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CTEI .94 +.04 at new 52wk hi bid .94 x .97 looking like it may take out a buck soon imho...had this acquisition news yesterday:
Cemtrex Enters into Letter of Intent to Acquire a Leading Environmental Technology Company
PR Newswire Cemtrex
June 23, 2014 8:30 AM
FARMINGDALE, N.Y., June 23, 2014 /PRNewswire/ -- Cemtrex, Inc. (CTEI) today announced that the company has entered into a Letter of Intent to purchase all the assets of a foreign, wastewater treatment and bio-energy plant technology company. The acquiree had annual sales of approximately $14 million in 2013. Due to a confidentiality agreement in place the company's name and further details were not disclosed.
Cemtrex's Chairman and CEO, Saagar Govil, commented, "We are thrilled to have reached an agreement regarding this upcoming strategic acquisition as we see tremendous opportunity globally for these products. This acquisition will allow Cemtrex to expand its environmental capabilities from presently air pollution control solutions and environmental monitoring to include technology for wastewater treatment and the generation of bioenergy from organic waste."
According to Global Water Markets, the market for wastewater equipment is set to rise by 27% to $225 billion over the next five years, with sludge management and energy recovery among the growing trends. Additionally based on another industry study regarding biogas plants by Ecoprog, the worldwide installed capacity will increase between 2012 and 2016 from 4,700 MW to about 7,400 MW, or about 60 percent in five years.
The company expects to complete the transaction by August 31st 2014 and use its existing capital to complete the deal. The company will release additional information in the coming weeks as the acquisition is finalized.
About Cemtrex, Inc.
Cemtrex, Inc. (CTEI) is a diversified technology company that provides solutions to meet today's industrial challenges. The Company operates through three (3) business divisions consisting of: (1) electronic manufacturing services of printed circuit board assemblies, (2) instruments & emission monitors for industrial processes, and (3) industrial air filtration & environmental control systems.
Cemtrex through its wholly owned subsidiary ROB Cemtrex GmbH (www.robcemtrex.com) provides electronic manufacturing services, which includes printed circuit board assemblies and completely assembled electronic products. The Company sells a complete line of air filtration and environmental control products through its subsidiary Griffin Filters, LLC (www.griffinfilters.com) to a wide variety of industrial and manufacturing industries worldwide. The Company through its Monitoring Instruments and Products (MIP) (www.cemtrex.com) division manufactures sells, and services instruments, software and systems for monitoring emissions of Greenhouse gases, hazardous gases, particulate and other regulated pollutants used in emissions trading globally.
Safe Harbor Statement
This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date.
For further information, please contact:
Saagar Govil
Cemtrex, Inc.
Phone: 631-756-9116
XXII $3.75 close is one of atTheStreet's 4 biotech's under $10 today to consider for a breakout trade:
22nd Century Group (XXII_), a plant biotechnology company, focuses on tobacco harm reduction and smoking cessation products produced from modifying the nicotine content in tobacco plants through genetic engineering and plant breeding. This stock closed up 2.7% to $3.75 a share in Thursday's trading session.
Thursday's Range: $3.60-$3.75
52-Week Range: $0.67-$6.36
Thursday's Volume: 671,000
Three-Month Average Volume: 686,284
From a technical perspective, XXII spiked notably higher here right above some near-term support at $3.36 with decent upside volume. This stock has been uptrending strong for the last month, with shares moving higher from its low of $2.26 to its recent high of $3.87. During that uptrend, shares of XXII have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of XXII within range of triggering a big breakout trade. That trade will hit if XXII manages to take out some key overhead resistance levels at $3.87 to $4 with high volume.
Traders should now look for long-biased trades in XXII as long as it's trending above some near-term support at $3.36 and then once it sustains a move or close above those breakout levels with volume that hits near or above 686,284 shares. If that breakout gets set off soon, then XXII will set up to re-test or possibly take out its next major overhead resistance levels at $5 to $6, or even its 52-week high of $6.36.
To see more stocks that are making notable moves higher, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.
tuna
From atTheStreet....XXII $3.75 close is one of 4 biotech's under $10 to consider for a breakout trade:
22nd Century Group (XXII_), a plant biotechnology company, focuses on tobacco harm reduction and smoking cessation products produced from modifying the nicotine content in tobacco plants through genetic engineering and plant breeding. This stock closed up 2.7% to $3.75 a share in Thursday's trading session.
Thursday's Range: $3.60-$3.75
52-Week Range: $0.67-$6.36
Thursday's Volume: 671,000
Three-Month Average Volume: 686,284
From a technical perspective, XXII spiked notably higher here right above some near-term support at $3.36 with decent upside volume. This stock has been uptrending strong for the last month, with shares moving higher from its low of $2.26 to its recent high of $3.87. During that uptrend, shares of XXII have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of XXII within range of triggering a big breakout trade. That trade will hit if XXII manages to take out some key overhead resistance levels at $3.87 to $4 with high volume.
