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OTCPicks.com Stocks to Watch for Wednesday, May 20th FONR, RBDC, HRNF
(M2 PressWIRE Via Acquire Media NewsEdge) Our Stocks to Watch tomorrow include FONAR Corp. (Nasdaq: FONR), RBID.com Inc. (OTC: RBDC) and Heathrow Natural Food & Beverage Inc. (OTC: HRNF).
Visit http://www.otcpicks.com/microcap.htm to register for our Daily Market Mover's Digest Newsletter, and Email Stock Watch Alerts.
FONAR CORPORATION (NASDAQ: FONR) "Up 197.20% on Tuesday"
Detailed Quote: http://www.otcpicks.com/quotes/FONR.php
FONAR Corporation engages in the design, manufacture, sale, and service of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases. It provides Stand-Up/Upright MRI scanners, which allows patients to be scanned in a weight-bearing condition, such as standing, sitting, or bending in any position that causes symptoms; and FONAR 360 MRI scanner, a diagnostic scanner. The company also provides management services, including development; administration; leasing of office space, facilities, and medical equipment; provision of supplies; staffing and supervision of non-medical personnel; legal services; accounting, billing, and collection; and the development and implementation of practice growth and marketing strategies. It serves private scanning centers and hospitals worldwide. The company was founded in 1978 and is headquartered in Melville, New York.
FONR News:
May 19 - FONAR Announces Results of the Third Fiscal Quarter 2009 as Net Income Soars Past $1 Million for Nine Month Period
FONAR Corporation (Nasdaq: FONR), the Inventor of MR Scanning, announced its earnings for the third quarter of fiscal 2009 ending March 31, 2009. Net income for the nine-month period ending March 31, 2009 was $1.1 million as compared to the nine month period one year earlier when there was a net loss of $6.7 million. For the third fiscal quarter ending March 31, 2009, the Company reported net income of $730,000 as compared to the same period one year earlier when it had a loss of $2.7 million.
Revenues increased 7.0% to $29.3 million for the nine month period ending March 31, 2009 as compared to $27.4 million for the nine month period ending March 31, 2008. For the quarter ending March 31, 2009, revenues increased 39.5% to $11.3 million as compared to $8.1 million for the quarter ending March 31, 2008.
Raymond Damadian, M.D., president and chairman of FONAR Corporation said, "We are delighted that the Company has once again become profitable. In fact we now have two straight quarters of income greater than $700,000. There are several reasons for this. While 2008 was a difficult year, we initiated an aggressive cost-cutting program. Costs and expenses have been reduced in most categories but most significantly in our selling, general and administrative expenses (S, G & A). Overall, S, G & A was reduced 36.0% from $15.5 million for the nine months ending March 31, 2008 to $10.0 million for the most current nine month period."
Dr. Damadian continued, "Another reason is a refreshed focus on 'selling scans' through our UPRIGHT Multi-Position(TM) MRI managed sites. We currently have nine UPRIGHT MRIs and one older FONAR QUAD(TM) MRI being managed by HMCA (Health Management Corporation of America), FONAR's wholly-owned subsidiary (www.hmca.com). There are UPRIGHT MRI centers that scan more than 500 patients per month and we would like that to happen pervasively within the HMCA network."
"We often find that the busier UPRIGHT Multi-Position MRI centers are in an area with many single-position, recumbent-only competitor MRIs around them," continued Dr. Damadian. "They will energize the local imaging market. When claustrophobic patients find out about the UPRIGHT MRI, they will demand it from their referring physicians. Patients and the referring physicians seeking spine care will also seek out the best diagnostic device for their condition. Add advantages of scanning overweight patients, patients who can't lie down, weight-bearing imaging of men and women with pelvic floor dysfunction, patients with scoliosis and the ability to perform high quality routine imaging of other body parts, and you have the opportunity for a very busy MRI site."
As of March 31, 2009, there were 133 FONAR UPRIGHT Multi-Position(TM) MRI units installed worldwide. During the third quarter of fiscal 2009 total product sales increased dramatically by 162.2 % to $6.2 million from $2.3 million over the corresponding quarter one year earlier.
During the third fiscal quarter of 2009, FONAR announced it has sold two UPRIGHT Multi-Position(TM) MRI scanners to Doshi Diagnostic Imaging Services, P.C., which is among the country's largest privately held multi-modality imaging companies, as well as the largest radiology group in New York. Doshi Diagnostic is headquartered in Bethpage, Long Island, and operates approximately 40 centers in Florida, New Jersey, Long Island, and New York City.
Another sale of an UPRIGHT Multi-Position(TM) MRI was to the Tripoli Medical Center, a leading state-of-the-art medical center in Libya with approximately 1450 beds, 1000 physicians, and 3000 employees. This is an especially significant sale for FONAR, because it marks the entrance of the company's UPRIGHT imaging technology into the markets of Africa and the Middle East.
