CTI reports disappointing quarter

August 18, 2004

Revenues and profits obtained by PET pioneer CTI Molecular Imaging dropped as expected in the third quarter (SCAN 8/16/04). Net revenues were $91.8 million, a 7.5% decline from the same period last year. Net income was $2.7 million, or 6¢ per share on a

Revenues and profits obtained by PET pioneer CTI Molecular Imaging dropped as expected in the third quarter (SCAN 8/16/04). Net revenues were $91.8 million, a 7.5% decline from the same period last year. Net income was $2.7 million, or 6¢ per share on a fully diluted basis, compared with $7.5 million, or 16¢ per share on a fully diluted basis, from the prior fiscal year's third quarter.

During the quarter, CTI sold 33 scanners and booked orders for an additional 42. The company expects the lull in demand to continue until the market absorbs the sharp increase in installed base that has occurred over the past two years.