Analogic Records 38% Revenue Increase for Fiscal Q3

6/13/2003 - Analogic Corporation (NASDAQ-ALOG), a leading designer and manufacturer of high precision medical diagnostic and security equipment, announced revenues and earnings for its third quarter ended April 30, 2003.

Revenues for the third quarter ended April 30, 2003, were $100,334,000, compared with the prior year’s third quarter revenues of $72,908,000, an increase of 38%. Net income for the third quarter was $6,438,000, or $.48 per diluted share, compared with $2,747,000, or $.21 per diluted share, for the prior year’s third quarter, an increase of 134%.

Revenues for the nine months ended April 30, 2003, were $396,603,000, compared with the prior year’s nine months’ revenues of $221,320,000, an increase of 79%. Income for the nine-month period was $47,865,000 or $3.59 per diluted share, compared with a net loss of $3,018,000, or ($.23) per diluted share, for the same period a year ago. The net loss for the first nine months of the prior year included a first quarter asset impairment charge of $8,883,000 related to the Company’s telecommunications subsidiary, Anatel Communications, and its Test & Measurement Division.

Bernard M. Gordon, Chairman of the Board and CEO, commented, “We are pleased with the improvement shown over the prior third quarter. Much of this was due to continued, albeit much smaller shipments of security imaging equipment. As we indicated last March, security imaging revenues may vary considerably from quarter to quarter. Ship-ments of our EXplosive Assessment Computed Tomography (EXACTTM) systems were significantly less this quarter than in the two immediately preceding quarters. We believe that additional orders for EXACT systems should be forthcoming to meet both domestic and international orders. However, we do not know when such orders will be placed or the quantities that will be required.

“We continue to pursue a number of opportunities for long-term growth by developing other advanced security imaging systems. During the quarter we announced a strategic marketing agreement with Lockheed Martin to market a variety of threat detection prod-ucts to be developed by Analogic. The first product to be marketed under this agreement will be an automated, CT-based portal screening system that can scan carry-on baggage at airports, ‘carry-in’ baggage at public buildings, and parcels for corporations and delivery services. Initial reactions to the design have been favorable. We are exploring the market, both domestic and international.

“We have completed pre-production of two different ARGUS-type CT scanners for explosive detection at regional airports and are awaiting orders for them. Work continues on the infrared countermeasures system we are developing with Sanders Design to protect civilian aircraft from shoulder-fired missiles. Funding is being sought to develop advanced prototypes for field tests. We are also continuing to invest in a number of other develop-ment projects to meet diverse, evolving security needs in the U.S. and abroad.”

President John W. Wood Jr., noted, “Our health businesses demonstrated some solid growth during the quarter. Sales of cardiovascular image and information management equipment by our Camtronics subsidiary and of advanced clinical ultrasound systems by our B-K Medical subsidiary both improved substantially over the prior third quarter. Our new Sound Technology Inc. subsidiary also had a strong quarter manufacturing and marketing advanced ultrasound transducers to Original Equipment Manufacturers (OEMs). Sales of Data Acquisition Systems (DASs) for Computed Tomography more than doubled from the prior third quarter, due in large part to our new family of advanced multi-slice DASs.”

Gordon added, “While much public attention has been focused on our development of a variety of new security imaging products, we are continuing to focus substantial resources on developing new generations of advanced medical imaging equipment. We have a number of projects underway to provide innovative CT systems for a variety of niche medical markets, as well as digital X-ray systems and subsystems for general radiography applications and mammography.

“Subsequent to the end of the quarter, Analogic acquired a minority interest in PhotoDetection Systems Inc. of Acton, Massachusetts and an exclusive license to use their proprietary Positron Emission Tomography (PET) technology in specific markets. PhotoDetection has developed a unique, proprietary high-performance, low-cost PET detection system. Combining our high-performance low-cost Computed Tomography (CT) systems with their respective proprietary PET technologies considerably enhances our ability to provide superior, innovative PET/CT combination systems to our Original Equipment Manufacturer (OEM) customers.”

Analogic Corporation is a leading designer and manufacturer of advanced health and security systems and subsystems. The Company is recognized worldwide for advancing the state of the art in Computed Tomography (CT), Digital Radiography (DR), Ultrasound, Magnetic Resonance Imaging (MRI), Patient Monitoring, Cardiovascular Information Management, and Embedded Multicomputing.

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