Designer and manufacturer of high-precision health and security imaging equipment, Analogic Corp. (ALOG), Thursday, reported a decline in its profit for the second quarter, despite an increase in revenue. Analogic also announced a 9% reduction of its worldwide workforce impacting about 145 employees.
The Peabody, Massachusetts-based company's net income for the second quarter dropped sharply to $1.42 million or $0.11 per share from $7.15 million or $0.54 per share in the prior-year quarter.
Results for the quarter included $1.6 million of discrete tax benefits primarily related to an IRS refund and $3.50 million in restructuring charges. Excluding one-time items, net income for the quarter dropped to $5.18 million or $0.40 per share from $7.90 million or $0.59 per share in the year-ago quarter.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total net revenue for the quarter increased to $102.72 million from $99.40 million in the prior-year quarter, but fell short of analysts' estimate of $105.97 million for the quarter.
Segment wise, products revenue for the quarter rose marginally to $94.44 million from $94.23 million, engineering revenues increased to $6.21 million from $2.73 million and other segment revenues dropped to $2.06 million from $2.44 million year-over-year.
Loss from operations for the quarter was $1.51 million, compared to income from operations of $7.80 million in the year-ago quarter, while non-GAAP income from operations declined to $3.75 million from $9.30 million in the prior-year quarter.
Gross margin for the quarter was down at $32.90 million from $37.34 million in the same quarter last year. Total operating expenses were $34.41 million compared to $29.54 million in the prior-year quarter.
During the quarter, Analogic implemented plans to reduce its workforce by approximately 9% worldwide and expects to achieve cost avoidance of $9.8 million annually.
ALOG is currently trading at $26.79, up $0.24 or 0.90%, on a volume of 58,298 shares on the Nasdaq.
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