BOTHELL — Quinton Cardiology Systems, which makes stress-testing equipment and medical treadmills, hopes to raise $40 million or more from a new stock offering announced Tuesday.
The company separately reported a first-quarter profit of $1.1 million, or 8 cents a share, compared with a $1.9 million loss in the same quarter last year.
"This is a great start to what we expect will be a very successful year," Quinton CEO John Hinson said.
The Bothell-based company said in a filing with the U.S. Securities and Exchange Commission that proceeds from the public offering of 3 million new shares will be used to acquire businesses, repay debt and for other general corporate purposes.
The investment firms underwriting the offering will have the option of purchasing an additional 450,000 shares.
At Tuesday’s closing price of $14 a share, Quinton’s stock offering could bring in more than $42 million. The company has about 13.2 million outstanding shares of stock on the Nasdaq market.
Mike Matysik, Quinton’s chief financial officer, said first-quarter revenues increased 6.7 percent over the same quarter in 2003. The company’s margins also improved, thanks to the consolidation of its manufacturing facilities in Wisconsin and other cost reductions.
Matysik added that the company should remain profitable for the rest of the year.
Founded in Seattle during the early 1950s, Quinton issued its initial public offering of stock in 2002.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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