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