FONAR Announces 3rd Quarter and Nine Months Financial Results for Fiscal 2016
(firmenpresse) - MELVILLE, NY -- (Marketwired) -- 05/10/16 -- FONAR Corporation (NASDAQ: FONR)
Third Quarter Fiscal 2016 Net Revenues increased 9% to $18.6 million versus the same period a year earlier.
Third Quarter Fiscal 2016 Diluted Net Income Per Common Share Available to Common Stockholders increased 45% to $0.45 per share versus the same period a year earlier.
At March 31, 2016 Cash and Cash Equivalents increased 39% to $13.1 million from $9.4 million at June 30, 2015.
Third Quarter Fiscal 2016 Income from Operations increased 54% to $4.1 million versus the same period a year earlier.
Third Quarter Fiscal 2016 Net Income increased 54% to $3.9 million versus the same period a year earlier.
Company appoints Timothy R. Damadian as President and CEO of FONAR.
Company announces date of annual shareholder''s meeting: June 13, 2016.
Fonar Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported its fiscal 2016 third quarter and nine-months results for the period ended March 31, 2016. FONAR, a leader in the MRI industry, is the first to manufacture an MRI (Magnetic Resonance Imaging) scanner. FONAR''s substantial list of patents includes recent patents for its technology enabling full weight-bearing MRI imaging in all the gravity-sensitive regions of the human anatomy, especially the brain, extremities, and spine.
The Company''s two industry segments: HMCA, which manages 25 FONAR-equipped centers (all but one are equipped with UPRIGHT® Multi-Position™ MRIs); and the development, manufacturing and servicing of the FONAR scanners. Its premier MRI product, the FONAR UPRIGHT® Multi-Position™ MRI scanner, is the world''s only MRI scanner licensed under FONAR''s multiple UPRIGHT® Multi-Position™ MRI patents to scan all the patient''s body parts in their normal fully weight-bearing UPRIGHT® positions.
Statement of operation items
Net Revenues for the quarter ended March 31, 2016 increased 9% to $18.6 million as compared to $17.1 million for the corresponding quarter one year earlier.
Net Revenues for the nine-month period ended March 31, 2016 increased 5% to $54.6 million as compared to $52.2 million for the corresponding nine-month period one year earlier.
Net Income for the quarter ended March 31, 2016 increased 54% to $3.9 million as compared to $2.5 million for the corresponding quarter one year earlier.
Net Income for the nine-month period ended March 31, 2016 increased 24% to $11.5 million as compared to $9.2 million for the corresponding nine-month period one year earlier.
Income from Operations for the quarter ended March 31, 2016 increased 54% to $4.1 million as compared to $2.7 million for the corresponding quarter one year earlier.
Income from Operations for the nine-month period ended March 31, 2016 increased 23% to $11.9 million as compared to $9.7 million for the corresponding nine-month period one year earlier.
Diluted net income per common share available to common shareholders for the quarter ended March 31, 2016 increased 45% to $0.45 as compared to $0.31 for the corresponding quarter one year earlier.
Diluted net income per common share available to common shareholders for the nine-month period ended March 31, 2016 increased 30% to $1.42 as compared to $1.09 for the corresponding nine-month period one year earlier.
Balance sheet items
Cash and cash equivalents increased 39% to $13.1 million at March 31, 2016, from $9.4 million at June 30, 2015.
Total current assets at March 31, 2016 were $50.9 million, as compared to $43.6 million at June 30, 2015.
Total assets at March 31, 2016 were $82.0 million, as compared to $76.5 million at June 30, 2015.
Total current liabilities at March 31, 2016 were $18.6 million, as compared to $18.8 million at June 30, 2015.
Total liabilities at March 31, 2016 were $23.9 million, as compared to $25.7 million at June 30, 2015.
Total stockholder''s equity at March 31, 2016 was $58.1 million, as compared to $50.8 million at June 30, 2015.
Significant Events
On February 8, 2016, The Company announced that Timothy R. Damadian was named President and Chief Executive Officer of Fonar Corporation.
Tim Damadian joined FONAR as a consultant in 2010, at which point FONAR embraced his vision and plan for improving the performance of FONAR''s management subsidiary, HMCA. Over the next five years FONAR''s revenue more than doubled (from $31.8 million for the year ending June 30, 2010 to $69.1 million for the year ending June 30, 2015) -- an achievement primarily attributable to the success of HMCA. Over the same period Net (Loss) Income per Common Share went from ($0.61) to $2.00. (For more details visit: )
Raymond V. Damadian, the founder of Fonar Corporation continues his role as Chairman of the Board. Dr. Damadian founded FONAR in 1978 after making the key discovery that ushered in the MRI industry. Since then, the Company made many of the inventions used today on MRI scanners as well as manufacturing approximately 400 MRI scanners.
The Company will hold its annual meeting on June 13, 2016. Dr. Damadian has issued his annual shareholder letter which can be seen on the Company''s Web site at .
Management Discussion
Timothy R. Damadian, president and CEO of Fonar Corporation, said, "I am humbled by my appointment as president and CEO, and I look forward to serving the Company and its shareholders to the best of my ability.
"The financial results of this quarter are very good. Year-over-year comparisons show a 54% increase in Net Income. Also, our revenues and Net Income from our MRI management subsidiary, HMCA, show consistent, gradual growth."
Mr. Damadian continued, "Although many MRI centers across the country are having a very difficult time dealing with ever-declining reimbursement rates, our centers have endured, even thrived, by increasing scan volume, which is largely attributable to the enormous appeal of the FONAR STAND-UP® MRI.
"Our goal for the future is to continue to increase profitability while maintaining a strong cash position. This can be achieved not only by improving profitability at existing centers but also by establishing new sites and through strategic acquisitions."
Raymond V. Damadian, M.D., Chairman of Fonar Corporation, said, "I am very pleased with the seamless transition that has occurred for Timothy as he assumed the office of president and CEO. I am confident that he will guide FONAR to a sustained profitable future.
"A wonderful advantage of Timothy assuming primary management duties is my being able to focus on research into the important area of neck injury and its impact on brain health. The UPRIGHT® Multi-Position MRI is a marvelous scanner that is able to see the neck in its weight-bearing position. We often see patients'' neck problems missed by the recumbent-only MRI scanners. In addition, we have developed new technology for viewing the flow of cerebral spinal fluid (CSF) as it circulates in and around the brain. We are able to see CSF leakage and CSF pooling, and can often trace these problems to neck injuries. We can do all of this on our UPRIGHT® Multi-Position™ MRI (aka STAND-UP® MRI)."
About FONAR
FONAR, The ™, is located in Melville, NY, 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 FONAR 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 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 has new works-in-progress technology for visualizing and quantifying the flow of cerebrospinal fluid (CSF) which circulates throughout the brain and vertebral column at the rate of 32 quarts per day. This imaging and quantifying of the dynamics of this vital life-sustaining physiology of the body''s neurologic system has been made possible first by FONAR''s introduction of the MRI and now due to this latest works-in-progress for quantifying CSF in all the normal positions of the body, particularly in its upright flow against gravity. The type of patient that will benefit from this technology includes those with various types of dementia such as former NFL quarterback Jim McMahon.
FONAR''s substantial list of patents includes 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 and spine. FONAR''s UPRIGHT® Multi-Position™ MRI is the only scanner licensed under these patents.
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:
Melville, New York 11747
Phone: (631) 694-2929
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Datum: 10.05.2016 - 06:19 Uhr
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