Basis Of Presentation And Description Of Business

3 Months Ended

Jan. 31, 2012

Basis Of Presentation And Description Of Business [Abstract]

Basis Of Presentation And Description Of Business

1. Basis of Presentation and Description of Business

     Angeion Corporation (the "Company"), through its Medical Graphics Corporation subsidiary, designs and markets non-invasive cardiorespiratory diagnostic systems that are sold under the MedGraphics and New Leaf brand and trade names. These cardiorespiratory diagnostic systems have a wide range of applications in healthcare, wellness, and health and fitness.

     The consolidated balance sheet as of January 31, 2012, the consolidated statements of operations for the three months ended January 31, 2012 and 2011, and the consolidated statements of cash flows for the three months ended January 31, 2012 and 2011, and the related information presented in these notes have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, without audit. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of results have been included. The consolidated balance sheet at October 31, 2011 was derived from the audited consolidated financial statements as of that date. Operating results for the three months ended January 31, 2012 are not necessarily indicative of the results that may be expected for the year ending October 31, 2012. For further information, refer to the consolidated financial statements and notes thereto included in Angeion Corporation's Annual Report on Form 10-K for the year ended October 31, 2011.

     Comprehensive loss is a measure of all non-owner changes in shareholders' equity and includes items such as net loss, certain foreign currency translation items, minimum pension liability adjustments and changes in the value of available-for-sale securities. Comprehensive loss for Angeion Corporation was $(250,000) and $(323,000) for the three months ended January 31, 2012 and January 31, 2011, respectively.

     Preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities made in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Estimates include accounts receivable, product warranty and inventory reserves, and depreciable lives of property, equipment and intangible assets (including internal software development costs).

     Certain reclassifications of prior year comparable information have been made to conform to current period classifications.

     The Company determined there were no events subsequent to January 31, 2012, that required recognition or disclosure in these consolidated financial statements.