-----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, HB65rs6dU0vI2WlNqkJ9DyuAreD1ENWaThG/sv+75aUdKrWHt/llKE9zVR3ENEbI 86M/0j6yk2Ag/NHTbYICMA== 0001096906-07-000753.txt : 20070516 0001096906-07-000753.hdr.sgml : 20070516 20070516163941 ACCESSION NUMBER: 0001096906-07-000753 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070514 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070516 DATE AS OF CHANGE: 20070516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYNATRONICS CORP CENTRAL INDEX KEY: 0000720875 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 870398434 STATE OF INCORPORATION: UT FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12697 FILM NUMBER: 07858280 BUSINESS ADDRESS: STREET 1: 7030 PARK CENTRE DRIVE STREET 2: BLDG D CITY: SALT LAKE CITY STATE: UT ZIP: 84121 BUSINESS PHONE: 8014854739 MAIL ADDRESS: STREET 1: 7030 PARK CENTER DR CITY: SALT LAKE CITY STATE: UT ZIP: 84121 FORMER COMPANY: FORMER CONFORMED NAME: DYNATRONICS LASER CORP DATE OF NAME CHANGE: 19920703 8-K 1 dynatronics8k.txt DYNATRONICS CORPORATION FORM 8-K MAY 14, 2007 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------ FORM 8-K ------------ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): May 14, 2007 DYNATRONICS CORPORATION (Exact name of registrant as specified in its charter) Commission File No. 0-12697 Utah 87-0398434 (State or other jurisdiction of (IRS Employer Identification incorporation) Number) 7030 Park Centre Dr. Salt Lake City, Utah 84121 (Address of principal executive offices, Zip Code) Registrant's telephone number, including area code: (801) 568-7000 Former name or former address, if changed since last report: Not Applicable 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 Results of Operations and Financial Condition On May 14, 2007, Dynatronics Corporation issued a press release announcing its financial results for its third fiscal quarter ended March 31, 2007. The release also announced that executives of the company would discuss these results with investors on a telephone conference call and provided access information, date and time for the conference call. A copy of the press release is furnished herewith as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended. The furnishing of the information in this Current Report is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information this Current Report contains is material investor information that is not otherwise publicly available. Item 9.01 Financial Statements and Exhibits (furnished herewith) (d) Exhibits Exhibit 99 Press release issued by Dynatronics Corporation dated May 14, 2007 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DYNATRONICS CORPORATION By: /s/ Terry M. Atkinson, CPA ---------------------------- Terry M. Atkinson, CPA Chief Financial Officer Date: May 16, 2007 - -------------------------------------------------------------------------------- EX-99 2 dynatronics8kexh99.txt EXHIBIT 99.1 - PRESS RELEASE ISSUED BY DYNATRONICS CORPORATION DATED MAY 14, 2007 ================================================================================ Exhibit 99 NEWS RELEASE - ------------ Contact: Bob Cardon, Dynatronics Corp. 800-874-6251, or 801-568-7000 Dynatronics Announces Third Quarter Results ------------------------------------------- Salt Lake City, Utah (May 14, 2007) - Dynatronics Corporation (NASDAQ: DYNT) today announced results for its third fiscal quarter ended March 31, 2007. Sales for the quarter were $4,330,440, compared to $4,979,697 in the prior year period. Sales for the nine months ended March 31, 2007 were $12,897,679, compared to $14,568,959 in the prior year period. Net loss for the quarter was $81,389 ($.01 per share), compared to net income of $17,019 ($.00 per share) in the third quarter of the previous year. Net loss for the nine-month period was $299,984 ($.03 per share), compared to net income of $154,931 ($.02 per share) in the prior year period. "The past year has been one of the most challenging periods in our history," stated Kelvyn H. Cullimore Jr., company chairman and president. "Sales in the physical medicine market have shown a lingering weakness resulting in disappointing third quarter results. In addition, stiffer competition in the therapy market has also impacted the company's sales and margins. "The