FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™,
reported today its fiscal 2020 results. FONAR’s primary source of
income is attributable to its wholly-owned diagnostic imaging
management subsidiary, Health Management Company of America (HMCA).
In 2009, HMCA managed 9 MRI scanners. Currently, HMCA manages 36
MRI scanners in New York and in Florida.
Effective April 27, 2020, the Securities and
Exchange Commission issued a Final rule, Release No. 34-88365.
Among the changes was that a smaller reporting company meeting an
annual revenue threshold of under $100 million, such as FONAR,
would no longer be an accelerated filer. Therefore, FONAR’s 10-K is
due 90 days after the end of its fiscal year and 10-Qs are due 45
days after the end of each fiscal quarter.
Financial Results
Total Net revenues decreased by 2% to $85.7
million for the fiscal year ended June 30, 2020, as compared to
$87.2 million for the fiscal year ended June 30, 2019.
Total Costs and Expenses for the fiscal year
ended June 30, 2020 increased by 11% to $72.0 million, as compared
to $65.1 million for the fiscal year ended June 30, 2019.
Revenues from the management of the diagnostic
imaging center segment, consisting of patient fee revenue net of
contractual allowances and discounts, and management and other fees
of related and non-related medical practices, was flat at $77.2
million for the years ended June 30, 2020, and June 30, 2019.
Revenues from product sales and upgrades and
service and repair fees for related and non-related medical
parties, decreased by 15% to $8.5 million, as compared to $10.0
million for the fiscal year ended June 30, 2019.
Research and Development expenses increased 12%
to $2.0 million, as compared to $1.8 million for the fiscal year
ended June 30, 2019. The reasons for increases in R&D include
the ongoing development of various upgrades for the UPRIGHT®
Multi-Position™ MRI.
Selling, general and administrative (S,G&A)
expenses increased 39% to $26.7 million for the fiscal year ended
June 30, 2020 as compared to $19.3 million for the fiscal year
ended June 30, 2019. This increase was almost exclusively due to
reserves of $5.7 million placed on service contracts and management
fees and other receivables resulting from the COVID-19 pandemic. It
is too early to know how much of these reserves will be
recovered.
Income from Operations decreased to $13.7
million for the fiscal year ended June 30, 2020, as compared to
$22.1 million for the fiscal year ended June 30, 2019. Increases in
S,G&A were a significant portion of this decrease, as
previously discussed.
Net Income decreased to $11.7 million, for the
fiscal year ended June 30, 2020, as compared to $20.5 million for
the fiscal year ended June 30, 2019. Increases in S,G&A, as
previously discussed, were a large portion of the decrease.
Diluted Net Income per Common Share available to
common shareholders decreased to $1.18, for the year ended June 30,
2020, as compared to $2.22 for the fiscal year ended June 30, 2019.
As previously discussed, increases in S,G&A were a significant
portion of the decrease.
The weighted average diluted shares outstanding
for the year ended June 30, 2020 increased 1% to 6.6 million versus
6.5 million for the fiscal year ended June 30, 2019.
Cash and cash equivalents and short term
investments increased 27% to $36.8 million at June 30, 2020 as
compared to $29.0 million at June 30, 2019.
Total Current Assets increased by 13% to $95.9
million for the year ended June 30, 2020, as compared to $85.1
million at June 30, 2019.
At June 30, 2020, Total Current Liabilities
increased by 33% to $18.7 million, as compared to $14.1 million at
June 30, 2019. Total Current Liabilities is impacted by the recent
accounting pronouncement on leases, specifically of the Lease
liability – current portion of $3.4 million.
The Current Ratio is 5.1 at June 30, 2020.
At June 30, 2020, Total Assets increased by 35%
to $180.3 million, as compared to $133.6 million at June 30, 2019.
Total Assets is impacted by the recent accounting pronouncement on
leases, specifically Right-of-use assets – net of $31.4 million,
which are included in Fiscal 2020 but not in Fiscal 2019.
