Analogic provides financial update
Analogic (Peabody, Massachusetts), a manufacturer of high-precision health and security imaging equipment, provided an update on the status of its financial statements.
On Dec. 13, Analogic reported that, as a result of its review of customer transactions and revenue recognition procedures followed by its Camtronics Medical Systems (Hartland, Wisconsin) subsidiary, Analogic will revise its previously reported operating results for the fiscal year ended July 31, 2004, and that it must restate its financial statements on file with the SEC for each of the first three quarters of fiscal 2004.
Analogic reported that it will restate its financial statements for fiscal 2002 and 2003 and each of the interim periods within those years to reflect the appropriate accounting treatment for some of the Camtronics transactions that have been under review. Those restatements will primarily involve a deferral of Camtronics' revenues and associated costs from the fiscal period in which they were originally recorded to subsequent fiscal periods.
Analogic estimates that its revenues for fiscal 2002 will be $1.2 million lower than the $306.1 million originally reported, and that its revenues for fiscal 2003 will be $0.2 million higher than the $471.5 million originally reported.
The company said it would issue another news release describing complete results of operations for certain periods. The restatements are required due to the incorrect application of software revenue recognition procedures with respect to certain Camtronics transactions.