dynamics of the physical medicine market are changing," reported Cullimore. "Management is aggressively pursuing plans to position the company to compete more effectively within this changing marketplace. These plans include changing part of our distribution model, decreasing expenses and establishing strategic business partnerships. In addition, we will be introducing a new therapy product in June that will be a catalyst for increasing the company's sales and profit margins." "Profit margin percentages on the new unit are projected to be among the highest of any of our devices," added Larry K. Beardall, executive vice president of sales and marketing. "Importantly, we believe this new product will help practitioners obtain better reimbursement levels, while, at the same time, benefiting their patients with improved treatment outcomes." Dynatronics also began shipments of a new, motorized therapy treatment table the end of March and plans to introduce another new treatment table before the end of June. "Our strategic plans to reposition the company to be more competitive, together with the new product introductions, are expected to result in both short-term and long-term improvements in the company's financial results," added Cullimore. Dynatronics has scheduled a conference call for investors today, Monday, May 14, 2007, at 3 p.m. ET (1:00 p.m. MT). Those wishing to participate should call 800-839-9416 and use passcode: 1383812. A summary of the financial results for the quarter ended March 31, 2007, follows: Summary Selected Financial Data Income Statement Highlights Three Months Ended Nine Months Ended March 31, March 31, ---------------------- ------------------------ 2007 2006 2007 2006 ---------- ---------- ----------- ----------- Net sales $4,330,440 $4,979,697 $12,897,679 $14,568,959 Cost of sales 2,719,548 3,175,172 8,163,440 9,117,687 ---------- ---------- ----------- ----------- Gross profit 1,610,892 1,804,525 4,734,239 5,451,272 SG&A expenses 1,368,680 1,312,920 3,938,693 3,884,398 R&D expenses 328,980 430,363 1,153,736 1,276,329 Other expense, net 45,570 33,294 129,588 38,352 ---------- ---------- ----------- ----------- Income (loss) before income taxes (132,338) 27,948 (487,778) 252,193 Income tax expense (benefit) (50,949) 10,929 (187,794) 97,262 ----------- ---------- ----------- ----------- Net income (loss) $ (81,389) $ 17,019 $ (299,984) $ 154,931 ========== ========== =========== =========== Net income (loss) per share (diluted) $ (.01) $ .00 $ (.03) $ .02 ========== ========== =========== =========== Balance Sheet Highlights March 31, June 30, 2007 2006 -------------- --------------- Cash $ 467,297 $ 423,184 Accounts Receivable 3,009,736 3,022,991 Inventories 5,011,509 4,982,990 Total current assets 9,888,061 9,605,497 Total assets $ 14,530,591 $ 14,523,655 Accounts payable $ 305,854 $ 593,016 Accrued expenses 477,604 536,131 Total current liabilities 2,829,605 2,215,350 Total liabilities 5,321,939 4,852,613 Total liabilities and equity $ 14,530,591 $ 14,523,655 Dynatronics manufactures, markets and distributes advanced-technology medical devices, orthopedic soft goods and supplies, treatment tables and rehabilitation equipment for the physical therapy, sports medicine, chiropractic, podiatry, plastic surgery, dermatology and other related medical, cosmetic and aesthetic markets. More information regarding Dynatronics is available at www.dynatronics.com. This press release contains forward-looking statements. Those statements include references to the company's expectations and similar statements. Actual results may vary from the views expressed in the forward-looking statements contained in this release. The development and sale of the company's products are subject to a number of risks and uncertainties, including, but not limited to, changes in the regulatory environment, competitive factors, availability of third-party component parts and products, inventory risks due to shifts in market demand, changes in product mix, market demand for the company's products and the risk factors listed from time to time in the company's SEC reports including, but not limited to, the report on Form 10-KSB for the year ended June 30, 2006, and its subsequent quarterly reports on Form 10-QSB. - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----