Navigation Links
Dynatronics Announces Fiscal Second Quarter Results
Date:2/14/2011

SALT LAKE CITY, Feb. 14, 2011 /PRNewswire/ -- Dynatronics Corporation (Nasdaq: DYNT) today announced results for its fiscal second quarter ended December 31, 2010.

Sales for the quarter ended December 31, 2010, were $8,199,347, compared to $8,501,437 for the quarter ended December 31, 2009. Sales for the six months ended December 31, 2010, were $16,118,635, compared to $16,783,900 for the similar period of the prior year.

Net income for the quarter ended December 31, 2010, was $67,839 ($.01 per common share), compared to $188,299 ($.01 per common share) for the same quarter in the prior fiscal year. Net income for the six months ended December 31, 2010, was $84,851 ($.01 per common share), compared to $256,923 ($.02 per common share) for the same period in the prior fiscal year.

"Higher R&D expenses of $149,637 for the quarter and $283,465 for the six month period were a primary reason for reporting lower profits this year over last year.  In addition, slower demand for capital equipment due to lingering recessionary pressures also contributed," stated Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. "However, our R&D pipeline is as strong as ever with several new products under development. New products have always been the lifeblood of our business."

The company recently announced the signing of major contracts with two group purchasing organizations ("GPOs"): Premier and Amerinet. Together, these GPOs represent tens of thousands of clinics and hospitals around the nation, spending an estimated $50 million on physical medicine products annually.

"We believe these landmark agreements will be a game-changer for Dynatronics," said Larry K. Beardall, executive vice-president of sales and marketing. "Obtaining contracts with GPOs is something we have been working on for nearly three years. While it will take time to convert the vast number of clinics to our brand of products, we are already receiving requests for product quotes from GPO customers."

"As we begin to solicit sales orders under these GPO arrangements, we are gearing up our production capacity for a new level of operations," added Cullimore. "With over 12,000 products now available through our catalog and e-commerce website, we are in a good position to supply this high-volume segment of the physical medicine market."

Dynatronics has scheduled a conference call for investors on Monday, February 14, 2011, at 1:30 p.m. ET. Those wishing to participate should call (800) 926-7431 and use access code: 5687000.

Following is a summary of the financial results as of December 31, 2010, and June 30, 2010, and for the three and six month periods then ended:   Summary Selected Financial DataStatement of Income Highlights (Unaudited)Three Months EndedSix Months EndedDecember 31,December 31,2010200920102009Net sales

$8,199,347

$8,501,437

$16,118,635

$16,783,900Cost of sales

5,029,906

5,174,060

9,997,361

10,277,181Gross profit

3,169,441

3,327,377

6,121,274

6,506,719SG&A expenses

2,634,278

2,699,357

5,134,795

5,411,726R&D expenses

356,519

206,882

706,315

422,850Other expenses, net

65,604

110,936

137,387

220,167Net income before income taxes

113,040

310,202

142,777

451,976Income tax provision

(45,201)

(121,903)

(57,926)

(195,053)Net income

$67,839

$188,299

$84,851

$256,923Diluted income per common share

$0.01

$0.01

$0.01

$0.02Balance Sheet HighlightsDecember 31,June 30,20102010(Unaudited)Cash

$191,822

$383,756Accounts receivable

3,866,503

3,735,251Inventories

5,782,367

5,766,800Total current assets

10,582,101

10,609,813Total assets

$14,877,942

$15,090,329Accounts payable

1,921,433

$1,404,022Accrued expenses

467,139

462,641Line of credit

2,401,905

2,768,492Total current liabilities

5,628,132

5,686,280Total liabilities

8,069,737

8,291,052Total liabilities and equity

$14,877,942

$15,090,329Dynatronics manufactures, markets and distributes advanced-technology medical devices, orthopedic soft goods and supplies, treatment tables and rehabilitation equipment for the physical therapy, sports medicine, chiropractic, podiatry, plastic surgery, dermatology and other related medical, cosmetic and aesthetic markets. More information regarding Dynatronics is available at www.dynatronics.com.