Traders should now look for long-biased trades in XXII as long as it's trending above some near-term support at $3.36 and then once it sustains a move or close above those breakout levels with volume that hits near or above 686,284 shares. If that breakout gets set off soon, then XXII will set up to re-test or possibly take out its next major overhead resistance levels at $5 to $6, or even its 52-week high of $6.36.
To see more stocks that are making notable moves higher, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.
tuna
WATT $11.88 +$1.21 on good news (low float stock):
Dong-Hwa and Energous Corporation Collaborate on Wire-Free Smartphone Charging
Dong-Hwa to Embed WattUp(TM) Technology in Products to Support Korean OEMs
Marketwired Energous Corporation
1 hour ago
PLEASANTON, CA--(Marketwired - May 28, 2014) - Energous Corporation (NASDAQ: WATT), creators of WattUpâ„¢, a wire-free charging technology that will transform the way people charge and power their electronic devices at home, in the office, in the car and beyond, today announced it has signed a joint development agreement (JDA) with Dong-Hwa, one of the world's largest mobile equipment suppliers, to embed WattUp wire-free charging receivers in mass-produced Dong-Hwa smartphone cases. The deal will make it possible for millions of consumers worldwide to cut the last remaining cord between their handsets and a truly mobile lifestyle.
"Dong-Hwa is very excited to collaborate with Energous Corporation to achieve our joint vision of a wire-free world," said Ji Won Suh, Senior managing director of Dong-Hwa. "We expect that WattUp technology will give our solutions an undeniable advantage over competing products and serves to activate the marketplace for Energous' partners on the transmitter side. Over the years, Dong-Hwa has been a constant presence in the consumer electronics industry and we are thrilled to find ourselves yet again as ambassadors for the world's most disruptive technologies."
"Energous' partnership with Dong-Hwa validates not only WattUp, but our overall licensing strategy," said Stephen R. Rizzone, CEO of Energous Corporation. "Dong-Hwa's smartphone cases are a crucial complement to our WattUp transmitter ODM partnerships and create a holistic wire-free technology package for the device charging industry at large."
About Dong-Hwa
Dong-Hwa was established in 1967 to manufacture electrolytic condensers. Since then, the company has has been active in the ever-expanding electronics field, offering development and production of products for a wide range of sectors, including wiring, condensers, rechargeable battery packs, semiconductor probe cards and more. Dong-Hwa is now the second largest battery pack supplier for LG Electronics and is a major supplier of semiconductor probe cards to Samsung Electronics.
About Energous Corporation
Energous Corporation is developing WattUpâ„¢, a wire-free charging technology that will transform the way people charge and power their electronic devices at home, in the office, in the car and beyond. WattUp is a revolutionary, patent- and trademark-pending solution that delivers intelligent, scalable power via the same radio bands as a Wi-Fi router. WattUp differs from current wireless charging systems in that it delivers meaningful, useable power, at a distance, while allowing users to roam while charging. The result is a wire-free experience that saves users from having to remember to plug in their devices or place them on a mat. Energous will initially license WattUp to the wearable and mobile-accessory markets and will expand to other markets such as Wi-Fi routers and smartphones over time. For more information, please visit www.energous.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange and Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. All statements in this release that are not based on historical fact are "forward looking statements". While management has based any forward looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our recently filed registration statement on Form S-1. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Contact:
MZ North America
Matt Hayden
Chairman
Direct: +1-949-259-4989
Email: matt.hayden@mzgroup.us
Web: www.mzgroup.us
Big news on WATT 11.88 +1.21 w/hod $12.02 and low float stock:
Dong-Hwa and Energous Corporation Collaborate on Wire-Free Smartphone Charging
Dong-Hwa to Embed WattUp(TM) Technology in Products to Support Korean OEMs
Marketwired Energous Corporation
1 hour ago
PLEASANTON, CA--(Marketwired - May 28, 2014) - Energous Corporation (NASDAQ: WATT), creators of WattUpâ„¢, a wire-free charging technology that will transform the way people charge and power their electronic devices at home, in the office, in the car and beyond, today announced it has signed a joint development agreement (JDA) with Dong-Hwa, one of the world's largest mobile equipment suppliers, to embed WattUp wire-free charging receivers in mass-produced Dong-Hwa smartphone cases. The deal will make it possible for millions of consumers worldwide to cut the last remaining cord between their handsets and a truly mobile lifestyle.
"Dong-Hwa is very excited to collaborate with Energous Corporation to achieve our joint vision of a wire-free world," said Ji Won Suh, Senior managing director of Dong-Hwa. "We expect that WattUp technology will give our solutions an undeniable advantage over competing products and serves to activate the marketplace for Energous' partners on the transmitter side. Over the years, Dong-Hwa has been a constant presence in the consumer electronics industry and we are thrilled to find ourselves yet again as ambassadors for the world's most disruptive technologies."
"Energous' partnership with Dong-Hwa validates not only WattUp, but our overall licensing strategy," said Stephen R. Rizzone, CEO of Energous Corporation. "Dong-Hwa's smartphone cases are a crucial complement to our WattUp transmitter ODM partnerships and create a holistic wire-free technology package for the device charging industry at large."
