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Dynatronics' Second Quarter Profits Jump 204%



                Dynatronics' Second Quarter Profits Jump 204%

PR Newswire

SALT LAKE CITY, Feb. 13, 2013

SALT LAKE CITY, Feb. 13, 2013 /PRNewswire/ -- Dynatronics Corporation (NASDAQ:
DYNT) today announced results for its fiscal second quarter and six months
ended December 31, 2012.

Net income for the quarter ended December 31, 2012, tripled to $140,983 ($.06
per common share), compared to $46,334 ($.02 per common share) for the same
quarter in the prior fiscal year.  Net income for the six months ended
December 31, 2012, increased to $89,839 ($.04 per common share), compared to a
net loss of $21,926 ($.01 per common share) for the same period in the prior
fiscal year.

Sales for the fiscal second quarter ended December 31, 2012, declined 3.3
percent to $7,998,319, compared to $8,275,430 for the quarter ended December
31, 2011.  Sales for the six months ended December 31, 2012, declined 6.6
percent to $15,204,345, compared to $16,272,232 for the six months ended
December 31, 2011. In addition to generally sluggish demand for capital
equipment, the decrease in sales during the three and six months ended
December 31, 2012 is due in part to one large customer discontinuing
operations in early 2012 and a manufacturer who limited the availability of
its products for distribution.

"The 204 percent jump in net profit for the quarter ended December 31, 2012,
resulted from the introduction of the new SolarisPlus product line, together
with our strategy to effectively reduce expenses and improve operating
efficiencies," said Kelvyn H. Cullimore Jr., chairman and president of
Dynatronics. "During the reporting quarter and six months ended December 31,
2012, we reduced our SG&A and R&D costs by approximately $259,600 and $585,400
respectively by implementing a cost reduction program to optimize our
operations."

For three decades, Dynatronics has been a leader in innovation in the physical
medicine marketplace.  The Company expects the introduction of a record number
of new products during the current fiscal year, including the popular
SolarisPlus product line introduced in August 2012, will enable it to attract
additional qualified sales representatives and dealers allowing for better
market penetration and increased sales of the Company's higher margin
proprietary products. 

"Our strategy of introducing new products includes expanding the new
technology platform developed for SolarisPlus, which will allow additional new
products to be developed quickly and inexpensively," added Cullimore.  "In
addition, other technologies and products are being developed which will
complement our popular line of therapy device products.  We believe this
strategy will enhance our growth potential and help us reach our performance
goals for fiscal years 2013 and 2014."

Dynatronics has scheduled a conference call for investors on Wednesday,
February 13, 2013, at 3:00 p.m. ET. Those wishing to participate should call
(800) 616-4707.

The following is a summary of the financial results as of December 31, 2012
and 2011, and for the three- and six-month periods then ended:  

                                                                                  

Summary Selected Financial Data
Statement of Operations Highlights
                     Three Months Ended    Six Months Ended
                     December 31,          December 31,
                     2012        2011        2012         2011
Net sales          $ 7,998,319 $ 8,275,430 $ 15,204,345 $ 16,272,232
Cost of sales        4,899,404   5,062,472   9,394,582    10,057,176
  Gross profit       3,098,915   3,212,958   5,809,763    6,215,056
SG&A expenses        2,565,282   2,686,401   5,024,386    5,381,268
R&D expenses         274,379     412,861     540,646      769,208
Other expenses,      59,111      41,517      118,196      98,330
net 
  Net income
  (loss) before
  income             200,143     72,179      126,535      (33,750)
     tax (benefit)
  provision
Income tax benefit   (59,160)    (25,845)    (36,696)     11,824
(provision) 
Net income (loss)  $ 140,983   $ 46,334    $ 89,839     $ (21,926)
Diluted net income
(loss)             $ 0.06      $ 0.02      $ 0.04       $ (0.01)
per common share

                                                                          

                                                                         

Balance Sheet Highlights
                              December 31, June 30,
                              2012         2012
Cash                          $ 405,189    $ 278,263
Accounts receivable             3,764,702    3,667,086
Inventories                     6,092,707    6,098,597
Total current assets            11,041,737   10,654,158
Total assets                    15,367,807   15,270,930
Accounts payable                2,245,329    2,413,201
Accrued expenses                425,663      386,229
Line of credit                  3,792,869    3,497,597
Total current liabilities       7,264,958    7,088,300
Total liabilities               8,963,606    9,004,615
Total liabilities and equity    15,367,807   15,270,930

 

Dynatronics manufactures, markets and distributes advanced-technology medical
devices, orthopedic soft goods and supplies, treatment tables and
rehabilitation equipment for the physical therapy, sports medicine,
chiropractic, podiatry, plastic surgery, dermatology and other related
medical, cosmetic and aesthetic markets. More information regarding
Dynatronics is available at www.dynatronics.com.

This press release contains forward-looking statements. Those statements
include references to the company's expectations and similar statements such
as the statement regarding expectations for future new product line
introductions and growth. Actual results may vary from the views expressed in
the forward-looking statements contained in this release. The development and
sale of the company's products are subject to a number of risks and
uncertainties, including, but not limited to, changes in the regulatory
environment, competitive factors, inventory risks due to shifts in market
demand, market demand for the company's products, availability of financing at
cost-effective rates, and the risk factors listed from time to time in the
company's SEC reports.

SOURCE Dynatronics Corporation

Website: http://www.dynatronics.com
Contact: Bob Cardon, Dynatronics Corporation, 800-874-6251 or 801-568-7000
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