Revenue Increases Offset by Charge for Goodwill Impairment
SALT LAKE CITY, Sept. 29 /PRNewswire-FirstCall/ -- Dynatronics Corporation (Nasdaq: DYNT) today announced results for its fourth quarter and fiscal 2008 year-end periods.
Increased Revenues. As a result of acquisitions concluded in the fourth quarter of fiscal year 2007 and the first quarter of fiscal year 2008, the company recorded significant revenue increases for the fourth quarter and full fiscal year 2008. Sales for the fourth quarter ended June 30, 2008, increased 63 percent to $8,057,572, compared to $4,939,425 in the same quarter of the prior year. For the year ended June 30, 2008, sales increased 83 percent to $32,592,507, compared to $17,837,104 in fiscal year 2007. With the completion of the acquisition of six of the company's top independent distributors on June 30, 2007, and July 2, 2007, the company now has 36 direct sales reps covering 29 states across the country, in addition to a well-established dealer network.
"As we expected, in our first full year following the acquisitions, we nearly doubled our sales to approximately $32.6 million," stated Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. "These acquisitions were critical and necessary steps in response to the changes that have been taking place in our industry. Unfortunately, the integration of these acquisitions took a few months longer than expected and the final integration costs were higher than projected."
Net Losses -- Impairment of Goodwill. Net loss for the quarter ended
June 30, 2008, was $6,764,001 ($.50 per share), compared to a net income of
$214,943 ($.02 per share) in the fourth quarter of the prior year. For the
full fiscal year 2008, the company
|SOURCE Dynatronics Corporation|
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