Posts Tagged ‘FONR’

Fonar Corp. (FONR) shares soar as Q1 net income increases 360 percent

Tuesday, November 15th, 2011

Shares of MRI company Fonar Corp. (Nasdaq: FONR) were up as much as 26 percent from Monday’s closing price in morning trading on Tuesday after the company reported a 360 percent increase in first quarter earnings driven by an increase in management and service revenue, and a decrease in costs and expenses, offset by a decrease in product sales.

Fonar’s net income for the first quarter of fiscal 2012 increased to $1.8 million, from $363,0000 a year earlier. Basic earnings per common share increased 257% to $0.25 per share during the first fiscal quarter of fiscal 2012 as compared to $0.07 per common share for the first fiscal 2011 quarter ended September 30, 2010. In addition, the diluted earnings per common share increased 243% to $0.24 per share during the first fiscal quarter of fiscal 2012 as compared to $0.07 per common share for the first fiscal 2011 quarter ended September 30, 2010.

Total revenues rose 11 percent to $9.6 million, compared to $8.7 million for the same period last year.  Total operating costs and expenses decreased 5 percent to $7.8 million, from $8.3 million a year ago. Fonar’s product sales in the quarter ended September 30, 2011 dropped to $1.8 million, from $2.7 million a year ago. Service and repair revenue increased to $2.9 million in the quarter, from $2.7 million a year ago, and revenues from management and other fees increased to $4.9 million, from $3.3 million a year ago.

“”Over the last six quarters we have a net profit of $4.9 million,” said Dr. Raymond Damadian, Fonar’s Chairman and CEO in a November 15 press release. “This is due to changes that we have had to make including a focus on the management of our ten UPRIGHT® MRI imaging centers and some difficult cost reductions. While sales are not as robust as in prior years, we believe sales of the UPRIGHT® Multi-Position™ MRI will increase as the U.S. economy continues its recovery. This is because the UPRIGHT® MRI has huge value in medicine when it comes to diagnosing the spine. As time goes on, more and more physicians and patients recognize this. The discovery that an interrupted CSF flow causes MS is a valuable discovery and one that will immensely help those poor souls afflicted with the symptoms of MS as well as FONAR tremendously.”

 

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FONR moves up, S loud and clear, WNR skids

Monday, December 13th, 2010

Fonar Corp. (NasdaqCM: FONR) jumped 35.25 percent in price Monday to $1.65. Volume was 833,668 shares, 10 times its normal daily average The Inventor of MR Scanning™, based out of Melville, N.Y., announced today that a provider of outpatient diagnostic services (a FONAR customer) and several Stand-Up MRI diagnostic imaging professional corporations (PCs) received a jury verdict in their favor in an anti-trust lawsuit against CareCore National, LLC, a radiology benefits management (RBM) company

Sprint Nextel Corp. (NYSE: S) did brisk trade Monday, trading in 35,606,742 shares, catching up on its normal daily average of 48,113,600. Prices for S surged 5.09 percent to $4.43. Last week, S announced that it has signed international 4G roaming agreements with Digicel in Jamaica and Global Mobile in Taiwan, leveraging the global ecosystem for 4G services to enable travelers on the go.

Western Refining Inc. (NYSE: WNR) dipped in price 11.11 percent to $9.44 approaching noon on Monday. Volume was 3,253,715 shares, nearly double its full-day average. WNR is an independent refining and marketing company headquartered in El Paso, Texas.

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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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