<PAGE>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
<PAGE>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
<PAGE 3>
ANALOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
January 31, July 31,
2000 1999(Note 1)
ASSETS (Unaudited)
<S> <C> <C>
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
</TABLE>
See the accompanying notes to unaudited condensed consolidated financial
statements.
<PAGE>4
ANALOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
January 31, January 31,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
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
</TABLE>
See the accompanying notes to unaudited condensed consolidated
financial statements.
<PAGE>5
ANALOGIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
<TABLE>
<CAPTION>
Six Months Ended
January 31,
2000 1999
<S> <C> <C>
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
</TABLE>
See the accompanying notes to unaudited condensed consolidated
financial statements.
<PAGE>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:
<TABLE>
<CAPTION>
January 31, July 31, 1999
2000
<S> <C> <C>
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
</TABLE>
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.
<PAGE>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:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
January 31, January 31,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
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
</TABLE>
<PAGE>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.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
January 31, January 31,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
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
</TABLE>
<PAGE>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.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
January 31, January 31,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
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
</TABLE>
<PAGE>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.
<PAGE>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.
<PAGE>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.
<PAGE>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.
<PAGE>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.
<PAGE>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)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
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.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-2000
<PERIOD-START> AUG-01-1999
<PERIOD-END> JAN-31-2000
<EXCHANGE-RATE> 1
<CASH> 25077
<SECURITIES> 91381
<RECEIVABLES> 50765
<ALLOWANCES> 1394
<INVENTORY> 63122
<CURRENT-ASSETS> 241155
<PP&E> 174316
<DEPRECIATION> 110283
<TOTAL-ASSETS> 318000
<CURRENT-LIABILITIES> 36557
<BONDS> 0
0
0
<COMMON> 699
<OTHER-SE> 268682
<TOTAL-LIABILITY-AND-EQUITY> 318000
<SALES> 122304
<TOTAL-REVENUES> 131911
<CGS> 78956
<TOTAL-COSTS> 82744
<OTHER-EXPENSES> 42709
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 168
<INCOME-PRETAX> 5481
<INCOME-TAX> 1700
<INCOME-CONTINUING> 3706
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3706
<EPS-BASIC> 0.29
<EPS-DILUTED> 0.29
</TABLE>
