Fonar Corp. (FONR, Financial) filed Quarterly Report for the period ended 2009-09-30.
Fonar Corp. has a market cap of $26.6 million; its shares were traded at around $2.39 with and P/S ratio of 4.1.
quarter of fiscal 2009 to $7.5 million in the first quarter of fiscal 2010, was
accompanied by an increase of 3.3% in total costs and expenses from $8.6 million
in the first quarter of fiscal 2009 compared to $8.9 million in the first
quarter of fiscal 2010. As a result, our loss from operations changed from a
loss of $1.8 million in the first quarter of fiscal 2009 to a loss of $1.4
million in the first quarter of fiscal 2010.
The overall trends reflected in the results of operations for the first three
months of fiscal 2010 are an increase in revenues from service and repair fees,
as compared to the first three months of fiscal 2009 ($2.8 million for the first
three months of fiscal 2010 as compared to $2.6 million for the first three
months of fiscal 2009), and an increase in MRI equipment segment revenues
relative to HMCA revenues ($5.0 million or 66.2% from the MRI equipment segment
as compared to $2.5 million or 33.8% from HMCA, for the first three months of
fiscal 2010, as compared to $4.0 million or 59.2% from the MRI equipment segment
and $2.8 million or 40.8%, from HMCA, for the first three months of fiscal
2009). Unrelated party sales constituted 100% of our medical equipment product
sales for both the first three months of fiscal 2010 and of fiscal 2009.
Cash used in operating activities for the first three months of fiscal 2010 was
$402,000. Cash used in operating activities was attributable to an increase in
accounts payable of $269,000, an increase in billings in excess of costs and
estimated earnings on uncompleted contracts of $509,000 and a decrease in costs
and estimated earnings in excess of billings on uncompleted contracts of
$264,000 offset by an increase in inventories of $280,000 and the net loss of
$1.7 million.
Long-term debt $ 928 $ 221 $ 175 $ - $ 532
Total liabilities increased by 2.6% to $32.0 million at September 30, 2009 from
$31.2 million at June 30, 2009. We experienced an decrease in long-term debt and
capital leases from $759,000 at June 30, 2009 to $731,000 at September 30, 2009
and an increase in accounts payable from $3.7 million at June 30, 2009 to $4.0
million at September 30, 2009, along with an increase in billings in excess of
costs and estimated earnings on uncompleted contracts from $2.0 million at June
30, 2009 to $2.5 million at September 30, 2009, and an increase in customer
advances from $9.2 million at June 30, 2009 to $9.3 million at September 30,
2009. Unearned revenue on service contracts increased from $5.5 million at June
30, 2009 to $5.6 million at September 30, 2009.
Our working capital deficit remained constant at $10.8 million as of June 30,
2009 and September 30, 2009. This resulted from an increase in current assets
($18.3 million at June 30, 2009 as compared to $19.2 million at September 30,
2009) particularly an increase in the current portion of notes receivable of
$1.1 million ($518,000 at June 30, 2009 as compared to $1.7 million at September
30, 2009), notwithstanding an increase in current liabilities ($29.1 million at
June 30, 2009 as compared to $30.0 million at September 30, 2009) resulting
primarily from an increase of approximately $297,000 in the current portion of
accounts payable ($3.5 million at June 30, 2009 as compared to $3.8 million at
September 30, 2009) and an increase of $510,000 in billings in excess of costs
and estimated earnings on uncompleted contracts ($2.0 million at June 30, 2009
as compared to $2.5 million at September 30, 2009) .
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Fonar Corp. has a market cap of $26.6 million; its shares were traded at around $2.39 with and P/S ratio of 4.1.
Highlight of Business Operations:
The increase in our total net revenues of 10.4% from $6.8 million in the firstquarter of fiscal 2009 to $7.5 million in the first quarter of fiscal 2010, was
accompanied by an increase of 3.3% in total costs and expenses from $8.6 million
in the first quarter of fiscal 2009 compared to $8.9 million in the first
quarter of fiscal 2010. As a result, our loss from operations changed from a
loss of $1.8 million in the first quarter of fiscal 2009 to a loss of $1.4
million in the first quarter of fiscal 2010.
The overall trends reflected in the results of operations for the first three
months of fiscal 2010 are an increase in revenues from service and repair fees,
as compared to the first three months of fiscal 2009 ($2.8 million for the first
three months of fiscal 2010 as compared to $2.6 million for the first three
months of fiscal 2009), and an increase in MRI equipment segment revenues
relative to HMCA revenues ($5.0 million or 66.2% from the MRI equipment segment
as compared to $2.5 million or 33.8% from HMCA, for the first three months of
fiscal 2010, as compared to $4.0 million or 59.2% from the MRI equipment segment
and $2.8 million or 40.8%, from HMCA, for the first three months of fiscal
2009). Unrelated party sales constituted 100% of our medical equipment product
sales for both the first three months of fiscal 2010 and of fiscal 2009.
Cash used in operating activities for the first three months of fiscal 2010 was
$402,000. Cash used in operating activities was attributable to an increase in
accounts payable of $269,000, an increase in billings in excess of costs and
estimated earnings on uncompleted contracts of $509,000 and a decrease in costs
and estimated earnings in excess of billings on uncompleted contracts of
$264,000 offset by an increase in inventories of $280,000 and the net loss of
$1.7 million.
Long-term debt $ 928 $ 221 $ 175 $ - $ 532
Total liabilities increased by 2.6% to $32.0 million at September 30, 2009 from
$31.2 million at June 30, 2009. We experienced an decrease in long-term debt and
capital leases from $759,000 at June 30, 2009 to $731,000 at September 30, 2009
and an increase in accounts payable from $3.7 million at June 30, 2009 to $4.0
million at September 30, 2009, along with an increase in billings in excess of
costs and estimated earnings on uncompleted contracts from $2.0 million at June
30, 2009 to $2.5 million at September 30, 2009, and an increase in customer
advances from $9.2 million at June 30, 2009 to $9.3 million at September 30,
2009. Unearned revenue on service contracts increased from $5.5 million at June
30, 2009 to $5.6 million at September 30, 2009.
Our working capital deficit remained constant at $10.8 million as of June 30,
2009 and September 30, 2009. This resulted from an increase in current assets
($18.3 million at June 30, 2009 as compared to $19.2 million at September 30,
2009) particularly an increase in the current portion of notes receivable of
$1.1 million ($518,000 at June 30, 2009 as compared to $1.7 million at September
30, 2009), notwithstanding an increase in current liabilities ($29.1 million at
June 30, 2009 as compared to $30.0 million at September 30, 2009) resulting
primarily from an increase of approximately $297,000 in the current portion of
accounts payable ($3.5 million at June 30, 2009 as compared to $3.8 million at
September 30, 2009) and an increase of $510,000 in billings in excess of costs
and estimated earnings on uncompleted contracts ($2.0 million at June 30, 2009
as compared to $2.5 million at September 30, 2009) .
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