Analogic Announces Financial Results for the Fourth Quarter and Fiscal Year Ended July 31, 2012 and Declares Quarterly Cash Dividend
Strong Q4 Performance With 12% Revenue Growth and 15% Non-GAAP Operating Margin; Fiscal 2012 Reached 9% Revenue Growth With 12% Non-GAAP Operating Margin
PEABODY, Mass., Sept. 13, 2012 (GLOBE NEWSWIRE) -- Analogic Corporation (Nasdaq:ALOG), enabling the world's medical imaging and aviation security technology, today announced results for its fourth quarter and fiscal year ended July 31, 2012.
Highlights for the fourth quarter (comparisons are against Q4 of fiscal 2011) included:
- Revenue of $151.0 million, up 12%
- GAAP operating margin of 11%, up 6 points
- Non-GAAP operating margin of 15%, up 5 points
- GAAP diluted EPS of $0.96, up 113%
- Non-GAAP diluted EPS of $1.32, up 59%
- Positive operating cash flow of $14.4 million
Highlights for fiscal year 2012 included:
- Revenue of $516.6 million, up 9% from fiscal 2011
- GAAP operating margin of 8%, up 4 points
- Non-GAAP operating margin of 12%, up 4 points
- GAAP diluted EPS of $3.42, up 141%
- Non-GAAP diluted EPS of $3.60, up 53%
- Positive operating cash flows of $73.7 million, including tax refund
Revenue for the fourth quarter of fiscal 2012 was $151.0 million, an increase of 12% compared with revenue of $135.3 million in the fourth quarter of fiscal 2011. GAAP net income for the fourth quarter of fiscal 2012 was $12.1 million, or $0.96 per diluted share, compared with net income of $5.6 million, or $0.45 per diluted share, in the fourth quarter of fiscal 2011.
Non-GAAP net income for the fourth quarter was $16.6 million, or $1.32 per diluted share, compared with $10.3 million, or $0.83 per diluted share, from the fourth quarter of fiscal 2011. A reconciliation of GAAP to non-GAAP results is included as an attachment to this press release.
For fiscal 2012, revenues totaled $516.6 million, compared with revenues of $473.6 million in fiscal 2011, up 9%. GAAP net income for fiscal 2012 totaled $43.1 million, or $3.42 per diluted share (includes $8.3 million, or $0.66 per share, net benefit from a tax refund), as compared with $17.8 million, or $1.42 per diluted share, for fiscal 2011. Non-GAAP net income for fiscal 2012 totaled $45.3 million, or $3.60 per diluted share, as compared with $29.5 million, or $2.35 per diluted share, for fiscal 2011.
Jim Green, president and CEO, commented, "We have outperformed our financial goals that we established three years ago, achieving 12% non-GAAP operating margin for the year on 9% revenue growth. In addition, our fourth quarter results were very strong as we grew revenue 12%, to over $151 million, and grew non-GAAP operating margin by 5 points to 15% as compared with last year in spite of the challenging economic environment. These improvements in our business are a result of our new innovative products, expanded direct sales force, and improved worldwide operational efficiencies."
Green added, "Continuing to improve on our fiscal 2012 baseline, for fiscal 2013 we expect another year of high single-digit organic revenue growth on continued improving non-GAAP operating margin."
Segment Revenue
Revenue from our Medical Imaging segment was $81.1 million for the fourth quarter of fiscal 2012, consistent with revenue of $81.4 million in the same period of fiscal 2011. For the full year, Medical Imaging revenue was $301.8 million, up 3% from fiscal 2011.
Our Ultrasound segment revenue was $41.6 million for the fourth quarter of fiscal 2012, up 20% from revenue of $34.7 million in the same period of fiscal 2011. For the full year, Ultrasound revenue was $151.2 million, up 17% from fiscal 2011.
Security Technology segment revenue was $28.3 million for the fourth quarter of fiscal 2012, up 47% from revenue of $19.2 million in the same period of fiscal 2011. For the full year, Security revenue was $63.6 million, up 24% from fiscal 2011.
Quarterly Cash Dividend
Analogic's Board of Directors, on September 11, 2012, declared a $0.10 cash dividend for each common share for its fourth fiscal quarter ended July 31, 2012. The cash dividend will be paid on October 9, 2012, to shareholders of record on September 27, 2012.
Use of Non-GAAP Financial Measures
This document includes non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measure to evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. An explanation and a reconciliation of our non-GAAP measures are provided at the end of this press release.
Forward-Looking Statements
Any statements about future expectations, plans, and prospects for the Company, including statements containing the words "believes," "anticipates," "plans," "expects," and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to product development and commercialization, limited demand for the Company's products, risks associated with competition, uncertainties associated with regulatory agency approvals, competitive pricing pressures, downturns in the economy, the risk of potential intellectual property litigation, and other factors discussed in our most recent quarterly report filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this presentation represent the Company's views as of the date of this document. While the Company anticipates that subsequent events and developments will cause the Company's views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's views as of any later date.
Conference Call
Analogic will conduct an investor conference call on Thursday, September 13, at 5:00 p.m. (ET) to discuss the fourth quarter and year-end results. To participate in the conference call, dial 1-866-823-6992, or 1-334-323-7225 for international callers, approximately ten minutes before the conference is scheduled to begin. Inform the operator that you wish to join the Analogic conference, passcode 42748. You will then be asked for your name, organization, and telephone number, and be connected to the conference. The earnings release and, just prior to the call, presentation materials related to the quarterly financial information will be posted on the Company's website at http://investor.analogic.com/ .
The call will also be available via webcast in listen-only mode. To listen to the webcast, visit investor.analogic.com approximately five to ten minutes before the conference is scheduled to begin. A telephone digital replay will be available approximately two hours after the call is completed through midnight (ET) October 13, 2012. To access the digital replay, dial 1-877-919-4059 or 1-334-323-7226 for international callers. The passcode is 57865380.
A replay of the conference call webcast will be archived on the Company's website at www.analogic.com approximately three hours after the call is completed and will be available through midnight (ET) October 13, 2012.
For more information on the conference call, visit www.analogic.com , call 978-326-4058, or email investorrelations@analogic.com
About Analogic
Analogic (Nasdaq:ALOG) provides leading-edge healthcare and security technology solutions to advance the practice of medicine and save lives. We are recognized around the world for advanced imaging systems and technology that enable computed tomography (CT), ultrasound, digital mammography, and magnetic resonance imaging (MRI), as well as automated threat detection for aviation security. Our CT, MRI, digital mammography, and ultrasound transducer products are sold to original equipment manufacturers (OEMs), providing state-of-the-art capability and enabling them to enter new markets and expand their existing market presence. Our market-leading BK Medical branded ultrasound systems, used in procedure-driven markets such as urology, surgery, and anesthesia, are sold to clinical end users through our direct sales force. For over 40 years we've enabled customers to thrive, improving the health and enhancing the safety of people around the world. Analogic is headquartered just north of Boston, Massachusetts. For more information, visit www.analogic.com .
