Fonar logs flat Q1 results
Article Thumbnail ImageNovember 16, 2012 -- MRI firm Fonar's financial results were flat in the first quarter of 2013 compared to the same quarter last year, but the firm maintained its recent profitability streak.

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Scanner sales dropped during the latest quarter, but strong revenues from its imaging services arm made the period (end-September 30) the company's fifth consecutive quarter in which profits exceeded $1.5 million, Fonar said.

Total revenues were $9.5 million for the first quarter, down 1% from the same quarter a year ago. However, the drop was offset by a reduction in total costs related to revenues, which fell 7% to $4.9 million for the first quarter, compared with $5.3 million for the previous corresponding quarter.

Net income for the quarter was $1.8 million, about equal to net income in the same quarter a year ago, the company said.

Revenues from Fonar Upright MRI scanners dropped 20% to $3.8 million compared to the same quarter the previous year, but management fees from the company's Health Management Corporation of America (HCMA) business rose 17% to $5.7 million, Fonar said.