Fonar Corp. (FONR, Financial) filed Quarterly Report for the period ended 2010-09-30.
Fonar Corp. has a market cap of $11.4 million; its shares were traded at around $1.02 with and P/S ratio of 2.2. FONR is in the portfolios of Jim Simons of Renaissance Technologies LLC.
compared to the three month period ended September 30, 2009 decreased 2.4% ($2.7
million compared to $2.8 million). Unrelated party service and repair fees
decreased 2.5% ($2.7 million compared to $2.8 million) and related party service
and repair fees remained constant at $55,000. We anticipate that there will be
increases in service revenues as warranties on installed scanners expire over
time.
The increase in our consolidated net revenues of 15.9% from $7.5 million in
the first quarter of fiscal 2010 to $8.7 million in the first quarter of fiscal
2011 was coupled by a decrease of 7.4% in total costs and expenses from $8.9
million in the first quarter of fiscal 2010 compared to $8.3 million in the
first quarter of fiscal 2011. As a result, our loss from operations changed from
$1.4 million in the first quarter of fiscal 2010 to operating income of $435,000
in the first quarter of fiscal 2011.
The overall trends reflected in the results of operations for the first
three months of fiscal 2011 are an increase in revenues from product sales, as
compared to the first three months of fiscal 2010 ($2.7 million for the first
three months of fiscal 2011 as compared to $1.6 million for the first three
months of fiscal 2010), and an increase in MRI equipment segment revenues both
absolutely ($5.4 million as compared to $5.0 million) and as compared to HMCA
($5.4 million or 62.2% from the MRI equipment segment as compared to $3.3
million or 37.8% from HMCA, for the first three months of fiscal 2011, as
compared to $5.0 million or 66.2% from the MRI equipment segment and $2.5
million or 33.8%, from HMCA, for the first three months of fiscal 2010).
Unrelated party sales constituted 100% of our medical equipment product sales
for both the first three months of fiscal 2011 and of fiscal 2010.
Cash provided by operating activities for the first three months of fiscal
2011 was $158,000. Cash provided by operating activities was attributable to net
income of $385,000, a decrease in inventories of $291,000, an increase in other
current liabilities of $1.5 million, and an increase of customer advances of
$552,000 offset by an increase in costs and estimated earning in excess of
billings on uncompleted contracts of $947,000, a decrease in billings in excess
of costs and estimated earnings on uncompleted contracts of $1.5 million along
with a decrease in accounts payable of $338,000.
Total liabilities decreased by 0.8% to $27.2 million at September 30, 2010
from $27.4 million at June 30, 2010. We experienced an increase in other current
liabilities from $8.1 million at June 30, 2010 to $9.5 million at September 30,
2010 offset by a decrease in long-term debt and capital leases from $1.6 million
at June 30, 2010 to $1.5 million at September 30, 2010 and a decrease in
accounts payable from $3.3 million at June 30, 2010 to $2.9 million at September
30, 2010, along with a decrease in billings in excess of costs and estimated
earnings on uncompleted contracts from $2.7 million at June 30, 2010 to $1.3
million at September 30, 2010, and an increase in customer advances from $4.8
million at June 30, 2010 to $5.4 million at September 30, 2010. Unearned revenue
on service contracts remained constant at $5.2 million at June 30, 2010 and
September 30, 2010.
Our working capital deficit decreased to $9.7 million at September 30, 2010
from $10.0 million at June 30, 2010. This resulted from an increase in current
assets ($14.7 million at June 30, 2010 as compared to $15.3 million at September
30, 2010) particularly an increase in the current portion of costs and estimated
earnings in excess of billings on uncompleted contracts of $948,000 ($277,000 at
June 30, 2010 as compared to $1.2 million at September 30, 2010), and a decrease
in inventories of $291,000 ($2.8 million at June 30, 2010 as compared to $2.5
million at September 30, 2010) offset by a greater increase in current
liabilities ($24.7 million at June 30, 2010 as compared to $24.9 million at
September 30, 2010) resulting primarily from a decrease of approximately
$337,000 in the current portion of accounts payable ($3.2 million at June 30,
2010 as compared to $2.9 million at September 30, 2010) and an increase of $1.4
million in other current liabilities ($8.1 million at June 30, 2010 as compared
to $9.5 million at September 30, 2010) .
