NEW YORK, NY--(Marketwire - July 31, 2008) - Daxor Corporation (
AMEX:
DXR), a medical
instrumentation and biotechnology company, today announced second quarter
earnings for 2008. For the quarter ended June 30, 2008, total operating
revenues increased by 2.1 % to $556,587 from $545,318 in the same period in
2007. This was mainly the result of increased Volumex kit sales of $25,962
or 11.8% during the current quarter versus the same period in 2007. There
were three Blood Volume Analyzers sold in both the quarter ended June 30,
2008 and June 30, 2007.
For the six months ended June 30, 2008, total operating revenues decreased
by 7.0% to $977,500 from $1,051,200 for the same period in 2007. The
decrease in operating revenues can be attributed to the sale of three Blood
Volume Analyzers in the six months ended June 30, 2008 versus the sale of
five instruments for the same period in 2007. The Centers for Medicare and
Medicaid Services (CMS) implemented a policy change effective January 1,
2008 which significantly reduced the reimbursement for diagnostic
radiopharmaceutical products. It is the opinion of management that this
change has negatively impacted instrument sales. For the six months ended
June 30, 2008, Volumex kit sales increased by $83,778 or 18.3%. For the six
months ended June 30, 2008, costs and expenses decreased by 0.6% to
$3,470,552 from $3,491,328 for the same period in 2007.
At June 30, 2008, the Company had total assets of $104,274,718 with total
stockholders' equity of $59,016,283 vs. total assets of $102,560,500 and
$54,915,885 of stockholders' equity at December 31, 2007. In the first
three and six months of 2008 and 2007, the company had significant income
from investments which completely offset the operating loss.
Total other income for the six months ended June 30, 2008 increased by
49.5% to $11,718,902 from $7,840,037 for the same period in 2007. The basic
net income per share for the six months ended June 30, 2008 was $2.01
versus $1.17 for the same period in 2007.
The company is continuing to increase its expenses associated with research
and development as part of the continuing effort to develop products that
are complementary to its current product line. The improvement in the
company's financial structure is important for the company's expansion
plans. There were 56 Blood Volume Analyzers placed at June 30, 2008 versus
50 instruments at June 30, 2007.
The Board of Directors voted to declare a dividend of $0.25 per quarter.
The dividend will be paid on August 27, 2008 to shareholders of record on
July 28, 2008. The Company intends to maintain a policy of paying dividends
on a quarterly basis if net income is available to maintain the dividend.
Under the provisions of the Company's stock buyback program, Daxor may
purchase up to 250,000 shares of the Company's common stock each year. As
part of this program, the Company purchased 110,700 shares of Daxor Common
Stock during the six months ended June 30, 2008 and 163,808 during the year
ended December 31, 2007.
Three Months Ended Six Months Ended
June 30 June 30
2008 2007 2008 2007
----------- ----------- ----------- -----------
Total Operating
Revenues $ 556,587 $ 545,318 $ 977,500 $ 1,051,200
Total Costs &
Expenses $ 1,780,838 $ 1,779,579 $ 3,470,552 $ 3,491,328
----------- ----------- ----------- -----------
Net Loss from
Operations $(1,224,251) $(1,234,261) $(2,493,052) $(2,440,128)
Total Other Income $ 3,129,093 $ 3,574,176 $11,718,902 $ 7,840,037
----------- ----------- ----------- -----------
Net Income Before
Income Taxes $ 1,904,842 $ 2,339,915 $ 9,225,850 $ 5,399,909
Income Tax Expense $ 400,000 $ 0 $ 400,000 $ 0
----------- ----------- ----------- -----------
Net Income $ 1,504,842 $ 2,339,915 $ 8,825,850 $ 5,399,909
----------- ----------- ----------- -----------
Weighted Average Number
Of Shares Outstanding-
Basic 4,361,918 4,589,418 4,391,718 4,598,103
Earnings Per Share-
Basic $ 0.35 $ 0.51 $ 2.01 $ 1.17
Weighted Average Number
Of Shares Outstanding-
Diluted 4,383,918 4,589,418 4,416,718 4,598,103
Earnings Per Share-
Diluted $ 0.34 $ 0.51 $ 2.00 $ 1.17
Contact Information: Contact Information:
Daxor Corporation
Stephen Feldschuh
212-330-8515
Chief Operating Officer
stephen@daxor.com
David Frankel
212-330-8504
Chief Financial Officer
dfrankel@daxor.com