Navigation Links
Dynatronics Announces Positive Year-end Results
Date:9/22/2010

SALT LAKE CITY, Sept. 22 /PRNewswire-FirstCall/ -- Dynatronics Corporation (Nasdaq: DYNT) today announced results for its fiscal fourth quarter and year ended June 30, 2010.

Net income for the quarter ended June 30, 2010, increased 54 percent to $70,955 ($.01 per common share), compared to $46,102 ($.00 per common share) for the quarter ended June 30, 2009. Net income for the year ended June 30, 2010, increased 310 percent to $423,977 ($.03 per common share) compared to $103,324 ($.01 per common share) for the prior year.

"The increase in annual profits is attributable to improved sales, particularly in sales of higher margin capital equipment," stated Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. "We also enhanced our operating efficiencies by reducing labor and overhead costs as well as securing better pricing and terms from vendors."

These results continue the trend of seven consecutive profitable quarters for the company. "Despite the difficult economic times of the past two years, we have not only returned to solid profitability, but have also improved our cash position significantly," added Cullimore. "The combination of improved profitability, better management of receivables and inventory, and a $500,000 federal income tax refund allowed us to reduce borrowings on our operating line of credit during the fiscal year by approximately $1,834,000."

"Our efforts to reduce expenses have been complemented by specific marketing strategies that resulted in the increase in sales reported for the fiscal year," said Larry K. Beardall, executive vice president of the company. "With the broad line of products we now offer and a strong sales force that continues to grow, we are focusing our efforts on developing relationships with large chains of clinics and hospitals, national accounts and group purchasing organizations (GPOs) that buy primarily through negotiated contracts."

Beardall notes that nationally, GPOs as a group purchase an estimated $400 million of products annually related to physical medicine. "We are excited to be tapping into this new market opportunity," added Beardall. "In addition, with the recent launch of our new e-commerce website, we're seeing a significant portion of our total orders being placed over the web. These online sales help drive down our transaction costs and help us become more efficient."

"With all of these positive developments, we feel that we're clearly headed in the right direction despite the general economic conditions.  We believe we are well positioned to capitalize on our efforts of the past year and accelerate our trends toward greater profitability and growth," concluded Cullimore.

Dynatronics has scheduled a conference call for investors on Wednesday, September 22, 2010, at 1:00 p.m. ET. Those wishing to participate should call (800) 698-6162 and use passcode 5687000.

A summary of the financial results as of June 30, 2010 and 2009 and for the three and twelve month periods follows:   Summary Selected Financial DataStatement of Operations HighlightsThree Months EndedTwelve Months EndedJune 30,June 30,2010200920102009Net sales

$7,943,432

$8,058,431

$32,962,392

$32,406,891Cost of sales

4,919,839

5,001,599

20,316,818

19,996,436   Gross profit

3,023,593

3,056,832

12,645,574

12,410,455SG&A expenses

2,582,652

2,694,843

10,641,795

10,755,712R&D expenses

270,021

218,298

914,932

993,338Other expenses, net

83,756

116,823

388,802

522,145   Net income before income taxes

87,164

26,868

700,045

139,260Income tax provision (benefit)

16,209

(19,234)

276,068

35,936   Net income

$70,955

$46,102

$423,977

$103,324Diluted income per common share

$0.01

$0.00

$0.03

$0.01Balance Sheet HighlightsJune 30,June 30,20102009Cash

$383,756

$141,714Accounts receivable

3,735,251

4,739,727Inventories

5,766,800

6,199,251Total current assets

10,609,813

12,003,068Total assets

15,090,329

17,087,289Accounts payable

1,404,022

1,795,520Accrued expenses

462,641

446,327Line of credit

2,768,492

4,602,651Total current liabilities

5,686,280

7,785,881Total liabilities

8,291,052

10,667,540Total liabilities and equity

$15,090,329

$17,087,289Dynatronics 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 growth in the company's business and market share gains. 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, 2009.


'/>"/>
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:9/25/2017)... 25, 2017   Montrium , an industry ... today—from the IQPC Trial Master Files & Inspection ... that EastHORN Clinical Services has selected eTMF ... TMF management. EastHORN, a leading European contract research ... increase transparency to enable greater collaboration with sponsors, ...
(Date:9/19/2017)... , Sept. 19, 2017 HistoSonics, Inc., a venture-backed medical device company developing a ... targeted tissues, announced three leadership team developments today:   ... ... ... Veteran medical device executive Josh Stopek , ...
(Date:9/12/2017)... , Sept. 12, 2017   EcoVadis , the leading platform for ... the first annual edition of its Global CSR Risk and Performance Index. ... by EcoVadis, based on Scorecard Ratings that analyzed nearly 800,000 data points ... ... ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... Global Healthcare Management’s 4th Annual Kids ... Milford, NJ. This free event, sponsored by Global Healthcare Management’s CEO, Jon Letko, ... run is geared towards children of all ages; it is a non-competitive, non-timed event, ...
(Date:10/13/2017)... ... ... “America On The Brink”: the Christian history of the United States and the loss ... author, William Nowers. Captain Nowers and his wife, Millie, have six children, ten ... the Navy. Following his career as a naval aviator and carrier pilot, he ...
(Date:10/12/2017)... ... 12, 2017 , ... IsoComforter, Inc. ( https://isocomforter.com ), one of ... innovative new design of the shoulder pad. The shoulder pad provides optimal support ... your pain while using cold therapy. By utilizing ice and water that is circulated ...
(Date:10/12/2017)... ... October 12, 2017 , ... HMP , a leader in ... 2017 Folio Magazine Eddie Digital Award for ‘Best B-to-B Healthcare Website.’ Winners were announced ... 2017. , The annual award competition recognizes editorial and design excellence across a range ...
(Date:10/12/2017)... ... October 12, 2017 , ... In the United States, single-family ... some states—like New York, New Jersey, Massachusetts, Texas, Virginia, Connecticut, and California—the average ... extremely low property-tax rates, which contributes to the relatively lower cost of living ...
Breaking Medicine News(10 mins):