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FONAR Announces 3rd Quarter Fiscal 2014 & Nine Month Earnings Report

MELVILLE, NY -- (Marketwired) -- 05/15/14 -- FONAR Corporation (NASDAQ: FONR)

  • Third Quarter Fiscal 2014 Net Revenues increased 46% to $17.0 million over Third Quarter Fiscal 2013
  • Third Quarter Fiscal 2014 Diluted Net Income per common share available to common shareholders was $0.26, an increase of 53% over Third Quarter Fiscal 2013
  • Third Quarter Fiscal 2014 Net Income was $2.1 million, an increase of 36% over Third Quarter Fiscal 2013
  • Record sixteenth (16) straight quarter of positive net income and income from operations of which most recent eleven (11) were greater than $1.5 million

Fonar Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported its financial position for the period ended March 31, 2014. The Company's two industry segments are: development, manufacturing and servicing of the UPRIGHT® Multi-Position™ MRI and management of Stand-Up® MRI (UPRIGHT® MRI) centers. The Company is known as the first Company to invent and manufacture an MRI (Magnetic Resonance) scanner. Leading the list of FONAR's most recent patented inventions is its technology enabling full weight-bearing MRI imaging, in contrast to the conventional weightless recumbent MRI imaging. This enables, for the first time, full weight-bearing imaging of all the gravity sensitive regions of the human anatomy, e.g. the spine, brain, hip, knee, ankle, foot, shoulder, and pelvis. The FONAR UPRIGHT® Multi-Position™ MRI scanner is the world's only MRI scanner licensed under FONAR's multiple UPRIGHT® MRI patents to scan all the patient's body parts in their normal full weight-bearing UPRIGHT® position.

Statement of Operations Items

Revenues increased 67% to $51.5 million for the nine month period ended March 31, 2014 from $30.8 million for the corresponding nine month period one year earlier. Revenues for the third fiscal quarter ended March 31, 2014 were $17.0 million versus $11.6 million for the corresponding quarter one year earlier.

Net Income increased 77% to $8.8 million for the nine month period ended March 31, 2014 from $5.0 million for the corresponding nine month period one year earlier. Net Income for the third fiscal quarter ended March 31, 2014 was $2.1 million versus $1.6 million for the corresponding nine month period one year earlier.

Income from Operations increased 85% to $9.7 million for the nine month period ended March 31, 2014 from $5.2 million for the corresponding nine month period one year earlier. Income from Operations for the third fiscal quarter ended March 31, 2014 was $2.3 million, an increase of 42% from $1.6 million for the corresponding nine month period one year earlier.

Diluted net income per common share available to common shareholders increased 60% to $0.96 for the nine month period ended March 31, 2014 from $0.60 for the corresponding nine month period one year earlier. Diluted net income per common share available to common shareholder for the third fiscal quarter ended March 31, 2014 was $0.26 versus $0.17 for the corresponding quarter one year earlier, an increase of 53%.

Balance Sheet Items

Total assets at the quarter ended March 31, 2014 were $76.1 million, as compared to $73.2 million at June 30, 2013.

Total liabilities at the quarter ended March 31, 2014 were $32.7 million, as compared to $35.4 million at June 30, 2013.

Total current assets at the quarter ended March 31, 2014 were $43.4 million, as compared to $37.9 million at June 30, 2013.

Total cash and cash equivalents March 31, 2014, were $9.6 million, as compared to $7.9 million at June 30, 2013.

Total current liabilities at the quarter ended March 31, 2014 were $22.2 million, as compared to $21.1 million at June 30, 2013.

Management Discussion

Raymond V. Damadian, president and chairman of Fonar Corporation, said, "We have had increased pressure due to cuts in MRI reimbursements brought about by the Affordable Care Act. Thanks to the uniqueness of our UPRIGHT® full weight-loaded MRI scans, the steadily increasing volumes at the Stand-Up® MRI scanning centers provide significant relief."

"In March, the scan volume at the MRI scanning centers we manage was 15% higher than that of March 2013, setting a new company record," said Dr. Damadian. "I am very pleased."

