Navigation Links
Dynatronics Announces Third Quarter Results
Date:5/14/2013

SALT LAKE CITY, May 14, 2013 /PRNewswire/ -- Dynatronics Corporation (NASDAQ: DYNT) today announced results for its fiscal third quarter and nine months ended March 31, 2013.

Net loss for the quarter ended March 31, 2013, decreased 48 percent to $61,121 ($.02 per common share), compared to $117,563 ($.05 per common share) for the same quarter in the prior fiscal year. Net income for the nine months ended March 31, 2013, was $28,718 ($.01 per common share), compared to a net loss of $139,489 ($.05 per common share) for the same period in the prior fiscal year. (All per share amounts reflect the Company's 1-for-5 reverse stock split effective December 19, 2012.)

Sales for the fiscal third quarter ended March 31, 2013, declined 7.6 percent to $7,070,292, compared to $7,653,586 for the quarter ended March 31, 2012. Sales for the nine months ended March 31, 2013, declined 6.9 percent to $22,274,637, compared to $23,925,818 for the nine months ended March 31, 2012.

"Higher sales of our new SolarisPlus and other proprietary capital equipment products during the quarter and nine-month period were offset by lower sales of distributed products, medical supplies and consumable products used by clinics," said Kelvyn H. Cullimore Jr. , chairman and president of Dynatronics. "The lower sales of distributed products and supplies are attributable primarily to a lack of growth and expansion within the industry because of uncertainties surrounding healthcare reform and ongoing economic weakness generally. Medical supplies and distributed items account for a large percentage of Company revenues." 

Despite reduced sales, the Company's pre-tax loss was reduced from approximately $245,000 to $95,000 for the quarters ended March 31, 2013 and 2012, respectively.  The improvement in the reporting periods resulted from reductions in SG&A and R&D costs of approximately $374,000 and $960,000 for the three and nine months ended March 31, 2013, respectively, compared to the similar periods in the prior year.

"To offset the challenges affecting our market, we are aggressively pursuing a new strategic marketing plan that focuses on our unique advantages as both a manufacturer and distributor," reported Larry K. Beardall , executive vice president of sales and marketing.  "Following the recent release of the Company's new product catalog which contains more than 1,000 new items, we are about to begin one of the most aggressive expansions of distribution in the Company's history."

"With new expanded distribution in place, we will continue the release of several innovative capital products over the coming quarters," continued Beardall.  "One of the new products being developed will be, in our opinion, among the most innovative products introduced in our market in the past decade.  Our decision to focus on our unique strengths allows us to pursue a plan for expansion in spite of challenging market conditions."

Dynatronics has scheduled a conference call for investors today, Tuesday, May 14, 2013, at 1:30 p.m. ET. Those wishing to participate should call (800) 272-9104.

The following is a summary of the financial results as of March 31, 2013 and 2012, and for the three- and nine-month periods then ended: Summary Selected Financial DataStatement of Operations HighlightsThree Months EndedNine Months EndedMarch 31March 312013201220132012Net sales$

7,070,292$   7,653,586$22,274,637$23,925,818Cost of sales4,450,5284,808,62913,845,11014,865,805Gross profit2,619,7642,844,9578,429,5279,060,013Selling, general, and admin. expenses2,383,8712,667,8677,408,2578,049,134Research and development expenses271,735361,912812,3821,131,120Other expense, net59,55560,618177,750158,949Income (loss) before income taxes(95,397)(245,440)31,138(279,190)Income tax benefit (provision)34,276127,877(2,420)139,701Net income (loss)$

(61,121)$   (117,563)$
28,718$  (139,489)Basic and diluted net income (loss)per common share$

(0.02)$
(0.05)$
.01$
(0.05) Balance Sheet HighlightsMarch 31, 2013June 30, 2012Cash and cash equivalents

$

170,681$
278,263Trade accounts receivable3,633,2473,667,086Inventories, net6,187,5626,098,597Total current assets10,693,62810,654,158Total assets

$

14,930,297$
5,270,930Line of credit

$

3,874,285$
3,497,597Accounts payable2,032,5972,413,201Accrued expenses270,080386,229Total current liabilities7,024,0337,088,300Total liabilities8,666,5249,004,615Total liabilities and equity

$

14,930,297$
5,270,930Dynatronics 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 introductions and plans to expand distribution.  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.


'/>"/>
SOURCE Dynatronics Corporation
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Dynatronics To Release Fiscal Third Quarter Results Tuesday, May 15, 2012; Conference Call set for 3:30 p.m. ET
2. Dynatronics Introduces New SolarisPlus Line of Therapy Products
3. Dynatronics Will Request Hearing with Nasdaq Regarding Listing Status
4. Dynatronics To Release Fiscal First Quarter Results Wednesday, November 14, 2012; Conference Call set for 4:30 p.m. ET
5. Dynatronics Announces First Quarter Results
6. Dynatronics To Release Fiscal Second Quarter Results Wednesday, February 13, 2013; Conference Call set for 3:00 p.m. ET
7. Dynatronics Second Quarter Profits Jump 204%
8. Dynatronics To Release Fiscal Third Quarter Results Tuesday, May 14, 2013; Conference Call set for 1:30 p.m. ET
9. Precision Optics Corporation Announces $1 Million Order for Microprecision™ Based Endoscopes
10. Young Innovations, Inc. Announces Record Sales and EPS for the Quarter Ended March 31, 2012
11. JDRF Announces Research Collaboration with Dexcom, Inc. to Develop "Smart Transmitter" Technology to Accelerate Artificial Pancreas Studies
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/23/2017)... 2017  Genesis Healthcare Services has merged with Hospice ... by Bill Monast , President and CEO of ... Nathan Feltman , executives with Home Health Depot, Inc., ... This acquisition helps Hospice Cloud maintain its ... durable medical equipment (DME) solutions for the hospice industry. ...
(Date:2/23/2017)... Research and Markets has announced the addition of the ... offering. ... Menopause Drugs Price Analysis and Strategies - 2016, provides drug pricing data ... following questions: What are the key drugs ... the Global Menopause market? What are the unit prices ...
(Date:2/23/2017)... , Feb. 23, 2017 Regulus ... the discovery and development of innovative medicines targeting microRNAs, ... year 2016 financial results on Thursday, March 2, 2017 ... a conference call and webcast on March 2, 2017 ... and full year 2016 financial results and provide a ...
Breaking Medicine Technology:
(Date:2/23/2017)... ... 2017 , ... The Lymphoma Research Foundation (LRF) – the ... the lymphoma community through a comprehensive series of education programs, outreach initiatives and ... Beach to host its Swirl: Miami Wine Tasting Event on March 28, 2017. ...
(Date:2/23/2017)... CA (PRWEB) , ... February 23, 2017 , ... Los ... two episodes of WE TV’s “Mama June: From Not to Hot,” which will begin ... notable, “Mama” June Shannon, known to millions from the 2012 reality television series, “Here ...
(Date:2/23/2017)... ... February 23, 2017 , ... ... content provider for the National Institute for Health and Care Excellence ... organizations in the National Health Service (NHS) to search, order and purchase medical ...
(Date:2/23/2017)... , ... February 23, 2017 , ... ... exciting, new, interactive publication where generations converge and explore the world from different ... worldview, Dialog Magazine enables readers to gain understanding, increase empathy, and find greater ...
(Date:2/23/2017)... ... February 23, 2017 , ... Healthcare Research & ... in the fight against cancer, has produced a seminal study that asked cancer ... release top-line findings in a webinar, Defining Compassionate Care Through the Voices of ...
Breaking Medicine News(10 mins):