Fonar reports higher revenues for 2007 year-end results

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Fonar, an MR manufacturer, has announced lower net losses and slightly higher revenues for its financial results for the fourth quarter and full year of fiscal 2007, which ended June 30.

The net loss for fiscal 2007 was $25.5 million compared to a net loss for the 2006 fiscal year of $30.0 million, a decrease in losses of approximately 14.8 percent.

Revenues showed a small improvement at $33.2 million for fiscal 2007 compared to $33.1 million for fiscal 2006. Service and repair revenues showed the largest change which improved by 16.9 percent to $10 million in fiscal 2007 from $8.6 million in fiscal 2006.
At June 30, total assets were $41.2 million, total current assets were $23 million, total cash and marketable securities were $3.4 million, total current liabilities were $30.6 million, and total long-term liabilities were $1.2 million.