Angeion Corp. slipped into the red during the third quarter, reversing a $136,000 profit into an $81,000 loss for the three month period that ended on July 31, 2011.
Officials at the St. Paul, Minnesota-based cardiorespiratory diagnostic device maker blamed the reversal on legal fees and severance payouts to former CEO Philip Smith, who the company sacked after just five months on the job.
Smith was named Angeion’s CEO in November 2010, but departed after less than six months in charge.