FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™,
reported today its financial results for the Fiscal 2020 3rd
Quarter and Nine Months period ended March 31, 2020. FONAR’s
primary source of income and growth is attributable to its
diagnostic imaging management subsidiary, Health Management Company
of America (HMCA). In 2009, HMCA managed 9 MRI scanning centers; it
currently manages 25 MRI scanning centers. The impact the COVID-19
crisis had on the Company during the 3rd Quarter is discussed under
Significant Event and Management Discussion below.
Operating Results
Total
Revenues-Net decreased 5% for the third fiscal quarter ended March
31, 2020 to $21.7 million as compared to $22.8 million for the
corresponding quarter one year earlier. Total Revenues-Net for the
nine-month period ended March 31, 2020 were $64.9 million as
compared to $64.7 million for the corresponding nine-month period
one year earlier.
Income from
Operations, for the third fiscal quarter ended March 31, 2020, was
$2.6 million, as compared to $6.6 million for the corresponding
quarter one year earlier. Income from Operations, for the
nine-month period ended March 31, 2020, was $13.1 million, as
compared to $18.1 million for the corresponding nine-month period
one year earlier.
Net Income,
for the third fiscal quarter ended March 31, 2020, was $1.9 million
as compared to $5.2 million for the corresponding quarter one year
earlier. Net Income, for the nine-month period ended March 31,
2020, was $10.6 million, as compared to $14.6 million for the
corresponding nine-month period one year earlier.
Diluted Net
Income Per Common Share Available to Common Shareholders, for the
third fiscal quarter ended March 31, 2020, was $0.18 as compared to
$0.56 for the corresponding quarter one year earlier. Diluted Net
Income Per Common Share Available to Common Shareholders, for the
nine-month period ended March 31, 2020, was $1.10, as compared to
$1.55 for the corresponding nine-month period one year
earlier.
Total Costs
and Expenses, for the third fiscal quarter ended March 31, 2020,
was $19.1 million as compared to $16.2 million for the
corresponding quarter one year earlier. Total Costs and Expenses,
for the nine-month period ended March 31, 2020, was $51.8 million,
as compared to $46.6 million for the corresponding nine-month
period one year earlier.
Balance Sheet Items
Total Cash
and Cash Equivalents and Short Term Investments at March 31, 2020
increased 7% to $31.1 million, versus $29.0 million at June 30,
2019. This compared positively to $30.7 million for the prior
fiscal quarter at December 31, 2019.
A recent accounting pronouncement, Accounting
Standards Update (ASU) 2016-02, required a Right to Use Asset of
$29.1 million, and a Lease liability of $31.1 million, to be
recorded during the third fiscal quarter of 2020, representing the
present value of future lease payments, less year-end deferred rent
balances and any tenant improvements committed to by landlords.
There are no comparable assets or liabilities recorded for prior
periods. Details of ASU 2016-02 may be found in the Company’s 10-K
for the year ended June 30, 2019.
Total Current Assets, at March 31, 2020, were
$91.4 million, as compared to $85.1 million, at June 30, 2019.
Total Current Liabilities, at March 31, 2020 was
$14.9 million, as compared to $14.1 million at June 30, 2019. Total
Current Liabilities is impacted by the recent accounting
pronouncement, specifically of the Lease liability – current
portion of $3.2 million.
Total Assets, at March 31, 2020, were $171.2
million, as compared to $133.6 million at June 30, 2019. This
includes the Right-of-use Assets-net of $29.1 million included in
Fiscal 2020 but not included in Fiscal 2019.
Total Liabilities at March 31, 2020 were $45.6
million, as compared to $15.4 million at June 30, 2019. This
includes Lease liability – net of current portion at $27.9 million
and Lease liability – current portion at $3.2 million included in
fiscal 2020. Lease liability – net of current portion and Lease
liability – current portion were not included in fiscal 2019.
The Total Assets / Total Liabilities ratio for
the quarter ended March 31, 2020, was 3.8 compared to 8.6 as of
June 30, 2019. This difference is predominantly due to the effect
of the recently adopted accounting pronouncement, ASU 2016-02,
which required $29.1 million of assets and $31.1 million of
liabilities to be recorded at March 31, 2020.
