1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 April 30, 1998
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 of (I.R.S. Employer
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 at April 30, 1998 was
12,634,573.
2
ANALOGIC CORPORATION AND SUBSIDIARIES
INDEX
Page
No.
Part I Financial Information
Consolidated Condensed Balance Sheets
April 30, 1998 and July 31, 1997 3
Consolidated Condensed Statements of Income
Three and Nine Months Ended April 30, 1998 and 1997 4
Consolidated Condensed Statements of Cash Flows
Nine Months Ended April 30, 1998 and 1997 5
Notes to Consolidated Condensed Financial Statements 6 - 8
Management's Discussion and Analysis of Financial
Condition and Results of Operations 9 - 12
Part II Other Information 13 - 14
Index to Exhibits 13
3
PART I FINANCIAL INFORMATION
ANALOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(000 omitted)
April 30, July 31,*
1998 1997
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 29,048 $ 24,954
Marketable securities, at market 87,171 89,496
Accounts and notes receivable, net 54,569 52,638
Inventories 61,768 47,800
Prepaid expenses and other current assets 7,797 6,714
Total current assets 240,353 221,602
Property, plant and equipment, net 51,409 48,247
Investments in and advances to affiliated
companies 6,275 7,095
Excess of cost over acquired net assets,
net of accumulated amortization 171
Other assets, including unamortized software
costs (1998, $3,819; 1997, $4,437) 4,520 5,244
TOTAL ASSETS $302,557 $282,359
4
PART I FINANCIAL INFORMATION
ANALOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (CONTINUED)
(000 omitted)
April 30, July 31,*
1998 1997
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Mortgage and other notes payable $ 1,599 $ 344
Obligations under capital leases 543 497
Accounts payable, trade 18,534 13,185
Accrued employee compensation and benefits 10,682 11,654
Accrued expenses 7,216 6,343
Accrued income taxes 3,111 3,449
Total current liabilities 41,685 35,472
Long-term debt:
Mortgage and other notes payable 6,033 6,333
Obligations under capital leases 1,868 2,281
Deferred income taxes 3,909 3,854
Minority interest in subsidiary 4,957 5,538
Excess of acquired net assets over cost, net
of accumulated amortization 358 665
Stockholders' equity:
Common stock, $.05 par 693 692
Capital in excess of par value 23,140 22,916
Retained earnings 234,878 220,343
Unrealized holding gains and losses 1,609 1,713
Cumulative translation adjustments (1,621) (1,617)
Treasury stock, at cost (13,704) (14,121)
Unearned compensation (1,248) (1,710)
Stockholders' Equity 243,747 228,216
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $302,557 $282,359
* See note 2 of notes to consolidated condensed financial statements for
further information.
The accompanying notes are an integral part of these financial statements.
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ANALOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
(000 omitted, except per share data)
Three Months Ended Nine Months Ended
April 30, April 30,
Revenues: 1998 1997 1998 1997
Product and service, net $69,138 $54,649 $187,125 $161,295
Engineering and licensing 4,219 5,539 12,641 11,744
Other operating revenue 2,575 2,579 8,785 8,224
Interest and dividend income 1,445 1,403 4,403 4,111
Total revenues 77,377 64,170 212,954 185,374
Costs and expenses:
Cost of sales:
Product and service 40,156 32,594 108,496 94,473
Engineering and licensing 3,986 3,206 11,439 7,691
Other operating expenses 1,396 1,432 4,531 4,429
General and administrative 4,645 4,434 14,702 13,192
Selling 6,623 6,435 19,115 18,992
Research and product development 9,388 8,091 26,402 25,697
Interest expense 123 142 352 489
Gain on foreign exchange (4) (360) (125) (697)
Amortization of excess of
acquired net assets over cost (28) (161) (307) (484)
Amortization of excess of cost
over acquired net assets 51 183
Total cost of sales and expenses 66,285 55,864 184,605 163,965
Income from operations 11,092 8,306 28,349 21,409
Gain on sale of marketable
securities 997
Equity in net loss
of unconsolidated affiliates (1,150) (455) (2,811) (1,058)
Impairment of investment (400)
Income before income taxes
and minority interest 9,942 7,851 26,135 20,351
Provision for income taxes 3,312 2,199 8,830 6,086
Minority interest in net income
of consolidated subsidiary 268 445 627 545
Net income $ 6,362 $ 5,207 $ 16,678 $ 13,720
Shares outstanding - basic 12,621 12,552 12,606 12,520
Shares outstanding - diluted 12,804 12,722 12,782 12,687
Earnings per share - basic $ 0.50 $ 0.41 $ 1.32 $ 1.09
Earnings per share - diluted $ 0.50 $ 0.41 $ 1.31 $ 1.08
Dividends declared per common share $ 0.06 $ 0.05 $ 0.17 $ 0.15
The accompanying notes are an integral part of these financial statements.
