Profit Drops At Arrhythmia Research
Medical device company Arrhythmia Research Technology Inc. of Fitchburg and its subsidiary Micron Products Inc. announced that its third-quarter net income dropped 84 percent.
Profits fell to $68,000 for the third quarter of 2008, from $421,000 for the same quarter last year.
The company's revenue rose from $4.5 million to $5.8 million, but that was not enough to offset increased costs.
Net income also fell 68 percent for the nine months ending Sept. 30. The company called its earnings "disappointing." It said margins for its sensor products declined because of a competitive marketplace and higher material costs. The company said other problems included a declining economy, higher energy costs, depreciation of capital equipment and non-recurring research and development costs.
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