Fonar logs big gains after FQ1 report

|About: Fonar Corporation (FONR)|By:, SA News Editor

Shares of Fonar Corporation (FONR +60.1%) are in the midst of a spectacular rally on the heels of the company's FQ1 results (out this morning).

Revenue for the period rose 77% Y/Y, while diluted net income jumped 68%.

Income from operations doubled.

Cash as of September 30: $9.2M (+17% Q/Q).

"By combining resources ... we will enjoy the benefits of economies of scale, shared administrative and technical expertise and capabilities, and joint marketing strategies," chairman Raymond Damadian said, commenting on the HDM acquisition which, as expected, has been "a significant source of profitability." (PR)