Fonar Corp. (FONR, Financial) filed Quarterly Report for the period ended 2010-12-31.
Fonar Corp. has a market cap of $15.9 million; its shares were traded at around $1.3999 with and P/S ratio of 3.1. Hedge Fund Gurus that owns FONR: Jim Simons of Renaissance Technologies LLC.
the second quarter of fiscal 2010 to $8.0 million in the second quarter of
fiscal 2011 was coupled by a decrease of 30.6% in total costs and expenses from
$9.5 million in the second quarter of fiscal 2010 compared to $6.6 million in
the second quarter of fiscal 2011. As a result, our loss from operations of $1.3
million in the second quarter of fiscal 2010 changed to operating income of $1.4
million in the second quarter of fiscal 2011.
For the first six months of fiscal 2011 our consolidated revenues increased
by 6.4% to $16.7 million from $15.7 million for the first six months of fiscal
2010 while the total costs and expenses decreased by 19.4% to $14.8 million for
the first six months of fiscal 2011 from $18.4 million for the first six months
of fiscal 2010. Our operating loss of $2.7 million in the first six months of
fiscal 2010 changed to an operating income of $1.9 million in the first six
months of fiscal 2011.
The overall trends reflected in the results of operations for the first six
months of fiscal 2011 are an increase in revenues from management and other
fees, as compared to the first six months of fiscal 2010 ($6.8 million for the
first six months of fiscal 2011 as compared to $5.1 million for the first six
months of fiscal 2010), and an decrease in MRI equipment segment revenues both
absolutely ($9.9 million as compared to $10.6 million) and as compared to HMCA.
Revenues were $9.9 million or 59.3% from the MRI equipment segment as compared
to $6.8 million or 40.7% from HMCA, for the first six months of fiscal 2011, as
compared to $10.6 million or 67.5% from the MRI equipment segment and $5.1
million or 32.5%, from HMCA, for the first six months of fiscal 2010. Unrelated
party sales constituted 100% of our medical equipment product sales for both the
first six months of fiscal 2011 and of fiscal 2010.
Cash provided by operating activities for the first six months of fiscal
2011 was $1.3 million. Cash provided by operating activities was attributable to
net income of $1.7 million, a decrease in prepaid expenses and other current
assets of $259,000, an increase in other current liabilities of $1.3 million,
offset by a decrease of customer advances of $364,000 an increase in accounts,
management fee and medical receivables of $469,000, a decrease in billings in
excess of costs and estimated earnings on uncompleted contracts of $1.6 million
along with a decrease in accounts payable of $694,000.
Total liabilities increased by 0.8% to $27.6 million at December 31, 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 $8.7 million at December 31,
2010 along with an increase in long-term debt and capital leases from $1.6
million at June 30, 2010 to $1.9 million at December 31, 2010 offset by a
decrease in accounts payable from $3.3 million at June 30, 2010 to $2.6 million
at December 31, 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 $1.1 million at December 31, 2010, and a decrease in customer advances from
$4.8 million at June 30, 2010 to $4.5 million at December 31, 2010. Unearned
revenue on service contracts increased to $5.9 million at December 31, 2010 as
compared to $5.2 million at June 30, 2010.
Our working capital deficit decreased to $9.7 million at December 31, 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 $15.2 million at December
31, 2010) particularly an increase in the cash and cash equivalents of $662,000
($1.3 million at June 30, 2010 as compared to $2.0 million at December 31,
2010), and a decrease in inventories of $69,000 ($2.8 million at June 30, 2010
as compared to $2.8 million at December 31, 2010) offset by an increase in
current liabilities ($24.7 million at June 30, 2010 as compared to $24.9 million
at December 31, 2010) resulting primarily from a decrease of approximately
$767,000 in the current portion of accounts payable ($3.2 million at June 30,
2010 as compared to $2.4 million at December 31, 2010) and an increase of
$618,000 in other current liabilities ($8.1 million at June 30, 2010 as compared
to $8.7 million at December 31, 2010) .
