Scientific and technical instruments maker Analogic Corp. (ALOG) said Thursday that its third quarter profit plummeted, hurt by lower revenues as continuing declines in global economy created lower demand for its CT, MR, and motion control related systems.
Third-quarter net income of Analogic declined to $2.25 million or $0.18 per share from $6.68 million or $0.50 per share in the corresponding quarter a year ago.
On a non-GAAP basis, net income was $3.13 million or $0.24 per share, down from $7.98 million or $0.59 per share in the year ago quarter. Non-GAAP earnings per share were revised to exclude $1.7 million or $0.13 per share of non-recurring tax benefits.
On average, four analysts polled by Thomson Reuters expected earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter dropped to $93.59 million from $102.77 million in the same quarter a year ago. Analysts expected revenues of $111.20 million for the quarter.
Medical Imaging revenues dropped $8.5 million to $50.0 million, BK Medical revenues dropped $1.6 million at $19.2 million, while Digital Radiography revenues increased $3.5 million at $10.3 million and Security Technology revenues rose to $12.2 million from the same quarter a year ago.
Jim Green, President and CEO said, "Economic conditions continue to put pressure on capital equipment spending, affecting the demand for CT, MR, and motion control related systems. We expect these trends to continue through the next couple of quarters, however, we will continue to manage our business for profitability and positive cash flow."
Income from operations was $1.51 million, compared to $7.67 million in the year-earlier quarter. On a non-GAAP basis, income from operations for the quarter was $3.3 million.
ALOG is currently trading at $38.45, up $0.l1 or $0.29%, on a volume of 0.13 million shares. In after-hours, the stock dropped $3.00 or 7.80%, to trade at $35.45.
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