Dynatronics Announces First Quarter Results
SALT LAKE CITY, Nov. 14, 2012 /PRNewswire/ -- Dynatronics Corporation (NASDAQ: DYNT) today announced results for its fiscal first quarter ended September 30, 2012.
Net loss for the quarter ended June 30, 2012, improved to $51,145 ($.00 per common share), compared to net loss of $68,259 ($.01 per common share) for the same quarter in the prior fiscal year. Sales for the fiscal first quarter ended September 30, 2012, declined 9.9 percent to $7,206,025, compared to $7,996,802 for the quarter ended September 30, 2011.
"A backlog of orders for our new SolarisPlus product line and other products dampened first quarter results," said Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. "This was compounded by reduced sales of capital exercise products, motorized treatment tables and certain other products, together with continued weakness in the economy.
"On a positive note," Cullimore continued, "during the reporting quarter, we were successful in reducing SG&A and R&D costs by approximately $325,800. This allowed us to reduce the first quarter loss compared to last year despite the weakness in sales."
Company management has developed a strategic plan to build on the popularity of the new SolarisPlus product line and overcome the current challenging economic trends. This plan calls for (1) an expansion of Dynatronics' distribution channels to penetrate a broader segment of the market, and (2) the introduction of a record number of new products this fiscal year to boost interest in the company's most profitable capital equipment products.
"The new products that are currently under development will allow us to expand distribution and help us capture greater market share in the physical medicine market," Cullimore added. "The development of the new products is made possible by the technology platform we built over the past two years o