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 prima
|SOURCE Dynatronics Corporation|
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