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FONAR Announces Fiscal 2019 3rd Quarter and Nine-Months Financial Results Total

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FONAR Announces Fiscal 2019 3rd Quarter and Nine-Months Financial Results
Total Revenues - Net increased 9% to $22.8 million, for the third quarter and 7% to $64.7 million for the nine-month period ended March 31, 2019, versus same period during prior year.
Income from Operations increased 50% to $6.6 million, for the third quarter and 21% to $18.1 million for the nine-month period ended March 31, 2019, versus same period during prior year.
Net Income increased 22% to $ 5.2 million, for the third quarter and 3% to $14.6 million for the nine-month period ended March 31, 2019, versus same period during prior year. This is largely due to net tax adjustments of $1.5 million For the nine months ended March 31, 2018, the Company recorded a net provision of $3.8 million and
Diluted Net Income per Common Share available to Common Shareholders increased 10% to $0.56, for the third quarter, however it decreased 7% to $1.55 for the nine-month period ended March 31, 2019, versus same period during prior year, as a result of the Company's requirement to re-evaluate the need for a deferred tax valuation allowance and record a full Provision for Income Taxes in the amount of $1.5 million for the third quarter and $3.8 million for the nine month period.
MRI scans at the managed or owned centers increased 6% year over year, to 183,000.
Working Capital increased by 29% to $67.5 million over the first nine-months of Fiscal 2019.
MELVILLE, NEW YORK, May 13, 2019 - FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™, announced today its financial results for the 3rd Fiscal Quarter of 2019 and the nine-month period ended March 31, 2019. The Company's two industry segments are: development, manufacturing and servicing of the FONAR UPRIGHT® Multi-Position™ MRI, aka Stand-Up® MRI, and management or ownership of 26 MRI centers through its subsidiary, Health Management Company of America (HMCA)

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