Business
Spectral reports second quarter results
Spectral reports second quarter results.
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 9 /CNW/ - Spectral Diagnostics Inc. ("Spectral") today\nreported a loss of $379,000 (1 cent per share) for the quarter ended June 30,\n2007 compared to net income of $4,751,000 (23 cents per share) for the same\nperiod last year. The prior period earnings included a one time gain of\n$5,444,000 (27 cents per share) on the settlement of certain convertible notes\npayable.\n\n\nFor the six months ended June 30, 2007, the Company recorded a loss of\n$586,000 (2 cents per share), compared to net income of $5,138,000 (26 cents\nper share) last year. In addition to the aforementioned gain on settlement of\nconvertible notes payable, last year's six month net income also included a\ngain of $2,385,000 (12 cents per share) on the sale of the Company's rapid\ncardiac business in the first quarter. Excluding these two unusual gains, the\nsix month operating loss for the prior year was $2,691,000 (13 cents per\nshare). On the same comparative basis, the loss from operations was reduced by\n11 cents per share in the first half of 2007.\n\n\nSales of $738 in the second quarter were consistent with sales levels for\nthe same period last year. Sales for the six months ended June 30, 2007 were\n$1,579,000 compared to $1,754,000 in the same prior year period. Prior year's\nsales included $252,000 of rapid cardiac test revenues related to the business\nthat was sold effective February 6, 2006.\n\n\n"Product sales remained relatively consistent in the second quarter and\nwe maintained our low cost operating structure," stated Mr. Anthony Businskas,\nExecutive Vice President and CFO of Spectral. "The commercial contracts that\nwere concluded for our EAA(TM) and RapidWN(TM) products are substantial and\nprovide a solid foundation for future sales growth", added Mr. Businskas.\n\n\nSpectral is a developer of innovative technologies for disease\nmanagement. Spectral provides accurate and timely information to clinicians\nenabling the early initiation of appropriate and targeted therapy. Current\nproducts include Spectral's FDA approved rapid diagnostic for sepsis (EAA(TM))\nand its FDA approved rapid diagnostic for West Nile Virus (RapidWN(TM)), as\nwell as a range of other biological reagents. Spectral's common shares are\nlisted on The Toronto Stock Exchange under the symbol SDI.\n\n\nInformation i...