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[QUOTE]Originally posted by raybond: [QB] Form 10-Q for FONAR CORP 9-Nov-2015 Quarterly Report Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. For the three month period ended September 30, 2015, we reported a net income of $3.5 million on revenues of $17.6 million as compared to net income of $3.3 million on revenues of $18.0 million for the three month period ended September 30, 2014. Operating income increased 5.1% from $3.4 million for the three month period ended September 30, 2014 to $3.6 million for the three month period ended September 30, 2015. The revenue decrease of 2.1%, from $18.0 million for the first three months of fiscal 2015 to $17.6 million for the first three months of fiscal 2016, was due to a decrease in product sales from $1.3 million for the first three months of fiscal 2015 to $18,000 for the first three months of fiscal 2015. There was also a decrease of 8.3% of service and repair fees from $2.5 million for the first three months of fiscal 2015 to $2.3 million for the three months of fiscal 2016. Offsetting these decreases, however, net patient fees increased by 26.5% to $4.6 million for the first three months of fiscal 2016 from $3.6 million for the first three months of fiscal 2015 (patient fees less the provision for bad debts for patient fees). Patient fees represent fees for services paid directly by patients to facilities owned by us. All patient fees are derived from Florida facilities. The decrease in the amount of our revenues was slightly smaller than the decrease in the amount of our costs and expenses, and as a result, our operating income of $3.6 million for the three months ended September 30, 2015 was slightly higher than our operating income of $3.4 million for the three months ended September 30, 2014. In terms of percentages, costs and expenses decreased 3.8% from $14.5 million in the first three months of fiscal 2015 to $14.0 million in the first three months of fiscal 2016, while revenues decreased only 2.0%, from $18.0 million in the first three months of fiscal 2015 to $17.6 million in the first three months of fiscal 2016. Fonar's wholly-owned subsidiary, Health Management Corporation of America ("HMCA"), is the controlling, but not sole owner of two limited liability companies, Imperial Management Services, LLC ("Imperial") and Health Diagnostics Management, LLC ("HDM"). Effective July 1, 2015, the Company restructured the corporate organization of the management of the diagnostic imaging centers segment of the business. The reorganization was structured to more completely integrate the operations of HMCA and HDM. Imperial Management Services LLC contributed all of its assets (which had been utilized in the business of HMCA) to HDM and received a 24.2% interest in HDM. HMCA retained a direct ownership interest of 45.8% in HDM, and the original investors in HDM retained a 30.0% ownership interest in the newly expanded HDM. The entire management of diagnostic imaging centers business segment is now being conducted by HDM, operating under the name "Health Management Company of America". For the sake of simplicity, HMCA, Imperial and HDM are referred to as "HMCA", unless otherwise indicated. [/QB][/QUOTE]
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