Fonar posts revenue gains in the first half of FY04

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Revenues for its medical equipment segment increased by 18 percent, helping Fonar Corp. grow revenues in its second fiscal quarter, ending Dec. 31, 2003.

Revenues rose to $17.9 million, compared with $16 million in the second quarter of FY03. Fonar also reported a net loss of $2.6 million, compared with a net loss of $2.9 million in the year-ago quarter.

For the six-month period, revenues climbed to $31.2 million, compared with $29.2 million in first half of FY03. The net loss increased to $6.5 million, compared with a net loss of $5.6 million in the year-ago period.

Revenues for its medical equipment segment increased $12 million, up from $10.2 million in the second quarter of FY03.