Medical imaging and aviation security technology provider Analogic Corp. (ALOG), Tuesday reported a decline in third-quarter profit, hurt by increased expenses that offset growth in revenues. Moving forward, Analogic softened its revenue outlook for fiscal year 2013 to reflect current market conditions and its Ultrasound transition to high margin direct products.
The Peabody, Massachusetts-based company posted quarterly net income of $5 million or $0.41 per share, compared with $7 million or $0.59 per share last year.
Excluding acquisition-related costs and other items, adjusted earnings for the quarter were $9.6 million or $0.76 per share.
Net revenues for the quarter rose 4 percent to $125.8 million from $121 million a year ago.
The company noted that its Security business gained on demand for high-speed threat detection systems outside of the U.S. Meanwhile, the timing of shipments impacted its CT and MRI product lines in the Medical Imaging business.
Operating expenses for the quarter were higher at $42 million, compared with $35 million last year.
For fiscal year 2013, the company now expects revenues to grow in the mid to upper single-digit, compared with prior expectation of upper single-digit growth.
In May, Analogic said it will cut about 140 jobs as a part of restructuring plan to streamline its business and realize synergies following the acquisition of Ultrasonix Medical Corp.
Analogic shares closed Tuesday at $80.31, up 0.37%, on a volume of 42 thousand shares on the Nasdaq.
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