Total Liabilities at June 30, 2020 were $54.0
million, as compared to $15.4 million at June 30, 2019. Lease
liability – net of current portion of $30.1 million and Lease
liability – current portion of $3.4 million is included in Fiscal
2020, but not Fiscal 2019.
FONAR Stockholder’s Equity increased by 7% to
$126.2 million at June 30, 2020, as compared to $118.1 million at
June 30, 2019.
Working Capital increased 9% to $77.2 million
for the year ended June 30, 2020, versus $71.0 million for the year
ended June 30, 2019.
Significant Events of
Fiscal 2020
FONAR Celebrates the 50th Anniversary of
the Origination and discovery of
the MRI
It’s been fifty years since Raymond V. Damadian,
M.D., FONAR Founder and Chairman of the Board, first thought about
developing a device using magnetic resonance to detect cancer. In
his September 17, 1969 letter to Dr. George S. Mirick of the Health
Research Council of the City of New York, Raymond V. Damadian,
FONAR Founder and Chairman of the Board, requested financial
support for equipment to follow up his promising line of research.
In the letter, Dr. Damadian states his intention to “proceed with
the development of instrumentation and probes that can be used to
scan the human body externally for early signs of malignancy.” Dr.
Damadian’s September 17, 1969 letter to Dr. George S. Mirick may be
viewed online at fonar.com/nobel.htm#1969_letter.
On June 18, 1970, Dr. Damadian performed the
experiment whereby he discovered the distinctly elongated
time-lapsed signal marking differences between normal and cancerous
tissue, as well as differences among various normal organs
themselves. This was an ‘eureka’ moment and the results were
published in the journal ‘Science’ on March 19, 1971. Upon that
publication, scientists around the world began their own research,
marking the birth of the MRI industry.
Today thousands of MRI scanners are scanning
millions of patients every year all over the world. According to
the December 4, 2003 issue of The Economist, “About 22,000 MRI
machines around the world were used in 60 million examinations in
2002 last year.”
Perhaps Professor Donlin Long, M.D., former
Chairman of Neurosurgery, Johns Hopkins University, says it best:
MRI is “The Single Most Important Diagnostic Discovery in the
History of All of Medicine.” Professor Long made this statement on
November 10, 2018, when Dr. Damadian was awarded the Excellence in
Medicine Medal of Honor from the Chiari & Syringomyelia
Foundation at Brooks’s in London, England. He was joined by Fraser
Henderson, M.D., a neurosurgeon and member of the steering
committee for the Chiari & Syringomyelia Foundation, who said,
“Raymond Damadian revolutionized medicine with the discovery and
development of MRI.”
Robert J.
Janoff, Corporate Director, passes and
replaced with Richard E. Turk
Robert J. Janoff, an Independent Director of
FONAR since February 1989, passed away on May 15, 2020, Mr. Janoff
had been a self-employed New York State licensed private
investigator for more than thirty-five years. He was a Senior
Adjustor in Empire Insurance Group for more 15 years. He also
served as President of Action Data Management Strategies, Ltd., a
supplier of computer programs for use by insurance companies, from
1985 to 1991. Mr. Janoff was a member of the Board of Directors of
Harmony Heights of Oyster Bay, New York for over 25 years, which is
a nonprofit residential school for girls with learning
disabilities.
On June 4, 2020, the FONAR board of directors
appointed Richard E. Turk to replace Mr. Janoff as an independent
director and to be on the audit committee.
Mr. Turk has a history of success in growing and
acquiring outpatient practices, an area of importance to FONAR and
Health Management Company of America (HMCA), as it continues its
growth. Currently, Mr. Turk is the Chief Development Officer of
PRISM Vision Group, a private equity-backed, multi-location,
outpatient comprehensive eye care practice headquartered in Union,
New Jersey. In this capacity, Mr. Turk has helped source, analyze,
and complete 12 acquisitions, helping PRISM to expand from a
single-specialty (retina) provider with 17 locations and 21
physicians to a comprehensive, vertically-integrated,
multi-specialty, eye care organization with approximately 90
physicians and more than 50 locations. Mr. Turk graduated from
Columbia University in 2007.
