Psicor Links Earnings Loss to Elimination of Tax Credit

Blaming changes in federal tax laws, Psicor Corp. reported a decrease in net income and higher sales for the third quarter ended June 30.

For the quarter, the manufacturer of surgical perfusion devices reported earnings of $296,000 on sales of $7.6 million, compared to net income of $325,000 on revenue of $5.6 million over the comparable three-month period last year. Earnings were adversely impacted by the loss of the investment tax credit, the company said.

For the year to date, Psicor’s net income stands at $777,000 on revenue of $20.8 million, compared to net income of $826,000 on sales of $15.3 million over the same nine months last year.