Navigation Links
Dynatronics Announces Fourth Quarter and Year-end Results
Date:9/28/2011

SALT LAKE CITY, Sept. 28, 2011 /PRNewswire/ -- Dynatronics Corporation (NASDAQ: DYNT) today announced results for its fiscal fourth quarter and year ended June 30, 2011.

Sales for the quarter ended June 30, 2011 increased 3 percent to $8,190,382, compared to $7,943,432 for the quarter ended June 30, 2010. Sales for the year ended June 30, 2011, were $32,692,859, down less than 1 percent from $32,962,392 for the prior year.

Net income for the quarter ended June 30, 2011 was $68,776 ($.01 per common share), compared to $70,955 ($.01 per common share) for the same quarter in the prior fiscal year. Net income for the year ended June 30, 2011 was $270,888 ($.02 per common share), compared to $423,977 ($.03 per common share) for the prior fiscal year.  Approximately $469,000 in increased research and development expenses primarily accounts for the lower profitability in fiscal year 2011.  

"Despite the fact R&D expenditures diminished our comparative profitability, such expenditures are important to enhancing future sales and maintaining our position as an innovator in the market," stated Kelvyn H. Cullimore Jr., chairman and president of Dynatronics.  "In addition to our R&D initiative, we also made significant progress cultivating new sales opportunities with Group Purchasing Organizations (GPOs) and national accounts.  During the year, we announced the signing of contracts with four GPOs: Premier, Amerinet, First Choice and Champs Group Purchasing.  These contracts became effective in the latter part of the fiscal year and we have begun the process of introducing GPO member facilities to Dynatronics' brand of products."

"The contracts with the GPOs represent a license to solicit business directly from the members of the respective GPOs," explained Cullimore.  "While initial indications of interest from these new GPO customers have been encouraging, we recognize that the process of converting business to our brand is more of a marathon than a sprint and it will take several quarters to show significant progress."  

"Cultivating business through these GPO contracts and seeking additional contracts with other GPOs and national accounts is a major focus for us," stated Larry K. Beardall, executive vice-president of sales and marketing.  "We have hired additional sales staff and continue to court several GPOs and national accounts throughout the country.  It is gratifying to see GPO member clinics open accounts and place orders for our products and services."

The Company also experienced progress during fiscal year 2011 in the development of several new therapy devices which are targeted for introduction in the spring of 2012.  "New products are an important element of our strategy to attract both new customers, including GPOs, as well as business from our existing customer base," added Cullimore.  "We believe this new line of products will be attractive and provide a boost to our marketing and sales efforts immediately upon release."

"With potential new sales from GPO customers and national accounts as well as the expected impact from new products under development, we are optimistic about the potential for growth in sales and profits during the coming year," Cullimore concluded.

Dynatronics has scheduled a conference call for investors on Wednesday, September 28, 2011, at 1:00 p.m. ET. Those wishing to participate should call 888-227-5826 and use access code 5687000.

Following is a summary of the financial results as of June 30, 2011, and June 30, 2010, and for the three and twelve-month periods ended June 30, 2011 and 2010:   Summary Selected Financial DataStatement of Income HighlightsThree Months EndedTwelve Months EndedJune 30,June 30,2011201020112010Net sales

$ 8,190,382

$ 7,943,432

$ 32,692,859

$ 32,962,392Cost of sales

5,051,224

4,919,839

20,208,035

20,316,818   Gross profit

3,139,158

3,023,593

12,484,824

12,645,574SG&A expenses

2,656,615

2,582,652

10,431,463

10,641,795R&D expenses

338,139

270,021

1,383,712

914,932Other expenses, net

63,155

83,756

250,785

388,802   Net income before income tax provision

81,249

87,164

418,864

700,045Income tax provision

(12,473)

(16,209)

(147,976)

