Dynatronics Reports Sharp Increases in Third Quarter Sales and Profits
Sales for the third quarter ended March 31, 2004 increased 20% while profits jumped to $309,702 compared to $23,253 in the prior year period.
Salt Lake City, UT (PRWEB) May 14, 2004 -– Dynatronics Corporation (NASDAQ:
DYNT) today announced continued sharp increases in sales and profits, as
indicated by results for the third fiscal quarter ending March 31, 2004. Sales
for the quarter increased to $5,246,044, jumping 20 percent higher than the
$4,376,353 level attained during the same period in fiscal year 2003. Sales for
the nine-month period ended March 31, 2004 hit a record $15,562,919, compared to
$13,016,705 during the first nine months of fiscal year 2003.
Net income
for the quarter climbed to $309,702, compared to net income of $23,253 during
the same quarter of the previous fiscal year. For the nine-month period ended
March 31, 2004, net income rose to $725,059 – a 300 percent jump over the
$181,025 net income achieved in the prior year period.
“The continued
strong demand for our new line of high technology Solaris products is pushing
the company’s sales and profits to record levels,” reported Kelvyn H. Cullimore
Jr., president of Dynatronics. “We’re very pleased with the added momentum and
sales growth the Solaris products have triggered. But more importantly, we’re
happy that so many people are benefiting from these innovative
products.”
The new Solaris line consists of four unique products
featuring advanced light therapy technology. Light therapy is commonly used for
treating muscle and joint pain, as well as arthritis pain and stiffness.
Hundreds of independent research studies have shown the efficacy of light
therapy in clinics around the world.
“Solaris sales continue to exceed
our expectations,” stated Larry K. Beardall, executive vice president of sales
and marketing. “The demand for these products can be attributed to the fact that
more and more patients throughout the country are getting relief from their pain
by using Solaris.”
Solaris was recently featured on television newscasts
around the country. This positive national exposure is helping to introduce
large numbers of people to the benefits of this technology.
“We are
currently exploring new applications for light therapy beyond the physical
therapy market,” Beardall added. “For example, excellent results are being
reported using light therapy for pain among dental patients. This type of
success provides the perfect opportunity to develop light therapy products
specifically for new markets,” concluded Beardall.
Dynatronics has
scheduled a conference call for investors today at 1:00 p.m. MST (3:00 p.m.
EST). Those interested in participating should call (800) 861-4084 passcode:
9921511#.
A summary of the financial results for the three and nine
months ended March 31, 2004, follows:
Summary Selected Financial
Three
Months Ended March 31,
2004
2003
Net sales
$5,246,044 $4,376,353
Gross
profit 2,139,754
1,595,054
Income before
income
taxes
380,622 37,636
Income tax
expense 70,920
14,383
Net income $
309,702 $ 23,253
Net income
per
share (diluted)$ .03 $ .00
Nine Months Ended March 31,
2004
2003
Net sales
$15,562,919 $13,016,705
Gross
profit 6,151,889
4,851,604
Income before
income taxes 1,054,433
294,176
Income tax expense
329,374 113,151
Net
income $ 725,059 $ 181,025
Net
income per
share (diluted)
$ .08 $
.02
Dynatronics manufactures, markets and
distributes advanced-technology medical devices, orthopedic soft goods and
supplies, treatment tables and rehabilitation equipment for the physical
therapy, pain management, sports medicine, chiropractic, podiatry, plastic
surgery, dermatology and other related medical, cosmetic and aesthetic markets.
For more information on Dynatronics, go to http://www.dynatronics.com
Dynatronics now has coverage
at http://wfnn.info
This
press release contains forward-looking statements. Those statements include
references to the company’s expectations, anticipated growth in sales,
profitability in future periods and similar statements. Actual results may vary
from the views expressed in the forward-looking statements contained in this
release. The development and sale of the company’s products are subject to a
number of risks and uncertainties, including, but not limited to, changes in the
regulatory environment, FDA clearance of new products, growth in the physical
medicine industry, competitive factors, availability of third-party component
parts and products, inventory risks due to shifts in market demand, changes in
product mix, market demand for the company’s products, increased terrorist
activity, and the risk factors listed from time to time in the company’s SEC
reports, including, but not limited to the report on Form 10-KSB for the year
ended June 30, 2003 and its subsequent quarterly reports on Form 10-QSB.
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Source : http://www.prweb.com/releases/2004/5/prweb125862.htm