-----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, QWJai8q/vOmxxuNp90rlFlAf9GXMLBlZRbYFmyMu8itpy9js1xqCOY0cE1xQAqq9 6wwNdSs6evdT84QdsNKRrQ== 0001096906-07-001600.txt : 20071119 0001096906-07-001600.hdr.sgml : 20071119 20071119150851 ACCESSION NUMBER: 0001096906-07-001600 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071119 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071119 DATE AS OF CHANGE: 20071119 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: 071256098 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 ================================================================================ 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): November 19, 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 November 19, 2007, Dynatronics Corporation issued a press release announcing its financial results for the first fiscal quarter ended September 30, 2007. The release also announced these results would be discussed 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 November 19, 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/ Kelvyn H. Cullimore, Jr. ---------------------------- Kelvyn H. Cullimore, Jr. Chairman and President Date: November 19, 2007 - -------------------------------------------------------------------------------- EX-99 2 dynatronics8kexh99.txt ================================================================================ Exhibit 99 NEWS RELEASE - ------------ Contact: Bob Cardon, Dynatronics Corp. 800-874-6251, or 801-568-7000 Dynatronics' Acquisitions Increase Sales 91 Percent in First Quarter -------------------------------------------------------------------- Salt Lake City, Utah (November 19, 2007) - Dynatronics Corporation (NASDAQ: DYNT) today announced results for its first fiscal quarter ended September 30, 2007. Sales for the quarter were up 91 percent to $7,891,430, compared to $4,139,057 in the prior year period. The increase in sales was primarily due to the acquisition of six of the company's top independent distributors on June 30, 2007, and July 2, 2007. "We're pleased with this increase in sales," stated Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. "Not only did we enjoy a strong increase in rehab sales from the acquisitions, but our aesthetic sales rose 81 percent for the quarter compared to the same quarter last year. In addition, the acquisitions contributed to a 97 percent increase in gross profit over the same period of the previous year." Non-recurring items and costs related to the recent acquisitions estimated at $1.1 million in the quarter contributed to the net loss for the quarter of $712,203 ($.05 per share), compared to a net loss of $175,008 ($.02 per share) in the prior year period. "Excluding the $1.1 million in acquisition related costs, the company virtually operated at a break-even for the quarter," explained Cullimore. "We're pleased to report that the assimilation process is going well and is on schedule. Much of the assimilation success is attributable to the fact we have known and worked with these target companies for many years." "We're excited to continue adding direct sales reps in the field," reported Larry K. Beardall, executive vice president of sales and marketing. "With direct distribution of our products now in 23 states, we're progressing toward our goal of establishing the premier distribution channel in our industry by combining the best sales reps and dealers available." Cullimore added that the strategic plans to reposition Dynatronics in a fast-evolving, competitive industry are showing great promise as sales momentum continues to build as does interest on the part of sales reps and dealers to be part of the Dynatronics team. Dynatronics has scheduled a conference call for investors today, Monday, November 19, 2007, at 1:30 p.m. ET (11:30 a.m. MT). Those wishing to participate should call 800-839-9416 and use passcode 1383812. A summary of the financial results for the first quarter ended September 30, 2007, follows: Summary Selected Financial Data Income Statement Highlights Three Months Ended September 30, 2007 2006 ------------- ------------ Net sales $ 7,891,430 $ 4,139,057 Cost of sales 4,959,118 2,646,900 ------------- ------------ Gross profit 2,932,312 1,492,157 SG&A expenses 3,575,495 1,261,145 R&D expenses 338,893 478,084 Other expense, net 127,167 37,495 ------------- ------------ Loss before income taxes (1,109,243) (284,567) Income tax benefit (397,040) (109,559) ------------- ------------ Net loss $ (712,203) $ (175,008) ============= ============ Net loss per share (diluted) $ (.05) $ (.02) ============= ============ 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, 2007, and its subsequent quarterly reports on Form 10-QSB. - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----