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[QUOTE]Originally posted by raybond: [QB] larsstorkehave • 2 hours 56 minutes ago Flag 1 users liked this posts users disliked this posts 0 Reply My updated 2016 Fonar estimate . I used the day to go through the K-10 and have finished my research for fiscal 2016. The news was Imp business is transferred to HDM and HCMA has an 70% ownership of HDM. This is going to save costs in 2016. The numbers below are Q1 and fiscal 2016. Revenue 17.4-69.7. Gross profit 7.8-31.2. Sel, gen & adm 3.0-11.5. Income before taxes 3.7-15.1. Income tax benefit 2.5. Net income 3.6-17.6. EPS common shareholders 0.46-2.30. I expect a 23% increase in income before taxes (excluding minority interests). In my forecast I have a 2.5M tax benefit. Fonar use projected income in 2016-2018 to calculate deferred tax asset (K-10 page 33). They might calculate the 2016-2018 income using 2013-2015 income reduced by 10-20% just to be on the safe side. The 8.4M deferred tax asset is approx 3 years total income of 26M. in my forecast 2014-2016 income before taxes is in total 39M (excluding minority interests it is 31M). I have no info on growth and my forecast on revenue in fiscal 2016 is 69.7m or 1% up. Income before taxes increase by 2.3M due to improvement in gross profit and cost savings on sales, general and administrative. Gross profit on product sales in fiscal 2015 was negative. I have a 5% gross margin on product sales in fiscal 2016. Sales, general and administrative was down to 2.4M in Q4 2015 which could indicate cost savings again in fiscal 2016 In my 2016 forecast sales, general and administrative is 11.5M, but it could be reduced as low as 10-11M because of the "merger" of Imp and HDM Less [/QB][/QUOTE]
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