Quantcast
Home » News
Home » News

Utah's Dynatronics reports leap in Q2 profit, drop in revenue

Published February 19, 2013 7:33 am

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Dynatronics Corp., a Salt Lake City-based provider of medical devices used by physical therapists, chiropractors and doctors who practice sports medicine, reported its net income for the quarter ended Dec. 31 tripled.

It earned $140,983, or 6 cents per share, compared with $46,334, or 2 cents per share, for the same quarter during the prior fiscal year.

Kelvyn H. Cullimore Jr., chairman and president of Dynatronics, said profit jump was tied to the introduction of a product line and the company's continuing effort to reduce expenses and improve operating efficiencies.

Sales for the quarter declined 3.3 percent, to $8 million, compared with $8.3 million.

Net income for the first six months of the company's 2013 fiscal year increased to $89,839, or 4 cents per share, compared with a loss of $21,926, or 1 cent per share, for the same period in the prior fiscal year.

Sales for the six-month period declined 6.6 percent, to $15.2 million.

The company said the decrease in sales was tied in part to one of its largest customers discontinuing operations in early 2012.