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FONAR Corporation (NasdaqCM: FONR) Buzz Stock of the Day

Tuesday, October 6th, 2009

Shares of MRI device maker, FONAR Corporation (NasdaqCM: FONR) were up more than 113 percent in early trading Tuesday after the company announced that it was profitable for the fiscal year ended June 30, 2009.

“We are very pleased to see the Company return to profitability,” said FONAR’s chairman and president, Raymond Damadian. “We have now made a profit for three quarters straight and are hopeful to continue this trend of profitability. A very sound reason is that the FONAR UPRIGHT® Multi-Position™ MRI technology (Dynamic MRI) is the only participant in this unique market.”

Profit for the full-year ended June 30 increased to $1.1 million or 21 cents per share, compared to a loss of $13.5 million, or $2.76 per share a year ago. Included in net income for the year ended June 30, 2009 is a pre-tax gain on the sale of a subsidiary of $1.4 million. Revenue for the year was up 12 percent to $39.7 million, compared with $35.6 million a year ago.

The FONAR UPRIGHT® Multi-Position™ MRI technology (Dynamic MRI) has played a big role in the company’s continued growth. The technology allows patients to stand, sit and perform the exact movements that cause them pain, allowing for improved and more exact imaging.

Revenues in the fiscal year ended June 30, 2009 from product sales of the FONAR UPRIGHT® Multi-Position™ MRI scanners increased 48 percent to $16.6 million for the year, compared with $11.2 million in the same period a year ago. There were 137 FONAR UPRIGHT® Multi-Position™ MRI scanners installed in the United States and around the world. The backlog for the MRI product was $25.7 million as of June 30, 2009.

“The Company has done well controlling costs while continuing to produce the FONAR UPRIGHT® Multi-Position™ MRI scanner,” said Damadian. “This is the result of a cost cutting program that we initiated over a year ago.”

Total costs and expenses related to operations decreased 23 percent to $40.4 million, from $52.5 million in the fiscal year ended June 30, 2008.

FONAR Corporation is responsible for inventing the scientific process of MR Scanning™, which is the basis for all MRI images ever created.

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Zoom Technologies (ZOOM)- Buzz Stock of the Day

Monday, September 14th, 2009

Shares of communication products maker, Zoom Technologies, Inc.(NASDAQ: ZOOM) were up as much as 140 percent in morning trading Monday from after the company announced second quarter financials for Gold Lion Holdings, a leading Chinese mobile phone manufacturer that Zoom acquired earlier this month.


For the second quarter of 2009, Gold Lion more than tripled its revenues to $53.1 million, compared to the same period last year. Furthermore, second quarter revenues were up 84 percent sequentially. The substantial revenue growth is due in large part to a significant order from one of Gold Lion’s existing customers.

“We are most pleased to report these outstanding quarterly results following the recently announced and shareholder approved transaction with Zoom Technologies,” said Lei Gu, Chairman and Chief Executive Officer of Gold Lion. “We believe these results reflect the burgeoning mobile telecommunications business in China and our ability to drive revenues and profit in this market.”

At a special meeting on September 8, shareholders of Zoom Technologies approved the acquisition of Gold Lion Holdings. The deal is expected to close by the end of September. Under the terms of the acquisition, Zoom shareholders will hold shares in two publicly traded companies, a vertically integrated China-based manufacturer of mobile telecommunication devices called Leimone United, Inc., and its US operating company Zoom Telephonics, which will retain substantially all of Zoom’s assets, liabilities, and current operations prior to the acquisition.

Revenues weren’t the only highlight in the Gold Lion’s second quarter results. The company reported a 147 percent increase in gross profit, and a $200,000 decline in operating expenses compared to the same period last year. Gross profit as a percentage of revenue, however dipped to 5.95 percent, from 10.95 percent in the same period a year ago, primarily because of low gross margins related to a significant order the company received during the quarter.

“These results further demonstrate the value of the transaction we expect to close in September,” said Zoom’s Chairman and CEO, Mr. Frank Manning. “The mobile phone market in China is growing rapidly, and we believe Gold Lion is well-positioned to benefit from this growth.”

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Harris Interactive (HPOL) Buzz Stock of the Day

Monday, August 24th, 2009

Industry researcher, Harris Interactive, Inc. (NASDAQ: HPOL) has seen steady growth in its share price in the days following the company’s recent annual report in spite of a 23 percent decline in annual revenue compared to the previous fiscal year.

The Rochester-based company did however manage to generate $6.9 million in adjusted EBITDA during fiscal year 2009, thanks in large part to aggressive cost cutting initiatives made throughout the year.

“As a result of the proactive cost reduction actions we took this past December and March to bring our cost structure in line with our revenues, we reduced expenses by nearly $22 million on an annualized basis,” said Harris Interactive, CEO, Kimberly Till.

