Navigation Links
Dynatronics Announces Second Quarter Results
Date:2/14/2012

SALT LAKE CITY, Feb. 14, 2012 /PRNewswire/ -- Dynatronics Corporation (NASDAQ: DYNT) today announced results for its fiscal second quarter and six months ended December 31, 2011.

Sales for the quarter ended December 31, 2011, increased one percent to $8,275,430, compared to $8,199,347 for the quarter ended December 31, 2010. Sales for the six months ended December 31, 2011, also increased one percent to $16,272,232, compared to $16,118,635 for the six months ended December 31, 2010.  

Net income for the quarter ended December 31, 2011, was $46,334 ($.00 per common share), compared to net income of $67,839 ($.01 per common share) for the same quarter in the prior fiscal year. Net loss for the six-month period ended December 31, 2011, was $21,926 ($.00 per common share), compared to net income of $84,851 ($.01 per common share) for the same period in the prior fiscal year.

"With sales and gross profit margin both increasing, the $40,861 reduction in income before taxes for the current quarter can be accounted for by the $56,342 increase in R&D expense in the quarter, compared to the same quarter last year," said Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. "As a result of our increased investment in R&D over the past two years, we expect to introduce a record number of new products this year, including several high-margin therapy devices as well as other specialty rehab equipment."  

"Once the products are introduced," Cullimore continued, "R&D expenditures are expected to return to more traditional levels, triggering annual savings in the range of approximately $300,000 to $400,000. Most of the new products will be released in the first six months of calendar 2012 and we plan to make formal announcements as each of our new products and product lines are introduced to the market."

In March 2011, Dynatronics began the process of introducing its own branded products to group purchasing organization (GPO) member facilities across the country. During fiscal year 2011, Dynatronics announced the signing of contracts with four GPOs: Premier, Inc., Amerinet, Inc., FirstChoice Cooperative and Champs Group Purchasing. These contracts became effective in March and June 2011. The company is in discussion with two other GPOs that contemplate issuing new contracts during 2012.  

"The process of converting GPO members to the Dynatronics' brand of product is taking longer than management originally anticipated," stated Larry K. Beardall, executive vice president of sales and marketing. "However, it is expected to gain momentum over the next several quarters and management remains optimistic about the potential of increasing business with these large national accounts and GPOs."

"We are firmly committed to investing in the future through the development of several new products and new sales opportunities with GPOs and national accounts," added Cullimore. "We believe this strategy will begin to show positive outcomes in upcoming quarters."

Dynatronics has scheduled a conference call for investors on Tuesday, February 14, 2012, at 1:30 p.m. ET. Those wishing to participate should call (800) 925-9065.

Following is a summary of the financial results as of December 31, 2011 and 2010, and for the three- and six-month periods then ended:   Summary Selected Financial DataStatement of Operations HighlightsThree Months EndedSix Months EndedDecember 31,December 31,2011201020112010Net sales

$8,275,430

$8,199,347

$16,272,232

$16,118,635Cost of sales

5,062,472

5,029,906

10,057,176

9,997,361   Gross profit

3,212,958

3,169,441

6,215,056

6,121,274SG&A expenses

2,686,401

2,634,278

5,381,268

5,134,795R&D expenses

412,861

356,519

769,208

706,315Other expenses, net

41,517

65,604

98,330

137,387   Net income (loss) before income tax provision

72,179

113,040

(33,750)

142,777Income tax benefit (provision)

(25,845)

(45,201)

11,824

(57,926)Net income (loss)

$46,334

$ 67,839

$(21,926)

$84,851Diluted net income (loss) per common share

$
.00

$   0.01

$  0.00

$   0.01Balance Sheet HighlightsDecember 31,June 30,20112011Cash

$254,460

$384,904Accounts receivable

3,687,238

3,672,128Inventories

5,833,425

5,647,815Total current assets

10,607,816

10,432,811Total assets

15,014,018

14,819,181Accounts payable

2,245,149

2,127,163Accrued expenses

447,768

379,336Line of credit

2,943,242

2,583,937Total current liabilities

6,495,469

5,880,080Total liabilities

8,689,864

8,204,022Total liabilities and equity

15,014,018

14,819,181Dynatronics 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 positive outcomes from 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, 2011.


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

Related medicine technology :

1. Dynatronics Announces First Quarter Results
2. Dynatronics to Release Fiscal First Quarter Results Monday, November 14, 2011; Conference Call set for 1:30 p.m. ET
3. Dynatronics Announces Fourth Quarter and Year-end Results
4. Dynatronics to Release Fiscal Fourth Quarter and Year-end Results Wednesday, September 28, 2011; Conference Call Set for 1:00 p.m. ET
5. Dynatronics Appoints Bryan D. Alsop Vice President of Information Technology
6. Dynatronics Signs Agreement With CHAMPS Group Purchasing
7. Dynatronics Third Quarter Profits Increase 22%
8. Dynatronics to Release Fiscal Third Quarter Results Monday, May 16, 2011; Conference Call Set for 1:00 p.m. ET
9. Dynatronics Regains Compliance With NASDAQ
10. Dynatronics Selected for Inclusion in RB Milestone Portfolio
11. Dynatronics Signs Third GPO Contract in Two Months
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/14/2017)... 2017 The Bio Supply Management Alliance (BSMA) ... Fremont and the Biomedical Manufacturing Network to ... California by providing a platform ... fostering workforce development. The primary focus of this alliance ... as well as small and mid-sized biomedical companies. ...
(Date:6/13/2017)... June 13, 2017 Zimmer Biomet Holdings, Inc. (NYSE ... announced that the U.S. Food and Drug Administration (FDA) has ... 2015 relating to its Zhejiang, China ... "The successful clearance of the Warning Letter related ... facility is a measure of the progress we have made ...
(Date:6/11/2017)... 2017  Eli Lilly and Company (NYSE: LLY ... studies of galcanezumab, an investigational treatment for the prevention ... several key secondary endpoints for galcanezumab compared to placebo ... (EVOLVE-1, EVOLVE-2 and REGAIN) will be presented today at ... Boston . "The ...
Breaking Medicine Technology:
(Date:6/26/2017)... ... June 26, 2017 , ... ... leakage is revolutionizing the way women look and feel about themselves and their ... of female sexual dysfunction and urinary leakage head on with a ground breaking ...
(Date:6/26/2017)... (PRWEB) , ... June 26, 2017 , ... KICKICO ... a whitepaper that pledges to solve many catastrophic issues within funding campaigns. KICKICO ... , The typical notion of crowdfunding - the raising of funds through the power ...
(Date:6/25/2017)... , ... June 24, 2017 , ... Create a feel-good lyric music video in Final ... and sound in the timeline and write in the lyrics to any song. ProLyric flies ... out. Each line of the text can be added modularly for optimal control. ProLyric makes ...
(Date:6/25/2017)... ... 2017 , ... CareSet Labs released the Root NPI Graph today at the ... greatly improved version of the Doctor Referral teaming dataset commonly available from Medicare. , ... called the the “Doctor Referral Dataset” as released by Medicare and “DocGraph” as released ...
(Date:6/24/2017)... Tampa, Fla. (PRWEB) , ... June 24, 2017 ... ... Fla., is now offering genetic testing for medications in select Florida and Texas ... of pharmacogenomics. , This new application of genetic testing recognizes the role ...
Breaking Medicine News(10 mins):