-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Txa31CeO/EdOiZjUlYqWtfVHpGv3SxIQ77l/a/5AFFOWkSLXILkSLVg3jOM4T4b8 pgoa/JfpzVz6ICo96vKjGw== 0000355019-05-000003.txt : 20050209 0000355019-05-000003.hdr.sgml : 20050209 20050209164033 ACCESSION NUMBER: 0000355019-05-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050209 DATE AS OF CHANGE: 20050209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FONAR CORP CENTRAL INDEX KEY: 0000355019 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 112464137 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10248 FILM NUMBER: 05589186 BUSINESS ADDRESS: STREET 1: 110 MARCUS DR CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 6316942929 MAIL ADDRESS: STREET 1: 110 MARCUS DRIVE CITY: MELVILLE STATE: NY ZIP: 11747 8-K 1 k8k-body.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Act of 1934 Date of Report (Date of earliest event reported): February 9, 2005 FONAR CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 0-10248 11-2464137 - --------------- ---------------- ------------------- (State or other (Commission File (I.R.S. Employer jurisdiction of Number) Identification No.) incorporation) 110 Marcus Drive Melville, New York 11747 (631) 694-2929 --------------------------------------------------- (Address, including zip code, and telephone number of registrant's principal executive office) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition On February 9, 2005, concurrently with the filing of our Form 10-Q for the fiscal quarter ended December 31, 2004, we issued a press release concerning the results of operations and financial condition of the company. The text of the press release is filed as an exhibit to this Form 8-K. Exhibits 99. Press Release dated February 9, 2005 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FONAR CORPORATION (Registrant) By: /s/ Raymond Damadian Raymond Damadian President and Chairman Dated: February 9, 2005 EX-99 2 k8-x99.txt Exhibit 99 FONAR CORPORATION FonarMRInews The MRI Specialist For Immediate Release An ISO 9001 Company Contact: Daniel Culver, 110 Marcus Drive Director of Communications Melville, NY 11742 David Terry, VP, Secretary Tel: 631/694-2929 Email: invest @ fonar. com Fax: 631/390-9540 ================================================================================ FONAR ANNOUNCES SECOND CONSECUTIVE QUARTER OF PROFITABILITY - Revenues Increase 65% to $29.5 Million; EPS is $0.01 - -First Half of FY 2005 Revenues Rise 75% to $54.6 Mil.- MELVILLE, NEW YORK, February 9, 2005 - FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), today announced financial results for the second quarter and first half of fiscal 2005, which ended on December 31, 2004. Q2 Fiscal 2005 Financial Highlights ----------------------------------- - - Total Revenues rose 65% to $29.5 million - - Service and repair revenues rose 87% to $1.4 million - - HMCA revenues rose slightly to $5.96 million - - Net income was $1.1 million compared to a net loss of $2.6 million in Q2 Fiscal 2004 - - Basic and diluted EPS was $0.01 for Q2 Fiscal 2005 vs. a loss of $0.03 for Q2 Fiscal 2004 Six Months Fiscal 2005 Financial Highlights ------------------------------------------- - - Total Revenues increased 75% to $54.6 million - - Service and repair revenues rose 71% to $2.5 million - - HMCA revenues were $11.8 million - - Net income was $1.9 million compared to a net loss of $6.5 million for the first six months of fiscal 2004 - - Basic and diluted EPS was $0.02 for Six Months Fiscal 2005 vs. a loss of $0.07 for six months Fiscal 2004 Management Commentary "We are proud to continue our trend of profitability," said Raymond V. Damadian, president and founder of FONAR. "Our strong second quarter performance is the result of increased demand for the FONAR Upright(TM) MRI, as well as increased service and repair fees. Moreover, our cost control measures continue to yield positive returns." Dr. Damadian concluded, "We believe that our sales and marketing initiatives combined with continuing cost controls and new business opportunities provide the Company with a solid foundation for sustained profitability for the remainder of this fiscal year. We are pleased with the milestones FONAR has attained in the first half of fiscal 2005 and plan to continue capitalizing on our opportunities, building a strong business and increasing shareholder value." As of December 31, 2004, FONAR had $20.2 million in cash and cash equivalents, and marketable securities, as compared to $20.6 million as of June 30, 2004. To see a chart illustrating FONAR revenue and net income/(loss) trends for the last six quarters, please visit: http://www.fonar.com/news/020905.htm Conference Call FONAR will host a conference call with investors and analysts at 11:00 a.m. ET to discuss second quarter of fiscal 2005 results and the Company's outlook. To access the live conference call, please dial +1-877-270-4109 at least 10 minutes prior to the call. A replay of the call will be available through February 16. To access the replay, please dial +1-800-642-1687 and enter access code 3881813. For the most current information regarding the conference call, please visit the FONAR web site at http://www.fonar.com/conference_calls.htm. About FONAR FONAR was incorporated in 1978, making it the first, oldest and most experienced MRI manufacturer in the industry. FONAR introduced the world's first commercial MRI in 1980, and went public in 1981. Since its inception, we have installed nearly 300 MRI scanners worldwide. FONAR's stellar product line includes the Upright(TM) MRI (also known as the Stand-Up(TM) MRI), the only whole-body MRI that performs Position(TM) imaging (pMRI(TM)) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. With over 100,000 patients scanned, the patient-friendly Upright(TM) MRI has a near zero claustrophobic rejection rate by patients. 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 they watch a 42" flat screen TV. Our latest MRI scanner is the FONAR 360(TM), a room-size recumbent scanner that optimizes openness while facilitating physician access to the patient. FONAR is headquartered on Long Island, New York, and has approximately 500 employees. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS For the Three Months Ended For the Six Months Ended December 31, December 31, 2004 2003 2004 2003 ----------- ----------- ----------- ----------- Revenues $29,499,000 $17,889,000 $54,567,000 $31,191,000 Net Income (Loss) $ 1,141,000 $(2,630,000) $ 1,927,000 $(6,472,000) Basic & Diluted Earnings (Loss) Per Common Share $0.01 $(0.03) $0.02 $(0.07) - -------------------------------------------------------------------------------- MRI Specialist, Stand-Up, Upright, Position, PMRI and The Proof is in the Picture are trademarks of FONAR. Be sure to visit FONAR's Web site for Company product and investor information: www.fonar.com ### -----END PRIVACY-ENHANCED MESSAGE-----