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FONAR Announces Fiscal 2015 Year End Earnings

MELVILLE, NY--(Marketwired - Sep 14, 2015) - FONAR Corporation (NASDAQ: FONR)

  • 23% Increase of Fiscal 2015 Diluted Net Income per Common Share available to Common Shareholders to $1.95, versus prior year
  • 15% Increase of Fiscal 2015 Net Income to $15.4 million, versus prior year
  • 5% Increase of Fiscal 2015 Income from Operations to $12.9 million, versus prior year
  • Increase of Fiscal 2015 net revenues to $69.1 million, versus prior year

FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported today its fiscal 2015 results for the year ended June 30, 2015. The Company is known as the first Company to invent and manufacture an MRI (Magnetic Resonance) scanner. Leading the list of FONAR's most recent patented inventions is its technology enabling UPRIGHT® full weight-bearing MRI imaging for the first time on all the gravity sensitive regions of the human anatomy, e.g. the spine, brain, hip, knee, ankle, foot, shoulder, and pelvis. The FONAR UPRIGHT® Multi-Position™ MRI scanner is the world's only MRI scanner licensed under FONAR's multiple UPRIGHT® MRI patents to scan all the patient's body parts in their normal fully weight-bearing UPRIGHT® position.

Financial Highlights

Net income increased 15% to $15.4 million for the fiscal year ended June 30, 2015. This compares with $13.4 million for the fiscal year ended June 30, 2014.

Income from operations increased 5% to $12.9 million for the fiscal year ended June 30, 2015. This compares with $12.3 million for the fiscal year ended June 30, 2014.

Basic net income per common share available to common shareholders increased 23% to $2.00 for the fiscal year ended June 30, 2015 as compared to $1.62 for the fiscal year ended June 30, 2014.

Diluted net income per common share available to common shareholders increased 23% to $1.95 for the fiscal year ended June 30, 2015 as compared to $1.58 for the fiscal year ended June 30, 2014.

Revenues increased to $69.1 million for the fiscal year ended June 30, 2015. This compares to $68.5 million for the fiscal year ended June 30, 2014.

For the year ended June 30, 2015, the revenues from the management of the diagnostic imaging center segment, consisting of patient and management fee revenue, and less the provision for bad debt for patient revenue, was $57.6 million as compared to $56.4 million one year earlier.

At June 30, 2015, total assets were $76.5 million, as compared to $76.8 million one year earlier.

At June 30, 2015, total cash and cash equivalents were $9.4 million, as compared to $10.0 million one year earlier.

At June 30, 2015, total liabilities were $25.7 million, as compared to $30.9 million one year earlier.

At June 30, 2015, total current liabilities were $18.8 million, as compared to $20.9 million one year earlier.

Significant Events

On January 8, 2015, the Company purchased 20% of the Class A members ownership interest in Health Diagnostic Management, LLC., (HDM) for a cost of approximately $5.0 million. After this cash transaction, the Company's ownership interest in HDM is 60.4%.

On May 1, 2015, the Company repaid a portion of the Class A Stockholders capital contribution of approximately $1.1 million. As a result, the Company's subsidiary, HMCA, owns a 96% interest in Imperial Management Services.

Highlighted in a press release (www.fonar.com/news/050515.htm) earlier this year, a 94-page, seven chapter monograph entitled, "The Craniocervical Syndrome and MRI" was published by S. Karger, AG, (www.karger.com/Book/Home/261956). It examines the impact of rapid advances in MRI that are transforming the treatment of patients suffering from the craniocervical syndrome (CCS). It is written by leading international experts in the field to provide practitioners with a better understanding of the subtle anatomy and MRI appearances at the craniocervical junction, the junction of the human skull with the first two vertebra of the spine, the atlas vertebra (C-1), spine vertebra #1 and the axis vertebra (C-2), spine vertebra #2 that provides the axis of rotation for the head. The Craniocervical Syndrome monograph compiles the symptoms and medical disabilities that result from common injuries to the head and neck, e.g. 1.2 million automobile whiplash injuries occurring annually in the U.S. Of particular importance, highlighted by the authors, is the newly discovered physiologic importance of the dynamic role of the cerebrospinal fluid (CSF) circulation throughout the brain and spinal column, which is circulating from the brain to the bottom of the spine at the rate of 32 quarts per day. With the...


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