About Dong-Hwa
Dong-Hwa was established in 1967 to manufacture electrolytic condensers. Since then, the company has has been active in the ever-expanding electronics field, offering development and production of products for a wide range of sectors, including wiring, condensers, rechargeable battery packs, semiconductor probe cards and more. Dong-Hwa is now the second largest battery pack supplier for LG Electronics and is a major supplier of semiconductor probe cards to Samsung Electronics.
About Energous Corporation
Energous Corporation is developing WattUpâ„¢, a wire-free charging technology that will transform the way people charge and power their electronic devices at home, in the office, in the car and beyond. WattUp is a revolutionary, patent- and trademark-pending solution that delivers intelligent, scalable power via the same radio bands as a Wi-Fi router. WattUp differs from current wireless charging systems in that it delivers meaningful, useable power, at a distance, while allowing users to roam while charging. The result is a wire-free experience that saves users from having to remember to plug in their devices or place them on a mat. Energous will initially license WattUp to the wearable and mobile-accessory markets and will expand to other markets such as Wi-Fi routers and smartphones over time. For more information, please visit www.energous.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange and Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. All statements in this release that are not based on historical fact are "forward looking statements". While management has based any forward looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our recently filed registration statement on Form S-1. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Contact:
MZ North America
Matt Hayden
Chairman
Direct: +1-949-259-4989
Email: matt.hayden@mzgroup.us
Web: www.mzgroup.us
CTEI mid .80's now on some profit-taking...maybe a good entry today for those not in or wanting to add more....strong growth company...all imho. tuna
CTEI mid .80's now on some profit-taking...maybe a good entry today for those not in or wanting to add more....strong growth company...all imho. tuna
CTEI .91 close new 52wk hi..more upside coming with excellent revs and earnings growth in latest Q report 30 April...imho....GL all tuna
CTEI .91 close new 52wk hi...very strong rev/earnings growth in latest Q report...DD soon going higher imho....GL all tuna
Skyrocketing sales/earn. CTEI .79 on 4/30/14 2nd Q....here is part of their Second Quarter Highlights:
"Total revenue for the three months ended March 31, 2014 and 2013 was $11,548,572 and $3,620,167, respectively, an increase of $7,928,396, or 219%. Net income for the three months ended March 31, 2014 and 2013 was $769,615 and $56,428, respectively, an increase of $713,187, or 1,264%." .....
There are only 40.6 mil. shares outstanding with a float under 11 mil. They earned close to .02 per share in this 2nd Q!! Suggest reading entire report on this mostly unknown company and stock that is worth a whole lot more than .80 imho...tuna
Why CTEI .79 rising? Here is part of their Apr. 30, 2014 Second Quarter Highlights:
"Total revenue for the three months ended March 31, 2014 and 2013 was $11,548,572 and $3,620,167, respectively, an increase of $7,928,396, or 219%. Net income for the three months ended March 31, 2014 and 2013 was $769,615 and $56,428, respectively, an increase of $713,187, or 1,264%." .....
There are only 40.6 mil. shares outstanding on CTEI with a float under 11 mil. They earned close to .02 per share in this 2nd Q alone!! Suggest reading entire report on this mostly unknown company and stock with much higher prices in the very near future imho...tuna
CTEI: New 52wk HI close at.79 +.07 on over 3X normal daily volume!! New HOY .80 and lots of upside potential near and longer term on CTEI imho...GL all...tuna
New 52wk HI close CTEI .79 +.07 on over 3X normal daily volume!! New HOY .80 and lots of upside potential near and longer term on CTEI imho...GL all...tuna
From theflyonthewall.com: News Breaks
May 19, 2014
09:58 EDT GOGO Gogo rises from recent lows, levels to watch
Shares are up over 6.4% to $14.56, setting price above a recent trough of weakness following a decline in price in late April. Resistance is at $15.18. Support is at $14.08 which was the high of the prior range of the last couple of weeks. UBS upgraded the shares to Buy, but lowered the price target to $23 from $26.
From theflyonthewall.com: News Breaks
May 19, 2014
09:58 EDT GOGO Gogo rises from recent lows, levels to watch
Shares are up over 6.4% to $14.56, setting price above a recent trough of weakness following a decline in price in late April. Resistance is at $15.18. Support is at $14.08 which was the high of the prior range of the last couple of weeks. UBS upgraded the shares to Buy, but lowered the price target to $23 from $26.
CTEI .80 +.08 at NEW 52 WK HIGH!! Good factual write up Friday: Cemtrex Acquisition Of ROB Could Unlock Significant Valueat Seeking Alpha(Fri, May 16
Imho...these SA articles are often cheerleading reads but this one is much more even realistic in it's appraisal. tuna
CTEI .80 +.08 at NEW 52 WK HIGH!! Good factual write up Friday: Cemtrex Acquisition Of ROB Could Unlock Significant Valueat Seeking Alpha(Fri, May 16
Imho...these SA articles are often cheerleading reads but this one is much more even realistic in it's appraisal. tuna
GOGO $14.24 +.56 on this UPGRADE this morning mentioned at The Street:
Gogo was upgraded at UBS to buy from neutral. Valuation call with a 12-month price target of $23, UBS said.
