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<SEC-DOCUMENT>0000355019-09-000010.txt : 20091005
<SEC-HEADER>0000355019-09-000010.hdr.sgml : 20091005
<ACCEPTANCE-DATETIME>20091005164724
ACCESSION NUMBER:		0000355019-09-000010
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090630
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20091005
DATE AS OF CHANGE:		20091005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FONAR CORP
		CENTRAL INDEX KEY:			0000355019
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		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:		091106050

	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>k8-91005.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): October 5, 2009

                                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)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):

[ ]   Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)
[ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)
[ ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
[ ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c)


Item 2.02(a) Results of Operations and Financial Condition.

We reported our results of operations and financial condition for the fiscal
year ended June 30, 2009 in a press release dated October 5, 2009.


Exhibits

      99.1 Press Release dated October 5, 2009



                                   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 Damadian
                                                    Raymond Damadian
                                                    President and Chairman

Dated:   October 5, 2009



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>x99.txt
<TEXT>
================================================================================
                                FONAR CORPORATION
                                        *
Fonar MRI news @ aol . com                           Inventor of MR Scanning(TM)
For    Immediate   Release                           An    ISO    9001   Company

Contact:    Daniel  Culver                           110      Marcus       Drive
Director of Communications                           Melville,  New  York  11747
Web site:    www.fonar.com                           Telephone:  (631)  694-2929
Email:  d.culver@fonar.com                           Fax Number: (631)  390-1709
================================================================================

              FONAR REPORTS FISCAL 2009 YEAR-END FINANCIAL RESULTS
                         NET INCOME EXCEEDS $1.1 MILLION

MELVILLE,  NEW YORK,  October  5, 2009 - FONAR  Corporation  (NASDAQ-FONR),  The
Inventor of MR  Scanning(TM),  today  announced  its  financial  results for the
fiscal  year ending  June 30,  2009.  Total net income for the fiscal year ended
June 30, 2009, was $1.1 million,  as compared to a net loss of $13.5 million for
fiscal  2008.  The net income per share  (basic and diluted) for the fiscal year
ended June 30, 2009 was $0.21,  as  compared to a net loss per share  (basic and
diluted) of $2.76 during fiscal 2008.

Raymond V. Damadian, Chairman and President of Fonar Corporation,  said, "We are
very  pleased to see the  Company  return to  profitability.  We have now made a
profit for three  quarters  straight  and are hopeful to continue  this trend of
profitability.   A  very   sound   reason   is   that   the   FONAR   UPRIGHT(R)
Multi-Position(TM)  MRI technology (Dynamic MRI) is the only participant in this
unique market.  The impact of FONAR's  patented  technology on net income growth
can be seen in Fig. 1."


Fig 1:
- --------------------------------------------------------------------------------
                        2006      2007      2008      2009
                      -------   -------   -------   -------
 Net Income & (Loss)  $(30.0)   $(25.5)   $(13.5)    $1.1
- --------------------------------------------------------------------------------


Total revenues  increased by 12% to $39.7 million for the fiscal year ended June
30, 2009 as compared to $35.6 million for fiscal 2008.

Total costs and expenses related to operations decreased 23%, from $52.5 million
in the fiscal  year ended June 30,  2008,  to $40.4  million in the fiscal  year
ended June 30, 2009. The loss from operations decreased 96% from a loss of $16.9
million in the fiscal year ended June 30, 2008, to a loss of $0.7 million in the
fiscal year ended June 30, 2009. Dr. Damadian  continued,  "the Company has done
well  controlling  costs  while  continuing  to  produce  the  FONAR  UPRIGHT(R)
Multi-Position(TM)  MRI scanner.  This is the result of a cost  cutting  program
that we initiated over a year ago."

Revenues  from  product  sales of the FONAR  UPRIGHT(R)  Multi-Position(TM)  MRI
scanners increased 48% from $11.2 million in the fiscal year ended June 30, 2008
to $16.6  million one year later at fiscal 2009. At June 30, 2009 there were 137
FONAR UPRIGHT(R) Multi- Position(TM) MRI scanners installed in the United States
and around the world. Included in net income for the year ended June 30, 2009 is
a pre-tax gain on the sale of a subsidiary of $1.4 million.

