New Image Earnings Fall 97% in Second Quarter
New Image Industries Inc., a maker of dental intraoral cameras and related imaging systems, reported a steep slide in its fiscal second-quarter earnings on lower revenue.
The company blamed the profit and revenue declines on price cutting on its older imaging equipment to reduce inventory.
In the three months ended Dec. 31, New Image earned $38,000, down 97% from its $1.42 million profit a year earlier. Its revenue fell 20%, to $8.71 million from $10.9 million.
For the recent six-month period, the company reported net income of $186,000, a 91% drop from the $2.1 million it earned in the same period a year before. Its six-month revenue was $15.7 million, down 4% from $16.4 million.