A day after shaking up its senior management, Angeion Corp. reported flat revenue in its second fiscal quarter and a narrowed loss. The company reversed its decision to hold its routine conference call with analysts — something that was reiterated in a May 16 news release — implying that CEO Phil Smith’s departure after less than six months on the job was sudden.
In the quarter ended April 30, the St. Paul, Minnesota company said it recorded $6.8 million in revenue, compared with $6.85 million in the second quarter of fiscal 2010. Loss narrowed to $138,000, or 4 cents per diluted share, compared with $559,000 or 13 cents per share a year ago.
Revenue from overseas operations fell by 9 percent to 19.4 percent of total revenue, compared with 21.1 percent of revenue for the second quarter in 2010. Decreases were broadly based all across geographic regions except the Americas, which accounted for modest increases. A public company, Angeion designs, manufactures and distributes cardiorespiratory diagnostic systems.
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“While we are seeing modest improvements in some market conditions, lingering effects of the economic downturn continue to impact quarter-over-quarter results — and we experienced that in the second quarter, as revenue levels and customers continued tentative buying behaviors,” said Jim Gaul, senior vice president global sales, in a statement.
Other results included:
- Sales and marketing expense increased $178,000
- Research and development expenses decreased $158,000
- Manufacturing efficiencies helped boost gross margins to 57.3 percent
- Company has $10 million in cash