"We expect to facilitate growth of imaging centers through acquisitions, supporting new UPRIGHT® imaging centers, and increasing scan volume at our existing locations by continuing to educate the medical community about the unique diagnostic advantages of UPRIGHT® Multi-Position™ full weight-loaded MRI," added Dr. Damadian.

Significant Events

The Company will hold its annual meeting on June 23, 2014. Dr. Damadian has issued his annual shareholder letter which can be seen on the Company's Web site at http://www.fonar.com/shareholder_letter_5_2014.htm.

About FONAR

FONAR (NASDAQ: FONR), Melville, NY, The Inventor of MR Scanning™, was incorporated in 1978, and is the first, oldest and most experienced MRI company in the industry. FONAR introduced the world's first commercial MRI in 1980, and went public in 1981. Since its inception, nearly 300 recumbent-OPEN MRIs and 157 UPRIGHT® Multi-Position™ MRI scanners have been installed worldwide. FONAR's stellar product is the UPRIGHT® MRI (also known as the Stand-Up® MRI), the only whole-body MRI that performs Position™ imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR UPRIGHT® MRI often sees the patient's problem that other scanners cannot because they are lie-down and "weightless" only scanners. The patient-friendly UPRIGHT® MRI has a near-zero claustrophobic rejection rate by patients. As a FONAR customer states, "If the patient is claustrophobic in this scanner, they'll be claustrophobic in my parking lot." Approximately 85% of patients are scanned sitting while they watch a 42" flat screen TV. FONAR is headquartered on Long Island, New York.

UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Full Range of Motion™, Multi-Position™, Upright Radiology™, The Proof is in the Picture™, True Flow™, pMRI™, Spondylography™, Dynamic™,Spondylometry™, CSP™, and Landscape™, are trademarks of FONAR Corporation.

This release may include forward-looking statements from the company that may or may not materialize. Additional information on factors that could potentially affect the company's financial results may be found in the company's filings with the Securities and Exchange Commission.



                    CONDENSED CONSOLIDATED BALANCE SHEETS
         (AMOUNTS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                 (UNAUDITED)

                                   ASSETS

                                                        March 31,  June 30,
                                                          2014      2013 *
                                                       ---------- ----------
Cash and cash equivalents                              $    9,589 $    7,871
Accounts receivable - net                                   4,444      4,444
Accounts receivable - related party                            30          -
Medical receivable - net                                    8,924      8,126
Management and other fees receivable - net                 12,675     11,466
Management and other fees receivable - related medical
 practices - net                                            3,463      2,382
Inventories                                                 2,510      2,077
Prepaid expenses and other current assets                   1,708      1,500
                                                       ---------- ----------
Total Current Assets                                       43,343     37,866
                                                       ---------- ----------
Property and equipment - net                               16,045     17,524
Goodwill                                                    1,767      1,767
Other intangible assets - net                              11,043     11,904
Deferred income tax asset                                   2,936      2,936
Other assets                                                1,013      1,154
                                                       ---------- ----------
Total Assets                                           $   76,147 $   73,151
                                                       ========== ==========

* Condensed from audited financial statements




                    CONDENSED CONSOLIDATED BALANCE SHEETS
         (AMOUNTS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                 (UNAUDITED)

                    LIABILITIES AND STOCKHOLDERS' EQUITY

                                                       March 31,   June 30,
                                                          2014      2013 *
                                                       ---------- ----------
Current Liabilities:
  Current portion of long-term debt and capital leases $    2,967 $    2,886
  Accounts payable                                          2,863      2,752
  Other current liabilities                                 9,665      8,636
  Unearned revenue on service contracts                     4,873      4,965
  Unearned revenue on service contracts - related
   party                                                       28          -
  Customer advances                                         1,791      1,858
  Income tax payable                                            -         20
                                                       ---------- ----------
    Total Current Liabilities                              22,187     21,117
Long-Term Liabilities:
  Due to related medical practices                            231        231
  Long-term debt and capital leases, less current
   portion                                                  9,404     12,887
  Deferred income tax liability                               462        462
  Other liabilities                                           433        654
                                                       ---------- ----------
    Total Long-Term Liabilities                            10,530     14,234
                                                       ---------- ----------
    Total Liabilities                                  $   32,717 $   35,351
                                                       ---------- ----------

