-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MD9lcc17C064irpvNfKSexvpmaPbOYQ0HLUTpRkQIPFW+qZOdaopmAbcdE9VNooR novG0MeF1FVM01cSJcCB2A== 0000006284-00-000004.txt : 20000317 0000006284-00-000004.hdr.sgml : 20000317 ACCESSION NUMBER: 0000006284-00-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000131 FILED AS OF DATE: 20000316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANALOGIC CORP CENTRAL INDEX KEY: 0000006284 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 042454372 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-06715 FILM NUMBER: 571758 BUSINESS ADDRESS: STREET 1: 8 CENTENNIAL DR CITY: PEABODY STATE: MA ZIP: 01960 BUSINESS PHONE: 5089773000 10-Q 1 FORM 10Q ENDING 01/31/00 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2000 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from To Commission file number 0-6715 ANALOGIC CORPORATION (Exact name of registrant as specified in its charter) Massachusetts 04-2454372 State or other jurisdiction (I.R.S. Employer of incorporation or organization Identification No.) 8 Centennial Drive, Peabody, Massachusetts 01960 (Address of principal executive offices) (Zip Code) (978) 977-3000 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No The number of shares of Common Stock outstanding as of February 29, 2000 was 12,835,041 2 ANALOGIC CORPORATION INDEX Page No Part 1. Financial Information Item 1. Financial Statements Condensed Consolidated Balance Sheets as of January 31, 2000 (unaudited) and July 31, 1999 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended January 31, 2000 and 1999 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended January 31, 2000 and 1999 5 Notes to unaudited Condensed Consolidated Financial Statements 6-9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 10-13 Part 2. Other Information Item 6. Exhibits and Reports on form 8-K 14 Signatures 15 ANALOGIC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
January 31, July 31, 2000 1999(Note 1) ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 25,077 $ 30,017 Marketable securities, at market 91,381 94,185 Accounts and notes receivable, (less allowance for doubtful accounts of $1,394 in 2000 and $1,123 in 1999) 49,371 56,400 Inventories (Note 2) 63,122 52,423 Prepaid expenses and other current assets 12,204 7,445 current assets Total current assets 241,155 240,470 Property, plant and equipment,net 64,033 63,514 Investments in and advances to affiliated companies 6,539 5,572 Capitalized software 4,215 4,174 Other assets 2,058 1,283 TOTAL ASSETS 318,000 315,013 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Mortgage and other notes payable 359 356 Obligations under capital leases 673 633 Accounts payable, trade 15,581 14,526 Accrued employee compensation and benefits 10,203 10,349 Accrued expenses 8,843 8,666 Accrued income taxes --- 68 Accrued dividends payable (Note 3) 898 --- Total current liabilities 36,557 34,598 Long-term debt: Mortgage and other notes payable 5,372 5,626 Obligations under capital leases 742 1,088 Deferred income taxes 1,542 1,497 Excess of acquired net assets over cost, net 160 217 Minority interest in subsidiary 4,246 4,586 Stockholders' equity: Common stock, $.05 par value 699 694 Capital in excess of par value 27,428 24,718 Retained earnings 259,334 257,417 Accumulated other comprehensive income (2,472) (1,023) Treasury stock, at cost (12,207) (13,100) Unearned compensation (3,401) (1,305) Total stockholders' equity 269,381 267,401 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 318,000 $ 315,013
See the accompanying notes to unaudited condensed consolidated financial statements. 4 ANALOGIC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data)
Three Months Ended Six Months Ended January 31, January 31, 2000 1999 2000 1999 Revenues: Product and service $57,488 $65,167 $111,853 $123,006 Engineering and licensing 5,056 3,613 10,451 7,201 Other operating revenue 2,471 2,412 6,424 6,032 Interest and dividend income 1,458 1,497 3,183 3,616 Total revenues 66,473 72,689 131,911 139,855 Costs of sales and expenses: Cost of sales: Product and service 35,974 37,414 70,220 71,314 Engineering and licensing 4,862 3,370 8,736 6,391 Other operating expenses 1,306 1,338 2,988 2,973 General and administrative 6,153 5,343 11,333 10,402 Selling 6,374 6,617 12,287 12,884 Research and product development 9,325 9,977 18,936 18,970 Interest expense 81 90 168 205 (Gain)Loss on foreign exchange (126) 65 9 149 Amortization of excess of acquired net assets over cost (28) (28) (56) (56) Total cost of sales and expenses 63,921 64,186 124,621 123,232 Income from operations 2,552 8,503 7,290 16,623 Equity in net loss of unconsolidated affiliates (760) (1,128) (1,809) (2,216) Income before income taxes and minority interest 1,792 7,375 5,481 14,407 Provision for income taxes 556 1,559 1,700 3,739 (Note 4) Minority interest in net income of consolidated subsidiary 48 251 75 346 Net income $ 1,188 5,565 3,706 10,322 Earnings per common share (Note 6): Basic $ 0.09 $ 0.44 $ 0.29 $ 0.82 Diluted $ 0.09 $ 0.44 $ 0.29 $ 0.81 Dividends declared per common share $ 0.07 $ 0.07 $ 0.14 $ 0.13