FONAR joins the Russell 3000® Russell
2000® Indexes
On June 29, 2020, FONAR joined the broad-market
Russell 3000® Index and the Russell 2000® Index, as part of the
annual reconstitution of the Russell Indexes. The Russell 3000
Index is a market-capitalization-weighted equity index that tracks
the performance of the 3,000 largest U.S.-traded stocks. The
Russell 2000 is a subset of the smallest 2000 components.
At the time, Raymond V. Damadian, M.D., Founder
and Chairman of FONAR stated, “We believe our inclusion in the
Russell indexes is a major milestone for the Company. It reflects
FONAR’s strong financial performance and increases the Company’s
visibility to investors.”
Timothy R. Damadian, President and CEO of FONAR,
said, "It’s very satisfying to see the Company, in its effort to
create shareholder value, recognized for consistently improving its
operating performance and financial position over the past
decade.”
Russell US Indexes are part of FTSE Russell, a
leading global index provider, and are widely used by investment
managers and institutional investors as the basis for index funds
and as benchmarks for active investment strategies. FTSE Russell
reports that approximately $9 trillion in assets are benchmarked
against Russell US Indexes. For more information on the Russell
3000® and 2000® Indexes and the Russell indexes reconstitution, go
to the “Russell Reconstitution” section on the FTSE Russell
website. For more information, visit
www.ftserussell.com/
Management Discussion
Timothy R. Damadian, President and CEO, said,
“The COVID-19 pandemic, which reached our shores in the latter part
of March of this year, continues to have a negative effect on our
business. It is important to point out that every HMCA-managed
facility is located in either New York or Florida, states where the
pandemic has been especially severe. We experienced an immediate
drop-off in scan volume at every site. In April, our aggregate scan
volume plummeted to approximately 45% of pre-COVID levels.
Thankfully, scan volume has been steadily increasing ever since. In
June, our aggregate scan volume reached approximately 75% of
pre-COVID levels. In August, we were at roughly 85%.”
“When the pandemic hit, we, for the safety of
employees and patients, immediately implemented sanitary procedures
at FONAR headquarters and at all the HMCA-managed sites and ordered
additional Personal Protective Equipment (PPE). Where possible,
headquarter employees worked from their homes. Others, including
site employees, due to reduced workloads or restrictions that
prevented them from doing their jobs as usual, had their hours cut
or were furloughed. Reductions of the salaries of
non-controlling-interest-group members who are actively involved in
the management of the Company accounted for most of the payroll
savings from cutbacks during the fourth quarter.”
“Although their hours of operation were reduced
due to decreased referrals, the sites never closed their doors. I
most certainly appreciate the unwavering commitment and loyalty of
these, our front-line employees. At this time I’m pleased to report
that most of our employees, excepting those with compromised health
conditions, have returned to work. For their protection,
headquarters and all site facilities have been modified to ensure
proper social distancing.”
“In regard to growth,” continued Mr. Damadian,
“we had, prior to the pandemic disruption, planned to invest
between $4 million and $6 million dollars at four (4) HMCA-managed
MRI scanning centers in Fiscal 2020. To date we have installed a
second MRI scanner in the Ormond Beach, Florida facility in
October, 2019, a first MRI in what will be a two-MRI facility in
Pembroke Pines, Florida in June, 2020, and a second MRI in our
Islandia, New York facility in September, 2020. Unfortunately,
COVID-19 has delayed the installation of a second MRI in our
Westchester County facility. But once installed, we will have a
total of 38 MRIs under HMCA management. Our strategy of installing
a second or even a third MRI at high-volume, high-patient-backlog
facilities has been very successful. Of course, we look forward to
such opportunities in the future. And as always, we are actively
searching for promising locations that are currently underserved by
FONAR’s UPRIGHT® MRI technology and would enhance and/or expand our
existing networks of managed facilities.”
Mr. Damadian concluded, “Once the pandemic is
under control, the states of Florida and New York re-opened, closed
referring physician offices re-opened, and patients back to seeing
their doctors as usual, I am confident we will be not only back to,
but beyond pre-COVID success.”
