FONAR Announces Fiscal 2015 3rd Quarter Earnings
(firmenpresse) - MELVILLE, NY -- (Marketwired) -- 05/11/15 -- FONAR Corporation (NASDAQ: FONR)
Third Quarter Fiscal 2015 Diluted Net Income Per Common Share Available to Common Shareholders increased 19% to $0.31, versus Third Quarter Fiscal 2014
Third Quarter Fiscal 2015 Net Income increased 17% to $2.5 million verses Third Quarter Fiscal 2014
Third Quarter Fiscal 2015 Net Revenues increased 0.3% to $17.1 million versus Third Quarter Fiscal 2014
FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported its financial results for the period ended March 31, 2015. 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 Company is known as the first Company to invent and manufacture an MRI (Magnetic Resonance) scanner. Leading the list of FONAR''s most recent patented inventions is its technology enabling UPRIGHT® full weight-bearing MRI imaging, in contrast to the conventional weightless recumbent MRI imaging. This enables, for the first time, full weight-bearing imaging of all the gravity sensitive regions of the human anatomy, e.g. the spine, brain, hip, knee, ankle, foot, shoulder and pelvis. 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 full weight-bearing UPRIGHT® position.
Statement of Operations Items
Revenues for the third fiscal quarter ended March 31, 2015 were $17.1 million as compared to $17.0 million for the corresponding quarter one year earlier. Revenues increased to $52.2 million for the nine month period ended March 31, 2015 from $51.5 million for the corresponding period one year earlier.
Net Income for the third fiscal quarter ended March 31, 2015 was $2.5 million as compared to $2.1 million for the corresponding quarter one year earlier, an increase of 17%. Net Income increased 5% to $9.2 million for the nine month period ended March 31, 2015 from $8.8 million for the corresponding period one year earlier.
Income from Operations increased 15% to $2.7 million for the third fiscal quarter ended March 31, 2015 as compared to $2.3 million for the corresponding quarter one year earlier. Income from Operations was $9.7 million for the nine month periods ended March 31, 2015 and March 31, 2014.
Diluted Net Income Per Common Share Available to Common Shareholders for the third fiscal quarter ended March 31, 2015 increased 19% to $0.31 as compared to $0.26 for the corresponding quarter one year earlier. Diluted Net Income Per Common Share Available to Common Shareholders for the nine month periods ended March 31, 2015 increased 14% to $1.09 from $0.96 for the corresponding period one year earlier.
Balance Sheet Items
Total Assets at the quarter ended March 31, 2015 were $74.5 million, as compared to $76.8 million at June 30, 2014.
Total Current Assets at the quarter ended March 31, 2015 were $43.1 million, as compared to $42.8 million at June 30, 2014.
Total Cash and Cash Equivalents March 31, 2015, were $7.8 million, as compared to $10.0 million at June 30, 2014. Five million cash was used by the Company to purchase 20% of the Class A Members ownership interest in Health Diagnostic Management on January 8, 2015.
Total Liabilities at the quarter ended March 31, 2015 were $27.5 million, as compared to $30.9 million at June 30, 2014.
Total Current Liabilities at the quarter ended March 31, 2015 were $20.3 million, as compared to $21.2 million at June 30, 2014.
Management Discussion
Raymond V. Damadian, president and chairman of Fonar Corporation, said, "The periodic cuts in MRI reimbursements brought about by the Affordable Care Act have subsided, at least for now. Because the Company has a winning strategy and strong management team we continue to make more and more profit and I am happy to report that our diluted net income per common share available to common stockholders has increased by 19% last quarter over the quarter that ended one year earlier (March 31, 2015 vs 2014). In addition, much of our success is due to the medical need met by our cutting edge UPRIGHT® full weight-loaded MRI scanner."
By continuing to educate the medical community about the unique diagnostic advantages of UPRIGHT® Multi-Position™ full weight-loaded MRI, we expect increase scan volume at our existing imaging centers. We also expect growth to come through adding UPRIGHT® imaging centers that we manage," said Dr. Damadian.
Dr. Damadian continued, "On January 8, 2015, the Company acquired 20% of the Class A members ownership interest in Health Diagnostic Management LLC for a cost of approximately $5.0 million, bringing its ownership interest in Health Diagnostic Management LLC to 60.4% from 50.5%. The corresponding impact for FONAR and thus to our shareholders is that this transaction adds to net income and to diluted net income per common share available to common stockholders.
Significant Events
The Company will hold its annual meeting on June 15, 2015. Dr. Damadian has issued his annual shareholder letter which can be seen on the Company''s Web site at .
Recently a medical monograph was published by S. Karger, AG based in Basel, Switzerland (see ). It is titled "The Craniocervical Syndrome and MRI," and highlights the FONAR UPRIGHT® Multi-Position MRI. It also highlights the recently discovered syndrome that shows how neck injury can interfere with cerebrospinal fluid (CSF) flow in the brain, causing a variety of brain diseases. For more details and a press release visit
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. 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.
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: 11.05.2015 - 05:00 Uhr
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