See the accompanying notes to unaudited condensed consolidated financial statements. 5 ANALOGIC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
Six Months Ended January 31, 2000 1999 OPERATING ACTIVITIES: Net Income $ 3,706 $ 10,322 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income taxes (1,058) 302 Depreciation 5,953 4,849 Amortization of capitalized software 903 1,004 Amortization of excess of acquired net assets over cost (56) (56) Minority interest in net income of 75 346 consolidated subsidiaries Compensation from stock grants 245 302 Gain on sale of equipment (6) (23) Excess of equity in losses of unconsolidated affiliates 1,809 2,216 Changes in operating assets and liabilities Decrease (increase) in assets: Accounts and notes receivable 7,029 (1,653) Inventories (10,699) 94 Prepaid expenses and other current assets 137 141 Other assets (264) (106) Increase (decrease) in liabilities: Accounts payable, trade 1,055 2,142 Accrued expenses and other current liabilities (41) (3,349) Accrued income taxes (3,512) 691 NET CASH PROVIDED BY OPERATING ACTIVITIES: 5,276 17,222 INVESTING ACTIVITIES: Investments in and advances to affiliated companies (2,750) (2,700) Additions to property, plant and equipment (6,475) (6,560) Capitalized software (1,381) (934) Purchases of marketable securities (7,805) (3,730) Maturities of marketable securities 8,885 1,745 Proceeds from sale of property, plant and equipment 9 39 NET CASH USED BY INVESTING ACTIVITIES (9,517) (12,140) FINANCING ACTIVITIES: Payments on debt and capital lease obligations (558) (3,121) Issuance of common stock pursuant to stock options and employee stock purchase plan 924 540 Dividends paid to shareholders (Note 3) (891) (759) NET CASH USED BY FINANCING ACTIVITIES (525) (3,340) EFFECT OF EXCHANGE RATE CHANGES ON CASH (174) 702 NET(DECREASE) INCREASE IN CASH & CASH EQUIVALENTS (4,940) 2,444 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 30,017 27,644 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 25,077 $ 30,088
See the accompanying notes to unaudited condensed consolidated financial statements. 6 ANALOGIC CORPORATION NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to fairly present Analogic Corporation's financial position as of January 31, 2000 and July 31, 1999, the results of its operations for the three and six months ended January 31, 2000 and 1999 and statements of cash flows for the six months then ended. The results of the operations for the three and six months ended January 31, 2000 are not necessarily indicative of the results to be expected for the fiscal year ending July 31, 2000. The accounting policies followed by the Company are set forth in Note 1 to the Company's financial statements in its Annual Report on Form 10-K for the fiscal year ended July 31, 1999. The financial statements, with the exception of the July 31, 1999 balance sheet, are unaudited and have not been examined by independent certified public accountants. The consolidated balance sheet as of July 31, 1999 contains data derived from the audited financial statements, included in our annual report on form 10K. 2. Inventories The components of inventory are estimated as follows:
January 31, July 31, 1999 2000 Raw Materials $ 26,580,000 $ 20,918,000 Work-in-process 24,717,000 20,621,000 Finished goods 11,825,000 10,884,000 $ 63,122,000 $ 52,423,000
3. Dividends The Company declared a dividend of $.07 per Common Share on January 28, 2000, payable on February 25, 2000 to shareholders of record on February 11, 2000 and $.07 per common share on October 7, 1999, payable on November 4, 1999 to shareholders of record on October 21, 1999. 4. Provision for Income Taxes The effective tax rate for the six months of fiscal 2000 and fiscal 1999 was 31% versus 26%. The effective tax rate for the six months of fiscal 1999 was lower due to a reversal of an overaccrual of prior years tax provision. 7 ANALOGIC CORPORATION NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) 5. Comprehensive Income The following table presents the calculation of comprehensive income and its components for the three and six months ended January 31, 2000 and 1999:
Three Months Ended Six Months Ended January 31, January 31, 2000 1999 2000 1999 Net income $1,188,000 $5,565,000 $3,706,000 $10,322,000 Other comprehensive (loss) income: Unrealized holding gains and losses, net of taxes of $245,000 and $61,000 for the three months ended January 31,2000 and 1999, and $534,000 and $341,000 for the six months ended January 31,2000 and 1999. (545,000) 230,000 (1,189,000) 852,000 Foreign currency translation adjustment, net of taxes of $268,000 and $129,000 for the three months ended January 31, 2000 and 1999, and $259,000 and $278,000 for the six months ended Janaury 31, 2000 and 1999. (598,000) (482,000) (578,000) 424,000 Total comprehensive income $ 45,000 $5,313,000 $1,939,000 $11,598,000
8 ANALOGIC CORPORATION NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) 6. Net income per share The following table indicates the number of shares utilized in the earnings per share calculations for the three and six months ending January 31, 2000 and 1999, respectively.