FONAR Founder and Chairman of the Board, Raymond
V. Damadian, M.D., said, “It’s encouraging to me to see FONAR
navigating as well as can be expected with the business disruption
caused by the COVID-19 pandemic. Among the substantial reasons for
this is a dedicated and dynamic management team that has been built
by my son, Tim.”
“Another very important reason,” continued Dr.
Damadian, “is the enormous appeal of the FONAR UPRIGHT®
Multi-Position™ MRI (also known as the STAND-UP® MRI). This scanner
images the patient in the fully weight-loaded position, providing
the radiologist with a true picture of body parts that change with
weight and /or position. A FONAR UPRIGHT® MRI is vital to the
patient and his doctor when imaging the spine or neck or brain CSF
flow (CINE). This is often called UPRIGHT RADIOLOY™ and many
examples can be found at www.uprightradiologycases.com.”
Dr. Damadian concluded, “During Fiscal 2020, the
Company researched CSF flow as it navigates from the brain, down
the spine and throughout the brain. It is hopeful that this
research will lead to a new understanding of the role of CSF on
neurologic diseases, such as MS. In Fiscal 2021, the Company will
continue with this valuable research which can only be done on the
UPRIGHT® MRI.”
About FONAR
FONAR, the Inventor of MR Scanning™, is 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), which
circulates throughout the brain and vertebral column at the rate of
32 quarts per day. 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 will 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
cerebro-spinal fluid (CSF) 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™, CSP™, Multi-Position™, UPRIGHT
RADIOLOGY™, The Proof is in the Picture™, pMRI™, and Dynamic™, 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.
FONAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
|
June 30, |
|
2020 |
|
2019 |
Current Assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
36,802,342 |
|
|
$ |
13,882,013 |
|
Short term investments |
|
31,884 |
|
|
|
15,094,816 |
|
Accounts receivable – net of allowances for doubtful accounts of
$514,561 and $190,244 at June 30, 2020 and 2019, respectively |
|
4,312,999 |
|
|
|
3,736,662 |
|
Accounts receivable – related party |
|
5,988 |
|
|
|
— |
|
Medical receivables - net |
|
16,171,782 |
|
|
|
15,728,935 |
|
Management and other fees receivable – net of allowances for
doubtful accounts of $11,063,233 and $9,404,944 at June 30, 2020
and 2019, respectively |
|
27,437,768 |
|
|
|
25,709,489 |
|
Management and other fees receivable – related party medical
practices – net of allowances for doubtful accounts of $3,322,055
and $2,310,731 at June 30, 2020 and 2019, respectively |
|
6,896,482 |
|
|
|
6,500,614 |
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
|
152,833 |
|
|
|
525,110 |
|
Inventories |
|
1,648,770 |
|
|
|
1,798,166 |
|
Income tax receivable |
|
671,185 |
|
|
|
600,000 |
|
Prepaid expenses and other current assets |
|
1,757,499 |
|
|
|
1,512,917 |
|
Total Current Assets |
|
95,889,532 |
|
|
|
85,088,722 |
|
Income taxes receivable |
|
— |
|
|
|
600,000 |
|
Accounts receivable – long term |
|
2,730,071 |
|
|
|
— |
|
Deferred income tax asset |
|
18,809,757 |
|
|
|
20,937,747 |
|
Property and equipment – net |
|
21,364,034 |
|
|
|
16,985,617 |
|
