Fonar of Melville reports slim profit for quarter
Fonar Corp.,Melville
Maker of stand-up MRI machines
Quarter:Ending March 31
Net income: Profit $25,000, compared with profit of $762,000 in the same quarter last year.
Net sales: $7.5 million, compared with $11.3 million in the same quarter last year.
Outlook: "The ongoing recession and uncertainty with regard to reimbursement and health care reform has required Fonar to continue to cut costs and reduce expenses," said president and chairman Raymond Damadian.
Company statement: Many doctors refer their patients to Fonar MRI machines because it makes "the best diagnoses, regardless of magnet size. In addition, patients who are claustrophobic are relieved to be scanned comfortably in a spacious, non-claustrophobic environment," Damadian said.
STOCK PRICE: Closed Tuesday at $1.64 a share, up a penny.
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