Hello,
Here is my contribution with DD. It is starting a growth phase.
DYNT
Bob
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April 30, 1998 11:56 AM EDT
SALT LAKE CITY, April 30 /PRNewswire/ -- Dynatronics Corporation (Nasdaq: DYNT) today announced a new third-quarter sales high, accompanied by a 97 percent rise in operating income. Sales for the third quarter period ended March 31, 1998, climbed to $3,016,141 -- a 19 percent increase over the $2,545,178 benchmark set in the third quarter of the prior year. Operating income for the third quarter almost doubled, rising to $297,949 compared to $151,394 for the same period of fiscal 1997.
Net income for the third quarter of fiscal 1998 jumped 46 percent, excluding the one-time $249,798 pre-tax gain from the sale of land reported last year in the third quarter, and a $54,000 tax benefit recorded this year. On the same basis, net income climbed to $169,610, compared to $116,444 in the same quarter last year. (Including these one-time items, net income was $223,610 compared to $273,067 for the same quarter of fiscal 1997, a decrease of 18 percent.)
"We're pleased to announce a record third quarter for sales, and a strong increase in net income from operations," said Kelvyn H. Cullimore, Jr., president of Dynatronics. "We anticipate continued growth with our recently announced new product catalog, which contains 300 new products -- twice the number of products we previously offered practitioners.
"We're also happy to report the completion of a $1.3 million capital improvement campaign focused primarily on expanding space and manufacturing capabilities at our facilities in Chattanooga, Tennessee, and Columbia, South Carolina," continued Cullimore. "These expansion projects will allow the company to meet the growing demand for its products, and at the same time, increase manufacturing and distribution efficiencies."
Larry K. Beardall, executive vice president of sales and marketing added, "We anticipate qualifying to market certain product lines in Europe this quarter. This will add long-term impetus to the strong upward trend in sales and profits."
For the nine-month period ended March 31, 1998, Dynatronics' sales rose 26 percent to $9,044,568, up from $7,150,478 in the prior year period. Operating income for the nine-month period more than doubled to $857,854, compared to $412,916 in the same period of fiscal 1997. Net income rose to $496,113, far outpacing the $260,106 recorded in the same period last year, excluding the one-time items mentioned previously. (Including these one-time items, net income for the nine-month period increased to $550,113, compared to $416,729 for the same period last year.)
Figures for the three- and nine-month periods ended March 31, 1998 are as follows:
Three Months Ended Nine Months Ended
March 31, March 31,
(Unaudited) (Unaudited)
1998 1997 1998 1997
Net Sales $3,016,141 2,545,178 9,044,568 7,150,478
Gross Profit 1,255,281 1,096,567 3,805,963 3,068,502
Operating Income 297,949 151,394 857,854 412,916
Gain from sale of land 0 249,798 0 249,798
Income Before Income
Taxes 257,738 385,803 768,619 604,516
Income Tax Expense 34,128 112,736 218,506 187,787
Net Income $223,610 273,067 550,113 416,729
Net Income Per Share $.03 .03 .07 .05
Dynatronics is a leading domestic manufacturer and marketer of advanced technology medical devices, orthopedic soft goods and supplies, treatment tables and rehabilitation equipment for the physical therapy, sports medicine, chiropractic, and podiatry markets.
(The statements regarding the Company's expectations for growth in sales and profitability in future periods, and anticipated approval to market its products in Europe are forward-looking and actual results may vary. Sales of the Company's products are subject to a number of risks and uncertainties, including, but not limited to changes in the regulatory environment, the ability of the Company to react favorably to changing market conditions and growth in the physical medicine industry and general economy; competitive factors, such as increased competition from new or established competitors; availability of third party component parts and products at reasonable prices; inventory risks due to shifts in market demand and/or price erosion of purchased components; success of the Company in meeting actual demand for the products; changes in product mix; 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, 1997.) SOURCE Dynatronics Corporation
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