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Three Months Ended
March 31, 2009 March 31, 2008
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Total Operating Revenue $ 434,037 $ 420,913
Total Costs & Expenses 1,548,533 1,689,714
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Net Loss From Operations (1,114,496) (1,268,801)
Total Other (Expenses) Income (304,015) 8,589,809
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(Loss) Income Before Income Taxes $ (1,418,511) $ 7,321,008
Income Tax Expense 124,774 0
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Net (Loss) Income $ (1,543,285) $ 7,321,008
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Weighted Average Number of Shares
Outstanding 4,285,685 4,421,518
(Loss) Earnings Per Share $ (0.36) $ 1.66
Daxor Corporation, (NYSE Amex: DXR), a medical instrumentation and biotechnology company, today announced first quarter earnings for 2009. The Company had a loss per share of ($0.36) during the current quarter versus net income of $1.66 per share for the quarter ended March 31, 2008. The realized gains on sales of securities and dividend income totaled $6,057,538 for the quarter ended March 31, 2009 versus $6,461,781 for the first quarter of 2008.
The Company recorded a loss from marking to market short positions of $6,264,931 during the quarter ended March 31, 2009 which was responsible for the net loss of ($1,543,285). The Company recorded a gain from marking to market short positions of $2,176,041 for the three months ended March 31, 2008.
Income tax expense for the three months ended March 31, 2009 includes accruals of $1,652,500 for income tax and $665,000 for personal holding company tax. These tax accruals are offset by a reduction of $2,192,726 of deferred taxes attributable to the loss from the marking to market of short positions.
For the three months ended March 31, 2009 total operating revenues increased by 3% to $434,037 from $420,913 in 2008. This is directly attributable to an increase in kit sales of $15,075 or 5%. There were no BVA-100 Blood Volume Analyzers sold in the first quarter of 2009 or 2008. Total costs and operating expenses for the first quarter of 2009 decreased by $141,181 or 8% to $1,548,533 versus $1,689,714 for the first quarter of 2008 mainly due to a reduction in payroll and related expenses of $106,512.
At March 31, 2009, the Company had total assets of $62,363,755 with total stockholders' equity of $32,025,852 versus total assets of $76,824,181 and $43,460,641 of stockholders' equity at December 31, 2008. The decrease in stockholders' equity is mainly due to a major reduction in the net unrealized gain on the Company's available for sale securities to $2,482,513 at March 31, 2009 from $17,629,542 at December 31, 2008.
The company is maintaining its expenditures associated with research and development as part of the ongoing effort to develop products that are complementary to its current product line. There were 56 Blood Volume Analyzers placed at March 31, 2009 versus 53 instruments at March 31, 2008.
The Board of Directors has voted to declare a dividend of $0.10 per share. The dividend will be payable on Monday, June 15, 2009 to shareholders of record on Friday, May 29, 2009.
In 2008, Management instituted a policy of paying dividends when funds were available. For the Year Ended December 31, 2008, the Company paid a total dividend of $1.50 per share as follows: $0.25 per share on August 26th and November 26th and a special dividend of $1.00 per share on December 30, 2008.
The goal of Management is to follow a similar policy for 2009 and pay a dividend of $0.25 per share per quarter when funds are available.
Contact Information: Daxor Corporation Stephen Feldschuh 212-330-8515 (Chief Operating Officer) stephen@daxor.com or David Frankel 212-330-8504 (Chief Financial Officer) dfrankel@daxor.com
SOURCE: Daxor Corp.
mailto:stephen@daxor.com mailto:dfrankel@daxor.com
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