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ANALOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
(000 omitted)
Nine Months Ended
April 30,
1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $16,678 $13,720
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 6,360 4,414
Amortization of capitalized software 1,801 2,292
Amortization of excess of cost over
acquired net assets 183
Amortization of excess of acquired net
assets over cost (307) (484)
Minority interest in net profit of
consolidated subsidiary 627 545
Compensation from stock grants 392 483
Gain on sale of equipment (4) (56)
Gain on sale of marketable securities (997)
Excess of equity in net losses of
unconsolidated affiliates 2,811 1,058
Impairment of investment 400
Changes in operating assets and liabilities
Decrease (increase) in assets:
Accounts and notes receivable (1,931) 903
Inventories (13,968) 526
Prepaid expenses and other current assets (866) 32
Other assets (45) 190
Increase (decrease) in liabilities:
Accounts payable, trade 5,349 120
Accrued expenses and other current liabilities (1,036) (20)
Accrued and deferred income taxes (500) 35
TOTAL ADJUSTMENTS (1,914) 10,221
NET CASH PROVIDED BY OPERATING ACTIVITIES 14,764 23,941
6
ANALOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (CONTINUED)
(UNAUDITED)
(000 omitted)
Nine Months Ended
April 30,
1998 1997
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment (9,672) (4,454)
Capitalized software (1,183) (927)
Purchases of marketable securities (19,220) (19,867)
Maturities of marketable securities 21,441 9,285
Proceeds from sale of property, plant and equipment 154 59
Proceeds from sales of marketable securities 997
Investments in and advances to affiliated companies (2,240)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (9,723) (15,904)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of overdraft facility (3,305)
Payments on debt and capital lease obligations (662) (618)
Proceeds from credit line 1,250
Issuance of common stock pursuant to stock options
and employee stock purchase plan 612 894
Dividends paid to shareholders (2,143) (1,879)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (943) (4,908)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (4) (2,174)
NET INCREASE IN CASH AND CASH EQUIVALENTS 4,094 955
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 24,954 18,040
CASH AND CASH EQUIVALENTS, END OF PERIOD $29,048 $18,995
The accompanying notes are an integral part of these financial statements.
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ANALOGIC CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1. In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting
solely of normal recurring adjustments) necessary to fairly present
Analogic Corporation's financial position as of April 30, 1998 and July
31, 1997, the results of its operations for the three and nine months
ended April 30, 1998 and 1997 and statement of cash flows for the nine
months then ended. The results of the operations for the three and nine
months ended April 30, 1998 are not necessarily indicative of the
results to be expected for the fiscal year ending July 31, 1998.
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, 1997.
2. Financial statements, with the exception of the July 31, 1997 balance
sheet, are unaudited and have not been examined by independent certified
public accountants. The consolidated balance sheet as of July 31, 1997
contains data derived from audited financial statements.
3. The inventories as of April 30, 1998 were not based on a physical or
perpetual inventory but were calculated on the basis of an estimated
percentage of material used during the period. The components of
inventory are estimated as follows:
April 30, July 31,
1998 1997
Raw materials $25,390,000 $19,166,000
Work-in-process 23,812,000 18,381,000
Finished goods 12,566,000 10,253,000
$61,768,000 $47,800,000
4. Mortgage and other notes payable increased $1,255,000 primarily due to
one of the Company's subsidiaries borrowing against its $5,000,000 line
of credit to meet short-term cash requirements.
5. The Company entered into an agreement on May 20, 1998 with one of the
founders of Camtronics to purchase his entire equity interest in
Camtronics for $1,600,000. As a result of the purchase, the Company's
ownership in Camtronics increased to 78.5%.
