Dynatronics Corp. (NSDQ:DYNT) posted second-quarter sales of $8.5 million for the three months ended Dec. 31, 2009, down 2.5 percent compared with $8.7 million during the same period last year. Net income rose 2.5 percent to $188,000, compared with $55,000 during Q2 2009:
Dynatronics Net Income Triples in Second Quarter
SALT LAKE CITY, Feb. 1 /PRNewswire-FirstCall/ — Dynatronics Corporation (Nasdaq: DYNT) today announced results for its fiscal second quarter ended December 31, 2009.
Net income for the fiscal second quarter increased 245% to $188,299 ($.01 per share), compared to $54,598 ($.00 per share) for the comparable quarter in the prior year. Net income for the six-month period ended December 31, 2009 increased to $256,923 ($.02 per share), compared to a net loss of $84,353 ($.01 per share) for the comparable prior year period.
Sales for the quarter were $8,501,437 compared to $8,718,893 for the second quarter of the prior fiscal year. For the six-month period ended December 31, 2009, sales were $16,783,900, compared to $16,715,042 for the same period in the prior fiscal year.
“The significant increase in profitability reflects building momentum from the strategies we have implemented over the last two years,” stated Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. “Increased demand for our advanced-technology medical devices together with lower operating costs during the quarter fueled the rise in net income.”
Over the past two years, Dynatronics has implemented a number of important strategies to reduce costs, improve operating efficiencies and reposition the Company in an evolving market place. ”It is invigorating to be reaping the benefits of the strategies we implemented to improve our operating results,” added Cullimore. ”The execution of our strategy to build and strengthen channels of distribution has been augmented by unexpected consolidations within our industry that have further aided in advancing our strategic plans. Adding an improving economy further strengthens the expectation that our momentum will continue.”
The company’s strategic market initiatives were recently illustrated by the announcement of new preferred vendor arrangements with over 2,000 clinics associated with Preferred Therapy Providers and WorkWell Systems. “More and more chains of clinics are realizing the significant benefits Dynatronics offers,” said Larry K. Beardall, executive vice president of sales and marketing. “Despite the challenging economic times, we are moving forward aggressively to grow our business and gain market share.”