Fonar achieves double-digit gain in FY03 revenues

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MRI system sales propelled Fonar Corp. to a double-digit gain in its FY03, ending June 30.

 Revenues increased to $52.9 million, a gain of 23 percent from $43.2 million in FY02. The company also reduced its net loss by 35 percent to $15 million in FY03, compared with a net loss of $22.9 million in the previous fiscal year. Revenues from product sales more than doubled in FY03 to $24.9 million, compared with $11.6 million in FY02.

 Revenues in Fonar's physician and diagnostic services management segment -- Health Management Corporation of America (HMCA) -- decreased by 15 percent to $22.9 million, compared with $27 million in FY02, due to the closing of certain MRI facilities and a decline in MRI scan volume at certain MRI facilities. HMCA posted an operating loss of $3.8 million in FY03.