6. Total interest expense, amounted to $462,000 of which $110,000 was
capitalized during the nine months ended April 30, 1998. Interest paid
amounted to $458,000 and $590,000 during the nine months ended April 30,
1998 and 1997, respectively.
7. Income taxes paid during the nine months ended April 30, 1998 and 1997
amounted to $9,023,000 and $6,084,000, respectively.
9
ANALOGIC CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
8. The Company declared a dividend of $.05 per common share on October 9,
1997, payable on November 6, 1997 to shareholders of record on October
23, 1997. On January 23, 1998, the Company declared a $.06 dividend per
common share, payable on February 20, 1998 to shareholders of record on
February 6, 1998. On March 12, 1998, the Company declared a $.06
dividend per common share, payable on April 10, 1998 to shareholders of
record on March 27, 1998.
9. As previously reported during a routine audit, the Company was notified
by the Internal Revenue Service (IRS) that it proposed to adjust the
Company's tax returns for the years 1990 through 1992 by increasing its
tax liability for those years by $2,837,473, $2,151,574 and $1,762,849,
respectively. The major claims relate to an alleged forgiveness of debt
arising from the acquisition of property from a subsidiary of the FDIC
and an alleged excess accumulation of earnings.
During March 1998, the Company received notice from the IRS which upheld
the Company's position and the proposed adjustments have been cancelled.
10. In its fiscal quarter ended January 31, 1998, the Company adopted
Statement of Financial Accounting Standards No. 128, "Earnings per
Share," which modifies the calculation of earnings per share. Basic
earnings per common share was calculated by dividing net income by the
weighted average number of common shares outstanding during the period.
Diluted earnings per share was calculated by dividing net income by the
sum of the weighted average number of common shares outstanding plus all
additional common shares that would have been outstanding if potentially
dilutive common shares had been issued. The following table indicates
the number of shares utilized in the earnings per share calculations for
the three and nine month periods ending April 30, 1998 and 1997,
respectively.
Three Months Ended Nine Months Ended
April 30, April 30,
1998 1997 1998 1997
Net Income $6,362,000 $5,207,000 $16,678,000 $13,720,000
Shares outstanding-basic 12,621,309 12,551,560 12,606,372 12,519,546
Effect of dilutive
securities:
Stock Options 182,429 170,412 175,401 167,086
Shares outstanding-diluted 12,803,738 12,721,972 12,781,773 12,686,632
Earnings per share-basic $ 0.50 $ 0.41 $ 1.32 $ 1.09
Earnings per share-diluted $ 0.50 $ 0.41 $ 1.31 $ 1.08
10
ANALOGIC CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
11. As a result of the Company adopting FASB No. 128, the Company's reported
comparative earnings per share for fiscal year 1997 were restated. The
effect of the accounting change is represented as follows.
Three Months Ended Nine Months Ended
April 30, 1997 April 30, 1997
Primary EPS as reported $ 0.41 $ 1.08
Effect of FASB No. 128 - 0.01
Basic EPS as restated $ 0.41 $ 1.09
Fully diluted - EPS $ 0.41 $ 1.08
Effect of FASB No. 128 - -
Diluted EPS as restated $ 0.41 $ 1.08
12. 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.
Management has assembled a task force utilizing internal staff and
external sources to make its information technology/computer systems Year
2000 compliant on its operational and financial reporting systems.
The Company is also assessing the possible effects of Year 2000 issues on
its significant vendors and customers, which could in turn affect the
Company's operations. The Company has not yet been able to determine,
however, whether any of its suppliers or service providers will need to
make any such software modifications or replacements or whether the
failure to make such software corrections will have an adverse effect on
the Company's operations or financial condition.
The total cost of the Year 2000 project has not been determined and is
anticipated to be funded through operating cash flows. Except for
purchases of new hardware and software, and certain related consulting,
costs will be expensed as incurred. Management is taking all reasonable
actions to modify and replace the Company's hardware and software to
enable it to process data after the turn of the century.
13. Certain financial statement items in the prior periods have been
reclassed to conform with the current period presentation.
11
ANALOGIC CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Company's balance sheet reflects a current ratio of 5.8 to 1 at April 30,
1998 compared to 6.2 to 1 at July 31, 1997. Cash, cash equivalents and
marketable securities, along with accounts and notes receivable, constitute
approximately 71% of current assets at April 30, 1998. 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 0.24 to 1 at April 30, 1998 and July 31, 1997.