Significant Event
The COVID-19
pandemic reached our shores in March, 2020, in FONAR’s 3rd Quarter
of Fiscal 2020, killing thousands, tumbling financial markets, and
wreaking economic and social havoc across the country. On
March 9, 2020, the Dow Jones Industrial Average ($DJI) dropped 1080
points, 3.8% of its value. By March 23, 2020 it hit a low of 18,213
points, a drop of over 10,000 points from where it was a little
over a month earlier.
Governmental
“shut-down” directives requiring the closing of all nonessential
businesses quickly followed. With doctors’ offices and
healthcare providers deemed essential businesses, HMCA-managed
sites, all of them located in New York and Florida, have been
allowed to continue to serve patients in need of outpatient medical
care. The FONAR MRI Scanner
Service Department is also considered
essential.
As a result of the pandemic, scheduled elective
patient care, including surgeries, has been cancelled or
postponed. Further, patients simply wary of contracting the
coronavirus are cancelling, postponing or missing their doctor
appointments. The unavoidable sight of closed nonessential
businesses and the constant urging or demand for all to maintain
social distancing or to shelter in place have heightened patient
fear and concern. Consequently, patient volume at medical offices,
the source of MRI referrals, has dropped precipitously. In turn, so
has scan volume at all HMCA-managed sites: 21% less than projected,
pre-COVID-19, for March and 56% less than projected for April,
pre-COVID-19. It appears that scan volume for May will be less than
projected as well.
However, with the state of Florida now is the
process of “reopening” and with the state of New York expected to
follow suit in the near future, the Company expects scan volume at
all HMCA-managed sites to begin to rise steadily in the 1st Quarter
of Fiscal 2021.
Management Discussion
Timothy R. Damadian, President and CEO, said,
“Prior to the COVID-19 pandemic disruption, we planned to invest
between $4 million and $6 million dollars at four (4) scanning
centers in Fiscal 2020. In October, 2019, we installed a
second MRI scanner in the facility we manage in Ormond Beach,
Florida facility, and we expect to be installing by the end of June
the first MRI in what will be a two-MRI facility in Pembroke Pines,
Florida. Unfortunately, the COVID-19 disruption has slowed
down installations of second MRIs in two of the New York facilities
we manage – one in Westchester County and the other in Suffolk
County. Nevertheless, I am pleased that these two
installations are now expected to be completed during the first
quarter of Fiscal 2021. When all 3 are installed, we will have a
total of 39 MRI under our management.
“The COVID-19 pandemic arrived in late
March. For the safety of employees and patients, we
immediately implemented sanitary procedures at FONAR headquarters
and at all HMCA-managed sites and ordered additional Personal
Protective Equipment (PPE) needed for protection from the virus.
Where possible, headquarter employees are now working from their
homes. Others, due to reduced workloads or restrictions that
prevent them from doing their jobs as usual, have had their hours
cut or have been furloughed.
“Once the states of Florida and New York are
“reopened,” the COVID-19 pandemic under control, and patients back
to seeing their physicians, we are confident we will be once again
thriving and growing. At this point in time, no one can predict
when that will happen, but I eagerly look forward to seeing the end
of the pandemic, our employees and their families healthy and safe,
our furloughed employees returned to work, and office hours and
patient volume at the sites back to where they were in
March.”
Mr. Damadian concluded, “We have a very strong
balance sheet. With Cash and Cash Equivalents at $31.0
million and relatively little debt, the Company’s liquidity puts us
in excellent position to weather the storm and continue to grow for
the foreseeable future.”
Chairman of the Board, Raymond V. Damadian,
M.D., said, “It’s pleasing to see the Company continue to be
profitable. My son, Timothy, and his highly experienced and
competent management team, are doing an outstanding job. Since they
took the reins in 2010, Total Revenues-Net has grown from $31.8
million to $87.2 million, representing an effective annual growth
rate of nearly 12%. The total MRI scan volume at HMCA-managed
facilities in calendar year 2009 was 29,000 and 189,000 in calendar
2019.
“The importance of the FONAR UPRIGHT®
Multi-Position™ MRI to the success of HMCA cannot be overstated,”
continued Dr. Damadian. “Physicians are seeing how the diagnostic
information obtained from having their patients scanned in
weight-bearing positions, such as sitting, bending or standing, can
lead to treatment plans that result in better patient outcomes.
Scanning patients in these positions is possible only on the
patent-protected UPRIGHT® Multi-Position™ MRI. It is well known
that the majority of MRI studies are of the spine, and it is widely
reported that about 80% of adults experience low back pain at some
point in their lifetimes. This explains why the UPRIGHT® MRI has
gained traction in the medical community.”