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Fonar Corp. has a market cap of $11.4 million; its shares were traded at around $1.02 with and P/S ratio of 2.2. FONR is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Service revenues for the three month period ended September 30, 2010 ascompared to the three month period ended September 30, 2009 decreased 2.4% ($2.7
million compared to $2.8 million). Unrelated party service and repair fees
decreased 2.5% ($2.7 million compared to $2.8 million) and related party service
and repair fees remained constant at $55,000. We anticipate that there will be
increases in service revenues as warranties on installed scanners expire over
time.
The increase in our consolidated net revenues of 15.9% from $7.5 million in
the first quarter of fiscal 2010 to $8.7 million in the first quarter of fiscal
2011 was coupled by a decrease of 7.4% in total costs and expenses from $8.9
million in the first quarter of fiscal 2010 compared to $8.3 million in the
first quarter of fiscal 2011. As a result, our loss from operations changed from
$1.4 million in the first quarter of fiscal 2010 to operating income of $435,000
in the first quarter of fiscal 2011.
The overall trends reflected in the results of operations for the first
three months of fiscal 2011 are an increase in revenues from product sales, as
compared to the first three months of fiscal 2010 ($2.7 million for the first
three months of fiscal 2011 as compared to $1.6 million for the first three
months of fiscal 2010), and an increase in MRI equipment segment revenues both
absolutely ($5.4 million as compared to $5.0 million) and as compared to HMCA
($5.4 million or 62.2% from the MRI equipment segment as compared to $3.3
million or 37.8% from HMCA, for the first three months of fiscal 2011, as
compared to $5.0 million or 66.2% from the MRI equipment segment and $2.5
million or 33.8%, from HMCA, for the first three months of fiscal 2010).
Unrelated party sales constituted 100% of our medical equipment product sales
for both the first three months of fiscal 2011 and of fiscal 2010.
Cash provided by operating activities for the first three months of fiscal
2011 was $158,000. Cash provided by operating activities was attributable to net
income of $385,000, a decrease in inventories of $291,000, an increase in other
current liabilities of $1.5 million, and an increase of customer advances of
$552,000 offset by an increase in costs and estimated earning in excess of
billings on uncompleted contracts of $947,000, a decrease in billings in excess
of costs and estimated earnings on uncompleted contracts of $1.5 million along
with a decrease in accounts payable of $338,000.
Total liabilities decreased by 0.8% to $27.2 million at September 30, 2010
from $27.4 million at June 30, 2010. We experienced an increase in other current
liabilities from $8.1 million at June 30, 2010 to $9.5 million at September 30,
2010 offset by a decrease in long-term debt and capital leases from $1.6 million
at June 30, 2010 to $1.5 million at September 30, 2010 and a decrease in
accounts payable from $3.3 million at June 30, 2010 to $2.9 million at September
30, 2010, along with a decrease in billings in excess of costs and estimated
earnings on uncompleted contracts from $2.7 million at June 30, 2010 to $1.3
million at September 30, 2010, and an increase in customer advances from $4.8
million at June 30, 2010 to $5.4 million at September 30, 2010. Unearned revenue
on service contracts remained constant at $5.2 million at June 30, 2010 and
September 30, 2010.
Our working capital deficit decreased to $9.7 million at September 30, 2010
from $10.0 million at June 30, 2010. This resulted from an increase in current
assets ($14.7 million at June 30, 2010 as compared to $15.3 million at September
30, 2010) particularly an increase in the current portion of costs and estimated
earnings in excess of billings on uncompleted contracts of $948,000 ($277,000 at
June 30, 2010 as compared to $1.2 million at September 30, 2010), and a decrease
in inventories of $291,000 ($2.8 million at June 30, 2010 as compared to $2.5
million at September 30, 2010) offset by a greater increase in current
liabilities ($24.7 million at June 30, 2010 as compared to $24.9 million at
September 30, 2010) resulting primarily from a decrease of approximately
$337,000 in the current portion of accounts payable ($3.2 million at June 30,
2010 as compared to $2.9 million at September 30, 2010) and an increase of $1.4
million in other current liabilities ($8.1 million at June 30, 2010 as compared
to $9.5 million at September 30, 2010) .
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