MRI developer Fonar of Melville, NY, reported a decrease in sales and a net loss for its fiscal 2006 second quarter (end-December 31).
For the period, the firm booked revenues of $10.5 million, a steep slide from revenues of $29.5 million for the second quarter of fiscal 2005. The second quarter of the fiscal year also saw the company post a net loss of $5.4 million, a sharp downturn compared with a net profit of $1.1 million for the same period last year.
Fonar attributed the reduction in product revenues to increased marketing and advertising pressure from its competitors. It also said that the $6.5 million turnaround in profitability, as compared with the same period last year, reflects lower revenue from product sales and the reduction of revenues from the sale of the company's physical therapy business.
By AuntMinnie.com staff writers
February 10, 2006
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