GL all...tuna
GOGO $14.24 +.56 on this UPGRADE this morning mentioned at The Street:
Gogo was upgraded at UBS to buy from neutral. Valuation call with a 12-month price target of $23, UBS said. Nice way to start the week!! GL all....tuna
Also got FONR $13.82 down from mid $17's before earnings came out...another stock slammed beyond what seems fair value imho...earnings and revs were both still up strong but not as strong as the last couple of Q's...here they are:
FONAR Announces 3rd Quarter Fiscal 2014 & Nine Month Earnings Report
Marketwired Fonar Corporation
May 15, 2014 6:55 AM
MELVILLE, NY--(Marketwired - May 15, 2014) - 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 Scanningâ„¢, 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-Positionâ„¢ 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-Positionâ„¢ 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-Positionâ„¢ 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 Scanningâ„¢, 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-Positionâ„¢ 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 Positionâ„¢ imaging (pMRIâ„¢) 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 Scanningâ„¢, Full Range of Motionâ„¢, Multi-Positionâ„¢, Upright Radiologyâ„¢, The Proof is in the Pictureâ„¢, True Flowâ„¢, pMRIâ„¢, Spondylographyâ„¢, Dynamicâ„¢,Spondylometryâ„¢, CSPâ„¢, and Landscapeâ„¢, 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,
2014 June 30,
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,
2014 June 30,
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)
LIABILITIES AND STOCKHOLDERS' EQUITY March 31, 2014 June 30, 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 Scanningâ„¢
An ISO 9001 Company
Melville, New York 11747
GOGO still going up now $13.74 +.73 nearing HOD...tuna
Added FONR $13.82 now FONR $13.74 -.53 slammed on earnings this week as the stock had a hod around $17.60 before earnings which were still not that bad even if a lesser percentage increase:
FONAR Announces 3rd Quarter Fiscal 2014 & Nine Month Earnings Report
Marketwired Fonar Corporation
May 15, 2014 6:55 AM
MELVILLE, NY--(Marketwired - May 15, 2014) - 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 Scanningâ„¢, 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-Positionâ„¢ 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-Positionâ„¢ 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-Positionâ„¢ 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 Scanningâ„¢, 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-Positionâ„¢ 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 Positionâ„¢ imaging (pMRIâ„¢) 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 Scanningâ„¢, Full Range of Motionâ„¢, Multi-Positionâ„¢, Upright Radiologyâ„¢, The Proof is in the Pictureâ„¢, True Flowâ„¢, pMRIâ„¢, Spondylographyâ„¢, Dynamicâ„¢,Spondylometryâ„¢, CSPâ„¢, and Landscapeâ„¢, 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,
2014 June 30,
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,
2014 June 30,
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)
LIABILITIES AND STOCKHOLDERS' EQUITY March 31, 2014 June 30, 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 Scanningâ„¢
An ISO 9001 Company
Melville, New York 11747
Another buy FONR $13.74 -.53 (I paid $13.82 avg) slammed on earnings Wed. when the stock had a hod around $17.60 and the earnings were still not that bad even if a lesser percentage increase:
FONAR Announces 3rd Quarter Fiscal 2014 & Nine Month Earnings Report
Marketwired Fonar Corporation
May 15, 2014 6:55 AM
MELVILLE, NY--(Marketwired - May 15, 2014) - 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 Scanningâ„¢, 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-Positionâ„¢ 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-Positionâ„¢ 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-Positionâ„¢ 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 Scanningâ„¢, 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-Positionâ„¢ 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 Positionâ„¢ imaging (pMRIâ„¢) 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 Scanningâ„¢, Full Range of Motionâ„¢, Multi-Positionâ„¢, Upright Radiologyâ„¢, The Proof is in the Pictureâ„¢, True Flowâ„¢, pMRIâ„¢, Spondylographyâ„¢, Dynamicâ„¢,Spondylometryâ„¢, CSPâ„¢, and Landscapeâ„¢, 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,
2014 June 30,
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,
2014 June 30,
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)
LIABILITIES AND STOCKHOLDERS' EQUITY March 31, 2014 June 30, 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 Scanningâ„¢
An ISO 9001 Company
Melville, New York 11747
GOGO $13.69 now with a new hod at 13.82!! This stock has been slammed mercilessly from the $20's just a few days back when AT&T announced they'd compete in this arena with GOGO but in their PR said it would be sometime in 2015!! With the huge lead time and success of GOGO already it's far more likely AT&T is looking to acquire GOGO on the cheap is my best guess....tuna
Liking GOGO $13.46 here with directors buying shares today just under $13...this from Fly On The Wall: Gogo Director Townsend discloses 100K share purchase at $12.96
Gogo CEO Small disclosed a 30K share purchase earlier today.
GL....tuna
GOGO $13.46 here with insiders buying in the open market at $12.96 today
From Fly on The Wall: Gogo Director Townsend discloses 100K share purchase at $12.96
Gogo CEO Small disclosed a 30K share purchase earlier today.