(276,068)Net income

$
8,776

$
70,955

$   270,888

$   423,977Diluted net income per common share

$
.01

$
.01

$
.02

$
.03
Balance Sheet HighlightsJune 30,June 30,20112010Cash

$
384,904

$
383,756Accounts receivable

3,672,128

3,735,251Inventories

5,647,815

5,766,800Total current assets

10,432,811

10,609,813Total assets

14,819,181

15,090,329Accounts payable

2,127,163

1,404,022Accrued expenses

379,336

462,641Line of credit

2,583,937

2,768,492Total current liabilities

5,880,080

5,686,280Total liabilities

8,204,022

8,291,052Total liabilities and equity

14,819,181

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 growth from GPO contracts.  Forward-looking statements in this press release include, among others, the statement that the new line of products currently under development "will be attractive and provide a boost to our marketing and sales efforts immediately upon release" as well as the statement that the company is "optimistic about the potential for growth in sales and profits during the coming year" due to "potential new sales from GPO customers and national accounts as well as the expected impact from new products under development". 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, 2011.


'/>"/>

SOURCE Dynatronics Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Dynatronics to Release Fiscal Fourth Quarter and Year-end Results Wednesday, September 28, 2011; Conference Call Set for 1:00 p.m. ET
2. Dynatronics Appoints Bryan D. Alsop Vice President of Information Technology
3. Dynatronics Signs Agreement With CHAMPS Group Purchasing
4. Dynatronics Third Quarter Profits Increase 22%
5. Dynatronics to Release Fiscal Third Quarter Results Monday, May 16, 2011; Conference Call Set for 1:00 p.m. ET
6. Dynatronics Regains Compliance With NASDAQ
7. Dynatronics Selected for Inclusion in RB Milestone Portfolio
8. Dynatronics Signs Third GPO Contract in Two Months
9. Dynatronics Announces $1 Million Stock Buyback Program
10. Dynatronics Announces Fiscal Second Quarter Results
11. Dynatronics to Release Fiscal Second Quarter Results Monday, February 14, 2011; Conference Call Set for 1:30 p.m. ET
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... , May 27, 2016 ... innovative biopharmaceutical company focused on late-stage drug development, ... Dexcel Pharma of pivotal batches required for ... Drug Administration (FDA). This follows Kitov,s announcement ... III trial successfully met its primary efficacy endpoint. ...
(Date:5/26/2016)... According to a new market report ... U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 ... was valued at US$ 5.89 Bn in 2014 and is ... to 2023 to reach US$ 7.99 Bn in 2023. ... needle free drug delivery devices and the market is estimated ...
(Date:5/26/2016)... , May 26, 2016   ... software and analytics, network solutions and technology-enabled ... announced it entered into a strategic channel ... of outpatient software solutions and revenue cycle ... specialty hospitals and rehabilitation clinics to optimize ...
Breaking Medicine Technology:
(Date:5/28/2016)... ... 2016 , ... After a year and a half of planning the Multiple Pathways of ... Multiple Pathways of Recovery Conference was held May 2 -4, 2016 at the Mystic ... came together to explore the many pathways individuals use to get into and sustain their ...
(Date:5/27/2016)... Gilsum, New Hampshire (PRWEB) , ... May 27, 2016 , ... ... natural skin care products, announced today that it has been recognized as one of ... men entering parenthood. Badger was named as one of nine small businesses providing progressive ...
(Date:5/27/2016)... , ... May 27, 2016 , ... ... to help educate the many who are unaware of the plight of aphasia. ... will run within the “Stroke Awareness” campaign. , The link between stroke and ...
(Date:5/27/2016)... ... May 27, 2016 , ... With ... pharmaceutical, medical and food industries. Aside from its GMP accreditation, Validation Center is ... of successfully certified products, services and staff. , Validation Center is ISO17025 accredited ...
(Date:5/26/2016)... ... May 26, 2016 , ... Intalere, the healthcare industry ... for its inaugural Member Conference at the Paris Hotel in Las Vegas, Nev., ... health of America’s healthcare providers. , The conference was highlighted by the announcement ...
Breaking Medicine News(10 mins):