Capital expenditures totaled approximately $9,672,000 during the nine months
ended April 30, 1998.
RESULTS OF OPERATIONS
Nine Months Fiscal 1998 (04/30/98) vs. Nine Months Fiscal 1997 (04/30/97)
Product, service, engineering and licensing revenues for the nine months ended
April 30, 1998 were $199,766,000 as compared to $173,039,000 for the same
period last year, an increase of 15%. The increase of $26,727,000 was due to
increased sales of Medical Technology Products of $21,885,000 (primarily due
to the continued and strengthening demand for Digital Laser Imaging Systems,
Magnetic Resonance Imaging products, and new products such as the Digital
Ultrasound Subsystem and Ultrasound Systems from the Company's Danish
subsidiary, B-K), Signal Processing Technology Products of $3,448,000
(primarily due to the Company entering a new and growing market for DSP
resource boards for Computer Telephony Integration applications, such as
automated directory assistance and for voice over the internet), and
Industrial Technology Products of $1,394,000 (primarily due to increased
demand of the Company's high frequency ATE boards). Other operating revenue
of $8,785,000 and $8,224,000 represents revenue from the Hotel operation for
the nine months ending April 30, 1998 and 1997, respectively.
The percentage of total cost of sales to total net sales for the nine months
of fiscal 1998 and 1997 were 60% and 59%, respectively. Operating costs
associated with the Hotel during the nine months of fiscal 1998 and 1997 were
$4,531,000 and $4,429,000, respectively.
General and administrative and selling expenses increased by $1,633,000
primarily due to increases in the bad debt reserve and legal expenditures
relating to patent filings. Research and product development expenses
increased $705,000 primarily due to the Company's expanding engineering
efforts applicable to developing complex imaging systems, such as the new
Digital Ultrasound Subsystems and the development of two prototypes of an
EXplosives Assessment CT (EXACT) system as part of a comprehensive explosives
detection system to scan checked luggage in airports.
12
ANALOGIC CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Nine Months Fiscal 1998 (04/30/98) vs. Nine Months Fiscal 1997 (04/30/97)
(continued)
Computer software costs of $1,183,000 and $927,000 were capitalized in the
nine months of fiscal 1998 and 1997, respectively. Amortization of
capitalized software amounted to $1,801,000 and $2,292,000 in the nine months
of fiscal 1998 and 1997, respectively.
A gain on foreign exchange of $125,000 was realized during the nine months of
fiscal year 1998 versus a gain of $697,000 for the same period last year.
The Company's share of losses of a privately held company amounted to
$2,485,000 and $1,058,000 during the nine months of fiscal 1998 and 1997.
During the nine months of fiscal 1998, the Company's investment in another
privately held company was increased by $249,000, reflecting the Company's
share of its equity.
During the nine months of fiscal 1998, the Company's investment in Analogic
Scientific was decreased by $575,000, reflecting the Company's share of
Analogic Scientific's equity.
During the nine months of fiscal 1998, the Company sold 140,560 common shares
of a publicly traded company, resulting in a gain of $997,000.
During the nine months of fiscal 1998, the Company recorded a reserve of
$400,000, reflecting a partial impairment of its 19% investment in another
privately held company.
Minority interest in the net income of the Company's consolidated subsidiary,
Camtronics, for the nine months ended April 30, 1998 amounted to $627,000
compared to $545,000 for the nine months ended April 30, 1997.
The effective tax rate for the nine months of fiscal 1998 and fiscal 1997 was
34% and 30%, respectively. The increase was primarily due to alternative
minimum credit carryforwards utilized in fiscal 1997 not available in fiscal
1998; and no tax benefits applicable to equity in losses of unconsolidated
subsidiaries in fiscal 1998.
Net income for the nine months ended April 30, 1998 was $16,678,000, as
compared to net income of $13,720,000 for the same period last year. Basic
per-share earnings, or net income divided by weighted average common shares
outstanding, were $1.32, up from $1.09. Diluted per-share earnings, or net
income divided by weighted average common shares and potential new shares from
stock options, also increased to $1.31 from $1.08. Prior periods per share
amounts have been restated to reflect the adoption of FASB No. 128 (See Notes
10 & 11 of Notes to Consolidated Condensed Financial Statements).
