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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000355019-03-000013.txt : 20030520
<SEC-HEADER>0000355019-03-000013.hdr.sgml : 20030520
<ACCEPTANCE-DATETIME>20030519173327
ACCESSION NUMBER:		0000355019-03-000013
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030408
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FONAR CORP
		CENTRAL INDEX KEY:			0000355019
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC [8093]
		IRS NUMBER:				112464137
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10248
		FILM NUMBER:		03711182

	BUSINESS ADDRESS:	
		STREET 1:		110 MARCUS DR
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		6316942929

	MAIL ADDRESS:	
		STREET 1:		110 MARCUS DRIVE
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8k.txt
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

          Pursuant to Section 13 or 15(d) of the Securities Act of 1934

         Date of Report (Date of earliest event reported): May 15, 2003

                                FONAR CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


    Delaware                        0-10248                       11-2464137
- ---------------               ----------------               -------------------
(State or other               (Commission File                (I.R.S. Employer
jurisdiction of                    Number)                   Identification No.)
incorporation)

                                110 Marcus Drive
                            Melville, New York 11747
                                 (631) 694-2929
              ---------------------------------------------------
               (Address, including zip code, and telephone number
                   of registrant's principal executive office)


Item 12. Results of Operations and Financial Condition

     On May 15, 2003,  following  the filing of our Form 10-Q for the  quarterly
period ended March 31, 2003, we issued a press release concerning the results of
operations and financial condition of the company. The text of the press release
is filed as an exhibit to this Form 8-K.


Item 7. Financial Statements and Exhibits

Financial Statements

     None


Exhibits

     99. Press Release dated May 15, 2003


                                   SIGNATURES

     Pursuant to the  requirements  of the  Securities and Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                   FONAR CORPORATION
                                                   (Registrant)

                                                   By: /s/ Raymond V. Damadian
                                                          Raymond V. Damadian
                                                          President and Chairman

Dated:   May 19, 2003

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex99.txt
<TEXT>
EXHIBIT 99.
                                FONAR CORPORATION

     PRESS RELEASE                                           The  MRI Specialist
For    Immediate   Release                                   An ISO 9001 Company

Contact:    Daniel Culver,                                   110  Marcus   Drive
Director of Communications                                   Melville, NY  11742
David Terry, VP, Secretary                                   Tel:   631/694-2929
FONARinvestor @ fonar. com                                   Fax:   631/390-9540
================================================================================

                       FONAR REPORTS THIRD FISCAL QUARTER
        FONAR Stand-Up MRI Sales Continue Positive Impact On Bottom Line

MELVILLE,  NEW YORK,  May 15, 2003 - FONAR  Corporation  (NASDAQ-FONR),  The MRI
Specialist(TM),  reported today that during the first nine months of fiscal 2003
ending March 31, 2003,  revenues  climbed to $39.0  million as compared to $29.4
million for the same period one year earlier, a 33 % increase.  FONAR recognizes
MRI scanner sales revenues on the "percentage of completion"  basis, which means
the  revenues are shown as earned as the scanner is  manufactured.  The net loss
was $12.0  million,  or $0.16 basic and diluted net loss per share for the first
nine months of fiscal 2003, as compared to a net loss of $13.6 million, or $0.22
basic and diluted  net loss per share for the first nine months of fiscal  2002,
an approximate 12% narrowing of losses.

During the first nine months of fiscal 2003 the Company  received  orders for 12
FONAR Stand-Up(TM) MRI scanners, as compared to orders for eight during the same
period last year.

Economies of scale continued to be  advantageous as the Company  recognized $6.3
million in gross  profit  from MRI  product  sales for the first nine  months of
fiscal 2003.  The Company  improved its gross profit margin on MRI product sales
to 35% from 28% for the same period a year earlier.

At March 31, 2003 cash,  cash  equivalents  and marketable  securities were $9.8
million.  This  compares to $10.6 million at December 31, 2002 and $13.1 million
at June 30, 2002.  A principal  use of cash during the nine month period was the
repayment of long-term debt and capital lease  obligations in the amount of $2.3
million.

MRI equipment  sales  increased  dramatically by 161%, from $6.9 million for the
first nine months of fiscal  2002 to $18.0  million for the first nine months of
fiscal 2003,  reflecting  increased sales of the FONAR Stand-Up(TM) MRI. Service
and repair revenues  increased by 13%, from $1.6 million to $1.8 million for the
same  periods.  Overall  revenues  recognized  by the  Company's  MRI  equipment
manufacturing  and service business  increased by 109% from $10.4 million in the
first nine  months of fiscal  2002 to $21.7  million in the first nine months of
fiscal 2003.

The Company's subsidiary, Health Management Corporation of America (HMCA), which
provides physician and diagnostic management services,  experienced an operating
loss of $2.4  million  for the first  nine  months of fiscal  2003  compared  to
operating  income of  $782,000  for the first nine  months of fiscal  2002.  The
decline in HMCA income was principally attributable to the closing of facilities
and reduced revenues from two sites while they were in the process of installing
FONAR Stand-Up(TM) MRI scanners.

Shortly  following  the end of the third fiscal  quarter of 2003,  HMCA sold A&A
Services,  Inc., a physician practice management company. The Company expects to
recognize a gain of approximately  $500,000 on the sale in the fourth quarter of
fiscal 2003.

Included  in HMCA's  operating  loss for the first nine months of fiscal 2003 is
approximately  $729,000 in  operating  income from the  management  of its first
FONAR  Stand-Up(TM) MRI scanning center in Islandia,  New York. During the third
and fourth  quarters HMCA completed the  installation  of two  additional  FONAR
Stand-Up(TM) MRI scanners in Bensonhurst, Brooklyn and Staten Island, New York.

                        CONDENSED STATEMENT OF OPERATIONS

                          Three months ended             Nine months ended
                               March 31,                      March 31,
                        2003            2002            2003            2002
                     -----------    -----------      -----------    -----------
REVENUES             $ 9,775,000    $10,451,000     $ 39,006,000    $ 29,366,000
NET LOSS             $(6,326,000)   $(5,050,000)    $(11,952,000)   $(13,607,000
BASIC AND DILUTED
NET LOSS PER SHARE        $(0.08)        $(0.08)          $(0.16)        $(0.22)
- --------------------------------------------------------------------------------
 Be sure to visit FONAR's Web site for Company product and investor information:
                                  www.fonar.com

This release may include forward-looking statements from the company that may or
may not materialize.  Additional  information on factors that could  potentially
affect the company's  financial  results may be found in the  company's  filings
with the Securities and Exchange Commission.
                                       ###

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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