Right-of-use-asset – operating leases |
|
31,392,458 |
|
|
|
— |
|
Right-of-use-asset – financing lease |
|
1,325,870 |
|
|
|
— |
|
Goodwill |
|
3,985,397 |
|
|
|
3,985,397 |
|
Other intangible assets – net |
|
4,109,129 |
|
|
|
4,755,675 |
|
Other assets |
|
653,132 |
|
|
|
1,207,052 |
|
Total Assets |
$ |
180,259,380 |
|
|
$ |
133,560,210 |
|
FONAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES
|
June 30, |
|
2020 |
|
2019 |
Current Liabilities: |
|
|
|
|
|
|
|
Current portion of long-term debt and capital leases |
$ |
108,379 |
|
|
$ |
40,530 |
|
Accounts payable |
|
1,965,259 |
|
|
|
1,861,227 |
|
Other current liabilities |
|
8,185,098 |
|
|
|
7,577,416 |
|
Operating lease liability – current portion |
|
3,370,149 |
|
|
|
— |
|
Financing lease liability – current portion |
|
74,699 |
|
|
|
— |
|
Unearned revenue on service contracts |
|
4,105,265 |
|
|
|
3,812,115 |
|
Customer deposits |
|
854,579 |
|
|
|
798,651 |
|
Total Current Liabilities |
|
18,663,428 |
|
|
|
14,089,939 |
|
Long-Term Liabilities: |
|
|
|
|
|
|
|
Unearned revenue on service contracts |
|
2,655,605 |
|
|
|
— |
|
Deferred income tax liability |
|
234,106 |
|
|
|
243,267 |
|
Due to related party medical practices |
|
92,663 |
|
|
|
92,663 |
|
Operating lease liability – net of current portion |
|
30,104,464 |
|
|
|
— |
|
Financing lease liability – net of current portion |
|
1,251,171 |
|
|
|
— |
|
Long-term debt and capital leases, less current portion |
|
865,416 |
|
|
|
273,112 |
|
Other liabilities |
|
150,311 |
|
|
|
749,126 |
|
Total Long-Term Liabilities |
|
35,353,736 |
|
|
|
1,358,168 |
|
Total Liabilities |
|
54,017,164 |
|
|
|
15,448,107 |
|
FONAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
STOCKHOLDERS' EQUITY
|
June 30, |
|
2020 |
|
2019 |
Stockholders' Equity: |
|
|
|
|
|
|
|
Class A non-voting preferred stock $.0001 par value; 453,000 shares
authorized at June 30, 2020 and 2019, 313,438 issued and
outstanding at June 30, 2020 and 2019 |
$ |
31 |
|
|
$ |
31 |
|
Preferred stock $.001 par value; 567,000 shares authorized at June
30, 2020 and 2019, issued and outstanding – none |
|
— |
|
|
|
— |
|
Common stock $.0001 par value; 8,500,000 shares authorized at June
30, 2020 and 2019, 6,459,106 and 6,369,125 issued at June 30, 2020
and 2019, respectively; 6,447,463 and 6,357,482 outstanding at June
30, 2019 and 2018, respectively |
|
647 |
|
|
|
638 |
|
Class B convertible common stock (10 votes per share) $.0001 par
value; 227,000 shares authorized at June 30, 2020 and 2019, 146
issued and outstanding at June 30, 2020 and 2019 |
|
— |
|
|
|
— |
|
Class C common stock (25 votes per share) $.0001 par value; 567,000
shares authorized at June 30, 2020 and 2019, 382,513 issued and
outstanding at June 30, 2020 and 2019 |
|
38 |
|
|
|
38 |
|
Paid-in capital in excess of par value |
|
183,076,888 |
|
|
|
181,086,517 |
|
Accumulated deficit |
|
(56,215,251 |
) |
|
|
(64,455,456 |
) |
Treasury stock, at cost – 11,643 shares of common stock
at June 30, 2020 and 2019 |
|
(675,390 |
) |
|
|
(675,390 |
) |
Total Fonar Corporation’s Stockholders’ Equity |
|
126,186,963 |
|
|
|
115,956,378 |
|
Noncontrolling interests |
|
55,253 |
|
|
|
2,155,725 |
|
Total Stockholders' Equity |
|
126,242,216 |
|
|
|
118,112,103 |
|
Total Liabilities and Stockholders' Equity |
$ |
180,259,380 |
|
|