At June 30, 2009,  total assets were $28.4  million,  total current  assets were
$18.3 million,  total current  liabilities  were $29.1 million,  and total long-
term  liabilities  were $2.1  million.  The  backlog  for MRI  product was $25.7
million. Total cash and marketable securities were $1.2 million.

Dr.  Damadian  said,  "FONAR's  prospects have much improved since the country's
financial difficulties last year and our customers'  uncertainties regarding the
Deficit  Reduction  Act (DRA) have eased.  Over the past few years,  the medical
evidence    continues   to   grow   indicating   that   the   FONAR   UPRIGHT(R)
Multi-Position(TM)  MRI is the best MRI for  diagnosing  spine  problems.  So as
pent-up demand for MRI scanners surfaces, we can expect rising sales."

"Unfortunately,  the outcomes of spinal  surgery are less than  optimal,  a fact
underscored  by  the  recent  book  titled  `The  Failed   Spine,'published   by
Lippincott,  Williams & Wilkins, (M. Szpalski and R. Gunzburg,  Editors,  2005).
The high failure rate has resulted in the acronym, FBSS, which stands for Failed
Back Surgery Syndrome. The authors report that the `major identifiable causes of
FBSS' include `failure to identify the structural source(s) of pain correctly,'"
stated Dr. Damadian.

"Sadly,   the   distinguished   Swedish  spine  surgeon,   Alf  Nachemson,   MD,
characterizes  these  unsatisfactory  patient  outcomes  as the `high  number of
multiply  operated  surgical  cripples,'  (Nachemson,  A., The lumbar spine:  An
orthopaedic challenge. Spine, 1976:1, 59-71.).

"Since the FONAR UPRIGHT(R)  Multi-Position(TM) MRI can place the patient in the
exact position that generates his or her symptoms,  the MRI picture can be taken
in that position.  This unique capability  assures that the degenerative  spinal
change  responsible for the patient's pain is correctly  identified and operated
on,  instead of surgery  being  performed on another  spinal  change that is not
responsible  for the  patient's  symptoms.  Unfortunately,  surgery on the wrong
spinal  segment can generate  additional  symptoms  post-operatively,  while the
patient  continues to suffer with the  symptoms not  addressed by surgery on the
wrong segment," remarked Dr. Damadian.

"FONAR's  position in medical imaging is immeasurably  enhanced by the fact that
FONAR is the leader in UPRIGHT(R)  Multi-Position(TM) MRI technology," concluded
Dr. Damadian.

RECENT HIGHLIGHTS AND ACCOMPLISHMENTS

On November 17, 2008,  The Company held its annual  shareholder  meeting for the
combined  fiscal years ending June 30, 2009 and 2008.  All proposals  before the
shareholders passed.

In February  2009,  Dr.  Damadian was the  recipient of the 2009 AIMBE  Honorary
Fellow Award (American Institute for Medical and Biological Engineering) 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."
(www.fonar.com/news/022409.htm).

During the past fiscal year, FONAR also expanded its global reach with a sale in
Libya,  marking  the first sale of an  UPRIGHT(R)  MRI in Africa and  additional
sales in the Middle East.

On February 18, 2009 the Company  made an earnings  announcement  titled:  FONAR
Reports Profit and 2nd Quarter Fiscal 2009 Financial Results; FONAR's Innovative
`Made In America'  UPRIGHT MRI Adds Product  Revenues.  Within the release,  Dr.
Damadian said, "In this era of jobs being  exported to other  countries,  82% of
the  components  that  create The FONAR  UPRIGHT(R)  Multi-Position(TM)  MRI are
purchased from 26 American States. So FONAR can truly say, `Made in America.'

This past June,  Dr.  Damadian  attended  grand  openings  for three  UPRIGHT(R)
Multi-Position(TM)  MRI  customers  who spanned  the world.  First he attended a
grand opening in Kamloops,  Canada, for the installation of the first UPRIGHT(R)
Multi-Position(TM)  MRI in Canada.  Then he  participated  in a grand opening in
South Dakota. Finally, Dr. Damadian attended a grand opening in Munich, Germany.
All of these ceremonies featured Dr. Damadian as the inventor of the MRI.

                                      #

           For investor and other information visit: www.fonar.com.

