Analogic Plans Share Buyback

Analogic(ALOG Quote) Thursday delivered better-than-expected earnings results for its fiscal third quarter and announced plans to buy back stock.

Its board authorized the repurchase of up to $60 million of common stock using its available cash.

Separately, the Peabody, Mass., imaging-equipment maker reported revenue of $83.9 million for the quarter ended April 30, up from $81.3 million in the same period last year. Analogic said that, compared to the same quarter in 2006, medical imaging revenue increased 17% and revenue for clinical ultrasound systems grew 11%, but revenue for digital radiography systems and subsystems was down 55%.

Analogic said it earned net income of $6.9 million, or 51 cents a share, compared to $2.5 million, or 18 cents a share, in the comparable year-ago quarter. Analysts polled by Thomson Financial had expected earnings of 37 cents a share on revenue of $88 million.

"The company improved from a loss in the first quarter to a profitable second quarter, and an even better third quarter," said CEO Jim Green. "Our medical business is now growing profitably, with a number of exciting opportunities ahead. Our security business is preparing to put several major new systems into production over the course of the next year."

Analogic's shares were up $1.49, or 2.2%, at $67.98.