This press release contains forward-looking statements. Those statements include references to the company's expectations and similar statements such as the statement regarding expectations for future new product line introductions and growth from GPO contracts. Actual results may vary from the views expressed in the forward-looking statements contained in this release. The development and sale of the company's products are subject to a number of risks and uncertainties, including, but not limited to, changes in the regulatory environment, competitive factors, inventory risks due to shifts in market demand, market demand for the company's products, availability of financing at cost effective rates, and the risk factors listed from time to time in the company's SEC reports including, but not limited to, the report on Form 10-K for the year ended June 30, 2010.


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

Related medicine technology :

1. Dynatronics to Release Fiscal Second Quarter Results Monday, February 14, 2011; Conference Call Set for 1:30 p.m. ET
2. Dynatronics Named Contract Supplier to Amerinets 50,000 Members
3. Dynatronics Named Contract Supplier to Premier, Inc.
4. NASDAQ Gives Dynatronics a Second Six-Month Extension for Minimum Bid Price Compliance
5. Dynatronics Announces Fiscal First Quarter Results
6. Dynatronics to Release Fiscal First Quarter Results Thursday, November 11, 2010; Conference Call Set for 2:15 p.m. ET
7. Dynatronics Announces Positive Year-end Results
8. Dynatronics to Release Fourth Quarter and Year-End Results Wednesday, September 22, 2010; Conference Call Set for 1:00 p.m. ET
9. Dynatronics Launches E-Commerce Website
10. Dynatronics Receives NASDAQ Minimum Bid Price Deficiency Letter
11. Dynatronics to Release Third Quarter Results Monday, May 17, 2010; Conference Call Set for 1:30 p.m. ET
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/22/2017)... 2017  As the latest Obamacare repeal effort moves ... (R-LA) and Lindsey Graham (R-SC) medical ... device industry is in an odd place.  The industry ... excise tax on medical device sales passed along with ... patients, increased visits and hospital customers with the funding ...
(Date:9/18/2017)... KALAMAZOO, Mich. , Sept. 18, 2017 /PRNewswire/ ... and OptiMed Specialty Pharmacy of Kalamazoo, Mich. ... a strategic hub service that expedites and streamlines patient ... spirometer, Spiro PD 2.0, and wellness management services.  ... a medical device used to measure lung function for ...
(Date:9/12/2017)...  Consumer reviews on the independent review site Consumer Affairs ... company for hearing aids, ranking it higher than Miracle Ear ... ... For Hearing Aids ... online store that provides high performance, state-of-the-art, German-engineered hearing aids directly ...
Breaking Medicine Technology:
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... Global Healthcare ... scenic Alexandria Park in Milford, NJ. This free event, sponsored by Global Healthcare ... activity. The fun run is geared towards children of all ages; it is ...
(Date:10/13/2017)... ... October 13, 2017 , ... “The Journey: From the Mountains to ... to save lost souls in the Philippines. “The Journey: From the Mountains to the ... teacher of the Bible. She has taught all ages and currently teaches a class ...
(Date:10/12/2017)... ... 12, 2017 , ... Planet Fitness, one of the largest and fastest growing ... open a flagship location in Covington, LA at 401 N. U.S. Highway 190, in ... to Office Depot in the Holiday Square shopping center. Its location allows it to ...
(Date:10/12/2017)... , ... October 12, 2017 , ... ... a leader in post-acute health care, have expanded their existing home health joint ... Health. , AccentCare has been operating a joint venture home health company with ...
(Date:10/12/2017)... ... ... Leading pediatric oncology experts at Children’s National Health System will ... the International Society of Paediatric Oncology (SIOP) Oct. 12-15. Chaired by Jeffrey ... Disorders at Children’s National, and Stephen P. Hunger, M.D., Chief of the Division ...
Breaking Medicine News(10 mins):