$ |
133,560,210 |
|
FONAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
|
For the Years Ended June 30, |
|
2020 |
|
2019 |
Revenues |
|
|
|
Patient fee revenue, net of contractual allowances and
discounts |
$ |
22,495,260 |
|
|
$ |
24,207,536 |
|
Product sales – net |
|
297,613 |
|
|
|
1,751,221 |
|
Service and repair fees –
net |
|
8,055,490 |
|
|
|
8,152,173 |
|
Service and repair fees –
related parties – net |
|
110,000 |
|
|
|
110,000 |
|
Management and other fees –
net |
|
44,565,405 |
|
|
|
43,617,093 |
|
Management and other fees –
related party medical practices – net |
|
10,166,694 |
|
|
|
9,354,864 |
|
Total Revenues – Net |
|
85,690,462 |
|
|
|
87,192,887 |
|
Costs and Expenses |
|
|
|
|
|
|
|
Costs related to product
sales |
|
745,375 |
|
|
|
778,734 |
|
Costs related to service and
repair fees |
|
2,731,397 |
|
|
|
3,009,097 |
|
Costs related to service and
repair fees – related parties |
|
37,298 |
|
|
|
40,603 |
|
Costs related to patient fee
revenue |
|
10,880,265 |
|
|
|
10,789,308 |
|
Costs related to management
and other fees |
|
22,951,301 |
|
|
|
23,419,796 |
|
Costs related to management
and other fees – related party medical practices |
|
5,951,189 |
|
|
|
5,947,055 |
|
Research and development |
|
2,025,376 |
|
|
|
1,812,347 |
|
Selling, general and
administrative, inclusive of compensatory element of stock
issuances of $0 and $1,990,380 for the years ended June 30, 2020
and 2019 respectively |
|
26,717,345 |
|
|
|
19,261,755 |
|
Total Costs and Expenses |
|
72,039,546 |
|
|
|
65,058,695 |
|
Income from Operations |
|
13,650,916 |
|
|
|
22,134,192 |
|
Other Income and
(Expenses): |
|
|
|
|
|
|
|
Interest expense |
|
(74,321 |
) |
|
|
(98,636 |
) |
Investment income |
|
502,145 |
|
|
|
482,573 |
|
Other income (expense)–
net |
|
70,771 |
|
|
|
1,065 |
|
Income before provision for
income taxes and noncontrolling interests |
|
14,149,511 |
|
|
|
22,519,194 |
|
Provision for Income
Taxes |
|
(2,444,778 |
) |
|
|
(2,005,520 |
) |
Net Income |
$ |
11,704,733 |
|
|
$ |
20,513,674 |
|
Net Income – Noncontrolling
Interests |
|
(3,464,528 |
) |
|
|
(5,196,543 |
) |
Net Income – Attributable to
FONAR |
$ |
8,240,205 |
|
|
$ |
15,317,131 |
|
FONAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Continued)
|
For the Years Ended June 30, |
|
2020 |
|
2019 |
Net Income Available to Common Stockholders |
$ |
7,735,650 |
|
|
$ |
14,366,798 |
|
Net Income Available to Class A Non-Voting Preferred
Stockholders |
$ |
376,055 |
|
|
$ |
708,302 |
|
Net Income Available to Class C Common Stockholders |
$ |
128,500 |
|
|
$ |
242,031 |
|
Basic Net Income Per Common Share Available to Common
Stockholders |
$ |
1.20 |
|
|
$ |
2.26 |
|
Diluted Net Income Per Common Share Available to Common
Stockholders |
$ |
1.18 |
|
|
$ |
2.22 |
|
Basic and Diluted Income Per Share – Class C Common |
$ |
0.34 |
|
|
$ |
0.63 |
|
Weighted Average Basic Shares Outstanding – Common
Stockholders |
|
6,443,713 |
|
|
|
6,354,103 |
|
Weighted Average Diluted Shares Outstanding – Common
Stockholders |
|
6,571,217 |
|
|
|
6,481,607 |
|
Weighted Average Basic and Diluted Shares Outstanding – Class C
Common |
|
382,513 |
|
|
|
382,513 |
|
Contact: Daniel Culver
Director of Communications
E-mail: investor@fonar.com
www.fonar.com
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