Three Months Ended Six Months Ended January 31, January 31, 2000 1999 2000 1999 Net income $ 1,188,000 $ 5,565,000 $ 3,706,000 $ 10,322,000 Basic: Weighted average number of common shares outstanding 12,811,208 12,676,258 12,771,893 12,665,183 Net income per share$ 0.09 $ 0.44 $ 0.29 $ 0.82 Diluted: Weighted average number of common shares outstanding 12,811,208 12,676,258 12,771,893 12,665,183 Dilutive effect of stock options 33,106 114,969 46,385 118,956 Weighted average number of common shares outstanding 12,844,314 12,791,227 12,818,278 12,784,139 Net income per share$ 0.09 $ 0.44 $ 0.29 $ 0.81
9 ANALOGIC CORPORATION NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) 7. Segment information: Statement of Financial Accounting Standards No. 131 "Disclosures about Segments of an Enterprise and Selected Information" requires reporting of segment information that is consistent with the way in which management operates the Company. The Company's operations are primarily within a single segment within the electronics industry (Medical Technology Products): the design, manufacture and sale of high-technology, high- performance, high-precision, data acquisition, conversion (analog/digital) and signal processing instruments and systems. The Corporate and Other segment represents the Company's Hotel operation, interest and dividend income and other Company operations which do not meet the materiality requirements of the statement and thus are not required to be separately disclosed. The table below presents information about the Company's reportable segments for the three and six months ended January 31, 2000 and 1999.
Three Months Ended Six Months Ended January 31, January 31, 2000 1999 2000 1999 Revenues: Medical Technology Products $59,845,000 $65,388,000 $116,976,000 $124,873,000 Corporate and Other 6,628,000 7,301,000 14,935,000 14,982,000 Total revenues $66,473,000 $72,689,000 $131,911,000 $139,855,000 Income before income taxes and minority interest: Medical Technology Products $ 986,000 $ 6,115,000 $ 2,757,000 $ 11,219,000 Corporate and Other 806,000 1,260,000 2,724,000 3,188,000 Total income before income taxes and minority interest $ 1,792,000 $ 7,375,000 $ 5,481,000 $ 14,407,000 Identifiable assets: Medical Technology $191,818,000 $189,734,000 $191,818,000 $189,734,000 Products Corporate and Other 126,182,000 122,232,000 126,182,000 122,232,000 Total identifiable assets $318,000,000 $311,966,000 $318,000,000 $319,966,000
10 ANALOGIC CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL CONDITION The Company's balance sheet reflects a current ratio of 6.6 to 1 at January 31, 2000 compared to 7.0 to 1 at July 31, 1999. Cash, cash equivalents and marketable securities, along with accounts and notes receivable, constitute approximately 70% of current assets at January 31, 2000 compared with 75% at July 31, 1999. Liquidity is sustained principally through funds provided from operations, with short-term time deposits and marketable securities available to provide additional sources of cash. The Company places its cash investments in high credit quality financial instruments and, by policy, limits the amount of credit exposure to any one financial institution. Management does not anticipate any difficulties in financing operations at anticipated levels. The Company's debt to equity ratio was 0.18 to 1 at January 31, 2000 and July 31, 1999. Inventory increased $10,699,000 during the six months ended January 31, 2000. Due to concerns about potential problems relating to implementation of the Company's new Enterprise Resource Planning system, inventory was purchased in advance to ensure delivery would be made to the Company's customers during the implementation period. Accounts and notes receivable decreased $7,029,000 during the six months ended January 31, 2000. The reduction was due to $2,300,000 received from the City of Peabody from real estate tax abatements and the balance from normal operating activities. Prepaid expenses and other current assets increased $4,759,000 during the six months ended January 31, 2000, primarily due to federal and state estimated tax payments made by the Company. Capital expenditures totaled approximately $6,475,000 during the six months ended January 31, 2000. RESULTS OF OPERATIONS Six Months Fiscal 2000 (01/31/00) vs. Six Months Fiscal 1999 (01/31/99) Product, service, engineering and licensing revenues for the six months ended January 31, 2000 were $122,304,000 as compared to $130,207,000 for the same period last year, a decrease of 6%. The decrease of $7,903,000 was due to a shortfall in sales of Medical Technology Products of $7,783,000 (primarily due to reduced sales of Cardiology Diagnostic Imaging Products), a decrease in Signal Processing Technology Products of $2,764,000 (primarily due to lower demand of data acquisition systems), offset by an increase in Industrial Technology Products of $2,644,000 (primarily due to continued higher demand of the Company's high frequency Automatic Test Equipment (ATE) boards). Other operating revenue of $6,424,000 and $6,032,000 represents revenue form the Hotel operation for the six months ending January 31, 2000 and 1999, respectively. Interest and dividend income decreased $433,000, primarily due to interest earned from the City of Peabody on real estate tax abatement recorded in the second quarter of fiscal 1999 of $652,000 versus $254,000 recorded in the six months of fiscal 2000. 