-----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, OBAFxlkLY5qf6tnFFgPLEylTpau2+8u4+WjvrK/BOANfz0CkD1AlBxlkd5ktEYWM kJBwFqX+Um5yObh5w8p6wg== 0001096906-10-001199.txt : 20100922 0001096906-10-001199.hdr.sgml : 20100922 20100922141629 ACCESSION NUMBER: 0001096906-10-001199 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100922 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100922 DATE AS OF CHANGE: 20100922 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: 101084482 BUSINESS ADDRESS: STREET 1: 7030 PARK CENTRE DRIVE STREET 2: BLDG D CITY: SALT LAKE CITY STATE: UT ZIP: 84121 BUSINESS PHONE: 8015687000 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): September 22, 2010 DYNATRONICS CORPORATION ----------------------- (Exact name of registrant as specified in its charter) Utah 0-12697 87-0398434 - ---------------------- -------------------------- -------------------- (State or other Commission File No. (IRS Employer jurisdiction of 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 -------------- 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 September 22, 2010, Dynatronics Corporation issued a press release announcing its financial results for the fourth fiscal quarter and year ended June 30, 2010. The release also announced that 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 September 22, 2010. 2 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, Chief Executive Officer, and President Date: September 22, 2010 3 - -------------------------------------------------------------------------------- EX-99 2 dynatronics8kexh99.txt ================================================================================ Exhibit 99 NEWS RELEASE - ------------ Contact: Bob Cardon, Dynatronics Corp. 800-874-6251 or 801-568-7000 Dynatronics Announces Positive Year-end Results Salt Lake City, Utah (September 22, 2010) - Dynatronics Corporation (NASDAQ: DYNT) today announced results for its fiscal fourth quarter and year ended June 30, 2010. Net income for the quarter ended June 30, 2010, increased 54 percent to $70,955 ($.01 per common share), compared to $46,102 ($.00 per common share) for the quarter ended June 30, 2009. Net income for the year ended June 30, 2010, increased 310 percent to $423,977 ($.03 per common share) compared to $103,324 ($.01 per common share) for the prior year. "The increase in annual profits is attributable to improved sales, particularly in sales of higher margin capital equipment," stated Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. "We also enhanced our operating efficiencies by reducing labor and overhead costs as well as securing better pricing and terms from vendors." These results continue the trend of seven consecutive profitable quarters for the company. "Despite the difficult economic times of the past two years, we have not only returned to solid profitability, but have also improved our cash position significantly," added Cullimore. "The combination of improved profitability, better management of receivables and inventory, and a $500,000 federal income tax refund allowed us to reduce borrowings on our operating line of credit during the fiscal year by approximately $1,834,000." "Our efforts to reduce expenses have been complemented by specific marketing strategies that resulted in the increase in sales reported for the fiscal year," said Larry K. Beardall, executive vice president of the company. "With the broad line of products we now offer and a strong sales force that continues to grow, we are focusing our efforts on developing relationships with large chains of clinics and hospitals, national accounts and group purchasing organizations (GPOs) that buy primarily through negotiated contracts." Beardall notes that nationally, GPOs as a group purchase an estimated $400 million of products annually related to physical medicine. "We are excited to be tapping into this new market opportunity," added Beardall. "In addition, with the recent launch of our new e-commerce website, we're seeing a significant portion of our total orders being placed over the web. These online sales help drive down our transaction costs and help us become more efficient." "With all of these positive developments, we feel that we're clearly headed in the right direction despite the general economic conditions. We believe we are well positioned to capitalize on our efforts of the past year and accelerate our trends toward greater profitability and growth," concluded Cullimore. Dynatronics has scheduled a conference call for investors on Wednesday, September 22, 2010, at 1:00 p.m. ET. Those wishing to participate should call (800) 698-6162 and use passcode 5687000. A summary of the financial results as of June 30, 2010 and 2009 and for the three and twelve month periods follows: Summary Selected Financial Data Statement of Operations Highlights Three Months Ended Twelve Months Ended June 30, June 30, 2010 2009 2010 2009 ------------ ------------ ------------ -------------- Net sales $ 7,943,432 $ 8,058,431 $ 32,962,392 $ 32,406,891 Cost of sales 4,919,839 5,001,599 20,316,818 19,996,436 ------------ ------------ ------------ -------------- Gross profit 3,023,593 3,056,832 12,645,574 12,410,455 SG&A expenses 2,582,652 2,694,843 10,641,795 10,755,712 R&D expenses 270,021 218,298 914,932 993,338 Other expenses, net 83,756 116,823 388,802 522,145 ------------ ------------ ------------ -------------- Net income before income taxes 87,164 26,868 700,045 139,260 Income tax provision (benefit) 16,209 (19,234) 276,068 35,936 ------------ ------------ ------------ -------------- Net income $ 70,955 $ 46,102 $ 423,977 $ 103,324 ============ ============ ============ ============== Diluted income per common share $ 0.01 $ 0.00 $ 0.03 $ 0.01 ============ ============ ============ ============== Balance Sheet Highlights June 30, June 30, 2010 2009 ------------ -------------- Cash $ 383,756 $ 141,714 Accounts receivable 3,735,251 4,739,727 Inventories 5,766,800 6,199,251 Total current assets 10,609,813 12,003,068 Total assets 15,090,329 17,087,289 Accounts payable 1,404,022 1,795,520 Accrued expenses 462,641 446,327 Line of credit 2,768,492 4,602,651 Total current liabilities 5,686,280 7,785,881 Total liabilities 8,291,052 10,667,540 Total liabilities and equity $ 15,090,329 $ 17,087,289 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 such as the statement regarding expectations for future growth in the company's business and market share gains. 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, inventory risks due to shifts in market demand, market demand for the company's products, availability of financing at cost effective rates, 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-K for the year ended June 30, 2009. - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----