Business
Spectral announces first quarter earnings
Spectral announces first quarter earnings.
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\n\nTORONTO, Aug. 10 /CNW/ - Spectral Diagnostics Inc. (TSX: SDI) today\nreported net income of $4.7 million (24 cents per share) for the first quarter\nended June 30, 2006 compared to a loss of $1.7 million (9 cents per share) for\nthe same period last year. First quarter results included a $5.4 million gain\non settlement of convertible notes payable pursuant to an agreement with\nformer security holders of IDX Inc. This quarter represents the first\nreporting period without sales of rapid cardiac tests, which business was sold\nlate in Fiscal 2006. Operating costs were down significantly from the previous\nyear, as the company restructured its operations.\n\"Revenues were on target for the first quarter and our operating cost\nstructure has now been fully aligned with projected revenues\", stated Anthony\nBusinskas, Executive Vice President and CFO of Spectral. \"Our royalty and\nreagent revenues remain consistent and we are very encouraged by early sales\nof our EAA(TM) assay in Europe. Revenues and profitability are expected to\nimprove as the year progresses\", Mr. Businskas added.\nSpectral is a developer of innovative technologies for rapid diagnostics.\nSpectral provides accurate and timely information to clinicians enabling the\nearly initiation of appropriate and targeted therapy. Current products include\nrapid diagnostics for sepsis (EAA(TM)) and West Nile Virus as well as a range\nof other biological reagents. Spectral's common shares are listed on The\nToronto Stock Exchange: SDI.\nInformation in this news release that is not current or historically\nfactual information may constitute forward-looking information within the\nmeaning of securities laws. Implicit in this information, the future outlook\nof Spectral and anticipated events or results are assumptions based on beliefs\nof Spectral's senior management as well as information currently available to\nit. While these assumptions were considered reasonable by Spectral at the time\nof preparation, they may prove to be incorrect. Readers are cautioned that\nactual results are subject to a number of risks and uncertainties, including\nthe availability of funds and resources to pursue R&D projects, the successful\nand timely completion of clinical studies, the ability of Spectral to take\nadvantage of business opportunities in the biomedical industry, th...