QualityStocks would like to highlight FONAR Corp. (NASDAQ: FONR). FONAR was incorporated in 1978, and is the first, oldest and most experienced MRI company in the industry. FONAR introduced the world's first commercial MRI in 1980, and went public in 1981. Since its inception, nearly 300 recumbent-OPEN MRIs and 150 UPRIGHT® Multi-Position™ MRI scanners have been installed worldwide.
In the company’s news yesterday,
FONAR Corp. reported its first quarter financial results for its fiscal Q1 2012, the three months ended Sept. 30, 2011.
The company reported a 360 percent increase in net income for the quarter to $1.8 million, or $0.25 per share, compared to $363,000, or $0.07 per share, for the first quarter of fiscal 2011.
FONAR’s total revenues increased 11 percent to $9.6 million for the first quarter of fiscal 2012 compared to revenues of $8.7 million for the corresponding quarter of last year.
As of Sept. 30, 2011, FONAR reported total current assets of $24.5 million; total assets of $33.1 million; total current liabilities of $23.1 million; and total long-term liabilities of $2.5 million.
As of Sept. 30, 2011, the company’s total cash and cash equivalents and marketable securities were $9.5 million as compared to $9.3 million as of June 30, 2011. In addition, this compares to $1.3 million for the fiscal quarter one year earlier ended Sept. 30, 2010.
The company attributes its strength over the last six quarters to changes made to focus on the management of the company’s ten UPRIGHT® MRI imaging centers, as well as cost reductions.
FONAR also highlighted a recent paper released in the quarter, reporting a diagnostic breakthrough in multiple sclerosis based on observations made possible by utilizing FONAR’s Upright Multi-Position MRI technology.
The paper, titled “The Possible Role of Cranio-Cervical Trauma and Abnormal CSF Hydrodynamics in the Genesis of Multiple Sclerosis,” was published in the journal Physiological Chemistry and Physics and Medical NMR (Sept. 20, 2011, 41: 1-17). The paper was co-authored by FONAR MRI researchers Raymond V. Damadian, M.D., president and founder of FONAR and FONAR scientist David Chu, PhD.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
