Monday, SonoSite Inc. (SONO) said its profit increased for the first quarter ended March 31, 2009, as expenses for the three-month period declined.
For the first quarter, SonoSite recorded net income of $863 thousand or $0.05 per share, compared to $190 thousand or $0.01 per share in the year-ago quarter. Results were significantly affected by the adoption of APB 14-1, as of January 1, 2009 relating to the accounting treatment for convertible debt.
The company said that revenue for the quarter decreased to $51.81 million from $52.49 million as adjusted in the prior-year quarter.
Five analysts polled by Thomson Reuters expected the company to earn $0.02 per share on revenues of $52.99 million for the quarter.
The company reported operating income of $1.6 million, a decline of 34% compared to $2.4 million in the previous year quarter. Operating income excluding stock-based compensation expense was $4.1 million, compared to $4.3 million in the prior year.
Total operating expenses during the first quarter declined 5% to $33.5 million compared to the first quarter of 2009. The company reduced SG&A expenses by 12% to $25.8 million compared to the prior year quarter. R&D investment grew 24% in the first quarter to $7.7 million, as planned.
The company expects 2009 revenue could potentially be flat to down 10% as compared to 2008. SonoSite revealed a revised expense improvement goal for the year for up to a range of 5% - 10% over the prior year.
SONO closed its regular trading Monday at $18.98, up $0.18 or 0.96%, on a volume of 0.21 million shares on the Nasdaq.
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