Business
Spectral Announces Financial Results
Spectral Announces Financial Results.
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\nTORONTO, March 8 /CNW/ - Spectral today reported net income of\n$3.7 million, $0.16 per share, for the nine months ended December 31, 2006\ncompared to a loss of $4.6 million, $0.23 per share, for the year ended\nMarch 31, 2006. The significant earnings improvement is attributable to the\nCompany's restructured operations pursuant to the sale of its unprofitable\nrapid cardiac test business in February, 2006 and a substantial gain on\nsettlement of certain long-term debt obligations. Revenues for the nine month\nperiod ended December 31, 2006 amounted to $2,169, reflecting the fact that\nmany of the new EAA(TM) instruments were placed in the last half of the fiscal\nperiod and target test utilization levels had not yet been achieved. The\nCompany changed its fiscal year end to December 31 (previously March 31) to\nmore closely align its business cycle with that of its major customers and\nsuppliers.\n\n\n"During the last nine months the Company has completely realigned its\noperations to focus on the commercialization of its core EAA(TM) and\nRapidWN(TM) products," stated Mr. Anthony Businskas, Executive Vice President\nand CFO of Spectral. "We have laid the foundation for revenue growth next year\nthrough some significant commercial arrangements concluded in 2006 and we\nanticipate gradual improvement in operating results as the year progresses,"\nadded Mr. Businskas.\n\n\nSpectral is a developer of innovative technologies for comprehensive\ndisease management. Spectral provides accurate and timely information to\nclinicians enabling the early initiation of appropriate and targeted therapy.\nCurrent products include Spectral's FDA approved rapid diagnostic for West\nNile Virus (RapidWN(TM)) and its FDA approved rapid diagnostic for sepsis\n(EAA(TM)) as well as a range of other biological reagents. Spectral's common\nshares are listed on The Toronto Stock Exchange under the symbol SDI.\n\n\nInformation in this news release that is not current or historical\nfactual information may constitute forward-looking information within the\nmeaning of securities laws. Implicit in this information, particularly in\nrespect of the future outlook of Spectral and anticipated events or results,\nare assumptions based on beliefs of Spectral's senior management as well as\ninformation currently available to it. While ...