GL all....tuna
Check runner biotech ADHXF $1.22 +.17 on strong volume for it...tuna
Bio ADHXF $1.22 +.17 running again on strong volume for it!! tuna
HOT BIO ISR!! $2.33 +.47 on this news:
soRay's Cancer Fighting Cesium-131 Isotope in Published Report Shows Significant Results in Early Clinical Interstitial Implants for Gynecologic Malignancies
84.4% Local Control With 12 Month Median Follow-Up, Exceeding Other Previously Published Rates of Between 33% and 63%
Marketwired IsoRay, Inc.
10 minutes ago
RICHLAND, WA--(Marketwired - Apr 30, 2014) - IsoRay Inc. (NYSE MKT: ISR), a medical technology company and innovator in seed brachytherapy and medical radioisotope applications, today announced the publication of the first major peer reviewed study showing improved results using IsoRay's Cesium-131 seeds in the treatment of gynecologic cancer.
IsoRay CEO Dwight Babcock commented, "We are very excited to have our Cesium-131 isotope seeds chosen for use in the treatment of gynecologic cancers. We believe our marketing is most successful by teaming up with medical industry thought leaders as they seek better solutions and outcomes for their patients. As we continue to develop our product offerings internally with support from industry leaders, our message is clear and the medical community is becoming increasingly aware of the innovative alternative our Cesium-131 products offer to cancer patients."
Dr. Marcus Randall MD, FACR of Markey Cancer Center, University of Kentucky, a co-author of the publication, stated: "Cesium-131 has totally replaced Au-198 as the isotope of choice for permanent gynecologic implants, and we are very happy with the results and the radiation safety profile". To review the entire published research report please follow the link provided here: http://download.journals.elsevierhealth.com/pdfs/journals/0090-8258/PIIS0090825814001334.pdf.
Babcock said, "Published studies are the final step to commercialization as leaders in the medical arena recognize the important need for a new powerful weapon in the battle against cancer. As with this latest publication on gynecological cancers, I believe Cesium-131 is now a proven solution that can meet patient needs."
IsoRay's various products, including Cesium-131 seeds, sutured seeds, stranded mesh and the GliaSite® radiation therapy system, give physicians the ability to directly place a specified dosage of radiation in areas where cancer is most likely to remain after completion of a tumor removal or by placing seeds within the prostate. The ability to precisely place a specified dose of radiation means there is less likelihood for damage to occur to healthy surrounding tissue compared to other alternative treatments. IsoRay's cancer fighting products diminish the ability of the tumor to recur, resulting in important benefits for patients in longevity as well as quality of life.
IsoRay is the exclusive manufacturer of Cesium-131. The pioneering brachytherapy therapy is one of the most significant advances in internal radiation therapy in 20 years. Cesium-131 allows for the precise treatment of many different cancers because of its unrivaled blend of high energy and its 9.7 day half-life (its unequaled speed in giving off therapeutic radiation).
In addition to its CMS codes, Cesium-131 is FDA-cleared and holds a CE mark for international sales in seed form for the treatment of brain cancer, prostate cancer, lung cancer, ocular melanoma cancer, colorectal cancer, gynecologic cancer, head and neck cancer and other cancers throughout the body. The treatment can be deployed using several delivery methods including single seed applicators, implantable strands and seed sutured mesh. IsoRay also sells several new implantable devices, including the GliaSite® radiation therapy system.
About IsoRay
IsoRay, Inc., through its subsidiary, IsoRay Medical, Inc. is the sole producer of Cesium-131 brachytherapy seeds, which are expanding brachytherapy options throughout the body. Learn more about this innovative Richland, Washington company and explore the many benefits and uses of GliaSite® and Cesium-131 by visiting www.isoray.com. Join us on Facebook/Isoray. Follow us on Twitter @Isoray.
Safe Harbor Statement
Statements in this news release about IsoRay's future expectations, including: the advantages of our products and their delivery systems, whether IsoRay will be able to continue to expand its base beyond prostate cancer, whether sales of our products will continue at historic levels or increase, whether the use of our products will increase or continue, whether we will continue to receive support from industry leaders, whether awareness of our products in the medical community will continue or increase, and all other statements in this release, other than historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). This statement is included for the express purpose of availing IsoRay, Inc. of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as physician acceptance, training and use of our products, our ability to successfully manufacture, market and sell our products, our ability to manufacture our products in sufficient quantities to meet demand within required delivery time periods while meeting our quality control standards, our ability to enforce our intellectual property rights, whether additional studies are released and support the conclusions of past studies, patient results achieved with our products, successful completion of future research and development activities, our ability and the ability of our distributors and customers to receive and maintain all required regulatory approvals in the U.S. and internationally, continued compliance with ISO standards as audited by BSI, the success of our sales and marketing efforts, changes in reimbursement rates, changes in laws and regulations applicable to our products, and other risks detailed from time to time in IsoRay's reports filed with the SEC.