11 ANALOGIC CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The percentage of total cost of sales to total net sales for the six months of fiscal 2000 and fiscal 1999 was 65% and 60%, respectively. The increase was primarily due to lower volume of Medical Technology and Signal Processing Products, reduction in selling prices, and higher manufacturing costs. Operating costs associated with the Hotel during the six months of fiscal 2000 and 1999 were $2,988,000 and $2,973,000, respectively. General and administrative expenses increased $931,000 for the six months ended January 31, 2000 versus the six months ended January 31, 1999. The increase was due primarily to additional expenses associated with our Canadian subsidiary ANRAD, acquired in June 1999, an increase in bad debt provision, partially offset by decreased staffing in our Danish subsidiary, B-K Medical. Selling expenses decreased $597,000 in the first six months of fiscal 2000 compared with the same period last year, primarily due to reduced staffing in our Danish subsidiary, B-K Medical. Computer software costs of $1,381,000 and $934,000 were capitalized in the first six months of fiscal 2000 and 1999, respectively. Amortization of capitalized software amounted to $903,000 and $1,004,000 in the first six months of fiscal 2000 and 1999, respectively. The Company's share of losses of unconsolidated affiliates amounted to $1,809,000 and $2,216,000 during the first six months of fiscal 2000 and 1999, respectively. During the first six months of fiscal 1999, the Company's investment in Analogic Scientific was decreased by $180,000, reflecting the Company's share of losses. There was no adjustment required during the six months of fiscal 2000. The effective tax rate for the six months of fiscal 2000 and fiscal 1999 was 31% versus 26%. The effective tax rate for the six months of fiscal 1999 was lower due to a reversal of an overaccrual of prior years tax provision. Net income for the first six months ended January 31, 2000 was $3,706,000 or $.29 per basic and diluted earnings per share as compared with $10,322,000 or $.82 basic earnings per share and $.81 diluted earnings per share for the same period last year. The decrease was primarily related to decreased sales of the Medical Technology and Signal Processing Technology Products, reduction in selling prices, and increased costs. 12 ANALOGIC CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Second Quarter Fiscal 2000 (01/31/00) vs Second Quarter Fiscal 1999 (01/31/99). Product, service, engineering and licensing revenues for the three months ended January 31, 2000 were $62,544,000 as compared to $68,780,000 for the same period last year, a decrease of 9%. The decrease of $6,236,000 was due a decline in sales of Medical Technology Products of $5,726,000 (primarily due to sales of Cardiology Diagnostic Imaging Products), a decrease in Signal Processing Technology Products of $1,872,000 (primarily due to lower demand of data acquisition systems), offset by an increase in Industrial Technology Products of $1,362,000 primarily due to higher demand of the Company's high frequency ATE boards). Other operating revenue of $2,471,000 and $2,412,000 represents revenue from the Hotel operation for the three months ending January 31, 2000 and 1999, respectively. The percentage of total cost of sales to total net sales for the second quarter of fiscal 2000 and fiscal 1999 were 65% and 59%, respectively. The increase was primarily due to lower volume of Medical Technology and Signal Technology Products, reduction in selling prices, and higher manufacturing costs. Operating costs associated with the Hotel during the second quarter of fiscal 2000 and 1999 were $1,306,000 and $1,338,000, respectively. General and administration expenses increased $810,000 for the second quarter ended January 31, 2000 versus the same period last year. The increase was due primarily to additional expenses associated with our Canadian subsidiary ANRAD, acquired in June 1999, and an increase in bad debt provision. Selling expenses decreased $243,000 in the second quarter of fiscal 2000 compared with the same