ANALOGIC CORP

CIK:0000006284|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Net revenue:
Product	$ 117,156	$ 120,791	$ 349,599	$ 371,373
Engineering	2,815	1,371	6,419	3,448
Total net revenue	119,971	122,162	356,018	374,821
Cost of sales:
Product	64,576	68,667	192,904	210,149
Engineering	2,466	1,334	5,554	3,180
Total cost of sales	67,042	70,001	198,458	213,329
Gross profit	52,929	52,161	157,560	161,492
Operating expenses:
Research and product development	15,285	14,900	45,927	46,962
Selling and marketing	13,530	16,356	39,131	51,894
General and administrative	16,824	10,377	40,864	27,978
Restructuring	(21)	2,080	710	2,379
Asset impairment charges		73,051		83,474
Total operating expenses	45,618	116,764	126,632	212,687
Income (loss) from operations	7,311	(64,603)	30,928	(51,195)
Other income (expense), net	328	57	1,504	(357)
Income (loss) before income taxes	7,639	(64,546)	32,432	(51,552)
Provision (benefit) for income taxes	529	(4,882)	13,115	(1,934)
Net income (loss)	$ 7,110	$ (59,664)	$ 19,317	$ (49,618)
Net income (loss) per common share:
Basic	$ 0.57	$ (4.78)	$ 1.55	$ (3.98)
Diluted	$ 0.56	$ (4.78)	$ 1.53	$ (3.98)
Weighted average shares outstanding:
Basic	12,503	12,486	12,489	12,457
Diluted	12,633	12,486	12,617	12,457
Dividends declared and paid per share	$ 0.10	$ 0.10	$ 0.30	$ 0.30

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 19,317	$ (49,618)
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes	4,209	(8,402)
Depreciation and amortization	16,151	19,221
Asset impairment charges		83,474
Share-based compensation expense	6,128	6,450
Amortization of demo equipment	2,133	1,557
Provision for excess and obsolete inventory	4,133	287
Excess tax benefit from share-based compensation		(158)
Change in fair value of contingent consideration		(10,238)
(Benefit from) provision for doubtful accounts, net of recovery	(406)	88
Gain/(Loss) on sale of property, plant and equipment	70	(57)
Net changes in operating assets and liabilities:
Accounts receivable	(6,367)	18,295
Inventory	(6,163)	(5,547)
Prepaid expenses and other assets	282	596
Accounts payable	9,259	608
Accrued liabilities	327	(2,845)
Deferred revenue	1,807	(641)
Customer deposits	(469)	554
Accrued income taxes and income taxes receivable	6,228	1,174
Other liabilities	1,060	(1,423)
Cash paid for contingent consideration		(100)
NET CASH PROVIDED BY OPERATING ACTIVITIES	57,699	53,275
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant, and equipment	(4,235)	(7,741)
Purchases of marketable securities	(91,942)
Proceeds from maturities of marketable securities	28,900
Proceeds from sales of marketable securities	9,254
Proceeds from the sale of property, plant, and equipment	1	30
NET CASH USED IN INVESTING ACTIVITIES	(58,022)	(7,711)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of stock pursuant to exercise of stock options, employee stock purchase plan, restricted stock plans, and non-employee director stock plan	832	3,090
Repurchase of common stock	(952)	(1,584)
Shares repurchased for taxes for vested employee restricted stock grants	(1,086)	(1,128)
Excess tax benefit from share-based compensation		158
Dividends paid to shareholders	(3,747)	(3,771)
Contingent consideration paid for business acquisitions		(1,900)
NET CASH USED IN FINANCING ACTIVITIES	(4,953)	(5,135)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(83)	(493)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(5,359)	39,936
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	129,298	118,697
CASH AND CASH EQUIVALENTS, END OF PERIOD	123,939	158,633
Supplemental disclosures of cash flow information:
Non-cash transfer of demonstration inventory to fixed asset	$ 2,263	$ 3,506

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2018	Jul. 31, 2017
Current assets:
Cash and cash equivalents	$ 123,939	$ 129,298
Short-term marketable securities	62,587	18,797
Accounts receivable, net of allowance for doubtful accounts of $346 and $752 as of April 30, 2018 and July 31, 2017, respectively	84,865	77,587
Inventory	132,240	130,575
Income tax receivable	2,649	4,686
Prepaid expenses and other current assets	8,751	9,762
Total current assets	415,031	370,705
Long-term marketable securities	35,765	26,171
Property, plant, and equipment, net	97,076	102,676
Intangible assets, net	22,010	25,925
Goodwill	2,344	2,344
Deferred income taxes	1,925	5,168
Other assets	5,918	5,094
Total assets	580,069	538,083
Current liabilities:
Accounts payable	37,738	27,179
Accrued employee compensation and benefits	21,711	18,171
Accrued income tax	877	708
Accrued warranty	5,081	5,306
Accrued restructuring charges	355	2,786
Deferred revenue	6,606	4,774
Customer deposits	3,068	3,538
Other current liabilities	5,144	4,648
Total current liabilities	80,580	67,110
Long-term liabilities:
Accrued income taxes, net of current portion	5,508	734
Other long-term liabilities	10,793	9,745
Total long-term liabilities	16,301	10,479
Guarantees, commitments and contingencies (Note 16)
Stockholders’ Equity:
Common stock, $0.05 par value; 30,000,000 shares authorized and 12,503,411 shares issued and outstanding as of April 30, 2018; 30,000,000 shares authorized and 12,467,824 shares issued and outstanding as of July 31, 2017	624	622
Capital in excess of par value	162,607	157,907
Retained earnings	322,664	307,104
Accumulated other comprehensive loss	(2,707)	(5,139)
Total stockholders’ equity	483,188	460,494
Total liabilities and stockholders’ equity	$ 580,069	$ 538,083