Navigation Links
Dynatronics Announces Fiscal First Quarter Results
Date:11/11/2010

SALT LAKE CITY, Nov. 11, 2010 /PRNewswire-FirstCall/ -- Dynatronics Corporation (Nasdaq: DYNT) today announced results for its fiscal first quarter ended September 30, 2010.

Sales for the quarter ended September 30, 2010 were $7,919,288, compared to $8,282,463 in the quarter ended September 30, 2009. Net income for the quarter ended September 30, 2010, was $17,012 ($.00 per common share), compared to $68,625 ($.01 per common share) for the same quarter in the prior fiscal year.

Reduced sales for the quarter of $363,175 were offset by lower SG&A expenses.  However, higher R&D costs contributed to lower overall profitability for the quarter ended September 30, 2010 compared to the same quarter of the prior year.  

"Investment in R&D was up $134,000 over the same period last year," stated Kelvyn H. Cullimore Jr., chairman and president of Dynatronics.  "Plans to introduce redesigned products in the mid to latter part of calendar 2011 may drive higher R&D expenditures now, but we believe it will also drive higher sales of new products next year."

"Demand for higher priced capital products remains soft which contributed to lower overall sales this quarter.  However, our supplies business continues to be as strong as ever, and we have a large backlog of orders that we expect to exhaust in the next quarter," said Cullimore.

"The volume of business transitioning to the company's e-commerce portal has exceeded our expectations," reported Larry K. Beardall, executive vice-president of sales and marketing.  "Projections of a 10 percent conversion rate in the first four months were eclipsed as e-commerce orders achieved 20-25 percent of all orders four months after implementation.  We expect that this will ultimately allow further streamlining of operations and improved efficiencies."

"Along with our successful e-commerce launch, we are retooling our corporate information systems infrastructure," Cullimore added. "Our investments in R&D and information systems infrastructure will help us compete more effectively in our ever-evolving market, including competing for business with group purchasing organizations (GPO's) and other national and regional accounts. We anticipate announcing significant progress with GPO's in the coming month."

Dynatronics has scheduled a conference call for investors on Thursday, November 11, 2010, at 2:15 p.m. ET. Those wishing to participate should call (800) 943-2431 and use access code: 5687000.

A summary of the financial results as of September 30, 2010, and June 30, 2010, and for the three month periods ended September 30, 2010 and 2009 follows:   Summary Selected Financial DataStatement of Income HighlightsThree Months EndedSeptember 30,20102009Net sales

$7,919,288

$8,282,463Cost of sales

4,967,455

5,103,121Gross profit

2,951,833

3,179,342SG&A expenses

2,500,517

2,712,368R&D expenses

349,796

215,968Other expenses, net

71,783

109,231Net income before income taxes

29,737

141,775Income tax provision

(12,725)

(73,150)Net income

$17,012

$68,625Diluted income per common share

$  0.00

$  0.01Balance Sheet HighlightsSeptember 30,June 30,20102010Cash

$188,998

$383,756Accounts receivable

3,922,264

3,735,251Inventories

5,718,664

5,766,800Total current assets

10,619,676

10,609,813Total assets

$14,944,056

$15,090,329Accounts payable

1,764,637

$1,404,022Accrued expenses

374,205

462,641Line of credit

2,688,791

2,768,492Total current liabilities

5,703,107

5,686,280Total liabilities

8,216,223

8,291,052Total liabilities and equity

$14,944,056

$15,090,329Dynatronics 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 new product line introductions and GPO contracts. 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, 2010.


'/>"/>
SOURCE Dynatronics Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Dynatronics Appoints Douglas Sampson as Vice President of Production and Research & Development
2. Dynatronics Will Request Hearing With Nasdaq Regarding Listing Status
3. Dynatronics Regains Compliance With NASDAQ
4. Dynatronics to Release Second Quarter Results Monday, February 1, 2010; Conference Call Set for 1:30 p.m. ET
5. Dynatronics to Release First Quarter Results Friday, November 13, 2009; Conference Call Set for 1:30 p.m. ET
6. Dynatronics Announces Increases in Pre-tax Profits and Net Income for the Quarter Ended December 31, 2009
7. Dynatronics Announces Positive Financial Results for Quarter
8. Dynatronics Inks Preferred Vendor Agreement with 1,100 Member Preferred Therapy Providers, Inc.
9. Dynatronics Receives 180-Day NASDAQ Extension
10. Dynatronics Named Sole-Source Supplier to Benchmark Physical Therapy
11. Dynatronics to Release Third Quarter Results Monday, May 17, 2010; Conference Call Set for 1:30 p.m. ET
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/28/2016)... 2016 TapImmune,Inc. (TPIV), a ... and gene-based immunotherapeutics and vaccines for the treatment of cancer ... the 3rd Annual Growth Capital Expo to be ... at Caesars Palace in Las Vegas, Nevada.  The Company ... 4 th by Dr. John N. Bonfiglio ...
(Date:4/27/2016)... April 27, 2016   ... Growth in Recurring Consumable Sales  Clinical sales ... Kea Technologies (Euronext: MKEA, OTCQX: MKEAY) inventor of Cellvizio®, ... sales for the first quarter ended March 31, 2016 ... execution of its commercial strategy. First Quarter ...
(Date:4/27/2016)... 27, 2016  Bayer Animal Health today announced ... the University of Florida College of Veterinary Medicine, ... in Communication Award (BECA). Brittany was selected from ... a total of $70,000 in scholarship funds through ... Bayer has provided a total of $232,500 in ...
Breaking Medicine Technology:
(Date:4/29/2016)... ... 2016 , ... World Patent Marketing , a vertically ... automotive invention that improves the storage features of a pick up truck. , ... Cooper, CEO and Creative Director of World Patent Marketing. "Over the next five ...
(Date:4/29/2016)... Sedona, Arizona (PRWEB) , ... April 29, 2016 ... ... Shamanic Healing and Spiritual Awakening , announces the addition Onnit brand Alpha BRAIN ... , The addition of Onnit brain and mood optimization products to the store ...
(Date:4/29/2016)... ... April 29, 2016 , ... The White House announced efforts ... more information about their loan terms and accounts, and more protections for borrowers. ... federal and private loans, has reached $1.3 trillion, with 43 million Americans holding ...
(Date:4/29/2016)... ... April 29, 2016 , ... The Wharton School of ... Grand Prize of the 2016 Wharton Business Plan Competition —as well as ... Award, and the Committee Award for Most ‘Wow Factor,’ making them the first ...
(Date:4/29/2016)... Torrance, CA (PRWEB) , ... April 29, 2016 , ... ... comprehensive cosmetic dental treatments to improve smiles. Cosmetic dentistry is a fast-growing field as ... smiles. This offer allows patients to learn more about the options currently available to ...
Breaking Medicine News(10 mins):