“Additionally, a significant portion of the
patient population seeks to avoid their MRI exams in a
claustrophobia-inducing “tunnel” or “tube” MRI, which is typical of
most other MRIs. Most Upright® MRI patients are delighted to have
their MRI scan while sitting and watching a wide-screen TV. This
has been a highly-prized feature unique to FONAR and is supported
by numerous patents that protect our technology from the large MRI
competitors in the MRI industry. Perhaps a silver lining in
the "COVID -19 black cloud", is the relative ease with which Fonar
UPRIGHT® scanner surfaces, in close proximity to patients, can be
much more easily sanitized and maintained than the "tunnel"
or "tube" MRI scanners, with minimal exposure to staff and
patients. We expect to continue to enjoy this competitive advantage
well into the future.”
Dr. Damadian continued, “Unfortunately, COVID-19
has delayed our R&D progress on MRI imaging of cerebrospinal
fluid (CSF) flow and its impact on cerebral degenerative diseases.
Our research is focused on quantifying CSF flow and the velocity at
which it navigates through the neck and head. We’ve been able to
use quantitative CSF data collected from asymptomatic patients to
identify the degree to which CSF flow impairment is responsible for
the patient’s symptoms and the degree to which the patient’s
surgical or non-surgical CCJ treatment has restored the patient’s
critical brain and central nervous symptom’s physiology to normal.
We use the UPRIGHT® MRI to make cines (movies) of the fluid (CSF)
as it flows up and down the neck and around the brain. We are also
hopeful that our research may lead to a new understanding of the
role of CSF on neurologic diseases, such as MS and Parkinson’s
disease.
Dr. Damadian concluded, “Once the COVID-19
crisis is over and the economy returns to normal, there is every
reason to believe that FONAR will continue to prosper.”
About FONAR
FONAR, the Inventor of MR Scanning™, located in
Melville, NY, was incorporated in 1978 and is the first, oldest and
most experienced MRI company in the industry. FONAR introduced the
world’s first commercial MRI in 1980, and went public in 1981.
FONAR’s signature product is the FONAR UPRIGHT® Multi-Position™ MRI
(also known as the STAND-UP® MRI), the only whole-body MRI that
performs Position™ Imaging (pMRI™) and scans patients in numerous
weight-bearing positions, i.e. standing, sitting, in flexion and
extension, as well as the conventional lie-down position. The FONAR
UPRIGHT® MRI often detects patient problems that other MRI scanners
cannot because they are lie-down and ”weightless-only” scanners.
The patient-friendly UPRIGHT® MRI has a near-zero patient
claustrophobic rejection rate. As a FONAR customer states, “If the
patient is claustrophobic in this scanner, they’ll be
claustrophobic in my parking lot.” Approximately 85% of patients
are scanned sitting while watching TV.
FONAR has new works-in-progress technology for
visualizing and quantifying the cerebral hydraulics of the central
nervous system, the flow of cerebrospinal fluid (CSF). This imaging
and quantifying of the dynamics of this vital life-sustaining
physiology of the body’s neurologic system has been made possible
first by FONAR’s introduction of the MRI and now by this latest
works-in-progress method for quantifying CSF in all the normal
positions of the body, particularly in its upright flow against
gravity. Patients with whiplash or other neck injuries are among
those who may benefit from this new understanding.
FONAR’s substantial list of patents includes
recent patents for its technology enabling full weight-bearing MRI
imaging of all the gravity sensitive regions of the human anatomy,
especially the brain, extremities and spine. It includes its newest
technology for measuring the Upright cerebral hydraulics of the
central nervous system. FONAR’s UPRIGHT® Multi-Position™ MRI
is the only scanner licensed under these patents.
UPRIGHT® and STAND-UP® are registered trademarks
and The Inventor of MR Scanning™, Full Range of Motion™,
Multi-Position™, Upright Radiology™, The Proof is in the Picture™,
True Flow™, pMRI™, Spondylography™, Dynamic™, Spondylometry™, CSP™,
and Landscape™, are trademarks of FONAR Corporation.
This release may include forward-looking
statements from the company that may or may not materialize.
Additional information on factors that could potentially affect the
company's financial results may be found in the company's filings
with the Securities and Exchange Commission.
CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts and
shares in thousands, except per share amounts)(UNAUDITED)
ASSETS
|
|
|
March 31, 2020 |
|
|
|
June 30, 2019 * |
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
31,019 |
|
|
$ |
13,882 |
|
Short term
investments |
|
|
32 |
|
|
|
15,095 |
|
Accounts receivable –
net |
|
|
3,832 |
|
|
|
3,737 |
|
Accounts receivable -
related party |
|
|
30 |
|
|
|
— |
|
Medical receivable –
net |
|
|
16,481 |
|
|
|
15,729 |
|
Management and other
fees receivable – net |
|
|
28,007 |
|
|
|
25,709 |
|
Management and other fees receivable – related medical practices –
net |
|
|
7,035 |
|
|
|
6,501 |
|
Inventories |
|
|
1,775 |
|
|
|
1,798 |
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
|
|
153 |
|
|
|
525 |
|
Income tax
receivable |
|
|
1,200 |
|
|
|
600 |
|
Prepaid expenses and
other current assets |
|
|
1,798 |
|
|
|
1,513 |
|
Total Current
Assets |
|
|
91,362 |
|
|
|
85,089 |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
2,166 |
|
|
|
— |
|
Income taxes
receivable |
|
|
— |
|
|
|
600 |
|
Deferred income tax
asset |
|
|
18,457 |
|
|
|
20,937 |
|
Property and equipment –
net |
|
|
21,258 |
|
|
|
16,986 |
|
Right-of-use asset –
net |
|
|
29,145 |
|
|
|
— |
|
Goodwill |
|
|
3,985 |
|
|
|
3,985 |
|
Other intangible assets
– net |
|
|
4,162 |
|
|
|
4,756 |
|
Other assets |
|
|
645 |
|
|
|
1,207 |
|
Total Assets |
|
$ |
171,180 |
|
|
$ |
133,560 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts and
shares in thousands, except per share amounts)(UNAUDITED)
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
March 31, 2020 |
|
|
|
June 30, 2019 * |
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Current portion of long-term debt and capital leases |
|
$ |
34 |
|
|
$ |
41 |
|
Accounts payable |
|
|
1,687 |
|
|
|
1,861 |
|
Other current liabilities |
|
|
5,162 |
|
|
|
7,577 |
|
Unearned revenue on
service contracts |
|
|
3,912 |
|
|
|
3,812 |
|
Unearned revenue on
service contracts – related party |
|
|
27 |
|
|
|
— |
|
Lease liability -
current portion |
|
|
3,214 |
|
|
|
— |
|
Customer deposits |
|
|
854 |
|
|
|
799 |
|
Total Current Liabilities |
|
|
14,890 |
|
|
|
14,090 |
|
|
|
|
|
|
|
|
|
|
Long-Term Liabilities: |
|
|
|
|
|
|
|
|
Unearned revenue on
service contracts |
|
|
2,096 |
|
|
|
— |
|
Deferred income tax
liability |
|
|
243 |
|
|
|
243 |
|
Due to related medical
practices |
|
|
93 |
|
|
|
93 |
|
Long-term debt and
capital leases, less current portion |
|
|
247 |
|
|
|
273 |
|
Lease liability - net of
current portion |
|
|
27,885 |
|
|
|
— |
|
Other liabilities |
|
|
139 |
|
|
|
749 |
|
|
|
|
|
|
|
|
|
|
Total Long-Term
Liabilities |
|
|
30,703 |
|
|
|
1,358 |
|
Total Liabilities |
|
|
45,593 |
|
|
|
15,448 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts and
shares in thousands, except per share
amounts)(UNAUDITED) LIABILITIES AND STOCKHOLDERS’ EQUITY
(Continued)
STOCKHOLDERS' EQUITY: |
|
|
March 31, 2020 |
|
|
|
June 30 2019 * |
|
Class A non-voting preferred stock $.0001 par value; 453 shares
authorized at March 31, 2020 and June 30, 2019, 313 issued and
outstanding at March 31, 2020 and June 30, 2019 |
|
$ |
— |
|
|
$ |
— |
|
Preferred stock $.001 par value; 567 shares authorized at
March 31, 2020 and June 30, 2019, issued and outstanding –
none |
|
|
— |
|
|
|
— |
|
Common Stock $.0001 par value; 8,500 shares authorized at
