Daxor Corp Reports Operating Results (10-Q)
Daxor Corp has a market cap of $46.8 million; its shares were traded at around $11.03 with a P/E ratio of 8.1 and P/S ratio of 27.7. DXR is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:For the three months ended March 31, 2010, consolidated operating revenues decreased to $396,272 from $434,037 for the same period in 2009, a decrease of $37,765 or 8.70%. This was mainly due to a decrease in revenue from Blood volume kit sales of $36,844 or 11.90% from $309,452 to $272,608. The number of kits sold decreased by 11.12% from 971 to 863 during the current period.
At March 31, 2010, Daxor owned 932,700 shares of Dynegy with a cost basis of $2.33 per share and a market value of $1.26 per share. On May 10, 2010, the market price of Dynegy was $1.35 per share which is $0.98 or 42% lower than our cost basis of $2.33 per share.
The book value of Dynegy at March 31, 2010 is $5.13 per share which is more than double our cost basis of $2.33 per share. The stock price of Dynegy has a record of historical volatility, being at $8.11 per share in February 2008, as low as $1.05 in March 2009 before going back to $2.42 per share in October 2009.
Dynegy s liquidity improved from $1.9 billion at December 31, 2009 to $2.3 billion at March 31, 2010. The liquidity at March 31, 2010 consisted of $802 million in cash on hand and marketable securities and $1.5 billion in unused availability under the company s credit facility. Dynegy s current ratio improved from $140 million at December 31, 2009 to $1.06 billion at March 31, 2010.
At March 31, 2010, Daxor owned 299,807 shares of Citigroup with a cost basis of $6.14 per share and a market value of $4.05 per share. On May 10, 2010, the market value of Citigroup was $4.22 per share which is $1.92 or 31% less than our cost basis of $6.14 per share.
Gains on the sale of investments were $6,076,382 for the three months ended March 31, 2010 versus $5,124,034 for the same period in 2009 for an increase of $952,348 or 18.59%. 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 ($4,772,764) versus a loss of ($6,318,524) for the same period in 2009. Interest expense net of interest income was $6,264 for the three months ended March 31, 2010 versus $67,699 for the three months ended March 31, 2009. Administrative expenses relating to portfolio investments were $34,974 in 2010 versus $ 31,886 for the same period in 2009.
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