Advanced Technology Laboratories
This article was originally published in The Gray Sheet
Executive Summary
Preliminary second quarter results put revenues at $75 mil., down from $77 mil. in the year-ago quarter and "below management expectations," the firm says in a July 13 press release. Sales suffered from "the uncertain impact of U.S. health care reform legislation." ATL expects to report a loss of $1.5 mil. to $2 mil. due to the revenue shortfall, higher R&D costs, and expenses associated with the introduction of the Extended Signal Processing upgrade for the Ultramark 9 ultrasound system with High Definition Imaging ("The Gray Sheet" April 26, I&W-2). For the second quarter of 1992, the firm recorded a loss of $2.1 mil.; the loss included $5 mil. in nonrecurring charges related to the division of Westmark International into two companies: ATL and SpaceLabs Medical. The firm also reports that as of the close of the second quarter, it has repurchased 469,000 shares of stock under a 1 mil. share repurchase program, bringing outstanding shares to 10.8 mil....