FONAR Announces Fiscal 2016 Year End Earnings
(firmenpresse) - MELVILLE, NY -- (Marketwired) -- 09/19/16 -- FONAR Corporation (NASDAQ: FONR)
22% Increase of Fiscal 2016 Diluted Net Income per Common Share available to Common Shareholders to $2.38, versus prior year
22% Increase of Fiscal 2016 Net Income to $18.8 million, versus prior year
11 % Increase of Fiscal 2016 Income from Operations to $14.4 million, versus prior year
6% Increase of Fiscal 2016 Net Revenues to $73.4 million, versus prior year
Diluted Net Income per Common Share available to Common Shareholders for the Fiscal year ending June 30, 2016 was $2.38, including a $4.6 million impact of recorded income tax benefits
FONAR Corporation (NASDAQ: FONR), The ™, reported today its fiscal 2016 results for the year ended June 30, 2016. The Company introduced the world''s first commercial MRI scanner in 1980, and is known the world over for its advancements in MRI technology. FONAR''s primary source of income is derived from the management of 24 MRI centers that feature the FONAR .
Financial Highlights
Net income increased 22% to $18.8 million for the fiscal year ended June 30, 2016. This compares to $15.4 million for the fiscal year ended June 30, 2015.
Income from operations increased 11% to $14.4 million for the fiscal year ended June 30, 2016. This compares to $12.9 million for the fiscal year ended June 30, 2015.
Basic net income per common share available to common shareholders increased 22% to $2.43 for the fiscal year ended June 30, 2016 as compared to $2.00 for the fiscal year ended June 30, 2015.
Diluted net income per common share available to common shareholders increased 22% to $2.38 for the fiscal year ended June 30, 2016 as compared to $1.95 for the fiscal year ended June 30, 2015.
Net revenues increased 6% to $73.4 million for the fiscal year ended June 30, 2016. This compares to $69.1 million for the fiscal year ended June 30, 2015.
For the year ended June 30, 2016, the revenues from the management of the diagnostic imaging center segment, consisting of patient and management and other fee revenue, and less the provision for bad debt for patient revenue, increased 9% to $62.6 million as compared to $57.6 million one year earlier.
At June 30, 2016, total assets were $84.9 million, as compared to $76.5 million one year earlier.
At June 30, 2016, total cash and cash equivalents were $8.5 million, as compared to $9.4 million one year earlier.
At June 30, 2016, total liabilities were $24.1 million, as compared to $25.7 million one year earlier.
At June 30, 2016, total current liabilities were $20.6 million, as compared to $18.8 million one year earlier.
Significant Events
On January 6, 2016, the Company reported that its subsidiary Health Management Company of America now manages Stand-Up MRI of Great Neck, located in Great Neck, New York, bringing the total number of HMCA-managed centers to 25, of which 18 are located in New York and seven (7) in Florida.
On February 11, 2016, Timothy R. Damadian, Dr. Damadian''s son, became President and Chief Executive Officer of FONAR Corporation. Raymond V. Damadian, M.D., the founder of the Company, remains Chairman of the Board.
On June 30, 2016, Health Management Company of America, of which FONAR is the majority owner, purchased 100% of the equity in Turnkey Services of New York, LLC. Turnkey Services of New York, LLC, by way of several operating leases, had provided HMCA-managed MRI facilities in Bronx, NY, and Brooklyn, NY, with ancillary diagnostic imaging equipment.
Also on June 30, 2016, Health Management Company of America, of which FONAR is the majority owner, purchased 100% of the equity in TK2 Equipment Management, LLC. TK2 Equipment Management, LLC, by way of several operating leases, had provided ancillary diagnostic imaging equipment to an HMCA-managed facility in Queens, NY, and to an HMCA-owned facility in Ft. Lauderdale, FL.
In addition, on June 30, 2016, Health Management Company of America, which had held a 50%-equity in Yonkers Diagnostic Management Services, LLC, purchased the remaining 50%, making the Yonkers entity a wholly-owned subsidiary of Health Management Company of America.
Management Discussion
President and CEO Timothy R. Damadian said, "I am pleased with our six percent (6%) growth rate in net revenue and our eleven percent (11%) increase in income from operations during fiscal 2016. The three acquisitions will add to net income, thereby contributing to the financial stability of the Company. We will continue to seek additional opportunities consistent with our growth strategy."
Chairman of the Board Raymond V. Damadian, M.D. said, "I am grateful for the current state of the Company. Since Fiscal 2011, FONAR''s revenues have grown 121 percent and we''ve been profitable every quarter. As Timothy continues to execute his proven business strategy, I am confident of a favorable future for patients, employees and shareholders."
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 signature product is the FONAR UPRIGHT® Multi-Position™ 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 detects patient problems that other MRI scanners cannot because they are lie-down and "weightless" only scanners. The patient-friendly UPRIGHT® MRI has a near-zero patient claustrophobic rejection rate. 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 watching TV.
FONAR has new works-in-progress 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 by this latest works-in-progress method for quantifying CSF in all the normal positions of the body, particularly in its upright flow against gravity. Patients with whiplash or other neck injuries are among those who will benefit from this new understanding.
FONAR''s substantial list of patents includes recent patents for its technology enabling full weight-bearing MRI imaging of 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: 19.09.2016 - 05:30 Uhr
Sprache: Deutsch
News-ID 1458789
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