Fonar Corp. (FONR, Financial) filed Amended Quarterly Report for the period ended 2012-09-30.
Fonar Corporation has a market cap of $31.6 million; its shares were traded at around $5.0001 with a P/E ratio of 5.4 and P/S ratio of 0.7.
The decrease in our revenues was offset by a larger decrease in our costs and expenses, and consequently we recognized an increased operating income for the three months ended September 30, 2012 of $1.9 million as compared to an operating income of $1.8 million for the three months ended September 30, 2011. The decrease in costs and expenses of 2.7% from $7.8 million in the first three months of fiscal 2012 to $7.6 million in the first three months of fiscal 2013, exceeded the decrease in revenues of 1.0%, from $9.6 million in the first three months of fiscal 2012 to $9.5 million in the first three months of fiscal 2013.
The decrease in our consolidated net revenues of 1.0% from $9.6 million in the first quarter of fiscal 2012 to $9.5 million in the first quarter of fiscal 2013 was coupled with a decrease of 2.7% in total costs and expenses from $7.8 million in the first quarter of fiscal 2012 compared to $7.6 million in the first quarter of fiscal 2013. As a result, our income from operations of $1.8 million in the first quarter of fiscal 2012 increased to $1.9 million in the first quarter of fiscal 2013.
The overall trends reflected in the results of operations for the first three months of fiscal 2013 are an increase in revenues from management and other fees, as compared to the first three months of fiscal 2012 ($5.7 million for the first three months of fiscal 2013 as compared to $4.9 million for the first three months of fiscal 2012), and a decrease in MRI equipment segment revenues both absolutely ($3.8 million as compared to $4.7 million) and as compared to HMCA-IMPERIAL revenues. Revenues were $3.8 million or 39.7% from the MRI equipment segment as compared to $5.7 million or 60.3% from HMCA-IMPERIAL, for the first three months of fiscal 2013, as compared to $4.7 million or 49% from the MRI equipment segment and $4.9 million or 51%, from HMCA-IMPERIAL, for the first three months of fiscal 2012.
Total liabilities increased by 1.4% to $22.8 million at September 30, 2012 from $22.5 million at June 30, 2012. Other current liabilities increased from $7.7 million at June 30, 2012 to $8.0 million at September 30, 2012 coupled with a decrease in long-term debt and capital leases from $777,000 at June 30, 2012 to $706,000 at September 30, 2012, an increase in accounts payable from $2.1 million at June 30, 2012 to $2.2 million at September 30, 2012. Unearned revenue on service contracts increased to $5.7 million at September 30, 2012 as compared to $5.5 million at June 30, 2012.
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Fonar Corporation has a market cap of $31.6 million; its shares were traded at around $5.0001 with a P/E ratio of 5.4 and P/S ratio of 0.7.
Highlight of Business Operations:
Overall, our revenues decreased 1.0% from $9.6 million for the first three months of fiscal 2012 to $9.5 million for the first three months of fiscal 2013. Although management fees increased by 17.0% from $4.9 million for the first three months of fiscal 2012 to $5.7 million for the first three months of fiscal 2013, service and repair fees decreased 6.7% from $2.9 million the first three months of fiscal 2012 to $2.7 million the first three months of fiscal 2013, and revenues from product sales decreased 41.4%, from $1.8 million for the first three months of 2012 to $1.0 million for the first three months of fiscal 2013.The decrease in our revenues was offset by a larger decrease in our costs and expenses, and consequently we recognized an increased operating income for the three months ended September 30, 2012 of $1.9 million as compared to an operating income of $1.8 million for the three months ended September 30, 2011. The decrease in costs and expenses of 2.7% from $7.8 million in the first three months of fiscal 2012 to $7.6 million in the first three months of fiscal 2013, exceeded the decrease in revenues of 1.0%, from $9.6 million in the first three months of fiscal 2012 to $9.5 million in the first three months of fiscal 2013.
The decrease in our consolidated net revenues of 1.0% from $9.6 million in the first quarter of fiscal 2012 to $9.5 million in the first quarter of fiscal 2013 was coupled with a decrease of 2.7% in total costs and expenses from $7.8 million in the first quarter of fiscal 2012 compared to $7.6 million in the first quarter of fiscal 2013. As a result, our income from operations of $1.8 million in the first quarter of fiscal 2012 increased to $1.9 million in the first quarter of fiscal 2013.
The overall trends reflected in the results of operations for the first three months of fiscal 2013 are an increase in revenues from management and other fees, as compared to the first three months of fiscal 2012 ($5.7 million for the first three months of fiscal 2013 as compared to $4.9 million for the first three months of fiscal 2012), and a decrease in MRI equipment segment revenues both absolutely ($3.8 million as compared to $4.7 million) and as compared to HMCA-IMPERIAL revenues. Revenues were $3.8 million or 39.7% from the MRI equipment segment as compared to $5.7 million or 60.3% from HMCA-IMPERIAL, for the first three months of fiscal 2013, as compared to $4.7 million or 49% from the MRI equipment segment and $4.9 million or 51%, from HMCA-IMPERIAL, for the first three months of fiscal 2012.
Total liabilities increased by 1.4% to $22.8 million at September 30, 2012 from $22.5 million at June 30, 2012. Other current liabilities increased from $7.7 million at June 30, 2012 to $8.0 million at September 30, 2012 coupled with a decrease in long-term debt and capital leases from $777,000 at June 30, 2012 to $706,000 at September 30, 2012, an increase in accounts payable from $2.1 million at June 30, 2012 to $2.2 million at September 30, 2012. Unearned revenue on service contracts increased to $5.7 million at September 30, 2012 as compared to $5.5 million at June 30, 2012.
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