Angeion Corp. (ANGN, Financial) filed Quarterly Report for the period ended 2009-07-31.
Angeion Corporation through its subsidiary Medical Graphics Corporation designs manufactures and distributes non-invasive cardio-respiratory diagnostic systems and related software for the management and improvement of overall health and fitness. Medical Graphics has a worldwide reputation for its expertise in cardio-respiratory diagnostic systems. Its patented technology has been used extensively for more than 20 years to assist in fitness conditioning for professional amateur and Olympic athletes. Angeion Corp. has a market cap of $15.66 million; its shares were traded at around $3.8 with and P/S ratio of 0.52.
Total revenues for the nine months ended July 31, 2009 was $18.9 million, a decrease of 15.9% from $22.4 million in 2008. Operating expenses for the nine months ended July 31, 2009 were $11.0 million, a decrease of 11.3% from the same period in 2008. Net loss for the nine months ended July 31, 2009 was $1.0 million, or $0.25 per share, compared to a net loss of $789,000, or $0.19 per share, for the same period in 2008.
The $1.6 million, or 23.4%, decrease for the nine-month period ended July 31, 2009 is primarily due to a drop in payroll, benefits and other employee-related expenses of $1.0 million. During the first half of 2008, the Company implemented two RIFs to better manage operating expenses. The Company also paid a one-time termination fee of $63,000 to a distributor in the second quarter of 2008. As noted above, during the third quarter of 2008, the Company took a one-time charge to write off $123,000 of obsolete computer equipment and peripherals. In addition, commissions decreased by $264,000 as a result of lower revenues due to the challenging sales environment.
For the nine months ended July 31, 2009, audit and other professional fees decreased by $238,000 compared to the prior year. In addition, a one-time severance payment of $194,000 was made in the first quarter of 2008. This was partially offset by an increase in non-cash stock-based compensation expense of $132,000 due to restricted share grants and options issued August 28, 2008 and June 3, 2009 as well as an increase in consulting expenses of $110,000.
Research and development expenses for the three and nine months ended July 31, 2009 were $710,000 and $2.2 million, respectively, compared to $565,000 and $1.9 million, respectively, for the same periods in 2008.
The Company had cash and cash equivalents of $10.6 million and working capital of $15.2 million as of July 31, 2009. During the first three quarters of fiscal 2009, the Company reported a net loss of $1.0 million. However, cash flow from operating activities was $1.6 million, primarily due to the collections of accounts receivable for $1.4 million and the add-back of non-cash expenses totaling $1.4 million for depreciation, amortization and stock-based compensation expense.
Read the The complete Report
Angeion Corporation through its subsidiary Medical Graphics Corporation designs manufactures and distributes non-invasive cardio-respiratory diagnostic systems and related software for the management and improvement of overall health and fitness. Medical Graphics has a worldwide reputation for its expertise in cardio-respiratory diagnostic systems. Its patented technology has been used extensively for more than 20 years to assist in fitness conditioning for professional amateur and Olympic athletes. Angeion Corp. has a market cap of $15.66 million; its shares were traded at around $3.8 with and P/S ratio of 0.52.
Highlight of Business Operations:
Total revenue for the third quarter of 2009 was $6.2 million, a decrease of 18.0% from $7.6 million in 2008. Operating expense for the third quarter of 2009 was $3.6 million, a decrease of 3.0% from the same period in 2008. Net loss for the three months ended July 31, 2009 was $173,000, or $0.04 per share, compared to net earnings of $259,000, or $0.06 per diluted share, for the same period in 2008.Total revenues for the nine months ended July 31, 2009 was $18.9 million, a decrease of 15.9% from $22.4 million in 2008. Operating expenses for the nine months ended July 31, 2009 were $11.0 million, a decrease of 11.3% from the same period in 2008. Net loss for the nine months ended July 31, 2009 was $1.0 million, or $0.25 per share, compared to a net loss of $789,000, or $0.19 per share, for the same period in 2008.
The $1.6 million, or 23.4%, decrease for the nine-month period ended July 31, 2009 is primarily due to a drop in payroll, benefits and other employee-related expenses of $1.0 million. During the first half of 2008, the Company implemented two RIFs to better manage operating expenses. The Company also paid a one-time termination fee of $63,000 to a distributor in the second quarter of 2008. As noted above, during the third quarter of 2008, the Company took a one-time charge to write off $123,000 of obsolete computer equipment and peripherals. In addition, commissions decreased by $264,000 as a result of lower revenues due to the challenging sales environment.
For the nine months ended July 31, 2009, audit and other professional fees decreased by $238,000 compared to the prior year. In addition, a one-time severance payment of $194,000 was made in the first quarter of 2008. This was partially offset by an increase in non-cash stock-based compensation expense of $132,000 due to restricted share grants and options issued August 28, 2008 and June 3, 2009 as well as an increase in consulting expenses of $110,000.
Research and development expenses for the three and nine months ended July 31, 2009 were $710,000 and $2.2 million, respectively, compared to $565,000 and $1.9 million, respectively, for the same periods in 2008.
The Company had cash and cash equivalents of $10.6 million and working capital of $15.2 million as of July 31, 2009. During the first three quarters of fiscal 2009, the Company reported a net loss of $1.0 million. However, cash flow from operating activities was $1.6 million, primarily due to the collections of accounts receivable for $1.4 million and the add-back of non-cash expenses totaling $1.4 million for depreciation, amortization and stock-based compensation expense.
Read the The complete Report
