-----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, Om8tqyhKD0p0VI+d0RBbZjAWOP07COZzXhL3kxxgxbnM/GOOhRvY5AGJAdVFv6kM VwnFIv0b4abbAOWurfMAMw== 0000355019-07-000019.txt : 20071114 0000355019-07-000019.hdr.sgml : 20071114 20071114170010 ACCESSION NUMBER: 0000355019-07-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070930 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20071114 DATE AS OF CHANGE: 20071114 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: 071246064 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 k8-71114.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): November 14, 2007 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: [ ] 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(a) Results of Operations and Financial Condition. We reported our results of operations and financial condition for the fiscal quarter ended September 30, 2007 in a press release dated November 14, 2007. Exhibits 99.1 Press Release dated November 14, 2007 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: November 14, 2007 EX-99 2 x9-71114.txt ================================================================================ FONAR CORPORATION Fonar MRI news @ aol . com Inventor of MR Scanning For Immediate Release An ISO 9001 Company Contact: Daniel Culver 110 Marcus Drive Director of Communications Melville, N.Y. 11747 Web site: www.fonar.com Tel: (631) 694-2929 Email:invest2007@fonar.com Fax: (631) 390-1709 ================================================================================ FONAR Announces Fiscal 2008 First Quarter Financial Results Net Loss Decreases 97% to $209,000 MELVILLE, NEW YORK, November 14, 2007 - FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning(TM), today announced its financial results for the first quarter of fiscal 2008, which ended September 30, 2007. The net loss for the first quarter of fiscal 2008 was $209,000 as compared to a net loss for the same period one year earlier of $6.1 million. For the first three months of fiscal 2008 the loss per common share (basic and diluted) was $0.04, as compared to $1.29 loss per common share (basic and diluted), for the same period of fiscal 2007. Also, during the first fiscal quarter of 2008, the loss from operations dropped to $4.1 million from $6.1 million one year earlier, a decrease of 33%. Total revenues for the three months ended September 30, 2007 were $8.7 million. This compares to $7.8 million for the same period one year earlier, an increase of 11%. Service and repair revenues increased, by 8%, from $2.5 million in the fiscal first quarter of 2007 to $2.7 million in the fiscal first quarter of 2008. The continued rise in service and repair revenues is due to the result of warranty expirations among the installed base after the first year. As of September 30, 2007, there were 121 FONAR UPRIGHT(R) Multi-Position(TM) MRI units installed worldwide. In addition, during the first quarter of fiscal 2008, total product sales increased to $2.6 million from $2.5 million one year earlier for an increase of 4%. At the end of the first fiscal quarter of fiscal 2008, total current assets were $24.4 million, total assets were $42.2 million, total current liabilities were $32.1 million and total long-term liabilities were $1.1 million. Total cash and cash equivalents, and marketable securities increased 21% from $3.4 million on June 30, 2007 to $4.2 million as of September 30, 2007. The Company sold its 50% interest in a consolidated subsidiary and its 20% equity interest in a non-consolidated entity on July 31, 2007. This significant one-time event, within the reporting period, resulted in a gain of approximately $4.0 million. The two entities manage outpatient MRI centers using the UPRIGHT(R) Multi-Position(TM) MRI scanner. Raymond Damadian, M.D., president and chairman of FONAR said, "Currently there is increasing recognition by the medical community of the importance of Dynamic(TM) MRI scanning as compared to the static MRI scans of recumbent-only conventional MRI scanners. Dynamic(TM) MRI, unlike static MRI, enables multi-position assessment and characterization of spine pathology in the flexion, extension, lateral bending and rotation positions. The diagnostic information gained by these dynamic scans is key to the understanding of the cause of a patient's back pain." "Additionally," continued Dr. Damadian, "the FONAR UPRIGHT(R) Multi-Position(TM) MRI addresses medical needs that the recumbent-only scanner cannot. Scoliosis, for example, can now be evaluated by radiation-free imaging in the FONAR Dynamic(TM) UPRIGHT(R) MRI scanner overcoming the 70% higher risk of breast cancers reported by the National Cancer Institute in 2000 in a study of 5,466 women with scoliosis patients monitored by chest X-ray. Also, patients with Chiari syndrome, wherein the cerebellar tonsils of the brain become entrapped in the foramen magnum at the base of the skull, can now have their pathology fully visualized for the first time. Moreover, elderly patients who cannot lie flat can now be scanned, the need for anesthesia in children needing MRI can be minimized, and claustrophobic patients are successfully scanned." CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended September 30, 2007 2006 ----------- ------------ Revenues $8,669,000 $ 7,783,000 Net Loss $(209,000) $(6,105,000) Basic & Diluted Loss per Common Share $(0.04) $(1.29) ________________________________________________________________________________ The Inventor of MR Scanning(TM), Full Range of Motion(TM), True Flow(TM), The Proof is in the Picture(TM), Dynamic(TM), pMRI(TM), and Multi-Position(TM) are trademarks, and UPRIGHT(R) and STAND-UP(R) are registered trademarks of FONAR Corporation. Be sure to visit FONAR's Website for product and investor information: www.fonar.com # 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 filings with the Securities and Exchange Commission. ### -----END PRIVACY-ENHANCED MESSAGE-----