Revenues from a one-time event helped MRI vendor Fonar to a significant reduction in its net loss for the first quarter of fiscal 2008.
For the period (end-September 30), Fonar had revenues of $8.7 million, up 11% compared with the $7.8 million reported a year ago. The Melville, NY-based company had a net loss of $209,000 for the period, compared with a net loss of $6.1 million in 2007.
During the quarter, Fonar sold its 50% interest in a consolidated subsidiary and a 20% equity interest in a nonconsolidated entity; the two entities manage outpatient MRI centers using Fonar's Upright Multi-Position MRI scanner. The one-time event resulted in a gain of approximately $4 million.
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