Revenue growth from management and other fees offset a decrease in product sales to produce positive results for MRI vendor Fonar in the first quarter of fiscal year 2012 (end-September 30).
Total revenues increased 11% to $9.6 million in the quarter, compared with $8.7 million in the first quarter of fiscal 2011. Net income more than quadrupled to $1.8 million, compared with net income of $363,000 in the same quarter of fiscal 2011.
Revenues from management and other fees increased to $4.9 million in the quarter, compared with $3.3 million in the same quarter of fiscal 2011. Revenues from product sales dropped to $1.8 million in the first fiscal quarter, compared with $2.7 million in the year-ago quarter.
