Stand-Up MRI sales helps Fonar keep revenues steady

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Sales of its upright Stand-Up MRI system helped Fonar Corp. offset lower revenues in other business segments in the company first fiscal quarter of FY04, ending Sept. 30.

 Revenues held steady at $13.3 million, the same total as the first quarter of FY03. Revenues from the MRI equipment sales rose to $7.3 million, up 3 percent from $7.1 million in the same quarter of FY03. The company also posted a net loss of $3.8 million, compared with a net loss of $2.7 million in the year-ago quarter.

 Fonar blamed increased expenses from efforts to improve equipment sales volume, coupled with decreased revenues from product sales to related parties as the primary reasons for its first-quarter net loss.