging equipment maker Analogic Corp. said Wednesday its fiscal first-quarter profit plunged 92 percent, hurt by charges and by a decline in its security technology business.

Earnings for the August-to-October period sank to $26,000, or break-even on a per-share basis, from $320,000, or 2 cents per share, in the same period last year. Excluding acquisition-related expenses and other special items, Analogic said it would have earned 10 cents per share in the latest period.

Analysts surveyed by Thomson Reuters expected a higher profit of 19 cents per share.

Revenue slipped 6 percent to $95.4 million from $101.6 million in the year-ago quarter. Still, revenue topped Wall Street's expectations of $92.4 million.

The company said security technology revenue fell about 47 percent from a year ago to $6.9 million, due to order delays from a manufacturing customer, L-3 Communications. Analogic said that was caused by delayed orders for checked baggage screening systems by the Transportation Security Administration.

"While we are experiencing near-term lumpiness in our security business, we expect to return to normal run rates in the second half of our fiscal year and are committed to profitability in this business for the fiscal year," said President and CEO Jim Green, in a statement.

Revenue in the company's largest segment, which makes medical imaging equipment, slipped 3 percent to $57.7 million.

Shares of Analogic sank 7 cents to $37.19 in after-hours trading. During the regular session, the stock gained 7 cents to close at $37.26.