UPRIGHT(R)  and  STAND-UP(R)  are  registered  trademarks and The Inventor of MR
Scanning(, Full Range of Motion(TM), pMRI(TM), Dynamic(TM),  Multi-Position(TM),
True   Flow(TM),   The   Proof   is  in  the   Picture(TM),   Spondylography(TM)
Spondylometry(TM) and Upright Radiology(TM) are trademarks of FONAR Corporation.

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.

                                       ###
<PAGE>

                       FONAR CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                     ASSETS

                                                                June 30,
                                                        ------------------------
                                                            2009         2008
                                                        ----------- ------------
Current Assets:
  Cash and cash equivalents                             $ 1,225,619  $1,325,512
  Marketable securities                                      22,652   1,068,168
  Accounts receivable - net of allowances for
    doubtful accounts of $2,393,326 and $2,020,208
    at June 30, 2009 and 2008, respectively               5,391,822   5,157,594
  Medical receivables - net of allowances for
    doubtful accounts of $1,343,500 and $769,000
    at June 30, 2009 and 2008, respectively                 374,225   1,227,858
  Management fee receivable - net of allowances for
    doubtful accounts of $5,093,345 and $3,958,733
    at June 30, 2009 and 2008, respectively               3,273,756   5,040,523
  Management fee receivable - related medical
    practices - net of allowances for doubtful
    accounts of $1,094,818 and $2,413,483 at
    June 30, 2009 and 2008, respectively                  2,196,580   1,372,261
  Costs and estimated earnings in excess of
    billings on uncompleted contracts                     1,475,706       6,285
  Inventories                                             3,172,397   3,255,915
  Current portion of advances and notes to related
    medical practices                                       164,611     155,423
  Current portion of note receivable                        517,934   2,508,306
  Prepaid expenses and other current assets                 472,397     869,353
                                                        ----------- ------------
      Total Current Assets                               18,287,699  21,987,198

Property and Equipment - Net                              2,892,380   3,932,533

Advances and Notes to Related Medical Practices -
  net of allowances for doubtful accounts of
  $264,791 at June 30, 2009 and at June 30, 2008             89,032     263,363

Notes Receivable - net of allowance for doubtful
accounts of $65,000 at June 30, 2009 and at
June 30, 2008                                             1,778,626   2,296,560

Other Intangible Assets - Net                             4,920,241   4,809,564

Other Assets                                                391,237   1,936,415
                                                        -----------  -----------
      Total Assets                                      $28,359,215 $35,225,633
                                                        =========== ============

<PAGE>
                      FONAR CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS

                                   LIABILITIES

                                                                June 30,
                                                        ------------------------
                                                            2009         2008
                                                        -----------  -----------
Current Liabilities:
  Current portion of long-term debt and capital
    Leases                                              $   277,494  $  372,722
  Current portion of long-term debt - related party          79,509         -
  Accounts payable                                        3,518,609   4,019,993
  Other current liabilities                               8,460,042   8,316,263
  Unearned revenue on service contracts                   5,526,006   5,193,645
  Customer advances                                       9,237,921  14,276,311
  Billings in excess of costs and estimated
    earnings on uncompleted contracts                     2,026,441   5,773,286
                                                        -----------  -----------
      Total Current Liabilities                          29,126,022  37,952,220
                                                        -----------  -----------
Long-Term Liabilities:
  Accounts payable                                          184,168        -
  Due to related medical practices                          643,135      97,663
  Long-term debt and capital leases, less
    current portion                                         759,211     756,976
  Long-term debt, less current
    portion - related party                                 160,176         -
  Other liabilities                                         363,550     496,837
                                                        -----------  -----------
      Total Long-Term Liabilities                         2,110,240   1,351,476
                                                        -----------  -----------
      Total Liabilities                                  31,236,262  39,303,696
                                                        -----------  -----------
Commitments, Contingencies and Other Matters

<PAGE>

                      FONAR CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS

                            STOCKHOLDERS' DEFICIENCY

                                                              June 30,
                                                      -------------------------
                                                          2009          2008
                                                      -----------   -----------
Minority Interest                                     $    63,815   $   166,966