On a consolidated basis, Harris’ revenues were $184.3 million for fiscal 2009, a decrease of $54.4 million or 23 percent when compared to fiscal 2008. The company’s operating loss for fiscal 2009 was $56.4 million compared to an $84.6 million operating loss for 2008.

Among the highlights was an 82 percent increase in US dollar revenue from Asia, compared to the previous fiscal year and a $17.4 million reduction in SG&A expenses, a $2.1 million decrease in stock based compensation expense driven by departures of several senior executives, a $2 million decrease in travel and related expenses driven by our continued focus on controlling costs and a $900,000 decrease in office rent driven by space reductions taken during fiscal 2008 and 2009.

According to Till, Harris Interactive is focused on four key components of its strategy in fiscal 2010: deliver superior client insights and service; leveraging technology; creating a more seamless global account program; and development of new products and services.

“While we had a difficult year in the face of a challenging market, I am very pleased with a number of key initiatives we accomplished during the year, including assembling a very strong management team across key areas of the business and investing in business development and client outreach to rebuild revenues,” said Till.

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ADC Telecommunications (ADCT) – Buzz Stock of the Day

Wednesday, August 12th, 2009

Shares of network equipment maker ADC Telecommunications (NASDAQ: ADCT) jumped nearly 25 percent in morning trading on Wednesday after the company raised its earnings forecast for the July quarter and said it plans to cut more costs by expanding its global restructuring.

ADC said it expects third-quarter per-share earnings of between $0.05 and $0.10 on revenue of around $280 million, which is higher than the company’s previously forecasted range of a loss of $0.04 per share and earnings of $0.04 cents a share, on revenue in the range of $265 million and $290 million.

“Today’s announcement is a reflection of our ongoing strategic commitment to managing through the global recession, taking actions to transform our business and strengthening our competitive position,” Chief Executive Robert E. Switz said in a statement.

The better-than-previously expected projections were largely due to reducing the company’s workforce by 400 jobs, compared to the 100-130 layoffs originally stated. In June, ADC announced plans to cut jobs in Europe, the Middle East and Africa. On Wednesday, the company said it has increased the downsizing to include the United States, Latin America and Asia.

The new total represents about 4 percent of ADC’s total workforce, and is part of a company-wide restructuring plan that will cost the company between $24 million and $34 million.

The company, which has been hit hard by the recession, suffered a loss of $0.11 per share for the quarter ending May 1, compared to earnings of $0.14 per share for the same quarter last year.

ADC said in a statement that the efforts made over the past year to realign business operations are expected to continue improving the Minnesota-based company’s near term financial performance as well as increase long-term earnings potential.

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Echelon Corp. (ELON) – Buzz Stock of the Day

Monday, August 10th, 2009


Shares of Echelon Corp. (NASDAQ: ELON) were up more than 45 percent today after the maker of energy efficiency products announced a long-term agreement to supply “smart meters” to Duke Energy Corp. (NYSE: DUK).

Duke Energy has described the smart grid as one of the greatest advancements of the 21st century,” said Ken Oshman, chairman and CEO of Echelon in a statement.

Echelon’s smart meters allow households to monitor electricity usage while also sending data back to power providers. By bringing the wide area network connection point down to the neighborhood transformer, the company’s NES architecture allows a utility to pinpoint problems in its network at a very precise location, and can improve customer service, for example, by eliminating cost and time associated with outage detection.

The creation of a “smart grid” is considered by some to be essential to modernizing the U.S. power delivery system, according to many experts.

“It’s the marriage of information technology and automation technology with the existing electricity network. This is the energy Internet,” said Bob Gilligan, vice president for transmission at GE Energy, which is aggressively pursuing smart grid development. “There are going to be applications 10 years from now that you and I have no idea that we’re going to want or need or think are essential to our lives.”

However, other experts warn that a “smart grid” isn’t smart enough yet to keep hackers away.

Mike Davis, a senior security consultant with Seattle-based IOActive Inc., demonstrated how a computer worm could hop between the meters at homes and businesses within a smart grid network. Such a worm could give troublemakers remote control of the meters, allowing them to disconnect someone’s power, for example.

“Every time we redesign a new technology like this, we’re doomed to relive the ’80s and ’90s all over again and the same vulnerabilities,” he told the AP.

Duke Energy has received regulatory approval to deploy smart grid infrastructure in Ohio, and plans to launch a five-year mass deployment of smart grid technology later this year including more than 700,000 electric smart meters in Ohio. In Indiana, Duke Energy is seeking approval from the Indiana Utility Regulatory Commission to install smart grid technology, including approximately 800,000 smart meters.

Echelon said the deal could represent a revenue opportunity of $150 million. The initial order is worth $15.8 million, with deliveries expected to begin at the end of the quarter, the company said.

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