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Analogic Corp. (ALOG) filed Quarterly Report for the period ended 2011-10-31.
Analogic Corp. has a market cap of $688.3 million; its shares were traded at around $54.91 with a P/E ratio of 30.4 and P/S ratio of 1.5. The dividend yield of Analogic Corp. stocks is 0.7%. Analogic Corp. had an annual average earning growth of 60.5% over the past 5 years.
This is the annual revenues and earnings per share of ALOG over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ALOG.
Highlight of Business Operations:
During the three months ended October 31, 2011, we generated $2,803 of cash from operating activities of continuing operations as compared to $457 in the prior year comparable period. The increase was due primarily to an increase in sales volume in the three months ended October 31, 2011 as compared to the prior year comparable period. Net cash used for investing activities in the three months ended October 31, 2011 was due primarily to capital spending of $6,815, which includes the construction of a manufacturing facility in Shanghai, China. Prior year cash provided by investing activities benefited from the proceeds from the sale of our hotel business of $10,467. The net cash used by financing activities in the three months ended October 31, 2011 primarily reflected $11,808 used to repurchase common stock.For the three months ended October 31, 2011, product revenue increased from the prior year due primarily to increased sales volume of our Flex Focus products, with notable growth of over 20% in the US market over the same period in the prior year. Also contributing to the increase was the acquisition of an OEM ultrasound transducer and probe business in the second quarter of fiscal year 2011, as well as a favorable change in the currency exchange rates, which positively impacted revenues by approximately $500.
Selling and marketing expenses increased $857 in the three months ended October 31, 2011 versus the prior year comparable period due primarily to an increase in selling resources in the Ultrasound business as we expand our sales force and product offerings in existing and adjacent markets. Also contributing to the increase was severance costs of approximately $400 for employees terminated in connection with certain distributor transactions involving B-K Medical.
The increase in income from continuing operations and diluted net income per share from continuing operations for the three months ended October 31, 2011 versus the prior year comparable period was due primarily to increased gross profit from an increase in sales volume and a decrease in restructuring charges, partially offset by lower levels of customer funded research and development activity during the three months ended October 31, 2011 as compared to the prior year comparable period and employee severance costs of approximately $400 and inquiry-related costs of $997 related to a distributor matter at B-K Medical.
The cash flows generated from operating activities of our continuing operations in the three months ended October 31, 2011 primarily reflects our pre-tax earnings from continuing operations of $5,895, which included depreciation and amortization expenses of $4,794, and non-cash share-based compensation expense of $2,251. The positive impact of our operating earnings on cash flows, was partially offset by increases in inventories of $4,316, as well as decreases in accrued liabilities and accounts payable of $7,190 and $2,022, respectively, which were net of a decrease in accounts receivable of $3,211. The increase in inventories was due primarily to demand related inventory purchases. The decrease in accrued liabilities was due primarily to the payment of bonuses and severance. The decrease in accounts receivable was due primarily to a decrease in unbilled receivables of $427 on engineering projects due to the timing of completing milestones and lower sales volumes in the first quarter of fiscal year 2012 as compared to the fourth quarter of fiscal year 2011. The decrease in accounts payable was due primarily to the timing of vendor payments.
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