March 31, 2020 and June 30, 2019, 6,459 and 6,369 issued at March
31, 2020 and June 30, 2019, 6,447 and 6,357 outstanding at March
31, 2020 and June 30, 2019 |
|
|
1 |
|
|
|
1 |
|
Class B Common Stock (10 votes per share) $.0001 par value;
227 shares authorized at March 31, 2020 and June 30, 2019; .146
issued and outstanding at March 31, 2020 and June 30, 2019 |
|
|
— |
|
|
|
— |
|
Class C Common Stock (25 votes per share) $.0001 par value;
567 shares authorized at March 31, 2020 and June 30, 2019, 383
issued and outstanding at March 31, 2020 and June 30, 2019 |
|
|
— |
|
|
|
— |
|
Paid-in capital in excess of par value |
|
|
183,076 |
|
|
|
181,086 |
|
Accumulated deficit |
|
|
(56,792 |
) |
|
|
(64,456 |
) |
Treasury stock, at cost - 12 shares of common stock at March 31,
2020 and June 30, 2019 |
|
|
(675 |
) |
|
|
(675 |
) |
Total Fonar Corporation’s Stockholders’ Equity |
|
|
125,610 |
|
|
|
115,956 |
|
Noncontrolling interests |
|
|
(23 |
) |
|
|
2,156 |
|
Total Stockholders' Equity |
|
|
125,587 |
|
|
|
118,112 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
171,180 |
|
|
$ |
133,560 |
|
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Amounts and shares in thousands, except per share
amounts)(UNAUDITED)
|
FOR THE THREE MONTHS ENDED MARCH 31, |
REVENUES |
2020 |
|
|
2019 |
Patient fee revenue – net of contractual allowances and
discounts |
|
$ |
5,713 |
|
|
$ |
6,410 |
|
Product sales – net |
|
|
92 |
|
|
|
796 |
|
Service and repair fees – net |
|
|
1,942 |
|
|
|
1,964 |
|
Service and repair fees - related parties – net |
|
|
28 |
|
|
|
28 |
|
Management and other fees – net |
|
|
11,218 |
|
|
|
11,191 |
|
Management and other fees - related medical practices – net |
|
|
2,693 |
|
|
|
2,390 |
|
Total Revenues – Net |
|
|
21,686 |
|
|
|
22,779 |
|
COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
Costs related to patient fee revenue |
|
|
2,840 |
|
|
|
2,740 |
|
Costs related to product sales |
|
|
235 |
|
|
|
216 |
|
Costs related to service and repair fees |
|
|
674 |
|
|
|
752 |
|
Costs related to service and repair fees - related parties |
|
|
9 |
|
|
|
10 |
|
Costs related to management and other fees |
|
|
6,004 |
|
|
|
5,834 |
|
Costs related to management and other fees – related medical
practices |
|
|
1,550 |
|
|
|
1,634 |
|
Research and development |
|
|
535 |
|
|
|
381 |
|
Selling, general and administrative |
|
|
7,224 |
|
|
|
4,604 |
|
Total Costs and Expenses |
|
|
19,071 |
|
|
|
16,171 |
|
Income From Operations |
|
|
2,615 |
|
|
|
6,608 |
|
Interest Expense |
|
|
(17 |
) |
|
|
(27 |
) |
Investment Income |
|
|
126 |
|
|
|
104 |
|
Income Before Provision for Income Taxes and Noncontrolling
Interests |
|
|
2,724 |
|
|
|
6,685 |
|
Provision for Income Taxes |
|
|
(810 |
) |
|
|
(1,484 |
) |
Net Income |
|
|
1,914 |
|
|
|
5,201 |
|
Net Income - Noncontrolling Interests |
|
|
(653 |
) |
|
|
(1,338 |
) |
Net Income - Controlling Interests |
|
$ |
1,261 |
|
|
$ |
3,863 |
|
Net Income Available to Common Stockholders |
|
$ |
1,184 |
|
|
$ |
3,623 |
|
Net Income Available to Class A Non-Voting Preferred
Stockholders |
|
$ |
57 |
|
|
$ |
179 |
|
Net Income Available to Class C Common Stockholders |
|
$ |
20 |
|
|
$ |
61 |
|
Basic Net Income Per Common Share Available to Common
Stockholders |
|
$ |
0.18 |
|
|
$ |
0.57 |
|
Diluted Net Income Per Common Share Available to Common
Stockholders |
|
$ |
0.18 |
|
|
$ |
0.56 |
|
