Analogic hurt by charges in 1st period

Associated Press / December 10, 2009

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PEABODY - Medical and security imaging equipment maker Analogic Corp. said yesterday fiscal first-quarter profit plunged 92 percent, hurt by charges and by a decline in the security technology business.

Earnings for the August-to-October period sank to $26,000, or break-even on a per-share basis, from $320,000, or 2 cents per share in the same period last year.

Excluding acquisition-related expenses and other special items, Analogic said it would have earned 10 cents per share.

Analysts expected a higher profit of 19 cents per share.

Revenue slipped 6 percent to $95.4 million from $101.6 million in the year-ago quarter. Still, revenue topped Wall Street’s expectations for $92.4 million.

The company said security technology revenue fell about 47 percent from a year ago, to $6.9 million, due to order delays from a manufacturing customer, L-3 Communications.

Analogic said the delay was caused by delayed orders for checked baggage screening systems by the Transportation Security Administration.

Revenue in the company’s largest segment, which makes medical imaging equipment, slipped 3 percent to $57.7 million.

Shares of Analogic sank $1.51, or 4 percent, to $35.75 in after-hours trading. During the regular session, the stock gained 7 cents to $37.26.