MRI firm Fonar of Melville, NY, grew its revenue, although the company's net loss also rose in the first quarter of fiscal 2010 (end-September).
Total revenue for the quarter was $7.5 million, up 10% compared to $6.8 million in the same quarter a year ago. Service and repair revenue increased to $2.8 million, compared with $2.6 million in the first quarter of fiscal 2009. Total management and other fees slipped to $2.5 million in the first fiscal quarter, compared with $2.8 million in the first quarter of fiscal 2009.
The company posted a net loss of $1.7 million in the first quarter of fiscal 2010, compared with a loss of $450,000 in the same quarter of fiscal 2009. The first-quarter fiscal 2010 net loss included a charge of $400,000 due to prepayment of a note. The year-ago quarterly net loss included a gain of $1.4 million from the sale of a consolidated subsidiary.
Related Reading
Nasdaq still reviewing Fonar compliance, October 8, 2009
Fonar grows sales, turns profit in FY09, October 6, 2009
Fonar sells 5th Upright to Florida center, June 12, 2009
Fonar takes Libyan order, March 3, 2009
Fonar signs New York imaging chain, January 21, 2009
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