Angeion Corporation Reports Fiscal 2010 Third-
Quarter Results (Quarter Ended July 31, 2010)
l Third-quarter revenue of $7.1 million increases 14.3% from third quarter of FY2009
l International revenue rises to 23.4% of total sales from 20.8% in previous year’s third quarter
l Third-quarter gross margin of 57.8% up sequentially from second-quarter rate of 52.0%
l Profitable third quarter improved by $299,000 versus prior year third quarter
l Balance sheet remains strong with $10.7 million in cash and investments with no debt
August 25, 2010 04:03 PM Eastern Daylight Time
ST. PAUL, Minn.--(EON: Enhanced Online News)--Angeion Corporation (NASDAQ: ANGN) today reported
results for its fiscal third quarter ended July 31, 2010.
For the 2010 third quarter, Angeion posted a net profit of $126,000, or $0.03 per diluted share, on revenues of
$7.1 million. Compared to the prior-year third quarter, which generated a net loss of ($173,000), or ($0.04) per
diluted share, current-year earnings increased $299,000, or $0.07 per diluted share, due to $727,000 in improved
gross margin partially offset by a $423,000 increase in operating expenses, which included $245,000 of one-time
charges related to the previously disclosed financial executive transition.
Gross margins rose as a result of:
l Increased manufacturing efficiencies from increased sales volume and right sizing activities earlier in the year;
l Higher margins on a successful MedGraphics CertifiedTM sales campaign promoted in the quarter; and
l Reduced provisions for obsolete inventories required due to improved materials management.
Operating expenses rose $423,000, with a $279,000 increase in selling and marketing, and a $163,000 increase in
general and administrative. This was partially offset by a $77,000 reduction in amortization expense. The higher
selling and marketing expense included key staffing additions early in the year and promotional activities surrounding
new product launch initiatives, as well as sales com