Basic and Diluted Income Per Share – Class C Common |
|
$ |
0.05 |
|
|
$ |
0.16 |
|
Weighted Average Basic Shares Outstanding – Common
Stockholders |
|
|
6,447 |
|
|
|
6,357 |
|
Weighted Average Diluted Shares Outstanding - Common
Stockholders |
|
|
6,575 |
|
|
|
6,485 |
|
Weighted Average Basic Shares Outstanding – Class C Common |
|
|
383 |
|
|
|
383 |
|
Weighted Average Diluted Shares Outstanding – Class C Common |
|
|
383 |
|
|
|
383 |
|
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Amounts and shares in thousands, except per share
amounts)(UNAUDITED)
|
|
FOR THE NINE MONTHSENDED MARCH 31, |
REVENUES |
|
2020 |
|
|
2019 |
|
Patient fee revenue – net of contractual allowances and
discounts |
|
$ |
17,754 |
|
|
$ |
17,856 |
|
Product sales – net |
|
|
288 |
|
|
|
1,241 |
|
Service and repair fees – net |
|
|
6,044 |
|
|
|
6,116 |
|
Service and repair fees - related parties – net |
|
|
83 |
|
|
|
83 |
|
Management and other fees – net |
|
|
33,242 |
|
|
|
32,448 |
|
Management and other fees - related medical practices – net |
|
|
7,473 |
|
|
|
6,965 |
|
Total Revenues – Net |
|
|
64,884 |
|
|
|
64,709 |
|
COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
Costs related to patient fee revenue |
|
|
8,660 |
|
|
|
8,016 |
|
Costs related to product sales |
|
|
685 |
|
|
|
539 |
|
Costs related to service and repair fees |
|
|
2,196 |
|
|
|
2,242 |
|
Costs related to service and repair fees - related parties |
|
|
30 |
|
|
|
30 |
|
Costs related to management and other fees |
|
|
18,203 |
|
|
|
17,493 |
|
Costs related to management and other fees – related medical
practices |
|
|
4,707 |
|
|
|
4,421 |
|
Research and development |
|
|
1,590 |
|
|
|
1,368 |
|
Selling, general and administrative |
|
|
15,691 |
|
|
|
12,474 |
|
Total Costs and Expenses |
|
|
51,762 |
|
|
|
46,583 |
|
Income From Operations |
|
|
13,122 |
|
|
|
18,126 |
|
Interest Expense |
|
|
(57 |
) |
|
|
(78 |
) |
Investment Income |
|
|
413 |
|
|
|
336 |
|
Other Income |
|
|
1 |
|
|
|
— |
|
Income Before Provision for Income Taxes and Noncontrolling
Interests |
|
|
13,479 |
|
|
|
18,384 |
|
Provision for Income Taxes |
|
|
(2,849 |
) |
|
|
(3,826 |
) |
Net Income |
|
|
10,630 |
|
|
|
14,558 |
|
Net Income - Noncontrolling Interests |
|
|
(2,966 |
) |
|
|
(3,824 |
) |
Net Income - Controlling Interests |
|
$ |
7,664 |
|
|
$ |
10,734 |
|
Net Income Available to Common Stockholders |
|
$ |
7,194 |
|
|
$ |
10,067 |
|
Net Income Available to Class A Non-Voting Preferred
Stockholders |
|
$ |
350 |
|
|
$ |
496 |
|
Net Income Available to Class C Common Stockholders |
|
$ |
120 |
|
|
$ |
170 |
|
Basic Net Income Per Common Share Available to Common
Stockholders |
|
$ |
1.12 |
|
|
$ |
1.58 |
|
Diluted Net Income Per Common Share Available to Common
Stockholders |
|
$ |
1.10 |
|
|
$ |
1.55 |
|
Basic and Diluted Income Per Share – Class C Common |
|
$ |
0.31 |
|
|
$ |
0.44 |
|
Weighted Average Basic Shares Outstanding – Common
Stockholders |
|
|
6,442 |
|
|
|
6,353 |
|
Weighted Average Diluted Shares Outstanding - Common
Stockholders |
|
|
6,570 |
|
|
|
6,481 |
|
Weighted Average Basic Shares Outstanding – Class C Common |
|
|
383 |
|
|
|
383 |
|
Weighted Average Diluted Shares Outstanding – Class C Common |
|
|
383 |
|
|
|
383 |
|
Contact: Daniel Culver
Director of Communications
E-mail: investor@fonar.com
www.fonar.com
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