IsoRay Inc. (ISR, Financial) filed Amended Quarterly Report for the period ended 2009-03-31.
Isoray Inc. has a market cap of $27 million; its shares were traded at around $1.1774 with and P/S ratio of 3.7.
Gross Profit. Total gross profit increased by $156, or 1.3%, to $12,303 from $12,147. Gross profit as a percentage of revenue increased to 21.5% from 20.4%, due to higher products revenue margins and substantially higher 2009 services revenues as a percent of total revenues. Gross profit on the products sales component decreased $763 or 8.3%, to $8,444 from $9,207 and, as a percentage of sales, increased to 18.9% from 18.2%. Gross profit on services revenue increased $919 or 31.3% to $3,859 from $2,940 and gross profit as a percent of services revenue decreased to 30.2% from 32.1%. The services gross margin in both periods was within our target range of 30 to 35%.
Cash Flows. During the three months ended March 31, 2009, our cash decreased by $2,256. Operating activities provided cash of $6,307, investing activities used $125, and financing activities used $8,438.
Operating Activities. Operating activities provided $6,307 in the three months ended March 31, 2009, as compared to providing cash of $1,700 in the comparable 2008 period. During the three months ended March 31, 2009, net income and noncash adjustments to net income provided cash of $874 and changes in asset and liability accounts provided cash of $5,433, primarily due to reduced accounts receivable resulting from lower sales.
Investing Activities. Investing activities used $125 in the three months ended March 31, 2009, compared to $617 used during the comparable period in 2008. Our investing activities primarily consisted of capital expenditures of $125 in 2009 and $563 in 2008. Capital expenditures in both years were primarily related to purchases of computer equipment and software, and to a lesser degree, leasehold improvements. During the next twelve months, we do not expect to incur significant capital expenditures requiring cash, except for acquisitions, of which we cannot predict the certainty or magnitude.
Financing Activities. Financing activities used $8,438 in the three months ended March 31, 2009, as compared to using $2,187 in the comparable period in 2008. Funds used in the three months ended March 31, 2009 were primarily from net payments under the floor plan financing ($8,490). The funds used in the comparable 2008 period were primarily from net payments under the floor plan financing ($1,779) and to purchase common stock under the common stock repurchase program discussed in Part II, Item 2 ($1,536), partially offset by cash generated from the exercise of stock options ($403) and excess tax benefits from stock option exercises ($601).
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Isoray Inc. has a market cap of $27 million; its shares were traded at around $1.1774 with and P/S ratio of 3.7.
Highlight of Business Operations:
Revenue. Total revenue decreased by $2,310, or 3.9%, to $57,333 from $59,643. Products revenue decreased $5,925, or 11.7% to $44,566 from $50,491. The decrease in products revenue was primarily due to our markets becoming increasingly affected by the continuing macroeconomic downturn in the United States. We experienced lower revenue in the Northwest Region, National Division, Southwest Region, and Gulf Coast Region, partially offset by revenue from newly acquired locations in the New England Region and Northern California Region and increased products revenue from large projects in the Southern California and North Texas Regions. Services revenue increased $3,615 or 39.5% to $12,767 from $9,152. Services revenue increased in the majority of our Regions, led by increases in the Federal Division, Central Texas Region, Southwest Region, and Southern California Region, and the newly acquired locations in the New England Region and Northern California Region.Gross Profit. Total gross profit increased by $156, or 1.3%, to $12,303 from $12,147. Gross profit as a percentage of revenue increased to 21.5% from 20.4%, due to higher products revenue margins and substantially higher 2009 services revenues as a percent of total revenues. Gross profit on the products sales component decreased $763 or 8.3%, to $8,444 from $9,207 and, as a percentage of sales, increased to 18.9% from 18.2%. Gross profit on services revenue increased $919 or 31.3% to $3,859 from $2,940 and gross profit as a percent of services revenue decreased to 30.2% from 32.1%. The services gross margin in both periods was within our target range of 30 to 35%.
Cash Flows. During the three months ended March 31, 2009, our cash decreased by $2,256. Operating activities provided cash of $6,307, investing activities used $125, and financing activities used $8,438.
Operating Activities. Operating activities provided $6,307 in the three months ended March 31, 2009, as compared to providing cash of $1,700 in the comparable 2008 period. During the three months ended March 31, 2009, net income and noncash adjustments to net income provided cash of $874 and changes in asset and liability accounts provided cash of $5,433, primarily due to reduced accounts receivable resulting from lower sales.
Investing Activities. Investing activities used $125 in the three months ended March 31, 2009, compared to $617 used during the comparable period in 2008. Our investing activities primarily consisted of capital expenditures of $125 in 2009 and $563 in 2008. Capital expenditures in both years were primarily related to purchases of computer equipment and software, and to a lesser degree, leasehold improvements. During the next twelve months, we do not expect to incur significant capital expenditures requiring cash, except for acquisitions, of which we cannot predict the certainty or magnitude.
Financing Activities. Financing activities used $8,438 in the three months ended March 31, 2009, as compared to using $2,187 in the comparable period in 2008. Funds used in the three months ended March 31, 2009 were primarily from net payments under the floor plan financing ($8,490). The funds used in the comparable 2008 period were primarily from net payments under the floor plan financing ($1,779) and to purchase common stock under the common stock repurchase program discussed in Part II, Item 2 ($1,536), partially offset by cash generated from the exercise of stock options ($403) and excess tax benefits from stock option exercises ($601).
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