Merge Technologies Inc., which does business as Merge Healthcare, continued its attempt to clean up its accounting records by announcing financial results today for its second quarter, which ended June 30.
The Milwaukee company was compelled by the U.S. Securities & Exchange Commission to restate its results.
Merge today reported a net loss for the second quarter of 2007 of $10.7 million, or 32 cents per share, compared with a net loss of $211.0 million, or $6.27 per share, in the second quarter of 2006 and a net loss of $9.7 million, or 29 cents per share, in the first quarter of 2007. During the second quarter of 2006, the company recognized a goodwill impairment charge of $214.1 million, or $6.36 per share.
The company reported second quarter revenue of $14.0 million, down from $31.4 million in the second quarter ended June 30, 2006, and $15.9 million in the first quarter ended March 31, 2007.
The company's net loss for the first six months of 2007 totaled $20.5 million, or 60 cents per share, compared with a net loss of $216.3 million, or $6.43 per share, for the first six months of 2006.
In addition, Merge announced that it has filed with the SEC the company's restated financial statements for the years ended Dec. 31, 2006, 2005 and 2004 included in the 2006 Form 10-K and the restated financial statements for the three months ended March 31, 2007 and 2006 included in the first quarter 2007 10-Q.
The company currently anticipates filing its quarterly report on Form 10-Q for the three-month period ended Sept. 30, 2007 in January of 2008 and will conduct a conference call to review the third quarter results and provide an update on the company's business operations and strategy following the release of its financial statements.
On Dec. 20, 2007, the company's management and audit committee concluded that all, or substantially all, of its goodwill has been impaired, thus leading to a non-cash goodwill impairment charge during the three months ended Sept. 30, 2007. The company is working with an independent valuation consultant to finalize its assessment of the fair value of its goodwill and its other indefinite lived assets.
Merge Healthcare continues to restate financial results
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