13
ANALOGIC CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Third Quarter Fiscal 1998 (04/30/98) vs. Third Quarter Fiscal 1997 (04/30/97)
Product, service, engineering and licensing revenues for the three months
ended April 30, 1998 were $73,357,000 as compared to $60,188,000 for the same
period last year, an increase of 22%. The increase of $13,169,000 was due to
increased sales of Medical Technology Products of $10,105,000, (primarily due
to the continued and strengthening demand for Digital Laser Imaging Systems,
Magnetic Resonance Imaging products, and new products such as the Digital
Ultrasound Subsystem and Ultrasound Systems from the Company's Danish
subsidiary, B-K), Signal Processing Technology Products of $2,901,000
(primarily due to the Company entering a new and growing market for DSP
resource boards for Computer Telephony Integration applications, such as
automated directory assistance and for voice over the internet), and
Industrial Technology Products of $163,000. Other operating revenue of
$2,575,000 and $2,579,000 represents revenue from the Hotel operation for the
three months ending April 30, 1998 and 1997, respectively.
The percentage of total cost of sales to total net sales for the third quarter
of fiscal 1998 and 1997 was 60%. Operating costs associated with the Hotel
during the third quarter of fiscal 1998 and 1997 were $1,396,000 and
$1,432,000, respectively.
General and administrative and selling expenses increased $399,000 primarily
due to staffing in one of the Company's subsidiaries, legal expenditures
relating to patent filings and increases to the bad debt reserve. Research
and product development expenses increased by $1,297,000 due to the Company's
expanding engineering efforts applicable to developing complex
imaging systems, such as the new Digital Ultrasound Subsystems and the
development of two prototypes of an EXplosives Assessment CT (EXACT) system as
part of a comprehensive explosives detection system to scan checked luggage in
airports.
Computer software costs of $394,000 and $298,000 were capitalized in the third
quarter of fiscal 1998 and 1997, respectively. Amortization of capitalized
software amounted to $605,000 and $734,000 in the third quarter of fiscal 1998
and 1997, respectively.
A gain on foreign exchange of $4,000 was realized during the third quarter of
fiscal 1998 vs. a gain of $360,000 for the same period last year.
The Company's share of losses of a privately held company amounted to $972,000
during the third quarter of fiscal 1998 and $455,000 during the third quarter
of fiscal 1997.
During the third quarter of fiscal 1998, the Company's investment in another
privately held company was decreased by $178,000, reflecting the Company's
share of its loss.
Minority interest in the net income of the Company's consolidated subsidiary,
Camtronics, for the third quarter ended April 30, 1998 amounted to $268,000
compared to $445,000 for the third quarter ended April 30, 1997.
14
ANALOGIC CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Third Quarter Fiscal 1998 (04/30/98) vs. Third Quarter Fiscal 1997 (04/30/97)
(continued)
The effective tax rate for the third quarter of fiscal 1998 was 33% vs. 28%
for the same period last year. The increase was primarily due to alternative
minimum credit carryforwards utilized in fiscal 1997 not available in fiscal
1998; and no tax benefits applicable to equity in losses of unconsolidated
subsidiaries in fiscal 1998.
Net income for the three months ended April 30, 1998 was $6,362,000, as
compared to net income of $5,207,000 for the three month period ended April
30, 1997. Basic per-share earnings, or net income divided by weighted average
common shares outstanding, were $0.50, up from $0.41. Diluted per-share
earnings, or net income divided by weighted average common shares and
potential new shares from stock options, also increased to $0.50 from $0.41.
Prior periods per share amounts have been restated to reflect the adoption of
FASB No. 128 (See Notes 10 & 11 of Notes to Consolidated Condensed Financial
Statements).
15
ANALOGIC CORPORATION AND SUBSIDIARIES
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) During the quarter ended April 30, 1998, the Company did not file any
reports on Form 8-K.
16
ANALOGIC CORPORATION AND SUBSIDIARIES
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 June 3, 1998 /s/ Bernard M. Gordon
Bernard M. Gordon
Chairman of the Board
Chief Executive Officer
Date June 3, 1998 /s/ John A. Tarello
John A. Tarello
Senior Vice President
Chief Accounting Officer