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Daxor Corp Reports Operating Results (10-Q)

August 13, 2009 | About:
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Daxor Corp (DXR) filed Quarterly Report for the period ended 2009-06-30.

Daxor Corporation is a medical device manufacturing corporation with additional biotech services. Daxor Corp has a market cap of $47.4 million; its shares were traded at around $11.1101 with a P/E ratio of 7.6 and P/S ratio of 27. The dividend yield of Daxor Corp stocks is 3.6%. Daxor Corp had an annual average earning growth of 48.6% over the past 5 years.

Highlight of Business Operations:

Gains on the sale of investments were $444,036 for the three months ended June 30, 2009 versus $2,644,472 for the same period in 2008 for a decrease of $2,200,436 or 83.21%. For the current quarter, the Company had a gain from the marking to the market of short positions of stocks and put and call options of $6,978,825 versus a loss of ($33,259) for the same period in 2008. Interest expense net of interest income was $59,828 for the three months ended June 30, 2009 versus $15,552 for the three months ended June 30, 2008. Administrative expenses relating to portfolio investments were $31,414 in 2008 versus $ 21,156 for the same period in 2008.

Cash used in investing activities was $2,798,257 for the six months ended June 30, 2009. The decrease is attributable to the acquisition of property and equipment of $1,498,225 during the current six month period, of which $1,420,900 is for the construction project at 109 Meco Lane and the Company’s investment activities of $1,300,032.

Total S,G&A (selling, general and administrative) and R&D (Research and Development) costs for Equipment Sales and Related Services were $2,462,142 for the six months ended June 30, 2009 versus $2,748,824 for the same period in 2008, for a decrease of $286,682 or 10.43%. The main reason for this was decreased payroll and related costs of $182,004 for the six months ended June 30, 2009 as compared to the same period in 2008.

Total S,G&A (selling, general and administrative) and R&D (Research and Development) costs for the Cryobanking and related services segment were $458,363 for the six months ended June 30, 2009 versus $395,212 for the same period in 2008, for an increase of $63,151 or 15.98%. The main reasons for this were increases of $35,876 in professional fees attributable to the legal action which is discussed in greater detail in Part II and $19,097 in expenses allocated to Cryobanking from Equipment Sales and Related Services. These allocated expenses represent the expenses of Cryobanking paid by Equipment Sales and Related Services. These allocated expense have no effect on our consolidated results.

Dividend income earned on the Company’s security portfolio for the six months ended June 30, 2009 was $1,623,509 versus $1,182,501 for the same period in 2008 for an increase of $441,008 or 37.29%. The main reason for this increase was the receipt of a onetime special dividend of $282,425 on a stock which was still in the Company’s investment portfolio at June 30, 2009.

Gains on the sale of investments were $5,514,477 for the six months ended June 30, 2009 versus $8,475,471 for the same period in 2008 for a decrease of $2,960,994 or 34.94%. For the current six months, the Company had a gain from the marking to the market of short positions of stocks and put and call options of $713,894 versus a gain of $2,142,782 for the same period in 2008. Interest expense net of interest income was $127,527 for the six months ended June 30, 2009 versus $45,067 for the six months ended June 30, 2008. Administrative expenses relating to portfolio investments were $63,300 in 2008 versus $ 42,570 for the same period in 2008.

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Rating: 3.5/5 (4 votes)

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