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ADAC Labs

This article was originally published in The Gray Sheet

Executive Summary

Restatement of FYs 1996-98 (ended Sept. 27, 28 and 29, respectively) financial results reflects a reduction of the acquired in-process R&D booked in conjunction with the acquisition of Cortet in FY 1997, as well as "a more stringent revenue recognition policy than...in the past," the nuclear medicine/radiology systems manufacturer announces March 1 in reporting first quarter FY 1999 results. For the three months ended Jan. 3, revenues were $94.3 mil., up 40% over restated earnings one year earlier., while net income rose 14.7% to $3.9 mil., including non-ordinary restructuring and auditing charges of $4.1 mil. On Feb. 24, the Federal Accounting Standards Board ruled that all acquired in-process R&D be recognized an asset and amortized over its useful life ("The Gray Sheet" March 1, In Brief)
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