Also during the third fiscal quarter of 2009 Raymond Damadian, M.D. became the recipient of the 2009 AIMBE (American Institute for Medical and Biological Engineering) Honorary Fellow Award for his discovery of MRI. Dr. Damadian is the originator of the concept of magnetic resonance (MR) scanning of the human body (1969). The AIMBE Award was presented at the annual meeting of AIMBE, held February 11-13 in Washington, D.C.
The award says: "In 1970, Raymond Damadian, M.D., made the discovery that is the basis for magnetic resonance (MR) scanning that there is a marked difference in relaxation times between normal and abnormal tissues of the same type, as well as between different types of normal tissues. This seminal discovery, which remains the basis for the making of every MRI image ever produced, is the foundation of the MRI industry. Dr. Damadian published his discovery in his milestone 1971 paper in the journal Science (Science 171:1151, 1971) and filed the pioneer patent for the practical use of his discovery in 1972."
RBID.COM INCORPORATED (OTC: RBDC) "Up 100.00% on Tuesday"
Detailed Quote: http://www.otcpicks.com/quotes/RBDC.php
RBID.COM, Inc. markets and distributes health and nutrition products to a worldwide customer base through its wholly-owned subsidiary GLA International, Inc. GLA is a profitable and rapidly-growing direct sales company whose products include Healthy Energy Drinks, Alkaline Water Systems, and Superfoods, all of which are marketed through a strong multi-ethnic distribution network. GLA also offers a grass roots distributorship opportunity, complete with full training and support coordinated through its Costa Mesa, California headquarters.
RBDC News:
May 19 - Retraction and Clarification of Press Release Regarding Completion of Updated Financials and Elevation to 'Current Information' on Pink Sheets
RBID.com, Inc. (OTC: RBDC) hereby retracts its press release of May 19, 2009 announcing that the company had elevated its status to "Current Information" with Pink Sheets, when in fact the disclosure documents submitted to Pink Sheets are still subject to amendment in order to meet with full compliance and approval.
The company unreservedly apologizes for any confusion caused by its earlier press release and expects to be fully compliant with Pink Sheets in the new future.
RBID.com Inc. Updates Financials and Elevates Pink Sheets Status to 'Current Information'
RBID.com, Inc. (OTC: RBDC) announced that it has released its current financial statements and reported them to Pink Sheets for uploading and disclosure. The posting of these updated financials, along with accompanying documents from RBID's financial team and a strong opinion letter from the company's legal counsel, qualifies RBID for "Current Information" status with Pink Sheets. This represents an upward move of four status levels to the second-highest level possible, and RBID has been notified by Pink Sheets that these changes will be reflected on the website some time today.
RBID.Com, CEO, Alan Rothman commented, "These events mark a significant milestone in RBID's growth as a publicly traded company, while also providing increased disclosure of management's continued efforts to build the long-term viability of the company. The recent product launch of our GLA, Inc. subsidiary has placed us in a more competitive position in the marketplace, and we have now taken the necessary steps to enhance our financial reporting and trading options."
HEATHROW NATURAL FOOD & BEVERAGE (OTC: HRNF) "Up 50.00% on Tuesday"
Detailed Quote: www.otcpicks.com/quotes/HRNF.php
Heathrow Natural Food & Beverage, Inc., is a national distributor of natural food products such as Exfuze, a very popular botanical nutritional beverage and the Heathrow Natural line of Super Food Products. HNFB is based in Florida and generates revenue through online and call center sales as well as over 138 distributors nationwide. HNFB also owns WGL Entertainment, the producer of the WGL Million Dollar Shootout reality television series.
HRNF News:
May 18 - Heathrow Natural Food & Beverage, Inc. Announces Financials for First Quarter 2009
Heathrow Natural Food & Beverage, Inc. (OTC: HRNF) announced its First Quarter 2009 financial results. Operating Income for the first three months ending March 31, 2009 was $127,800. General, Administrative and Other expenses for the same period was $88,128, Net Income for the same period was $39,672. Total assets as of March 31, 2009 totaled $1,030,637 of which $685,000 is the WGL Million Dollar Shootout Reality television series. Total liabilities as of March 31, 2009 totaled $924,817. The majority of the liabilities ($812,000) are monies owed related parties (officers) and convertible note debt of $100,000. However, as of today the convertible note has been paid in full, reducing our liabilities to $824,817. Details of our financial statements will be posted to www.pinksheets.com early this week.
"We have made tremendous progress in bringing financial stability to Heathrow Natural Food & Beverage, Inc. and expect accelerated growth for the remainder of 2009 and beyond. We will need to take on additional debt of approximately $500,000 to finance the manufacture and distribution of our ACAI Plus functional gum. We also expect to be debt free and supporting operations from net income by 1Q 2010," said Michael Pagnano, CEO Heathrow Natural Food & Beverage, Inc. We would also like to announce that HNFB will not be acquiring Natural Harmony Foods. After due diligence, it was thought best that we remain in the non perishable natural food sector and not take on the logistics of distributing frozen food.
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