SOURCE: Daxor Corp.

Daxor Corp.

November 12, 2009 08:30 ET

(NYSE Amex: DXR) Daxor Corporation Announces Third Quarter 2009 Earnings

NEW YORK, NY--(Marketwire - November 12, 2009) - Daxor Corporation (NYSE Amex: DXR)

                           Three Months Ended        Nine Months Ended
                              September 30              September 30

                            2009         2008         2009        2008
                        -----------  -----------  -----------  -----------

Total Operating
 Revenues               $   414,376  $   451,253  $ 1,228,833  $ 1,428,753
Total Costs & Expenses  $ 1,661,809  $ 1,672,976  $ 4,936,868  $ 5,143,528
Net Loss from           -----------  -----------  -----------  -----------
 Operations             $(1,247,433) $(1,221,723) $(3,708,035) $(3,714,775)

Total Other Income      $ 3,946,122  $ 9,948,065  $11,613,102  $21,666,967
                        -----------  -----------  -----------  -----------

Net Income Before
 Income Taxes           $ 2,698,689  $ 8,726,342  $ 7,905,067  $17,952,192

Income Tax Expense      $    72,847  $ 2,325,000  $   583,814  $ 2,725,000
                        -----------  -----------  -----------  -----------

Net Income              $ 2,625,842  $ 6,401,342  $ 7,321,253  $15,227,192
                        -----------  -----------  -----------  -----------

Weighted Average Number
 Of Shares Outstanding-
 Basic                    4,250,518    4,324,885    4,266,707    4,369,440

Earnings Per Share-
 Basic                  $      0.62  $      1.48  $      1.72  $      3.49

Weighted Average Number
 Of Shares Outstanding-
 Diluted                  4,250,518    4,346,885    4,288,707    4,440,140

Earnings Per Share-
 Diluted                $      0.62  $      1.47  $      1.71  $      3.43

Daxor Corporation (NYSE Amex: DXR), a medical instrumentation and biotechnology company, today announced third quarter earnings for 2009. The Company had net income of $0.62 per share for the current quarter versus net income of $1.48 per share for the same period in 2008. The realized gains on sales of securities and dividend income totaled $4,449,016 for the current quarter versus $10,538,015 for the same period in 2008.

The Company had net income of $1.72 per share for the nine months ended September 30, 2009 versus net income of $3.49 for the same period in 2008. The realized gains on sales of securities and dividend income totaled $11,587,002 for the current nine month period versus $20,195,987 for the same period in 2008.

For the three months ended September 30, 2009 total operating revenues decreased to $414,376 from $451,253 for the same period in 2008, a decrease of $36,877 or 8.2%. This is directly attributable to no Blood Volume Analyzers being sold during the current quarter versus one during the same period last year for $65,000. Total costs and operating expenses decreased for the current three month period by $11,167 to $1,661,809 versus $1,672,976 for the same period in 2008.

For the nine months ended September 30, 2009 total operating revenues decreased to $1,228,833 from $1,428,753 for the same period in 2008, a decrease of $199,920 or 14.0%. This is directly attributable to no Blood Volume Analyzers being sold during the current nine month period versus four during the same period last year for a total of $260,000. Total costs and operating expenses decreased for the current nine month period by $206,660 or 4.0% to $4,936,868 versus $5,143,528 for the same period in 2008 mainly due to a decrease in payroll and related expenses of $208,899.

At September 30, 2009, the Company had total assets of $79,555,271 with total stockholders' equity of $50,246,131 versus total assets of $76,824,181 and $43,460,641 of stockholders' equity at December 31, 2008. In the first nine months of 2009, the company had significant income from investments which completely offset the operating losses.

For more detailed information on our financial results, please refer to our Form 10-Q for the quarter ended September 30, 2009 which will be filed later today.

The company is maintaining its efforts associated with research and development as part of the ongoing effort to develop products that are complementary to its current product line. There were 55 Blood Volume Analyzers placed in medical facilities as of September 30, 2009 versus 53 instruments as of September 30, 2008.

In 2008, the Company instituted a policy of paying dividends when funds were available. For the Year Ended December 31, 2008, the Company paid a total dividend of $1.50 per share as follows: $0.25 per share on August 26th and November 26th and a special dividend of $1.00 per share on December 30, 2008.

The goal of Management is to continue a similar policy for 2009 and pay dividends when funds are available.

In keeping with this policy, The Company has paid a total dividend of $0.35 per share in 2009 as follows: $0.10 per share on June 15th and $0.25 per share on September 8th. Before the end of November, the Board of Directors and Company Management will decide the amount of the additional dividend to be paid before the end of 2009.

The Board of Directors authorized the continuation of the common share buyback program of up to 250,000 shares per year.

Contact Information

  • Contact Information:

    Daxor Corporation
    Stephen Feldschuh
    Chief Operating Officer
    212-330-8515
    Email Contact

    David Frankel
    Chief Financial Officer
    212-330-8504
    Email Contact