* Condensed from audited financial statements




                   CONDENSED CONSOLIDATED BALANCE SHEETS
        (AMOUNTS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                (UNAUDITED)

LIABILITIES AND STOCKHOLDERS' EQUITY (Continued)

                                                      March 31,   June 30,
LIABILITIES AND STOCKHOLDERS' EQUITY                    2014       2013 *
                                                     ----------  ----------
STOCKHOLDERS' EQUITY:

Class A non-voting preferred stock $.0001 par value;
 453 shares authorized at March 31, 2014 and June
 30, 2013, 313 issued and outstanding at March 31,
 2014 and June 30, 2013                              $        -  $        -

Preferred stock $.001 par value; 567 shares
 authorized at March 31, 2014 and June 30, 2013,
 issued and outstanding - none                                -           -

Common Stock $.0001 par value; 8,500 shares
 authorized at March 31, 2014 and June 30, 2013,
 6,037 and 5,981 issued at March 31, 2014 and June
 30, 2013, respectively; 6,025 and 5,969 outstanding
 at March 31, 2014 and June 30, 2013, respectively            1           1

Class B Common Stock (10 votes per share) $ .0001
 par value; 227 shares authorized at March 31, 2014
 and June 30, 2013, .146 issued and outstanding at
 March 31, 2014 and June 30, 2013                             -           -

Class C Common Stock (25 votes per share) $.0001 par
 value; 567 shares authorized at March 31, 2014 and
 June 30, 2013, 383 issued and outstanding at March
 31, 2014 and June 30, 2013                                   -           -

Paid-in capital in excess of par value                  175,023     174,499
Accumulated deficit                                    (153,336)   (159,655)
Notes receivable from employee stockholders                 (41)        (55)
Treasury stock, at cost - 12 shares of common stock
 at March 31, 2014 and June 30, 2013                       (675)       (675)
                                                     ----------  ----------
Total Fonar Corporation Stockholder Equity               20,972      14,115
Non controlling interests                                22,458      23,685
                                                     ----------  ----------

Total Stockholders' Equity                               43,430      37,800
                                                     ----------  ----------

Total Liabilities and Stockholders' Equity           $   76,147  $   73,151
                                                     ==========  ==========

* Condensed from audited financial statements




                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
        (AMOUNTS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                (UNAUDITED)

                                                      FOR THE THREE MONTHS
                                                         ENDED MARCH 31
                                                     ----------------------
REVENUES                                                2014        2013
                                                     ----------  ----------
  Product sales - net                                $      478  $      416
  Service and repair fees - net                           2,518       2,867
  Service and repair fees - related parties - net            27          27
  Patient fee revenue, net of contractual allowances
   and discounts                                          6,090         965
  Provision for bad debts for patient fee                (2,868)          -
  Management and other fees - net                         8,538       5,402
  Management and other fees - related medical
   practices - net                                        2,257       1,965
                                                     ----------  ----------
    Total Revenues - Net                                 17,040      11,642
                                                     ----------  ----------

COSTS AND EXPENSES
  Costs related to product sales                            223         498
  Costs related to service and repair fees                  623         819
  Costs related to service and repair fees - related
   parties                                                    7           8
  Costs related to patient fee revenue                    1,947         791
  Costs related to management and other fees              5,327       2,606
  Costs related to management and other fees -
   related medical practices                              1,318         900
  Research and development                                  360         381
  Selling, general and administrative                     3,935       3,774
  Provision for bad debts                                   981         235
                                                     ----------  ----------
    Total Costs and Expenses                             14,721      10,012
                                                     ----------  ----------
Income From Operations                                    2,319       1,630
Interest Expense                                           (203)        (79)
Investment Income                                            57          55
Other Income                                                 39           -
                                                     ----------  ----------
Income Before Provision for Income Taxes                  2,212       1,606