Contact:
IsoRay Medical
Info@Isoray.com
(509) 375-1202
ISR $2.33 +.47 on fire w/NEWS:
soRay's Cancer Fighting Cesium-131 Isotope in Published Report Shows Significant Results in Early Clinical Interstitial Implants for Gynecologic Malignancies
84.4% Local Control With 12 Month Median Follow-Up, Exceeding Other Previously Published Rates of Between 33% and 63%
Marketwired IsoRay, Inc.
10 minutes ago
RICHLAND, WA--(Marketwired - Apr 30, 2014) - IsoRay Inc. (NYSE MKT: ISR), a medical technology company and innovator in seed brachytherapy and medical radioisotope applications, today announced the publication of the first major peer reviewed study showing improved results using IsoRay's Cesium-131 seeds in the treatment of gynecologic cancer.
IsoRay CEO Dwight Babcock commented, "We are very excited to have our Cesium-131 isotope seeds chosen for use in the treatment of gynecologic cancers. We believe our marketing is most successful by teaming up with medical industry thought leaders as they seek better solutions and outcomes for their patients. As we continue to develop our product offerings internally with support from industry leaders, our message is clear and the medical community is becoming increasingly aware of the innovative alternative our Cesium-131 products offer to cancer patients."
Dr. Marcus Randall MD, FACR of Markey Cancer Center, University of Kentucky, a co-author of the publication, stated: "Cesium-131 has totally replaced Au-198 as the isotope of choice for permanent gynecologic implants, and we are very happy with the results and the radiation safety profile". To review the entire published research report please follow the link provided here: http://download.journals.elsevierhealth.com/pdfs/journals/0090-8258/PIIS0090825814001334.pdf.
Babcock said, "Published studies are the final step to commercialization as leaders in the medical arena recognize the important need for a new powerful weapon in the battle against cancer. As with this latest publication on gynecological cancers, I believe Cesium-131 is now a proven solution that can meet patient needs."
IsoRay's various products, including Cesium-131 seeds, sutured seeds, stranded mesh and the GliaSite® radiation therapy system, give physicians the ability to directly place a specified dosage of radiation in areas where cancer is most likely to remain after completion of a tumor removal or by placing seeds within the prostate. The ability to precisely place a specified dose of radiation means there is less likelihood for damage to occur to healthy surrounding tissue compared to other alternative treatments. IsoRay's cancer fighting products diminish the ability of the tumor to recur, resulting in important benefits for patients in longevity as well as quality of life.
IsoRay is the exclusive manufacturer of Cesium-131. The pioneering brachytherapy therapy is one of the most significant advances in internal radiation therapy in 20 years. Cesium-131 allows for the precise treatment of many different cancers because of its unrivaled blend of high energy and its 9.7 day half-life (its unequaled speed in giving off therapeutic radiation).
In addition to its CMS codes, Cesium-131 is FDA-cleared and holds a CE mark for international sales in seed form for the treatment of brain cancer, prostate cancer, lung cancer, ocular melanoma cancer, colorectal cancer, gynecologic cancer, head and neck cancer and other cancers throughout the body. The treatment can be deployed using several delivery methods including single seed applicators, implantable strands and seed sutured mesh. IsoRay also sells several new implantable devices, including the GliaSite® radiation therapy system.
About IsoRay
IsoRay, Inc., through its subsidiary, IsoRay Medical, Inc. is the sole producer of Cesium-131 brachytherapy seeds, which are expanding brachytherapy options throughout the body. Learn more about this innovative Richland, Washington company and explore the many benefits and uses of GliaSite® and Cesium-131 by visiting www.isoray.com. Join us on Facebook/Isoray. Follow us on Twitter @Isoray.
Safe Harbor Statement
Statements in this news release about IsoRay's future expectations, including: the advantages of our products and their delivery systems, whether IsoRay will be able to continue to expand its base beyond prostate cancer, whether sales of our products will continue at historic levels or increase, whether the use of our products will increase or continue, whether we will continue to receive support from industry leaders, whether awareness of our products in the medical community will continue or increase, and all other statements in this release, other than historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). This statement is included for the express purpose of availing IsoRay, Inc. of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as physician acceptance, training and use of our products, our ability to successfully manufacture, market and sell our products, our ability to manufacture our products in sufficient quantities to meet demand within required delivery time periods while meeting our quality control standards, our ability to enforce our intellectual property rights, whether additional studies are released and support the conclusions of past studies, patient results achieved with our products, successful completion of future research and development activities, our ability and the ability of our distributors and customers to receive and maintain all required regulatory approvals in the U.S. and internationally, continued compliance with ISO standards as audited by BSI, the success of our sales and marketing efforts, changes in reimbursement rates, changes in laws and regulations applicable to our products, and other risks detailed from time to time in IsoRay's reports filed with the SEC.
