Analogic Corp (ALOG), Tuesday said its profit for the fourth quarter declined from last year, despite registering a revenue growth of 18 percent, due primarily on charges related to restructuring.
Analogic's fourth quarter GAAP net income declined to $5.6 million or $0.45 per share from $7.1 million or $0.56 per share in the prior year fourth quarter.
Earnings for the quarter include $3.6 million or $0.20 per share restructuring charges linked mainly to the company's ultrasound business and streamlining of overall operations.
Non-GAAP net income for the quarter was $10.3 million or $0.83 per share, a 20 percent increase from $8.8 million or $0.69 per share recorded last year.
On average, four analysts polled by Thomson Reuters expected earnings of $0.40 per share for the quarter. Analysts' estimate typically exclude one-time items.
A medical imaging and aviation security technology company, Analogic reported fourth quarter total net revenues of $135.3 million, an increase of 18 percent when compared to revenues of $115.0 million a year ago. Four analysts on consensus expected the company to report revenues of $120.05 million for the quarter.
Revenue from Medical Imaging segment increased to $89.3 million from last year, while Ultrasound segment revenue improved to $26.8 million from the prior year quarter. Security Technology segment revenue increased to $19.2 million from a year earlier.
Non-GAAP gross profit, as a percentage of total net revenue, was 35.5 percent, a decline from 36.9 percent recorded a year ago.
On September 15, 2011, Analogic declared a $0.10 per share cash dividend for the fourth quarter, payable on October 18, 2011, to shareholders of record on October 5, 2011.
Looking ahead, Jim Green, president and CEO said, "...we are confident that we will achieve our previously stated financial goal of double-digit non-GAAP operating margin for fiscal 2012."
ALOG closed Tuesday's regular trading at $44.73, down $0.25 or 0.56%, on a volume of 0.18 million shares on the Nasdaq.
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