Fonar reduces losses in Q1 2008

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Fonar posted its financial results for the first quarter of fiscal 2008 (end-Sept. 30) with decreased losses due to revenues from a sale of its subsidiaries.

The Melville, N.Y.-based company reported revenues for the first quarter 2008 of $8.7 million as compared to $7.8 million for the same period one year earlier.

For the quarter, Fonar posted a net loss of $209,000 as compared to a net loss for the same period last year of $6.1 million.

Fonar attributes its reduction in net loss to a sale of its 50 percent interest in a consolidated subsidiary and its 20 percent equity interest in a non-consolidated entity on July 31. This significant one-time event, within the reporting period, resulted in a gain of approximately $4.0 million, the company said.