Contact:
IsoRay Medical
Info@Isoray.com
(509) 375-1202
WEEDS heating up again!! AERO $5.82 +.58 and MCIG .556 +.016 might be a very big week ahead for the weed sector imho....GL all tuna
AERO $5.82 +.58 and MCIG .556 +.016 as weed stocks begin upward momentum....might be a very big week ahead for the weed sector imho....GL all tuna
ERO $5.69 +.79 having a big day!! MCIG .51 taking a hit but added more today...still expecting a lot of good news to come out over the coming weeks/months!! The MJX marijuana index has been slammed in the last 6 weeks or so from over 90 to under 12!!!! It's no wonder so many mj stocks have been decimated but the best mj companies are holding up far better than the wannabes....and I view MCIG AND AERO in the best of the sector imho...GL all tuna
AERO $5.69 +.79 having a big day!! FSPM fell back though and MCIG .51 also taking a hit but added more today...still expecting a lot of good news to come out over the coming weeks/months!! The MJX marijuana index has been slammed in the last 6 weeks or so from over 90 to under 12!!!! It's no wonder so many mj stocks have been decimated but the best mj companies are holding up far better than the wannabes....and I view MCIG AND AERO in the best of the sector imho...GL all tuna
VitaCig, Inc. Launches $2 Nicotine-Free eCig Emitting Flavorful Vapor + Vitamins
GlobeNewswire mCig, Inc.
35 minutes ago
-- Nicotine-Free Tobacco-Free Smokeless Alternative to Traditional Cigarettes
-- Simply Vitamins + Natural Flavors Conveniently Vaporized by an eCig-like Device
-- Three Great Flavor Combinations: Relax, Refresh, Energize
-- Additional Medical and Nutritional Applications In the Pipeline
BELLEVUE, Wash., April 15, 2014 (GLOBE NEWSWIRE) -- mCig, Inc. (MCIG) is pleased to announce that its wholly owned subsidiary VitaCig, Inc. has officially launched its flagship product: "VitaCig".
The VitaCig is an innovative $2 device that is nicotine-free and smokeless. Instead of harmful toxins, the VitaCig emits flavorful vapor comprised of vitamins, natural supplements, and organic flavors. The VitaCig experience is unique and encompasses everything you love (or loved) about smoking without the things you don't. No tobacco smoke or cigarette smell. No more harmful tar, and no nicotine, just vitamins + flavored vapor delivered in a sleek metallic casing that looks and feels like an eCig.
The VitaCig comes in three great flavor combinations: Relax, Refresh, and Energize. Order one today by visiting: http://www.VitaCig.org.
VitaCig Video Ad
The company recently released a video advertisement for the VitaCig which can be found here:
MCIG .60 NEWS: (VitaCig IPO on schedule per this PR)
VitaCig, Inc. Launches $2 Nicotine-Free eCig Emitting Flavorful Vapor + Vitamins
GlobeNewswire mCig, Inc.
35 minutes ago
-- Nicotine-Free Tobacco-Free Smokeless Alternative to Traditional Cigarettes
-- Simply Vitamins + Natural Flavors Conveniently Vaporized by an eCig-like Device
-- Three Great Flavor Combinations: Relax, Refresh, Energize
-- Additional Medical and Nutritional Applications In the Pipeline
BELLEVUE, Wash., April 15, 2014 (GLOBE NEWSWIRE) -- mCig, Inc. (MCIG) is pleased to announce that its wholly owned subsidiary VitaCig, Inc. has officially launched its flagship product: "VitaCig".
The VitaCig is an innovative $2 device that is nicotine-free and smokeless. Instead of harmful toxins, the VitaCig emits flavorful vapor comprised of vitamins, natural supplements, and organic flavors. The VitaCig experience is unique and encompasses everything you love (or loved) about smoking without the things you don't. No tobacco smoke or cigarette smell. No more harmful tar, and no nicotine, just vitamins + flavored vapor delivered in a sleek metallic casing that looks and feels like an eCig.
The VitaCig comes in three great flavor combinations: Relax, Refresh, and Energize. Order one today by visiting: http://www.VitaCig.org.
VitaCig Video Ad
The company recently released a video advertisement for the VitaCig which can be found here:
FSPM $3.56 +.41 my only good weed stock today...tough hits for weeks in most weed stocks it seems....tuna
Consider watching: ISR + XXII for those looking for near and longer term gains imho. XXII held their annual meeting Saturday and a PR Monday may spur upside on it as the stock at $2.82 is down over 50% from it's opening day of trading on the NYSE Market in March! ISR at $2.80 is down from $3.77 in March and has lots of positive reports on their cancer treatments....both worth a solid look. Not suggesting either for day trades but longer term investments all imho....GL tuna
Two stocks to watch: ISR + XXII for those looking for near and longer term gains imho. XXII held their annual meeting Saturday and a PR Monday may spur upside on it as the stock at $2.82 is down over 50% from it's opening day of trading on the NYSE Market in March! ISR at $2.80 is down from $3.77 in March and has lots of positive reports on their cancer treatments....both worth a solid look. Not suggesting either for day trades but longer term investments all imho....GL tuna
HUGE news on MCIG .79 +.08 today obtaining CE Mark clearance!!!
mCig, Inc. Obtains CE Regulatory Clearance for mCig 2.0 in Europe -- Breaks Another 24 Hour Sales Record
GlobeNewswire mCig, Inc.
