FONAR Announces Results for Fiscal 2014
(firmenpresse) - MELVILLE, NY -- (Marketwired) -- 09/15/14 -- Fonar Corporation (NASDAQ: FONR)
39% Increase of Fiscal 2014 Net Revenues to $68.5 million versus prior year
31% Increase of Fiscal 2014 Net Income to $13.4 million versus prior year
18% Increase of Fiscal 2014 Diluted Net Income per Common Share available to Common Shareholders to $1.58 versus prior year
63 % Increase of Fiscal 2014 Income from Operations to $12.3 million versus prior year
Fonar Corporation (NASDAQ: FONR), , today announced its 2014 fiscal year-end results. The Company''s two industry segments are: development, manufacturing and servicing of the UPRIGHT® Multi-Position™ MRI and management of Stand-Up® MRI (UPRIGHT® MRI) centers. The scanner is the world''s only MRI scanner licensed under FONAR''s multiple UPRIGHT® MRI patents to scan all the patient''s body parts in their normal full weight-bearing UPRIGHT® position.
Financial Highlights
Revenues increased 39% to $68.5 million for the fiscal year ended June 30, 2014 as compared to $49.1 million for fiscal year ended June 30, 2013.
Revenues from the management of the diagnostic imaging center segment, consisting of patient and management fee revenue, increased 65% to $56.4 million for the year ended June 30, 2014, as compared to $34.3 million over the comparable period one year earlier.
Net income increased 31% to $13.4 million for the fiscal year ended June 30, 2014 as compared to $10.3 million for the earlier corresponding fiscal year.
Income from operations increased 63% to $12.3 million for the fiscal year ended June 30, 2014 from $7.5 million for the fiscal year ended June 30, 2013.
Diluted net income available to common shares for the fiscal year ending June 30, 2014 was $1.58, which includes a partial reversal of the deferred tax valuation allowance of $2.7 million, or $0.45.
Total cash and cash equivalents increased 26% to $10.0 million at June 30, 2014, from $7.9 million at June 30, 2013.
Management Discussion
Raymond V. Damadian, M.D., president and chairman of Fonar Corporation, said, "the Company has grown and prospered significantly over the past year as evidenced by our outstanding financial results. This is in spite of some cuts in MRI reimbursements brought about by the Affordable Care Act. This is in large part due to the extraordinary abilities of the FONAR UPRIGHT® Multi-Position™ MRI, as well as our fine management staff."
"A year and half have passed since the acquisition of the business of Health Diagnostics Management (HDM) and we can look back and see how advantageous acquiring these centers was," continued Dr. Damadian. "By combining the resources of our wholly owned subsidiary, Health Management Corporation of America (HMCA), and HDM, we have seen the benefits of economies of scale, shared technical and administrative expertise and capabilities, and joint marketing strategies. In the future, we expect to facilitate growth of imaging centers through acquisitions, supporting new UPRIGHT® imaging centers, and increasing scan volume at our existing locations by continuing to educate the medical community about the unique diagnostic advantages of UPRIGHT® Multi-Position™ fully weight-loaded MRI. The new HMCA has 23 FONAR weight-bearing MRI scanners and is the largest of its kind in the world."
"Our successful business model is made possible by the success of our current MRI scanner, the UPRIGHT® Multi Position™ (Stand-Up®) MRI," continued Dr. Damadian. "This scanner is extremely popular with patients who experience claustrophobia or can''t lie down for long periods. The FONAR UPRIGHT® MRI provides unduplicated benefits in assessing the position dependence of patient symptoms. The UPRIGHT® MRI''s ability to make MRI motion pictures (cinés) of the cerebrospinal fluid (CSF) as it flows into and out of the upright brain and spine enables visualization of obstructions of CSF flow not found in other MRIs and leading to new understandings of the genesis of diseases such as multiple sclerosis (MS).
Significant Event
On July 17, 2014, the HDM scanning center in Naples, Florida, won the ''People''s Choice Award'' after being selected by readers of the Naples Daily News. Stand-Up MRI of SW Florida was selected for the category of ''Best Imaging Center''. Naples, Florida is among America''s most affluent communities.
FONAR (NASDAQ: FONR), Melville, NY, The Inventor of MR Scanning™, was incorporated in 1978, and is the first, oldest and most experienced MRI company in the industry. FONAR introduced the world''s first commercial MRI in 1980, and went public in 1981. Since its inception, nearly 300 recumbent-OPEN MRIs and 157 UPRIGHT® Multi-Position™ MRI scanners have been installed worldwide. FONAR''s stellar product is the UPRIGHT® MRI (also known as the Stand-Up® MRI), the only whole-body MRI that performs Position™ imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR UPRIGHT® MRI often sees the patient''s problem that other scanners cannot because they are lie-down and "weightless" only scanners. The patient-friendly UPRIGHT® MRI has a near-zero claustrophobic rejection rate by patients. As a FONAR customer states, "If the patient is claustrophobic in this scanner, they''ll be claustrophobic in my parking lot." Approximately 85% of patients are scanned sitting while they watch a 42" flat screen TV. FONAR is headquartered on Long Island, New York.
and are registered trademarks and Full Range of Motion™, , Upright Radiology™, , True Flow™,, Spondylography™, Landscape™, , and Spondylometry™ are trademarks of FONAR® Corporation.
This release may include forward-looking statements from the Company that may or may not materialize. Additional information on factors that could potentially affect the Company''s financial results may be found in the company''s filings with the Securities and Exchange Commission.
Contact:
Daniel Culver
Director of Communications
E-mail:
The Inventor of MR Scanning™
An ISO 9001 Company
Melville, New York 11747
Phone: (631) 694-2929
Fax: (631) 390-1709
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Datum: 15.09.2014 - 15:00 Uhr
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