Star reports 1997 results
Star Technologies (Sterling, VA, Nasdaq: STRR) reports a 1997 net loss of $1.5 million on revenue of $1.7 million. For the final quarter, Star reports revenue of $1.1 million and a net loss of $726,000. Star reported revenue of $439,000 in Q2 '98. The year-end results reflect only three operating quarters, as Star changed its fiscal year-end from the end of March to the end of December. In 1997, Star leapt upon the imaging and data capture scene with the July acquisition of Intrafed's Powerscan and Stageworks software. Star also acquired Curran Data Technologies (CDT, Indianapolis), a data entry and document imaging services company, in October. Star also sloughed off its medical imaging business in an effort to move from the medical imaging market into the document imaging market. The nine-month period was "a major business transition for Star Technologies," said Robert Compton, Star's chairman, president and CEO. "The acquisitions of PowerScan and CDT provide Star with a solid technology and service foundation upon which we can build."