NEW YORK, NY--(Marketwire - March 31, 2008) - Daxor Corporation, (
AMEX:
DXR), a medical
instrumentation and biotechnology company, today announced earnings for the
year ended December 31, 2007. The Company had Net Income of $2.33 per share
in 2007 vs. a loss of ($0.17) cents in 2006. This is attributed to the
increase in income from investments to $17,389,110 in 2007 from $4,651,140
in 2006. The increased ratio of investment income to operating income
triggered personal holding company tax. Income tax expense for 2007 was
$1,311,024 vs. $11,750 in 2006. At December 31, 2007, the Company had total
assets of $102,560,500 and stockholders' equity of $54,915,885 vs. total
assets of $78,166,312 and $45,637,792 of stockholders' equity at December
31, 2006.
Operating revenues increased in 2007 by 25.8% to $1,869,779 from $1,486,449
in 2006. The major reason for the increase was the sale of six BVA-100
Blood Volume Analyzers in 2007 for $390,500 vs. two instruments during 2006
for $130,000. The increase in sales revenue from BVA-100 Blood Volume
Analyzers was a result of the increased focus on securing purchase
agreements from customers who have clinical trial agreements. The company
engages in clinical trial agreements to allow customers to begin
utilization of the instrument and to become familiar with the clinical
benefits of a measured blood volume prior to the purchase of the
instrument. Two of the six units sold in 2007 were purchased without a
trial period. Revenue from kit sales increased by 15.0% in 2007 vs. 2006
which can be mainly attributed to 58 instruments being in service at
December 31, 2007 vs. 48 at December 31, 2006.
For the year ended December 31, 2007 operating expenses increased by 5.6%
to $7,300,649 from $6,911,370 in 2006. The increased expenses are
consistent with the continued expansion of the Company's research,
development and marketing efforts.
The build out of the first of two 10,000 square foot buildings in Oak
Ridge, Tennessee purchased by the Company in January 2007 commenced in the
beginning of July. The Company moved in to the building during the first
week of October after the Company received the necessary state and local
permits and licenses. The Company is in the final stage of bids for the
build out of the second building which should be completed by the fourth
quarter of 2008. The second building will contain clean rooms and various
laboratory spaces that will support the company's R&D efforts and long term
goal of vertical integration into the market.
Daxor is actively marketing to and educating physicians who treat chronic
and acute medical conditions where a blood volume analysis would improve
care. The company is also actively conducting and pursuing various
clinical outcome studies to demonstrate evidenced-based medical
improvements in treatment and reductions in the cost of care.
YEAR ENDED
Selected Financial Data: December 31, 2007 December 31, 2006
----------------- -----------------
Total Operating Revenues $ 1,869,779 $ 1,486,449
Total Operating Expenses $ 7,300,649 $ 6,911,370
----------- -----------
Net Loss from Operations $(5,430,870) $(5,424,921)
Total Other Income $17,389,110 $ 4,651,140
----------- -----------
Net Income (Loss) Before
Income Taxes $11,958,240 $ (773,781)
Income Tax Expense $ 1,311,024 $ 11,750
----------- -----------
Net Income (Loss) $10,647,216 $ (785,531)
----------- -----------
Weighted Average Number
of Shares Outstanding 4,572,119 4,625,168
Earnings (Loss) Per Share $ 2.33 $ (0.17)
Contact Information: Contact Information:
Daxor Corporation
Stephen Feldschuh
212-330-8515
Chief Operating Officer
stephen@daxor.com
David Frankel
212-330-8504
Chief Financial Officer
dfrankel@daxor.com