SALT LAKE CITY, Feb. 1 /PRNewswire-FirstCall/ -- Dynatronics
Corporation (NASDAQ:DYNT) today announced results for its fiscal
second quarter ended December 31, 2009. Net income for the fiscal
second quarter increased 245% to $188,299 ($.01 per share),
compared to $54,598 ($.00 per share) for the comparable quarter in
the prior year. Net income for the six-month period ended December
31, 2009 increased to $256,923 ($.02 per share), compared to a net
loss of $84,353 ($.01 per share) for the comparable prior year
period. Sales for the quarter were $8,501,437 compared to
$8,718,893 for the second quarter of the prior fiscal year. For the
six-month period ended December 31, 2009, sales were $16,783,900,
compared to $16,715,042 for the same period in the prior fiscal
year. "The significant increase in profitability reflects building
momentum from the strategies we have implemented over the last two
years," stated Kelvyn H. Cullimore Jr., chairman and president of
Dynatronics. "Increased demand for our advanced-technology medical
devices together with lower operating costs during the quarter
fueled the rise in net income." Over the past two years,
Dynatronics has implemented a number of important strategies to
reduce costs, improve operating efficiencies and reposition the
Company in an evolving market place. "It is invigorating to be
reaping the benefits of the strategies we implemented to improve
our operating results," added Cullimore. "The execution of our
strategy to build and strengthen channels of distribution has been
augmented by unexpected consolidations within our industry that
have further aided in advancing our strategic plans. Adding an
improving economy further strengthens the expectation that our
momentum will continue." The company's strategic market initiatives
were recently illustrated by the announcement of new preferred
vendor arrangements with over 2,000 clinics associated with
Preferred Therapy Providers and WorkWell Systems. "More and more
chains of clinics are realizing the significant benefits
Dynatronics offers," said Larry K. Beardall, executive vice
president of sales and marketing. "Despite the challenging economic
times, we are moving forward aggressively to grow our business and
gain market share." Dynatronics has scheduled a conference call for
investors on Monday, February 1, 2010, at 1:30 p.m. ET. Those
wishing to participate should call 800-861-4084 and use passcode
9921511. A summary of the financial results for the three and six
months ended December 31, 2009, follows: Summary Selected Financial
Data Statement of Operations Highlights Three Months Ended Six
Months Ended December 31, December 31, 2009 2008 2009 2008 ----
---- ---- ---- Net sales $8,501,437 $8,718,893 $16,783,900
$16,715,042 Cost of sales 5,174,060 5,405,338 10,277,181 10,205,845
--------- --------- ---------- ---------- Gross profit 3,327,377
3,313,555 6,506,719 6,509,197 SG&A expenses 2,699,357 2,827,427
5,411,726 5,804,074 R&D expenses 206,882 265,718 422,850
527,747 Other expense, net 110,936 130,493 220,167 278,288 -------
------- ------- ------- Net income(loss) before income taxes
310,202 89,917 451,976 (100,912) Income tax provision(benefit)
121,903 35,319 195,053 (16,559) ------- ------ ------- ------- Net
income(loss) $188,299 $54,598 $256,923 $(84,353) ======== =======
======== -------- Net income(loss) per diluted share $.01 $0.00
$.02 $(.01) ==== ===== ==== ===== Balance Sheet Highlights December
31, June 30, 2009 2009 ------------ ------------ Cash $362,763
$141,714 Accounts receivable 4,449,808 4,739,727 Inventories
5,971,500 6,199,251 Total current assets 11,652,780 12,003,068
Total assets 16,504,384 17,087,289 Accounts payable 1,517,461
1,795,520 Accrued expenses 454,503 446,327 Line of credit 4,338,752
4,602,651 Total current liabilities 7,102,435 7,785,881 Total
liabilities 9,814,911 10,667,540 Total liabilities and equity
$16,504,384 $17,087,289 Dynatronics manufactures, markets and
distributes advanced-technology medical devices, orthopedic soft
goods and supplies, treatment tables and rehabilitation equipment
for the physical therapy, sports medicine, chiropractic, podiatry,
plastic surgery, dermatology and other related medical, cosmetic
and aesthetic markets. More information regarding Dynatronics is
available at http://www.dynatronics.com/. This press release
contains forward-looking statements. Those statements include
references to the company's expectations and similar statements
such as the statement regarding expectations for future growth in
the company's business and market share gains. Actual results may
vary from the views expressed in the forward-looking statements
contained in this release. The development and sale of the
company's products are subject to a number of risks and
uncertainties, including, but not limited to, changes in the
regulatory environment, competitive factors, inventory risks due to
shifts in market demand, market demand for the company's products,
availability of financing at cost effective rates, and the risk
factors listed from time to time in the company's SEC reports
including, but not limited to, the report on Form 10-K for the year
ended June 30, 2009. DATASOURCE: Dynatronics Corporation CONTACT:
Bob Cardon of Dynatronics Corp., 1-800-874-6251, +1-801-568-7000
Web Site: http://www.dynatronics.com/
Copyright