9 hours ago
-mCig 2.0 CE Mark Obtained Clearing the Company to Sell the mCig 2.0 in the European Union and Other Countries Recognizing the CE Mark
-Company Achieves $45,800 in Sales Over a 24 Hour Period, an Increase of 60% Over Previous Record and an Increase of 1200% Over Previous Quarter Sales per Inventory Day
BELLEVUE, Wash., April 9, 2014 (GLOBE NEWSWIRE) -- mCig, Inc. (MCIG) is pleased to report the company has obtained a CE Mark for its mCig 2.0 device. This regulatory clearance officially allows mCig, Inc. to engage in marketing and distribution activities in the European Union positioning the company for joint venture distribution deals in the Continent as well as other countries that accept the CE Mark.
"Obtaining the CE market clearance for our mCig 2.0 is a significant milestone for mCig. It allows us to begin strategically developing our distribution channels in the European Union, "said Paul Rosenberg, CEO of mCig, Inc.
Another Day...Another Sales Record Broken
The company is pleased to announce yet another record breaking sales day. For the 24 hour period ended April 8, 2014, the company achieved sales of $45,800 marking an increase of 60% over the previous record and an increase of 1,200% over the previous quarter sales per inventory day. These sales figures relate only to products sold on mCig.org and exclude any sales achieved by Vapolution or VitaCig.
"Internally, some of us had written off April 7th as an outlier driven by the national media attention we received the previous day. That changed when we came into the office on Tuesday. Whatever we are experiencing appears to be very real and hopefully sustainable. I personally believe that our disruptive business model is beginning to pay dividends as consumers enjoy our products then spread the word to friends and family. We are working tirelessly to fulfill the thousands of orders we received and are increasing our inventory levels to account for the rapid increase in traffic (over 1,000,000 website hits from April 6-April 8) and sales," said Mark Linkhorst, COO of mCig, Inc.
mCig Management and Products Featured on National Business News Network CNBC
A contributing factor which led to the new sales record occurred on April 7, 2014. At around 3:00 PM EDT, the company and its products were prominently featured in a live segment on the leading nationally syndicated business network CNBC. In the segment, business news reporter Jane Wells discussed the emerging cannabis industry in the United States that are embarking on the legalization or decriminalization process. Wells highlighted mCig, Inc. as a company that was operating within the industry, but indirectly by selling a consumer product: The $10 mCig which allows for the heating of loose-leaf herbs and waxes.
The segment showed mCig, Inc. COO Mark Linkhorst giving a demonstration of the mCig with a variety of plant material and discussing the technical aspects of the device. Vapolution, Inc. (mCig subsidiary) CEO Patrick Lucey demonstrated the Vapolution 2.0 and discussed the politics of cannabis legalization. Towards the end of the segment, Wells unveiled the VitaCig, a $2 nicotine-free electronic cigarette that emits a water-based vapor comprised of vitamins, natural supplements, and organic flavors and proceeded to puff on the VitaCig on live television.
To watch an online replay of the segment please visit this page: http://www.cnbc.com/id/101560701
To view the Company's most recent investor presentation please visit: http://www.mcig.org/investors/presentations/
About mCig, Inc.
mCig, Inc. (MCIG) is a technology company focused on two long-term secular trends sweeping the globe: (1) The decriminalization and legalization of marijuana for medicinal or recreational purposes (2) The adoption of electronic vaporizing cigarettes (commonly known as "eCigs") by the world's 1.2 Billion smokers. The company manufactures and retails the mCig -- the world's most affordable vaporizer priced at only $10. Designed in the USA -- the mCig provides a superior smoking experience by heating plant material, waxes, and oils delivering a smoother inhalation experience. The company also owns Vapolution, Inc. which manufactures and retails home-use vaporizers such as the Vapolution 2.0. Through its wholly owned subsidiary, VitaCig, Inc. the company is preparing to launch the VitaCig, a $2 nicotine-free eCig that delivers a water-vapor mixed with vitamins and organic flavors. Through its wholly owned subsidiary, LiqCig, Inc. the company is engaged in the development of the world's first pre-packaged alcohol friendly eCig. See more at: http://www.mCig.org/, www.Vapolution.com, www.VitaCig.org.
The Company believes that a well regulated marijuana industry is emerging as more states follow the lead of Washington and Colorado in legalizing marijuana. A similar trend is developing within the eCig industry following the first acquisition of an electronic cigarette brand by a traditional tobacco company Lorillard Inc. $135 million followed by another acquisition in February 2014 by Altria Group Inc. of Green Smoke for $150 million. Wells Fargo analyst Bonnie Herzog estimates that eCig sales may rise from $1 Billion in 2013 to $10 billion over the next three years.
mCig, Inc. (MCIG) has positioned itself as a first mover at the intersection of these two trends and hopes to create shareholder value by making the mCig one of the leading choices for electronic consumption of plant material. - See more at: http://www.mcig.org/investors/investor-opportunity-subpage/.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies.
Contact:
Paul Rosenberg
CEO
(425)462-4219
GL all longs...tuna