Polaroid says medical unit reduces loss
Polaroid reported that its Polaroid Medical Imaging Systems divisionhas been making progress in reducing its red ink. The Cambridge,MA, firm made the announcement as part of second-quarter resultsreleased this month. Revenues for the PMIS unit, which
Polaroid reported that its Polaroid Medical Imaging Systems divisionhas been making progress in reducing its red ink. The Cambridge,MA, firm made the announcement as part of second-quarter resultsreleased this month.
Revenues for the PMIS unit, which manufactures and sells theHelios dry-process laser printer, have been increasing at thesame time that development costs are dropping, Polaroid said.The results are in line with the division's effort to shift froman R&D mode to a more entrepreneurial structure in line withPolaroid's broader restructuring effort (SCAN 4/24/96 and 12/27/95).
Polaroid said that sales of Helios film more than doubled inthe second quarter of 1996 compared with the same period lastyear. Hardware shipments for the period were at the same levelas last year's second quarter, Polaroid said.
Polaroid did not break out revenue numbers for PMIS, but forthe company as a whole, Polaroid reported second-quarter revenuesof $581.6 million, up 2% compared with $572.5 million in the sameperiod in 1995. The company had a net loss of $26 million comparedwith a net profit of $22.9 million a year ago.
The company's net loss was attributed to a $54.5 million one-timecharge associated with its purchase of conversion rights for subordinateddebentures. Without the charge, Polaroid had earnings of $28.5million, up 24%.
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