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Daxor Corp Reports Operating Results (10-Q)

November 12, 2009 | About:
10qk

10qk

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Daxor Corp (DXR) filed Quarterly Report for the period ended 2009-09-30.

Daxor Corporation is a medical device manufacturing corporation with additional biotech services. Daxor Corp has a market cap of $59.5 million; its shares were traded at around $14 with a P/E ratio of 5.4 and P/S ratio of 33.7. The dividend yield of Daxor Corp stocks is 7.1%. 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 $3,719,285 for the three months ended September 30, 2009 versus $9,787,106 for the same period in 2008 for a decrease of $6,067,821 or 62.00%. For the current quarter, the Company had a loss from the marking to the market of short positions of stocks and put and call options of ($421,974) versus a loss of ($532,300) for the same period in 2008. Interest expense net of interest income was $37,898 for the three months ended September 30, 2009 versus $32,936 for the three months ended September 30, 2008. Administrative expenses relating to portfolio investments were $45,986 in 2009 versus $ 27,984 for the same period in 2008.

Cash provided by investing activities was $15,493,099 for the nine months ended September 30, 2009. This increase is mainly attributable to the proceeds from sales of available for sale securities of $31,618,787 and put and calls options of $22,504,260 which were partially offset by the acquisition of available for sale securities of $34,514,941. The acquisition of property and equipment of $1,914,491 during the current nine month period includes $1,747,736 for the construction project at 109 Meco Lane.

During the nine months ended September 30, 2009, the President of the Company loaned a total of $1,140,000 to the Company in a series of advances ranging from $40,000 to $500,000. The loan due to the President of the Company never exceeded $650,000 and all advances were repaid within two weeks without interest. Each loan advance and repayment took place prior to July 1, 2009.

Total S,G&A (selling, general and administrative) and R&D (Research and Development) costs for the Cryobanking and related services segment were $692,311 for the nine months ended September 30, 2009 versus $605,047 for the same period in 2008, for an increase of $87,264 or 14.42%. The main reasons for this were increases of $26,611 in professional fees attributable to the legal action which is discussed in greater detail in Part II and $40,200 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 expenses have no effect on our consolidated results.

Dividend income earned on the Company’s security portfolio for the nine months ended September 30, 2009 was $2,353,240 versus $1,933,410 for the same period in 2008 for an increase of $419,830 or 21.71%. The main reason for this increase was the receipt of a onetime special dividend of $282,425 on a stock which was not in the Company’s investment portfolio at September 30, 2009.

Gains on the sale of investments were $9,233,762 for the nine months ended September 30, 2009 versus $18,262,577 for the same period in 2008 for a decrease of $9,028,815 or 49.44%. For the current nine months, the Company had a gain from the marking to the market of short positions of stocks and put and call options of $291,920 versus a gain of $1,610,482 for the same period in 2008. Interest expense net of interest income was $165,425 for the nine months ended September 30, 2009 versus $78,003 for the nine months ended September 30, 2008. Administrative expenses relating to portfolio investments were $109,286 in 2009 versus $ 70,554 for the same period in 2008.

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