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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fonar Corporation | NASDAQ:FONR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.09 | 0.51% | 17.63 | 17.51 | 17.65 | 17.98 | 17.4601 | 17.98 | 6,711 | 18:58:54 |
Statement of Operations Items
Balance Sheet Items
See the accompanying tables for more details.
Management Discussion
Raymond V. Damadian, M.D., president and chairman of FONAR said, "I am quite pleased with the Company's consistent progress since we redefined our corporate business strategy following the 2008 banking crisis. It is remarkable that we have had 1 1/2 years of net income and income from operations exceeding $1.5 million. Each quarter over the past three years we have consistently been profitable having earned income from operations. Our total assets have grown from $21.6 million at June 30, 2010 to $36.8 million most recently, shareholders' equity has climbed to over $14 million and our long-term liabilities are a low of $1.25 million."
"The eleven UPRIGHT® Multi-Position™ MRI centers that we manage continue to add scan volume," said Dr. Damadian. "In fact, for the three months ended December 31, 2012, the number of scans was 10,563 as compared to 10,332 scans over the same period one year earlier. This occurred in spite of the interruption caused by Hurricane Sandy which did cause several of our scanning centers to temporarily stop for a short period."
"Much of our success comes from the management team assembled that manages the imaging center management business. Key to their success though is the marketing strength of the FONAR STAND-UP® MRI (a.k.a. UPRIGHT® Multi-Position™ MRI)," said Dr. Damadian. "We have a considerable number of customer patients that tell us that they will never go and have a recumbent MRI again. Currently, we are managing eleven centers, all in New York and Florida."
"FONAR's UPRIGHT® MRI technology has opened a new frontier in medical imaging," said Dr. Damadian. "It is the power to make MRI motion pictures (cinés) of the cerebrospinal fluid (CSF) in the spinal canal as it flows into and out of the brain of the patient while Upright. These ciné MRIs of CSF flow in and out of the brain while the patient is Upright, are uniquely sensitive to the visualization of any impairments of CSF flow. This often leads to a better understanding of the problems with the cervical anatomy that might be contributing to the patient's symptoms."
"An example of the severe need of FONAR's unique UPRIGHT® Multi-Position™ MRI technology is FONAR's recent discovery of the potential adverse consequences of cervical spine malalignments. Such cervical spine degenerations or vertebral malalignments can obstruct the flow of cerebrospinal fluid (CSF), which in turn can generate increases of intracranial pressure (ICP) and CSF 'leakages' into the surrounding brain parenchyma. It has been proposed that CSF 'leakages', such as those shown to be joining the MS lesions in the MRI images of the MS patients studied, could be etiologic in the generation of multiple sclerosis (Damadian R.V., Chu D., 'The Possible Role of Cranio-Cervical Trauma and Abnormal CSF Hydrodynamics in the Genesis of Multiple Sclerosis', Physiol. Chem. Phys. & Med. NMR, September 20, 2011, 41:1-17). The report showed that the cervical anatomic abnormalities seen in these MS patients and the resulting CSF flow obstructions were significantly more severe with the patient in the vertical position (Table 2A, col. 10 & 11, Physiol. Chem. Phys. & Med. NMR, September 20, 2011 41:1-17) than with the patient in the recumbent position. Consequently, it is critical that any assessment of CSF flow impairment in the brain or spinal column must be assessed with the patient in the vertical position in order to determine the full extent of the CSF flow impairment, the extent of treatment needed and, most importantly, to achieve an accurate assessment post-treatment of the degree to which satisfactory CSF flow has been successfully restored. Accordingly," said Dr. Damadian, "we believe there now exists a genuine hope that if an MS patient can have their vertical position CSF flow and intracranial pressures (ICP) monitored and restored to normal, then there is also the prospect that the symptoms of this MS patient can be restored to normal."
About FONAR
FONAR (NASDAQ: FONR), Melville, NY, The Inventor of MR Scanning™, is an AMERICAN COMPANY that 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 over 150 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 only. 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.
