On Sept. 26, health and security imaging expert Analogic (NASDAQ:ALOG) released full-year earnings for the fiscal 2006 period ended July 31.
- Net profits seem stable enough, but rest on selling off parts of the business. In 2005, the company sold a stake in Cedara Software worth $43.8 million to produce its tidy income, and this year $20.2 million of net gain were derived from the sale of the Camtronics business unit to Emageon.
- The original investment in Cedara back in 2001 was a mere $7.5 million -- not a bad return on that investment.
- Given that Analogic keeps simplifying its operations, you might expect margin improvements as operations tighten up a bit. That has not happened here, and the core business is operating at a net loss today.
(Figures in thousands, except per-share data)
Income Statement Highlights
|
Avg. Est. |
FY 2006 |
FY 2005 |
Change | |
|---|---|---|---|---|
|
Sales |
$346,230 |
$351,445.0 |
$326,479.0 |
7.6% |
|
Net Profit |
-- |
$25,066.0 |
$28,862.0 |
(13.2%) |
|
EPS |
$1.06 |
$1.81 |
$2.12 |
(14.6%) |
|
Diluted Shares |
13853.0 |
13619.0 |
1.7% |
Get back to basics with a look at the income statement.
Margin Checkup
|
FY 2006 |
FY 2005 |
Change* | |
|---|---|---|---|
|
Gross Margin |
34.47% |
37.79% |
(3.32) |
|
Operating Margin |
(1.49%) |
0.37% |
(1.86) |
|
Net Margin |
7.13% |
8.84% |
(1.71) |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
|
Assets |
FY 2006 |
FY 2005 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$258,237.0 |
$220,454.0 |
17.1% |
|
Accounts Rec. |
$52,112.0 |
$50,978.0 |
2.2% |
|
Inventory |
$58,943.0 |
$64,290.0 |
(8.3%) |
|
Liabilities |
FY 2006 |
FY 2005 |
Change |
|---|---|---|---|
|
Accounts Payable |
$16,898.0 |
$20,359.0 |
(17%) |
|
Long-Term Debt |
$0.0 |
$0.0 |
N/A |
Learn the ways of the balance sheet.
Cash Flow Highlights
No cash flow statement provided. Boo! Hiss!
Find out why Fools always follow the money.
Competitors:
- Hologic (NASDAQ:HOLX)
- CSP Inc. (NASDAQ:CSPI)
- Merge Technologies (NASDAQ:MRGE)
- Curtiss-Wright (NYSE:CW)
- Emageon (NASDAQ:EMAG)
- TransTechnology (AMEX:BZC)
Related Foolishness:
- Foolish Fundamentals: Margins
- Foolish Fundamentals: The Income Statement
- Can you edge out Bill Gates? Analogic founder Bernard Gordon is trying.
Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.
At the time of publication, Fool contributor Anders Bylund had positions in none of these companies. Fool rules are here .
