Daxor Corp Reports Operating Results (10-Q)
Daxor Corp has a market cap of $39 million; its shares were traded at around $9.2 with a P/E ratio of 31.7 and P/S ratio of 23. The dividend yield of Daxor Corp stocks is 10.9%. Daxor Corp had an annual average earning growth of 8.2% over the past 5 years.DXR is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:At September 30, 2010, 53.3% or $950,571 of the total unrealized losses of $1,782,987 was comprised of the following two securities: $292,163 for Dynegy, Inc. (“Dynegy”) and $658,408 for Citigroup Inc. (“Citigroup”).
At September 30, 2010, Daxor owned 88,000 shares of Dynegy with a cost basis of $8.19 per share and a market value of $4.87 per share. On November 1, 2010 the market value of Dynegy was $4.57 which is $3.62 or 44% less than our cost basis of $8.19 per share.
At September 30, 2010, Daxor owned 329,407 shares of Citigroup with a cost basis of $5.90 per share and a market value of $3.91 per share. On November 1, 2010, the market value of Citigroup was $4.15 per share which is $1.75 or 30% less than our cost basis of $5.90 per share.
During the first quarter of 2009, the stock was at $1.00 per share and as of November 1, 2010, was trading at $4.15 per share. The stock price has increased by 25% from January 1, 2010 through November 1, 2010, going from $3.31 per share to $4.15 per share.
Gains on the sale of investments were $2,370,510 for the three months ended September 30, 2010 versus $4,482,999 for the same period in 2009 for a decrease of $2,112,489. For the three months ended September 30, 2010, the Company recorded a gain from marking put and call options to market of $3,945,415. For the three months ended September 30, 2009, the Company recorded income from marking put and call options to market of $896,426. Interest expense net of interest income was $20,323 for the three months ended September 30, 2010 versus $37,898 for the three months ended September 30, 2009. Administrative expenses relating to portfolio investments were $35,227 in 2010 versus $45,986 for the same period in 2009.
For the nine months ended September 30, 2010, consolidated operating revenues decreased to $1,217,885 from $1,228,833 for the same period in 2009, a decrease of $10,948. The Company sold one Blood Volume Analyzer during the current nine month period for $65,000 versus no machines being sold during the same period in the previous year. This was offset by a decrease in revenue from Blood Volume Kit Sales of $86,626 or 10.10% from $857,321 to $770,695. The number of kits sold decreased by 9.71% or by 260 kits from 2,679 to 2,419 during the current period.
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