Provision for Income Taxes                                   65          25
                                                     ----------  ----------
Net Income                                                2,147       1,581
Net Income - Non Controlling Interests                     (408)       (505)
                                                     ----------  ----------
Net Income - Controlling Interests                   $    1,739  $    1,076
                                                     ==========  ==========
Net Income Available to Common Stockholders          $    1,625  $    1,005
                                                     ==========  ==========
Net Income Available to Class A Non-Voting Preferred
 Stockholders                                        $       85  $       53
                                                     ==========  ==========
Net Income Available to Class C Common Stockholders  $       29  $       18
                                                     ==========  ==========
Basic Net Income Per Common Share Available to
 Common Stockholders                                 $     0.27  $     0.17
                                                     ==========  ==========
Diluted Net Income Per Common Share Available to
 Common Stockholders                                 $     0.26  $     0.17
                                                     ==========  ==========
Basic and Diluted Income Per Share-Common C          $     0.08  $     0.05
                                                     ==========  ==========
Weighted Average Basis Shares Outstanding-Common
 Stockholders                                             6,022       5,937
                                                     ==========  ==========
Weighted Average Diluted Shares Outstanding               6,150       6,065
                                                     ==========  ==========
Weighted Average Basic Shares Outstanding - Class C         383         383
                                                     ==========  ==========
Weighted Average Diluted Shares Outstanding - Class
 C Common                                                   383         383
                                                     ==========  ==========




                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
        (AMOUNTS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                (UNAUDITED)

                                                 FOR THE NINE MONTHS ENDED
                                                         MARCH 31,
                                               ----------------------------
REVENUES                                            2014           2013
                                               -------------  -------------
  Product sales - net                          $       1,261  $       2,536
  Service and repair fees - net                        7,578          8,341
  Service and repair fees - related parties -
   net                                                    83             83
  Patient fee revenue, net of contractual
   allowances and discounts                           17,811            965
  Provision for bad debts for patient fee             (7,130)             -
  Management and other fees - net                     24,955         12,946
  Management and other fees - related medical
   practices - net                                     6,923          5,895
                                               -------------  -------------
    Total Revenues - Net                              51,481         30,766
                                               -------------  -------------

COSTS AND EXPENSES
  Costs related to product sales                         902          2,457
  Costs related to service and repair fees             1,755          2,579
  Costs related to service and repair fees -
   related parties                                        19             26
  Costs related to patient fee revenue                 5,823            791
  Costs related to management and other fees          15,591          7,013
  Costs related to management and other fees -
   related medical practices                           3,808          2,568
  Research and development                             1,128          1,031
  Selling, general and administrative                 12,024          8,338
  Provision for bad debts                                763            735
                                               -------------  -------------
    Total Costs and Expenses                          41,813         25,538
                                               -------------  -------------
Income From Operations                                 9,668          5,228
Interest Expense                                        (682)          (258)
Investment Income                                        178            174
Other Expense                                           (113)           (13)
                                               -------------  -------------
Income Before Provision for Income Taxes               9,051          5,131

Provision for Income Taxes                               235            152
                                               -------------  -------------
Net Income                                             8,816          4,979
Net Income - Non Controlling Interests                (2,497)        (1,103)
                                               -------------  -------------
Net Income - Controlling Interests             $       6,319  $       3,876
                                               =============  =============
Net Income Available to Common Stockholders    $       5,907  $       3,621
                                               =============  =============
Net Income Available to Class A Non-voting
 Preferred Stockholders                        $         307  $         190
                                               =============  =============
Net Income Available to Class C Common
 Stockholders                                  $         105  $          65
                                               =============  =============
Basic Net Income Per Common Share Available to
 Common Stockholders                           $        0.98  $        0.61
                                               =============  =============
Diluted Net Income Per Common Share Available
 to Common Stockholders                        $        0.96  $        0.60
                                               =============  =============
Basic and Diluted Income Per Share-Common C    $        0.27  $        0.17
                                               =============  =============
Weighted Average Basic Shares Outstanding              6,002          5,921
                                               =============  =============
Weighted Average Diluted Shares Outstanding            6,130          6,049
                                               =============  =============
Weighted Average Basic Shares Outstanding -
 Class C Common                                          383            383
                                               =============  =============
Weighted Average Diluted Shares Outstanding -
 Class C Common                                          383            383
                                               =============  =============


Contact:
Daniel Culver
Director of Communications
E-mail: Email Contact
www.fonar.com

The Inventor of MR Scanning™
An ISO 9001 Company
Melville, New York 11747
Phone: (631) 694-2929
Fax: (631) 390-1709

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