period of fiscal 1999, primarily due to reduced staffing in our Danish Subsidiary, B-K Medical. Research and product development expenses decreased $652,000 during the second quarter of fiscal 2000 versus fiscal 1999, primarily due to higher capitalized software costs. Computer software costs of $877,000 and $502,000 were capitalized in the second quarter of fiscal year 2000 and 1999, respectively. Amortization of capitalized software amounted to $439,000 and $495,000 in the second quarter of fiscal 2000 and 1999, respectively. A gain in foreign exchange of $126,000 was realized during the second quarter of fiscal year 2000 versus a loss of $65,000 for the same period last year. Most of the foreign exchange gains and losses have been incurred by our Danish subsidiary, B-K Medical. The Company's share of losses of unconsolidated affiliates amounted to $760,000 and $1,128,000 during the second quarter of fiscal 2000 and 1999, respectively. Income from operations for the second quarter of fiscal 2000 decreased $5,951,000 versus the same period of fiscal 1999, primarily due to decreased sales of the Medical Technology and Signal Processing Technology Products. 13 ANALOGIC CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The effective tax rate for the second quarter of fiscal 2000 and fiscal 1999 was 31% versus 21%. The effective tax rate for the second quarter of fiscal 1999 was lower due to a reversal of an overaccrual of prior years tax provision. Net income for the second quarter ended January 31, 2000 was $1,188,000 or $.09 per basic and diluted earnings per share as compared with $5,565,000 or $.44 per basic and diluted earnings per share for the same period last year. The decrease was primarily related to decreased sales of the Medical Technology and Signal Processing Technology Products, reduction in selling prices, and increased costs. Year 2000 Update The Year 2000 issue is the result of computer programs being written using two digits rather than four digits to define the applicable year. Computer programs that have time-sensitive software may recognize a date using "00" as the year 1900 rather than the year 2000. If the Company's internal systems do not correctly recognize date information when the year changes to 2000, there could be an adverse impact on the Company's operations. After over a year of testing, training, software conversion and hardware installation, the Company has implemented its new Enterprise Resource Planning (ERP) system during the first six months of fiscal 2000. Due to the size and complexity of the system, the company anticipated and has experienced problems during the first six months of fiscal 2000. The Company continues to resolve these problems and expects the system to be functioning as planned. Any prolonged problems with the system implementation could materially and adversely impact the Company's results of operations and financial position. The Company estimates that Year 2000 costs will range from $7.0 million to $8.0 million, of which approximately $6.2 million was spent through January 31, 2000. The costs of the project will be funded through operating cash flows. New Accounting Pronouncements, SAB No. 101 In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin (SAB) No. 101, "Revenue Recognition in Financial Statements," SAB No. 101 sets forth guidelines for accounting and disclosures related to revenue recognition. SAB No. 101 does not require registrants that have not applied this accounting to restate prior financial statements, provided they report a change in accounting principle in accordance with Accounting Principles Board Opinion No. 20, "Accounting Changes," no later than the first fiscal quarter of the fiscal year beginning after December 15, 1999. The Company is currently evaluating what effect the adoption of SAB No. 101 will have on its results of operations or financial position. 14 ANALOGIC CORPORATION PART II - OTHER INFORMATION Item 6 - Exhibits and Reports on Form 8 - K (a) Exhibits None (b) During the quarter ended January 31, 2000, the Company did not file any reports on Form 8-K. 15 ANALOGIC CORPORATION SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ANALOGIC CORPORATION Registrant Date: March 16, 2000 /s/ Bernard M. Gordon Bernard M. Gordon Chairman of the Board and Chief Executive Officer Date: March 16, 2000 /s/ John J. Millerick John J. Millerick Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF INCOME AND IS QUALIFIED IN ITS ENTIRETY TO SUCH FINANCIAL STATEMENTS. 1,000 U.S. DOLLARS 6-MOS JUL-31-2000 AUG-01-1999 JAN-31-2000 1 25077 91381 50765 1394 63122 241155 174316 110283 318000 36557 0 0 0 699 268682 318000 122304 131911 78956 82744 42709 0 168 5481 1700 3706 0 0 0 3706 0.29 0.29
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