NEW YORK, NY--(Marketwire - November 13, 2008) - Daxor Corporation (
AMEX:
DXR), a medical
instrumentation and biotechnology company, today announced third quarter
earnings for 2008. For the quarter ended September 30, 2008, total
operating revenues increased by 29.1 % to $451,253 from $349,547 for the
same period in 2007. This was mainly the result of one Blood Volume
Analyzer being sold during the current quarter for $65,000 versus no Blood
Volume Analyzers sold during the same period last year. During the current
quarter, Volumex kit sales increased by $28,423 or 12.7% versus the same
period in 2007.
For the nine months ended September 30, 2008, total operating revenues
increased by 2.0% to $1,428,753 from $1,400,747 for the same period in
2007. Four Blood Volume Analyzers were sold in the nine months ended
September 30, 2008 for a total of $260,000 versus the sale of five
instruments for the same period in 2007 for a total of $325,500. 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 nine months ended September 30, 2008, Volumex kit sales
increased by $112,201 or 16.5%. For the nine months ended September 30,
2008, total costs and expenses decreased by 4.9% to $5,143,528 from
$5,409,714 for the same period in 2007.
At September 30, 2008, the Company had total assets of $91,761,470 with
total stockholders' equity of $53,628,415 versus total assets of
$102,560,500 and $54,915,885 of stockholders' equity at December 31, 2007.
In the first three and nine months of 2008 and 2007, the company had
significant income from investments which completely offset the operating
loss.
Total other income for the nine months ended September 30, 2008 increased
by 90.7% to $21,666,967 from $11,364,479 for the same period in 2007. The
basic net income per share for the nine months ended September 30, 2008 was
$3.49 versus $1.60 for the same period in 2007.
The company is continuing its efforts associated with research and
development as part of the ongoing 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 53 Blood Volume Analyzers placed at September 30, 2008 versus 55
instruments at September 30, 2007.
One of the clinical outcome studies that the Company has begun this year
focuses on utilizing the Blood Volume Analyzer BVA-100 to guide therapy for
heart failure patients undergoing ultrafiltration treatment to achieve a
normal volume status. Ultrafiltration is a therapy which removes fluid
from a patient, similar to dialysis. Removal of inadequate quantities of
fluid in some heart failure patients has been associated with poor
outcomes. Removal of excess quantities of fluid may result in kidney
damage. However, achievement to a normal volume status has been a
difficult parameter to achieve without a measured blood volume. This very
important prospective outcome study will be conducted at Christiana
Hospital of Newark, Delaware.
As a result of The Board of Directors voting to enact a policy of paying
quarterly dividends of $0.25 per share, a dividend will be paid on November
26, 2008 in addition to the previous dividend paid on August 27, 2008. The
Board of Directors will meet during the latter part of November to review
the possibility of paying a special dividend in December of 2008. The
Company intends to continue 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 166,400 shares of Daxor Common
Stock during the nine months ended September 30, 2008 and 163,808 during
the year ended December 31, 2007.
Three Months Ended Nine Months Ended
September 30 September 30
2008 2007 2008 2007
----------- ----------- ----------- -----------
Total Operating
Revenues $ 451,253 $ 349,547 $ 1,428,753 $ 1,400,747
Total Costs & Expenses $ 1,672,976 $ 1,918,386 $ 5,143,528 $ 5,409,714
----------- ----------- ----------- -----------
Net Loss from
Operations $(1,221,723) $(1,568,839) $(3,714,775) $(4,008,967)
Total Other Income $ 9,948,065 $ 3,524,442 $21,666,967 $11,364,479
----------- ----------- ----------- -----------
Net Income Before Income
Taxes $ 8,726,342 $ 1,955,603 $17,952,192 $ 7,355,512
Income Tax Expense $ 2,325,000 $ 0 $ 2,725,000 $ 0
----------- ----------- ----------- -----------
Net Income $ 6,401,342 $ 1,955,603 $15,227,192 $ 7,355,512
----------- ----------- ----------- -----------
Weighted Average Number
Of Shares Outstanding-
Basic 4,324,885 4,578,485 4,369,440 4,591,563
Earnings Per Share-
Basic $ 1.48 $ 0.43 $ 3.49 $ 1.60
Weighted Average Number
Of Shares Outstanding-
Diluted 4,346,885 4,578,485 4,440,140 4,591,563
Earnings Per Share-
Diluted $ 1.47 $ 0.43 $ 3.43 $ 1.60
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