Chatsworth-based North American Scientific Inc. reported a loss of $3.6 million, or $0.21 per share, on revenues of $8.1 million for the second quarter of 2006. For the same period of 2005, North American earnings were $3.9 million, or $0.24 per share, on revenues of $9.1 million. The loss in the second quarter 2006 was offset by the $1.3 million reduction in operating expenses. According to L. Michael Cutrer, president and CEO, the company reduced its loss by 7 percent in the second quarter of 2006 compared to the year before and is focusing on cost reduction to increase potential for profitability. Revenues decreased due to reduced revenues generated from Intensity Modulated Radiation Therapy and Image Guided Radiation Therapy products used to treat cancer. At the end of the second quarter, North American had $1.8 million in cash and marketable securities, a 50 percent decrease from the end of fiscal year 2005. North American had $6.3 million outstanding on its bank lines of credit for the period ending April 30, 2006. Cutrer said in statement that North American is making progress on its breast bracytherapy product, for radiation therapy used to treat breast cancer. North American plans to launch the product at the American Society for Therapeutic Radiology and Oncology in November.
