Angeion Corp. (ANGN, Financial) filed Quarterly Report for the period ended 2012-04-30.
Angeion Corp has a market cap of $21.5 million; its shares were traded at around $5.9 with and P/S ratio of 0.7.
Total revenue for the three months ended April 30, 2012, was $6.3 million compared to $6.8 million in the same period in 2011. This 7.4% decrease resulted from the Companys accommodation of requested short-term delays in customer order deliveries near quarter end. This delayed revenue added approximately $700,000 to order backlog compared to April 30, 2011 levels and resulted from new customer facility-related delays, customer IT-related delays, and group purchasing organization contingencies. The Company expects to ship these orders and recognize substantially all the related revenue in the second half of fiscal 2012. These delays were the primary reason for the 5.1% decrease in domestic revenue during the three months ended April 30, 2012. International revenue decreased by 18.3% from prior year period levels primarily reflecting weaker performance in Canada and the Far East regions.
During the second quarter, equipment, supplies and accessories sales totaled $5.1 million, a decrease of 12.1% compared to $5.8 million during last years period. Service revenue increased 16% to $1.1 million, versus $987,000 in last years second quarter. Recurring revenue, comprised of supplies and service revenues, increased by 10.8% to $3.2 million and accounted for 51.5% of total revenues.
Selling and marketing expense decreased 6.8% to $1,937,000 for the three months ended April 30, 2012 from $2,079,000 for the comparable period of 2011. The $142,000 decrease in selling and marketing expense is primarily due to reduced sales commissions and marketing-related expenses totaling $155,000. The Company also reduced its management incentive accrual totaling $55,000 during the three-month period ending April 30, 2012. Offsetting these decreases, adjustments to selling and marketing personnel resulted in non-recurring expenses of $192,000 but resulted in savings within the quarter of $141,000. Additionally, group purchasing organization fees increased by $54,000 compared to the prior year period.
Selling and marketing expense decreased 2.9% to $4,008,000 for the six months ended April 30, 2012 from $4,126,000 for the comparable period of 2011. The $118,000 decrease in selling and marketing expense during the first half of fiscal 2012 is primarily from decreases in sales commissions and marketing-related expenses totaling $209,000. The Company also incurred reduced management incentive accruals of $88,000 during the first half of fiscal 2012. Offsetting these decreases, adjustments to selling and marketing personnel required non-recurring expense charges of $192,000, which with other first quarter personal savings, gave rise to personnel savings within the six months of $163,000. Additionally, group purchasing organization fees increased by $96,000 compared to the prior year period.
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Angeion Corp has a market cap of $21.5 million; its shares were traded at around $5.9 with and P/S ratio of 0.7.
Highlight of Business Operations:
Total revenues for the fiscal second quarter of 2012 were $6.3 million, compared to $6.8 million in 2011. Operating expenses for the fiscal second quarter of 2012 were $3.8 million, a decrease of 3.5% from the same period in 2011. Net loss for the three months ended April 30, 2012 was ($409,000), or ($0.11) per basic and diluted share, compared to a net loss of ($138,000), or ($0.04) per basic and diluted share, for the same period in 2011. Total revenues for the six months ended April 30, 2012 were $13.3 million compared to $13.9 million in 2011. Operating expenses for the six months ended April 30, 2012 were $8.1 million, a decrease of 2.6 % from $8.3 million in the same period in 2011. Net loss for the six months ended April 30, 2012 was ($658,000), or ($0.17) per basic and diluted share, compared to a net loss of ($462,000), or ($0.12) per basic and diluted share, for the same period in 2011.Total revenue for the three months ended April 30, 2012, was $6.3 million compared to $6.8 million in the same period in 2011. This 7.4% decrease resulted from the Companys accommodation of requested short-term delays in customer order deliveries near quarter end. This delayed revenue added approximately $700,000 to order backlog compared to April 30, 2011 levels and resulted from new customer facility-related delays, customer IT-related delays, and group purchasing organization contingencies. The Company expects to ship these orders and recognize substantially all the related revenue in the second half of fiscal 2012. These delays were the primary reason for the 5.1% decrease in domestic revenue during the three months ended April 30, 2012. International revenue decreased by 18.3% from prior year period levels primarily reflecting weaker performance in Canada and the Far East regions.
During the second quarter, equipment, supplies and accessories sales totaled $5.1 million, a decrease of 12.1% compared to $5.8 million during last years period. Service revenue increased 16% to $1.1 million, versus $987,000 in last years second quarter. Recurring revenue, comprised of supplies and service revenues, increased by 10.8% to $3.2 million and accounted for 51.5% of total revenues.
Selling and marketing expense decreased 6.8% to $1,937,000 for the three months ended April 30, 2012 from $2,079,000 for the comparable period of 2011. The $142,000 decrease in selling and marketing expense is primarily due to reduced sales commissions and marketing-related expenses totaling $155,000. The Company also reduced its management incentive accrual totaling $55,000 during the three-month period ending April 30, 2012. Offsetting these decreases, adjustments to selling and marketing personnel resulted in non-recurring expenses of $192,000 but resulted in savings within the quarter of $141,000. Additionally, group purchasing organization fees increased by $54,000 compared to the prior year period.
Selling and marketing expense decreased 2.9% to $4,008,000 for the six months ended April 30, 2012 from $4,126,000 for the comparable period of 2011. The $118,000 decrease in selling and marketing expense during the first half of fiscal 2012 is primarily from decreases in sales commissions and marketing-related expenses totaling $209,000. The Company also incurred reduced management incentive accruals of $88,000 during the first half of fiscal 2012. Offsetting these decreases, adjustments to selling and marketing personnel required non-recurring expense charges of $192,000, which with other first quarter personal savings, gave rise to personnel savings within the six months of $163,000. Additionally, group purchasing organization fees increased by $96,000 compared to the prior year period.
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