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Full Range of Motion™, Multi-Position™, Upright Radiology™, The Proof is in the Picture™, True Flow™, pMRI™, Spondylography™, Dynamic™, Spondylometry™, CSP™, 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 CONSOLIDATED BALANCE SHEETS (000's OMITTED) ASSETS December 31, June 30, 2012 2012 Current Assets: (UNAUDITED) ------------- ------------- Cash and cash equivalents $ 14,760 $ 12,032 Accounts receivable - net 4,920 5,095 Accounts receivable - related party 60 - Management and other fees receivable - net 4,525 3,782 Management and other fees receivable - related medical practices - net 1,955 1,311 Costs and estimated earnings in excess of billings on uncompleted contracts 747 1,129 Inventories 2,239 2,195 Current portion of notes receivable - net 118 116 Prepaid expenses and other current assets 251 206 ------------- ------------- Total Current Assets 29,575 25,866 ------------- ------------- Property and equipment - net 2,927 3,173 Notes receivable 207 276 Other intangible assets - net 3,609 3,835 Other assets 487 465 ------------- ------------- Total Assets $ 36,805 $ 33,615 ============= ============= CONDENSED CONSOLIDATED BALANCE SHEETS (000's OMITTED, except per share data) LIABILITIES AND STOCKHOLDERS' EQUITY December 31, June 30, 2012 2012 (UNAUDITED) ------------- ------------- Current Liabilities: Current portion of long-term debt and capital Leases $ 1,483 $ 1,854 Accounts payable 2,020 2,077 Other current liabilities 8,179 7,693 Unearned revenue on service contracts 5,536 5,475 Unearned revenue on service contracts - related Party 55 - Customer advances 4,138 3,881 Income tax payable - 100 ------------- ------------- Total Current Liabilities 21,411 21,080 Long-Term Liabilities: Accounts payable, non current 10 47 Due to related medical practices 229 229 Long-term debt and capital leases, less current Portion 634 777 Other liabilities 379 401 ------------- ------------- Total Long-Term Liabilities 1,252 1,454 ------------- ------------- Total Liabilities 22,663 22,534 ------------- ------------- CONDENSED CONSOLIDATED BALANCE SHEETS (000's OMITTED, except per share data) STOCKHOLDERS' EQUITY LIABILITIES AND STOCKHOLDERS' EQUITY December 31, June 30, (continued) 2012 2012 STOCKHOLDERS' EQUITY: (UNAUDITED) ------------- ------------- Class A non-voting preferred stock $.0001 par value; 453,000 shares authorized at December 31, 2012 and June 30, 2012, 313,438 issued and outstanding at December 31, 2012 and June 30, 2012 - - Preferred stock $.001 par value; 567,000 shares authorized at December 31, 2012 and June 30, 2012, issued and outstanding - none - - Common Stock $.0001 par value; 8,500,000 shares authorized at December 31, 2012 and June 30, 2012, 5,942,905 and 5,912,905 issued at December 31, 2012 and June 30, 2012, respectively; 5,931,262 and 5,901,262 outstanding at December 31, 2012 and June 30, 2012, respectively 1 1 Class B Common Stock (10 votes per share) $.0001 par value; 227,000 shares authorized at December 31, 2012 and June 30, 2012, 158 issued and outstanding at December 31, 2012 and June 30, 2012 - - Class C Common Stock (25 votes per share) $.0001 par value; 567,000 shares authorized at December 31, 2012 and June 30, 2012, 382,513 issued and outstanding at December 31, 2012 and June 30, 2012 - - Paid-in capital in excess of par value 174,231 174,084 Accumulated other comprehensive loss (20) (20) Accumulated deficit (165,533) (168,334) Notes receivable from employee stockholders (59) (71) Treasury stock, at cost - 11,643 shares of common stock at December 31, 2012 and June 30, 2012 (675) (675) Non controlling interests 6,197 6,096 ------------- ------------- Total Stockholders' Equity 14,142 11,081 ------------- ------------- Total Liabilities and Stockholders' Equity $ 36,805 $ 33,615 ============= ============= CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (000's OMITTED, except per share data) FOR THE THREE MONTHS ENDED DECEMBER 31, REVENUES 2012 2011 ----------- ----------- Product sales - net $ 1,080 $ 1,615 Service and repair fees - net 2,765 2,807 Service and repair fees - related parties - net 28 27 Management and other fees - net 3,775 3,308 Management and other fees - related medical practices - net 1,965 1,571 ----------- ----------- Total Revenues - Net 9,613 9,328 ----------- ----------- COSTS AND