Analogic 4Q net income falls 3 percent

Analogic 4Q net income falls 3 percent; revenue rises 10 percent on higher sales

Associated Press

PEABODY, Mass. (AP) -- Analogic Corp., which makes medical and security imaging equipment, said Thursday that its fourth-quarter net income slipped 3 percent, weighed by acquisition and restructuring costs, as revenue rose 10 percent.

Net income slipped to $11.7 million, or 93 cents per share, in the three months ending July 31, from $12.1 million, or 96 cents per share, in the same quarter a year ago.

Adjusted to exclude stock-based compensation, acquisition-related expenses and other charges, the company posted earnings of $1.53 per share, up from adjusted earnings of $1.32 per share a year ago.

Revenue rose 10 percent to $166.2 million in the fiscal fourth quarter from $151 million a year ago.

Jim Green, Analogic's president and CEO, said in a statement that the company expects to continue to deliver upper single-digit revenue growth in its fiscal year 2014.

In the fourth quarter, revenue at its medical imaging segment rose 11 percent to $90.2 million from $81.1 million a year ago. Revenue rose 5 percent to $43.7 million from $41.6 million in its ultrasound segment. Security technology revenue rose 14 percent to $32.3 million from $28.3 million.

For the full year ending July 31, net income fell to $31.1 million, or $2.48 per share, from $43.1 million, or $3.42 per share, from a year ago. Revenue rose to $550.3 million from $516.6 million a year ago.

Analogic shares rose $2.28, or 2.9 percent, to $82 in after-hours trading Thursday. Shares rose 74 cents to close at $79.72 in regular trading hours Thursday.

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