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Fonar Corp. has a market cap of $15.9 million; its shares were traded at around $1.3999 with and P/S ratio of 3.1. Hedge Fund Gurus that owns FONR: Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The decrease in our consolidated net revenues of 2.4% from $8.2 million inthe second quarter of fiscal 2010 to $8.0 million in the second quarter of
fiscal 2011 was coupled by a decrease of 30.6% in total costs and expenses from
$9.5 million in the second quarter of fiscal 2010 compared to $6.6 million in
the second quarter of fiscal 2011. As a result, our loss from operations of $1.3
million in the second quarter of fiscal 2010 changed to operating income of $1.4
million in the second quarter of fiscal 2011.
For the first six months of fiscal 2011 our consolidated revenues increased
by 6.4% to $16.7 million from $15.7 million for the first six months of fiscal
2010 while the total costs and expenses decreased by 19.4% to $14.8 million for
the first six months of fiscal 2011 from $18.4 million for the first six months
of fiscal 2010. Our operating loss of $2.7 million in the first six months of
fiscal 2010 changed to an operating income of $1.9 million in the first six
months of fiscal 2011.
The overall trends reflected in the results of operations for the first six
months of fiscal 2011 are an increase in revenues from management and other
fees, as compared to the first six months of fiscal 2010 ($6.8 million for the
first six months of fiscal 2011 as compared to $5.1 million for the first six
months of fiscal 2010), and an decrease in MRI equipment segment revenues both
absolutely ($9.9 million as compared to $10.6 million) and as compared to HMCA.
Revenues were $9.9 million or 59.3% from the MRI equipment segment as compared
to $6.8 million or 40.7% from HMCA, for the first six months of fiscal 2011, as
compared to $10.6 million or 67.5% from the MRI equipment segment and $5.1
million or 32.5%, from HMCA, for the first six months of fiscal 2010. Unrelated
party sales constituted 100% of our medical equipment product sales for both the
first six months of fiscal 2011 and of fiscal 2010.
Cash provided by operating activities for the first six months of fiscal
2011 was $1.3 million. Cash provided by operating activities was attributable to
net income of $1.7 million, a decrease in prepaid expenses and other current
assets of $259,000, an increase in other current liabilities of $1.3 million,
offset by a decrease of customer advances of $364,000 an increase in accounts,
management fee and medical receivables of $469,000, a decrease in billings in
excess of costs and estimated earnings on uncompleted contracts of $1.6 million
along with a decrease in accounts payable of $694,000.
Total liabilities increased by 0.8% to $27.6 million at December 31, 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 $8.7 million at December 31,
2010 along with an increase in long-term debt and capital leases from $1.6
million at June 30, 2010 to $1.9 million at December 31, 2010 offset by a
decrease in accounts payable from $3.3 million at June 30, 2010 to $2.6 million
at December 31, 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 $1.1 million at December 31, 2010, and a decrease in customer advances from
$4.8 million at June 30, 2010 to $4.5 million at December 31, 2010. Unearned
revenue on service contracts increased to $5.9 million at December 31, 2010 as
compared to $5.2 million at June 30, 2010.
Our working capital deficit decreased to $9.7 million at December 31, 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 $15.2 million at December
31, 2010) particularly an increase in the cash and cash equivalents of $662,000
($1.3 million at June 30, 2010 as compared to $2.0 million at December 31,
2010), and a decrease in inventories of $69,000 ($2.8 million at June 30, 2010
as compared to $2.8 million at December 31, 2010) offset by an increase in
current liabilities ($24.7 million at June 30, 2010 as compared to $24.9 million
at December 31, 2010) resulting primarily from a decrease of approximately
$767,000 in the current portion of accounts payable ($3.2 million at June 30,
2010 as compared to $2.4 million at December 31, 2010) and an increase of
$618,000 in other current liabilities ($8.1 million at June 30, 2010 as compared
to $8.7 million at December 31, 2010) .
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