Full Press Release Details
NEW YORK, NY--(Marketwire - August 13, 2010) - Daxor Corporation (NYSE Amex: DXR)
Three Months Ended Six Months Ended
----------- ----------- ----------- -----------
Revenues $ 368,332 $ 380,420 $ 764,604 $ 814,457
Total Costs & Expenses $ 1,873,402 $ 1,726,526 $ 3,611,830 $ 3,275,059
----------- ----------- ----------- -----------
Loss from Operations $(1,505,070) $(1,346,106) $(2,847,226) $(2,460,602)
Total Other Income $ 1,653,480 $ 7,970,995 $ 3,487,309 $ 7,666,980
----------- ----------- ----------- -----------
Income Taxes $ 148,410 $ 6,624,889 $ 640,083 $ 5,206,378
Income Tax (Benefit)
Expense $ (39,946) $ 386,193 $ 544,146 $ 510,967
----------- ----------- ----------- -----------
Net Income $ 188,356 $ 6,238,696 $ 95,937 $ 4,695,411
----------- ----------- ----------- -----------
Weighted Average Number
Of Shares Outstanding-
Basic 4,242,285 4,263,918 4,244,785 4,274,801
Basic $ 0.04 $ 1.46 $ 0.02 $ 1.10
Weighted Average Number
Of Shares Outstanding-
Diluted 4,242,285 4,263,918 4,244,785 4,296,801
Diluted $ 0.04 $ 1.46 $ 0.02 $ 1.09
Daxor Corporation, (NYSE Amex: DXR), a medical instrumentation and
biotechnology company, today announced second quarter earnings for 2010.
The Company had net income of $0.04 per share for the current quarter
versus net income of $1.46 per share for the same period in 2009. The
realized gains on sales of securities and dividend income totaled
$6,334,635 for the current quarter versus $963,822 for the same period in
2009. The Company continues to be dependent upon income from investments to
cover losses from operations.
The Company recorded losses from marking to market short positions of
$(4,644,235) during the three months ended June 30, 2010 versus gains of
$7,095,451 during the same period in 2009.
The Company recorded losses from marking to market short positions of
$(9,416,999) during the six months ended June 30, 2010 versus gains of
$776,927 during the same period in 2009.
Income tax expense for the three months ended June 30, 2010 and 2009
includes accruals and tax benefits of $151,822 and $(99,913) for income
taxes and $22,528 and $(60,000) for personal holding company tax. These
accruals and benefits were offset by a reduction of $(214,296) in the
current period for deferred taxes and an increase of $546,106 for the same
Income tax expense for the six months ended June 30, 2010 and 2009 includes
accruals of $1,972,290 and $1,552,587 for income taxes and $789,553 and
$605,000 for personal holding company tax. These accruals were mostly
offset by reductions of $2,217,697 and $1,646,620 for deferred taxes
attributable to the marking to market of short positions.
The Company had net income of $0.02 per share for the six months ended June
30, 2010 versus net income of $1.10 for the same period in 2009.The
realized gains on sales of securities and dividend income totaled
$12,979,425 for the current six month period versus $7,074,953 for the same
For the three months ended June 30, 2010 total operating revenues decreased
to $368,332 from $380,420 for the same period in 2009, a decrease of
$12,088 or 3.2%. This is directly attributable to a decrease in blood
volume kit sales of $14,511 during the current period. Total costs and
operating expenses increased for the current three month period by $146,876
or 8.5% to $1,873,402 versus $1,726,526 for the same period in 2009. This
is mostly attributable to an increase in professional fees of $169,546 for
the current quarter.
For the six months ended June 30, 2010 total operating revenues decreased
to $764,604 from $814,457 for the same period in 2009, a decrease of
$49,853 or 6.1%. This is directly attributable to a decrease in blood
volume kit sales of $51,354 during the current six month period. Total
costs and operating expenses increased for the current six month period by
$336,771 or 10.3% to $3,611,830 versus $3,275,059 for the same period in
2009 mainly due to an increase in research and development costs of
At June 30, 2010, the Company had total assets of $80,224,846 with total
stockholders' equity of $43,064,506 versus total assets of $75,186,990 and
$47,625,337 of stockholders' equity at December 31, 2009. In the first six
months of 2010, the company had significant income from investments which
completely offset the operating losses.
For more detailed information on our financial results, please refer to our
Form 10-Q for the quarter ended June 30, 2010 which will be filed later
The company is maintaining its efforts associated with research and
development as part of the ongoing effort to develop products that are
complementary to its current product line. There were 55 Blood Volume
Analyzers placed in medical facilities as of June 30, 2010 versus 56
instruments as of June 30, 2009.
Daxor Corporation is sponsoring a multi-center, prospective, randomized
clinical trial (TEAM-HF) which will compare heart failure management
strategies based on either standard clinical practices or on direct blood
volume measurement through use of Daxor's Blood Volume Analyzer BVA-100.
Dr. Stuart Katz, the Director of the Heart Failure Program at New York
University, will serve as the National Principal Investigator for this
study. The objective of TEAM-HF is to determine whether incorporation of
blood volume results into the diagnosis and treatment of HF patients leads
to decreased hospitalization and mortality, and an improvement in exercise
capacity and quality of life. This trial will enroll 300 heart failure
patients from 11 medical centers. If it can be demonstrated in a
large-scale study that blood volume analysis leads to better patient
outcomes, the BVA-100 may become a standard of care in heart failure.
Patient enrollment into this study is expected to begin in the fourth
The Company paid a dividend of $0.10 per share on June 16, 2010 to
shareholders of record on June 1, 2010. The Board of Directors will decide
in the near future about the next dividend payment for 2010.
In 2008, Management instituted a policy of paying dividends when funds were
For the Year Ended December 31, 2009, the Company paid a total dividend of
$1.35 per share as follows: $0.10 per share on June 15th and $0.25 per share
on September 8th along with a yearend dividend of $1.00 per share on
The goal of Management is to follow a similar policy for 2010 and pay a