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Imaging company reports 25% revenue increase in second quarter.
2003 NOV 6 - (NewsRx.com & NewsRx.net) -- Fischer Imaging Corp. (FIMG) reported revenue of $12.6 million for the quarter ended June 29, 2003, a 25% increase over revenue of $10.1 million for the second quarter of 2002.
Net loss for the 2003 second quarter was $1.5 million compared with net income of $18.5 million in the comparable 2002 period. Net loss per fully diluted share for the second-quarter 2003 was $.16 compared with net income of $1.85 per fully diluted share for the second quarter of 2002.
The 2003 second-quarter results include patent-litigation-settlement income of $0.9 million whereas the comparable quarter of 2002 results reflect income of $25.0 million from the same settlement. In addition, the 2003 second-quarter results reflect one-time consulting and restatement charges of $0.8 million, and the second quarter of 2002 results include inventory write-downs and other charges of $5.3 million.
For the 6 months ended June 29, 2003, the company reported revenue of $22.8 million, a 6% increase over revenue of $21.6 million for the comparable 2002 period. The company's operating loss for the 2003 period decreased to $4.5 million from $7.2 million in the comparable 2002 period. Net loss for the 2003 period was $3.5 million compared with net income of $17.6 million for the comparable 6-month period in 2002, which reflected the aforementioned patent-litigation settlement. Net loss per fully diluted share in the 2003 period was $.38 versus net income of $1.76 per fully diluted share for the 6-month period in 2002.
The company reported a 25% revenue increase for the second quarter of 2003 compared with revenue in the first quarter of 2003 of $10.2 million. Gross margin increased to 28.1% in the second quarter of 2003 compared with 23.1% in the first quarter of this year.
Operating loss increased in the second quarter of 2003 to $2.4 million from $2.1 million in the first quarter of this year, due largely to the aforementioned one-time consulting and restatement charges of $0.8 million. Net loss for the second quarter ...
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