FONAR Announces Fiscal 2015 2nd Quarter Financial Results
(firmenpresse) - MELVILLE, NY -- (Marketwired) -- 02/09/15 -- FONAR Corporation (NASDAQ: FONR)
Net Revenues for 2nd Quarter Fiscal 2015 were $17.1 million versus $17.6 million for the same period a year earlier.
Net Income for 2nd Quarter Fiscal 2015 increased 13% to $3.5 million versus the same period a year earlier.
Net Income Available to Common Stockholders for 2nd Quarter Fiscal 2015 increased 24% to $2.5 million versus the same period a year earlier.
Diluted Net Income Per Common Shares Available to Common Stockholders increased 21% to $0.40 per share for 2nd Quarter Fiscal 2015 versus the same period a year earlier.
FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported its second quarter fiscal 2015 results for the quarter ended December 31, 2014. FONAR is the first Company in the MRI industry to manufacture an MRI (Magnetic Resonance Imaging) scanner. FONAR''s substantial list of patents include recent patents for its technology enabling full weight-bearing MRI imaging on all the gravity sensitive regions of the human anatomy, especially the brain, extremities, spine and cerebrospinal fluid (CSF) flow.
The Company''s two industry segments are the management of Stand-Up® MRI (UPRIGHT® MRI) centers, and the development, manufacturing and servicing of the UPRIGHT® Multi-Position™ MRI. Its premier MRI product, the FONAR UPRIGHT® Multi-Position™ MRI 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 fully weight-bearing UPRIGHT® position.
Financial Highlights
Revenues increased 2% to $35.1 million for the six month period ended December 31, 2014, from $34.4 million for the corresponding six month period one year earlier. Revenues for the second fiscal 2015 quarter ended December 31, 2014 were $17.1 million versus $17.6 million for the corresponding quarter one year earlier.
Net Income was $6.7 million for the six month period ended December 31, 2014 and the corresponding six month period one year earlier.
Net Income increased 13% to $3.5 million for the second fiscal 2015 quarter ended December 31, 2014 versus $3.0 million for the corresponding quarter one year earlier.
Income from Operations was $7.0 million for the six month period ended December 31, 2014, versus $7.3 million for the corresponding six month period one year earlier.
Income from Operations for the second fiscal 2015 quarter ended December 31, 2014 increased 9% to $3.6 million, from $3.3 million for the corresponding quarter one year earlier.
Diluted net income per common share available to common shareholders for the six month period ended December 31, 2014 was $0.79 versus $0.70 for the corresponding six month period one year earlier, an increase of 13%.
Diluted net income per common share available to common shareholders for the second fiscal 2015 quarter ended December 31, 2014 was $0.40 versus $0.33 for the corresponding quarter one year earlier, an increase of 21%.
Total assets at December 31, 2014 were $79.0 million, as compared to $76.8 million at June 30, 2014. Total current assets at December 31, 2014 were $46.8 million, as compared to $42.8 million at June 30, 2014.
Total liabilities at December 31, 2014 were $28.8 million, as compared to $30.9 million at June 30, 2014. Total current liabilities at December 31, 2014 were $20.9 million, as compared to $21.2 million at June 30, 2014.
Stockholder''s equity at December 31, 2014 was $50.2 million, as compared to $45.9 million at June 30, 2014.
Cash and cash equivalents increased 17% to $11.7 million at December 31, 2014, from $10.0 million at June 30, 2014.
Management Discussion
Raymond V. Damadian, president and chairman of FONAR Corporation said, "Since acquiring Health Diagnostics in March 2013, the Company''s net profit has gone from $1.6 million (for the quarter ended Dec 31, 2012) to $3.5 million (current quarter). That is almost $2 million more per quarter. Management is proud of this achievement."
"We are still concerned about cuts in MRI reimbursement rates brought about by the Affordable Care Act," said Dr. Damadian. "Nevertheless, we have dealt with these cuts and we continue to grow our business. This is because of the adherence to our business strategy which has made the difference."
"At the core of our success is that our business centers around the FONAR UPRIGHT® Multi-Position™ MRI. Our message to physicians," said Dr. Damadian, "is that the UPRIGHT® MRI will provide a ''BETTER PATIENT OUTCOME'' for their patient. Our physician users understand this and realize that you get the most accurate diagnosis available from the fully weight-loaded Multi-Position™ MRI provided by the FONAR UPRIGHT® versus that of the conventional weightless recumbent-only MRI. Most importantly, they don''t want to run the risk of failure to visualize structural abnormalities in the spines of their patients that could result in poor outcomes from their treatment."
"These physicians have learned from firsthand experience that the FONAR UPRIGHT® MRI has the power to ''SEE IT ALL'' and thus it''s use has become indispensable towards their ultimate objective of optimizing the TREATMENT OUTCOMES FOR THEIR PATIENTS," concluded Dr. Damadian.
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™, , Spondylometry™, , and Landscape™, 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.
* Condensed from audited financial statements
* Condensed from audited financial statements
Contact:
Daniel Culver
Director of Communications
E-mail:
Melville, New York 11747
Phone: (631) 694-2929
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Datum: 09.02.2015 - 16:45 Uhr
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