FONAR Corporation (NASDAQ:FONR) shares skyrocketed today after announcing solid quarterly results. In late trading, the stock was up more than 92 percent at $1.96 per share on heavy volume of more than 3 million shares compared to its average daily volume of only 17,000 shares. This lightly traded SmallCap stock has a market cap of $10 million and a 52-week range between $1.00 and $3.81 per share.
FONAR announced its earnings for the first quarter of fiscal 2011, ending September 30, 2010. Income from operations for the quarter ending September 30, 2010 was $435,000 as compared to a loss of $1,422,000 for the same period one year earlier, ending September 30, 2009. FONAR has had income from operations for three quarters in a row.
Net income for the first quarter of fiscal 2011 ending September 30, 2010 was $385,000 as compared to a net loss of $1.7 million for the same quarter one year earlier ending September 30, 2009.
Total net revenues for the quarter ending September 30, 2010 increased 16% to $8.7 million as compared to the one year earlier to the quarter ending September 30, 2009, when net revenues were $7.5 million.
At the end of the first fiscal quarter of fiscal 2011 ending September 30, 2010, total current assets were $15.3 million, total assets were $22.0 million, total current liabilities were $25.0 million, total long-term liabilities were $2.2 million, and total cash, cash equivalents and marketable securities were $1.3 million.
Commenting on the results of the first quarter of fiscal 2011, Raymond Damadian, M.D., president and chairman of FONAR said, "We are delighted to be able to show rising income for the first quarter of fiscal 2011. This has largely been done by cutting costs. Important savings have been made by reducing our Selling, General and Administrative expenses and our Research and Development expenses. In fact, these two categories have been reduced 31% when comparing the most recent fiscal quarter ending September 30, 2010 with the first quarter of fiscal 2010 ending September 30, 2009."
"I am also pleased to announce that during the most recent fiscal quarter, FONAR has installed its first UPRIGHT® Multi-Position™ MRI in Africa and Australia making FONAR a true global participant in the MRI world," added Dr. Damadian. We have installed 14 of our nearly 150 FONAR UPRIGHT® Multi-Position™ MRI scanners outside of the United States."
For investor and other information visit: www.fonar.com.
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