Deal with GE boosts Fischer results

A $6.2 million windfall from the sale of its Tilt-C technology to GE Medical Systems helped Fischer Imaging of Denver land solidly in the black for its first quarter (end-April). The company also reported a 3.6% increase in product sales for the quarter on higher service revenue and increased mammography shipments.

Fischer posted revenues of $20.4 million, compared with sales of $13.7 million in the first quarter of 1998. Excluding the GE payment, Fischer would have posted sales of $14.2 million. Fischer in April agreed to sell manufacturing rights to Tilt-C to Milwaukee-based GE (SCAN 4/14/99).

On the profit side, Fischer recorded net income of $3.4 million, compared with a net loss of $1.1 million in the same period a year ago. The company posted an operating loss of $1.6 million for the quarter, due in large part to costs associated with the move of its manufacturing operations from Addison, IL, to Denver.