FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS (000's OMITTED)
December 31, June 30,
2009 2009
(UNAUDITED)
Current Assets: ---------- ----------
Cash and cash equivalents $ 1,071 $ 1,226
Marketable securities 30 23
Accounts receivable - net 5,922 5,392
Accounts receivable - related parties - net 119 -
Medical receivables - net 224 374
Management fee receivable - net 3,112 3,274
Management fee receivable - related medical
practices - net 1,803 2,196
Costs and estimated earnings in excess of
billings on uncompleted contracts 1,257 1,476
Inventories 2,839 3,172
Current portion of advances and notes to related
medical practices 173 165
Current portion of notes receivable 85 518
Prepaid expenses and other current assets 340 472
---------- ----------
Total Current Assets 16,975 18,288
---------- ----------
Property and equipment - net 2,495 2,892
Advances and notes to related medical
practices - net - 89
Notes receivable - net 142 1,779
Other intangible assets - net 4,896 4,920
Other assets 392 391
---------- ----------
Total Assets $ 24,900 $ 28,359
========== ==========
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(000's OMITTED)
December 31, June 30,
LIABILITIES AND STOCKHOLDERS' DEFICIENCY 2009 2009
(UNAUDITED)
Current Liabilities: ---------- ----------
Current portion of long-term debt and
capital leases $ 314 $ 277
Current portion of long-term debt - related party 84 80
Accounts payable 3,456 3,519
Other current liabilities 8,558 8,460
Unearned revenue on service contracts 5,910 5,526
Unearned revenue on service contracts - related
parties 110 -
Customer advances 7,240 9,238
Billings in excess of costs and estimated
earnings on uncompleted contracts 3,114 2,026
---------- ----------
Total Current Liabilities 28,786 29,126
Long-Term Liabilities:
Accounts payable 89 184
Due to related medical practices 645 643
Long-term debt and capital leases,
less current portion 682 759
Long-term debt less current portion -
related party 117 160
Other liabilities 459 428
---------- ----------
Total Long-Term Liabilities 1,992 2,174
---------- ----------
Total Liabilities 30,778 31,300
---------- ----------
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(000's OMITTED, except share data)
December 31, June 30,
LIABILITIES AND STOCKHOLDERS' DEFICIENCY 2009 2009
(continued) (UNAUDITED)
---------- ----------
STOCKHOLDERS' DEFICIENCY:
Class A non-voting preferred stock $.0001 par value;
1,600,000 authorized, 313,451 issued and outstanding
at December 31, 2009 and June 30, 2009 - -
Preferred stock $.001 par value;
2,000,000 shares authorized, issued
and outstanding - none - -
Common Stock $.0001 par value; 30,000,000 shares
authorized at December 31, 2009 and June 30, 2009,
4,927,918 and 4,917,918 issued at December 31, 2009
and June 30, 2009, respectively; 4,916,275 and
4,906,275 outstanding at December 31, 2009
and June 30, 2009, respectively 1 1
Class B Common Stock $ .0001 par value; 800,000
shares authorized, (10 votes per share), 158 issued
and outstanding at December 31, 2009 and June 30, 2009 - -
Class C Common Stock $.0001 par value; 2,000,000 shares
authorized, (25 votes per share), 382,513 issued
and outstanding at December 31, 2009 and June 30, 2009 - -
Paid-in capital in excess of par value 172,298 172,280
Accumulated other comprehensive loss (15) (21)
Accumulated deficit (177,292) (174,259)
Notes receivable from employee stockholders (195) (267)
Treasury stock, at cost - 11,643 shares of common stock
at December 31, 2009 and June 30, 2009 (675) (675)
---------- ----------
Total Stockholders' Deficiency (5,878) (2,941)
---------- ----------
Total Liabilities and Stockholders'
Deficiency $ 24,900 $ 28,359
========== ==========
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(000's OMITTED, except per share data)
FOR THE THREE MONTHS ENDED
DECEMBER 31,
----------------------
2009 2008
REVENUES ---------- ----------
Product sales - net $ 2,961 $ 4,407
Service and repair fees - net 2,629 2,624
Service and repair fees - related parties - net 55 55
Management and other fees - net 1,738 1,735
Management and other fees - related medical
practices - net 830 714
License fees and royalties - 1,755
---------- ----------
Total Revenues - Net 8,213 11,290
---------- ----------
COSTS AND EXPENSES
Costs related to product sales 2,279 2,824
Costs related to service and repair fees 978 1,027
Costs related to service and repair
fees - related parties 20 22
Costs related to management and other fees 1,384 1,074
Costs related to management and other
fees - related medical practices 745 698
Research and development 777 928
Selling, general and administrative 3,100 3,471
Provision for bad debts 197 545
---------- ----------
Total Costs and Expenses 9,480 10,589
---------- ----------
(Loss) Income From Operations (1,267) 701
Interest Expense (90) (40)
Interest Expense - Related Party (5) -
Investment Income 66 113
Interest Income - Related Party 3 6
Other Income 1 1
---------- ----------
NET (LOSS) INCOME $ (1,292) $ 781
========== ==========
Basic Net (Loss) Income Per Common Share $ (0.26) $ 0.16
========== ==========
Diluted Net (Loss) Income Per Common Share $ (0.26) $ 0.16
========== ==========
Weighted Average Basic Shares Outstanding 4,916,275 4,904,275
========== ==========
Weighted Average Diluted Shares Outstanding 4,916,275 4,904,275
========== ==========
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(000's OMITTED, except per share data)
FOR THE SIX MONTHS ENDED
DECEMBER 31,
----------------------
2009 2008
REVENUES ---------- ----------
Product sales - net $ 4,524 $ 5,819
Service and repair fees - net 5,386 5,170
Service and repair fees - related parties - net 110 110
Management and other fees - net 3,473 3,782
Management and other fees - related medical
practices - net 1,625 1,439
License fees and royalties 585 1,755
---------- ----------
Total Revenues - Net 15,703 18,075
---------- ----------
COSTS AND EXPENSES
Costs related to product sales 3,936 4,265
Costs related to service and repair fees 1,919 2,038
Costs related to service and repair
fees - related parties 39 43
Costs related to management and other fees 2,651 2,277
Costs related to management and other
fees - related medical practices 1,505 1,354
Research and development 1,631 1,809
Selling, general and administrative 6,333 6,735
Provision for bad debts 377 700
---------- ----------
Total Costs and Expenses 18,391 19,221
---------- ----------
Loss From Operations (2,688) (1,146)
Interest Expense (169) (119)
Interest Expense - Related Party (19) -
Investment Income 153 145
Interest Income - Related Party 6 12
Other Income 34 2
Minority Interest in Income of Partnerships - (11)
Gain on Sale of Consolidated Subsidiary - 1,448
Loss on Note Receivable (350) -
---------- ----------
NET (LOSS) INCOME $ (3,033) $ 331
========== ==========
Basic Net (Loss) Income Per Common Share $ (0.62) $ 0.07
========== ==========
Diluted Net (Loss) Income Per Common Share $ (0.62) $ 0.07
========== ==========
Weighted Average Basic Shares Outstanding 4,912,108 4,904,275
========== ==========
Weighted Average Diluted Shares Outstanding 4,912,108 4,904,275
========== ==========
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.
Contact Information: Contact: Daniel Culver FONAR Corporation Tel: 631-694-2929 Fax: 631-390-1709 http://www.fonar.com