Vital Images, a provider of advanced visualization and analysis solutions, has reported a net loss for the 2008 third quarter, which ended Sept. 30, of $243,000, compared to a net income of $927,000 for the 2007 third quarter.
The company booked revenue for the 2008 third quarter of $17.7 million, compared to $17.1 million for the third quarter of 2007.
“While we are pleased with our third quarter results, the progress we are making with ViTAL Enterprise and our international growth, the market and industry outlook for the fourth quarter and 2009 is uncertain. Therefore, today [Wednesday] we announced actions to reduce our costs by over 10 percent in order to align our operations with the current market conditions and improve profitability in 2009 and beyond,” Michael H. Carrel, Vital’s president and CEO.
The Minneapolis-based company said its cost-control plans include a reduction in its work force of approximately 11 percent and other internal cost-control measures. The initiative is expected to result in a pretax charge by approximately $800,000 in the fourth quarter of this year.