Business
Fonar Announces 3rd Quarter and Nine Months Results for Fiscal 2021; Income Increases 125%
Net Income increased 125% to $4.3 million for the quarter ended March 31, 2021 as compared to the corresponding quarter one year ago. Income from Operations
About this update from Fonar Corporation
[{"type":"text","content":"\nNet Income increased 125% to $4.3 million for the quarter ended March 31, 2021 as compared to the corresponding quarter one year ago.\nIncome from Operations increased 58% to $4.1 million for the quarter ended March 31, 2021, as compared to the corresponding quarter one year ago.\nDiluted Net Income per Common Share Available to Common Stockholders increased 200% to $0.54 for the quarter ended March 31, 2021 as compared to the corresponding quarter one year ago.\nCash and Cash Equivalents increased 11% to $40.8 million at March 31, 2021 as compared to the year-end, June 30, 2020.\nTotal Revenues-Net increased 6% to $23.1 million for the quarter ended March 31, 2021, versus the corresponding quarter one year earlier.\nCOVID-19 drastically affected imaging center scan volumes during this past year. However, total scan volume for quarter ended March 31, 2021 was 44,515, about the same as is was in the corresponding quarter one year ago.\nFONAR's subsidiary HMCA now has 39 MRI scanners under its management as compared to 36 scanners one year ago.\nNet Book Value per common share increased 7% to $20.37 at March 31, 2021 as compared to the corresponding quarter one year ago.\n\nMelville, New York--(Newsfile Corp. - May 13, 2021) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported today its financial results for the 3rd Fiscal Quarter and Nine Months period ended March 31, 2021. FONAR's primary source of income and growth is attributable to its diagnostic imaging management subsidiary, Health Management Company of America (HMCA).\nOperating Results\nTotal Revenues-Net increased 6% to $23.1 million for the third fiscal quarter ended March 31, 2021 as compared to $21.7 million for the third fiscal quarter ended March 31, 2020. Total Revenues-Net for the nine-month period ended March 31, 2021 were $65.2 million as compared to $64.9 million for the nine-month period ended March 31, 2020.\nIncome from Operations increased 58% to $4.1 million for the third fiscal quarter ended March 31, 2021 as compared to $2.6 million for the third fiscal quarter ended March 31, 2020. Income from Operations for the nine-month period ended March 31, 2021 was $13.3 million as compared to $13.1 million for the nine-month period ended March 31, 2020.\nNet Income increased 125% to $4.3 million for the third fiscal quarter ended March 31,...