Long Island tech companies earnings, sales rise | Long Island ...

by Claude Solnik
Published: May 16, 2012
Tags: Air Industries group, Applied DNA Sciences, CVD Equipment Corp., earnings, Long Island, MRI, profit, revenue, sales

A wide range of Long Island tech-related companies reported quarterly results Wednesday, typically showing improvements from a year ago in both earnings and sales.

MRI maker Fonar saw earnings rise on a double-digit increase in revenue, while Air Industries Group more than doubled its profit.

Meanwhile, CVD Equipment Corp.?s income rose and Applied DNA Sciences narrowed its loss on an increase in sales.

MRI maker and operator Fonar on Tuesday reported profit rose to $1.6 million from $1.3 million a year ago as revenue jumped 10 percent to $9.5 million, boosted by MRI services rather than sales of scanners.

The Melville-based firm for the quarter ended March 31 said operating costs rose 9 percent to $7.9 million. Revenue from product sales were $1.3 million, down from $1.9 million a year ago, while revenue from service and repair fees rose to $3 million from $2.8 million a year ago.

Fonar?s big jump, however, came from revenue from management and other fees related to Fonar Upright MRI diagnostic imaging centers, which rose 30 percent to $5.2 million from $4 million a year ago.

Fonar diversified beyond simply manufacturing MRI scanners, into a major operator of centers with its equipment. In addition to installing 153 Upright Multi-Position MRI scanners, Fonar has been growing its business managing scanning centers in New York and Florida.

The firm recently signed on to manage its 11th Upright Multi-Position MRI imaging center in Yonkers, bringing the number it manages in New York to eight. It also manages three Florida centers. The company in 2011 increased the number of scans at centers it operates by 14 percent to 41,000, after growing volume in 2010 by 20 percent.

?Now that the eleventh MRI center in Yonkers has began operating, we can expect much more MRI scan volume growth,? Fonar President Dr. Raymond V. Damadian said.

Meanwhile, Air Industries Group, a maker of components for aerospace and defense contractors, said second quarter net income more than doubled to $820,000.

The Bayshore-based firm?s net sales rose 27 percent or $3.4 million to $16 million for the quarter ended March 31.

Gross profit increased to $3.3 million, or about 20 percent of sales, compared to $2.5 million, also about 20 percent of sales, a year ago.

?The first quarter financial results continue the pattern of growth in revenue and earnings of recent years,? CEO Peter Rettaliata said.

The firm expects to close on its acquisition of Nassau Tool Works by June 15.

CVD Equipment Corp. reported first quarter net income rose 6 percent to $728,000, as revenue grew 15.3 percent to $7.2 million, its biggest first quarter sales to date.

The Ronkonkoma-based provider of custom chemical vapor deposition systems said income from operations for the quarter ended March 31 jumped 22 percent to $1 million.

Applied DNA Sciences, which uses DNA to authenticate products, ended its second quarter in the red, but did far better than a year ago.

The Stony Brook-based firm cut its loss for the quarter ended March 31 by $1 million or 40 percent to $1.5 million.

Applied DNA?s sales, however, rose 369 percent to $518,402 including more than half ? 67 percent ? from a single customer.

Revenue increased due to sales of its SigNatureDNA and BioMaterial GenoTyping, used to fight counterfeiting and authenticate products.

Selling, general and administrative expenses increased 12.7 percent from $1.6 million to $1.8 million.

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