Stockholders' Deficiency:
  Class A non-voting preferred stock - $.0001
    par value; authorized - 1,600,000 shares;
    issued and outstanding - 313,451 shares
    at June 30, 2009 and 2008                                  31            31
  Preferred stock - $.001 par value;
    authorized - 2,000,000 shares; issued
    and outstanding - none                                   -             -
  Common stock - $.0001 par value; authorized -
    30,000,000 shares at
    June 30, 2009 and 2008, respectively;
    issued - 4,917,918 and 4,915,918 shares
    at June 30, 2009 and 2008, respectively;
    outstanding - 4,906,275 and 4,904,275
    shares at June 30, 2009 and 2008, respectively            491           490
  Class B common stock (10 votes per share) -
    $.0001 par value; authorized - 800,000
    shares; issued and outstanding - 158
    shares at June 30, 2009 and 2008                         -             -
  Class C common stock (25 votes per share) -
   $.0001 par value; authorized - 2,000,000
    shares; issued and outstanding - 382,513
    shares at June 30, 2009 and 2008
  Paid-in capital in excess of par value
  Accumulated other comprehensive loss                         38            38
  Accumulated deficit                                 172,280,600   172,276,540
  Notes receivable from employee stockholders             (20,995)      (72,723)
  Treasury stock, at cost - 11,643 shares            (174,258,607) (175,379,874)
    of common stock at June 30, 2009 and 2008            (267,030)     (394,141)

      Total Stockholders' Deficiency                     (675,390)     (675,390)
                                                     ------------  ------------
      Total Liabilities and Stockholders'              (2,940,862)   (4,245,029)
        Deficiency                                   ------------  ------------

                                                     $ 28,359,215  $ 35,225,633
                                                     ============  ============
<PAGE>

                      FONAR CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS

                                                    For the Years Ended June 30,
                                                    ----------------------------
                                                          2009          2008
Revenues                                            -------------  -------------
  Product sales - net                               $ 17,175,417   $ 11,326,388
  Service and repair fees - net                       10,345,091     10,930,331
  Service and repair fees - related
    parties - net                                        192,500        110,000
  Management and other fees                            7,342,614      8,337,000
  Management and other fees - related
    medical practices - net                            2,911,318      3,706,636
  License fees and royalties                           1,755,493      1,158,478
                                                     ------------  ------------
      Total Revenues - Net                            39,722,433     35,568,833
                                                     ------------  ------------
Costs and Expenses
  Costs related to product sales                      10,758,201     11,143,826
  Costs related to service and repair fees             3,992,557      5,107,802
  Costs related to service and repair fees
    - related parties                                     74,293         51,404
  Costs related to management and other fees           4,507,587      5,548,605
  Costs related to management and other fees
    - related medical practices                        2,790,745      3,041,828
  Research and development                             3,593,470      5,006,591
  Selling, general and administrative, inclusive of
    compensatory element of stock issuances of
    $4,061 and $360 for the years ended June 30,
    2009 and 2008, respectively                       13,423,066     20,386,748
  Provision for bad debts                              1,286,451      2,208,820
      Total Costs and Expenses                      -------------  -------------
                                                      40,426,370     52,495,624
      Loss from Operations                          -------------  -------------
                                                     (   703,937)   (16,926,791)
Other Income and (Expenses):
  Interest expense                                      (333,229)      (535,322)
  Investment income                                      325,688        694,910
  Interest income - related parties                       20,818         33,801
  Other income - net                                     410,657        129,368
  Minority interests in income of partnerships        (   10,995)      (219,058)
  Gain on sale of investment                                 -          571,161
Gain on sale of consolidated subsidiary                1,448,196      3,394,975
  Loss on note receivable                                    -         (658,351)
                                                    -------------  -------------
      Income (Loss) Before Provision For
          (Benefit From) Income Taxes                  1,157,198    (13,515,307)

Provision for (Benefit from) Income Taxes                 35,931         (6,940)
                                                    ------------   -------------
       Net Income (Loss)                            $  1,121,267   $(13,508,367)
                                                    =============  =============

<PAGE>
                       FONAR CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                                    For the Years Ended June 30,
                                                    ----------------------------
                                                         2009          2008
                                                    -------------  -------------
Net Income (Loss) Available to Common and
  Class C Common Stockholders                       $  1,053,898   $(13,508,367)
                                                    =============  =============
Basic and Diluted Net Income (Loss) Per Common Share
  Available to Common Stockholders                      $ 0.21         $(2.76)
                                                    =============  =============
Basic Net Income Per Share - Common C                   $ 0.06            N/A
                                                    =============  =============
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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