EXPENSES Costs related to product sales 904 1,171 Costs related to service and repair fees 894 868 Costs related to service and repair fees - related parties 9 9 Costs related to management and other fees 2,235 1,887 Costs related to management and other fees - related medical practices 852 901 Research and development 320 293 Selling, general and administrative 2,352 1,995 Provision for bad debts 325 310 ----------- ----------- Total Costs and Expenses 7,891 7,434 ----------- ----------- Income From Operations 1,722 1,894 Interest Expense (103) (124) Investment Income 60 64 Other Expense (4) (1) Income Before Provision for Income Taxes and Non Controlling Interests 1,675 1,833 Provision for Income Taxes 55 21 ----------- ----------- Net Income 1,620 1,812 Net Income - Non Controlling Interests 271 276 ----------- ----------- Net Income - Controlling Interests $ 1,349 $ 1,536 =========== =========== Net Income Available to Common Stockholders $ 1,259 $ 1,432 =========== =========== Net Income Available to Class A Non-Voting Preferred Stockholders $ 67 $ 78 =========== =========== Net Income Available to Class C Common Stockholders$ 23 $ 26 =========== =========== Basic Net Income Per Common Share Available to Common Stockholders $ 0.21 $ 0.25 =========== =========== Diluted Net Income Per Common Share Available to Common Stockholders $ 0.21 $ 0.24 =========== =========== Basic and Diluted Income Per Share-Common C $ 0.06 $ 0.07 =========== =========== Weighted Average Basis Shares Outstanding 5,926,262 5,728,528 =========== =========== Weighted Average Diluted Shares Outstanding 6,053,766 5,856,032 =========== =========== Weighted Average Basic Shares Outstanding - Class C Common 382,513 382,513 =========== =========== Weighted Average Diluted Shares Outstanding - Class C Common 382,513 382,513 =========== =========== CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (000's OMITTED, except per share data) FOR THE SIX MONTHS ENDED DECEMBER 31, REVENUES 2012 2011 ----------- ----------- Product sales - net $ 2,121 $ 3,391 Service and repair fees - net 5,474 5,712 Service and repair fees - related parties - net 55 55 Management and other fees - net 7,544 6,637 Management and other fees - related medical practices - net 3,930 3,141 ----------- ----------- Total Revenues - Net 19,124 18,936 ----------- ----------- COSTS AND EXPENSES Costs related to product sales 1,959 2,646 Costs related to service and repair fees 1,760 1,682 Costs related to service and repair fees - related parties 18 16 Costs related to management and other fees 4,406 4,072 Costs related to management and other fees - related medical practices 1,669 1,720 Research and development 650 622 Selling, general and administrative 4,564 4,037 Provision for bad debts 500 485 ----------- ----------- Total Costs and Expenses 15,526 15,280 ----------- ----------- Income From Operations 3,598 3,656 Interest Expense (179) (231) Investment Income 120 126 Other (Expense) Income (13) 55 Income Before Provision for Income Taxes and Non Controlling Interests 3,526 3,606 Provision for Income Taxes 127 21 ----------- ----------- Net Income 3,399 3,585 Net Income - Non Controlling Interests 598 535 ----------- ----------- Net Income - Controlling Interests $ 2,801 $ 3,050 =========== =========== Net Income Available to Common Stockholders $ 2,616 $ 2,842 =========== =========== Net Income Available to Class A Non-voting Preferred Stockholders $ 138 $ 155 =========== =========== Net Income Available to Class C Common Stockholders $ 47 $ 53 =========== =========== Basic Net Income Per Common Share Available to Common Stockholders $ 0.44 $ 0.50 =========== =========== Diluted Net Income Per Common Share Available to Common Stockholders $ 0.43 $ 0.49 =========== =========== Basic and Diluted Income Per Share-Common C $ 0.12 $ 0.14 =========== =========== Weighted Average Basic Shares Outstanding 5,913,762 5,698,645 =========== =========== Weighted Average Diluted Shares Outstanding 6,041,266 5,826,149 =========== =========== Weighted Average Basic Shares Outstanding - Class C Common 382,513 382,513 =========== =========== Weighted Average Diluted Shares Outstanding - Class C Common 382,513 382,513 =========== ===========
Contact: Daniel Culver Director of Communications E-mail: Email Contact www.fonar.com
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