-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lqi2tgAtBETB0JCmeWXgBmL/faWm69N2zzCSqXGsMzAIjjlPpwzmWRgOCYqu1jbQ seiz3LC1ayzJBnnniQHnzA== 0001096906-10-001436.txt : 20101112 0001096906-10-001436.hdr.sgml : 20101111 20101112095351 ACCESSION NUMBER: 0001096906-10-001436 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101111 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101112 DATE AS OF CHANGE: 20101112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYNATRONICS CORP CENTRAL INDEX KEY: 0000720875 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 870398434 STATE OF INCORPORATION: UT FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12697 FILM NUMBER: 101183508 BUSINESS ADDRESS: STREET 1: 7030 PARK CENTRE DRIVE STREET 2: BLDG D CITY: SALT LAKE CITY STATE: UT ZIP: 84121 BUSINESS PHONE: 8015687000 MAIL ADDRESS: STREET 1: 7030 PARK CENTER DR CITY: SALT LAKE CITY STATE: UT ZIP: 84121 FORMER COMPANY: FORMER CONFORMED NAME: DYNATRONICS LASER CORP DATE OF NAME CHANGE: 19920703 8-K 1 dynatronics8k.txt ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): November 11, 2010 DYNATRONICS CORPORATION ----------------------- (Exact name of registrant as specified in its charter) Utah 0-12697 87-0398434 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 7030 Park Centre Drive, Salt Lake City, Utah 84121 - -------------------------------------------------- (Address of principal executive offices, Zip Code) Registrant's telephone number, including area code: (801) 568-7000 -------------- Former name or former address, if changed since last report: Not Applicable -------------- 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: [ ] 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 Results of Operations and Financial Condition On November 11, 2010, Dynatronics Corporation issued a press release announcing its financial results for its fiscal first quarter ended September 30, 2010. The release also announced that these results would be discussed with investors on a telephone conference call and provided access information, date, and time for the conference call. A copy of the press release is furnished herewith as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference. The registrant will also post this document on its corporate website, www.dynatronics.com. The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended. The furnishing of the information in this Current Report is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information this Current Report contains is material investor information that is not otherwise publicly available. Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit 99 - Press release issued by Dynatronics Corporation dated November 11, 2010. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DYNATRONICS CORPORATION By: /s/ Kelvyn H. Cullimore, Jr. ---------------------------- Kelvyn H. Cullimore, Jr. Chairman, Chief Executive Officer, and President Date: November 11, 2010 ----------------- 3 - -------------------------------------------------------------------------------- EX-99 2 dynatronics8kexh99.txt ================================================================================ Exhibit 99 NEWS RELEASE - ------------ Contact: Bob Cardon, Dynatronics Corp. 800-874-6251 or 801-568-7000 Dynatronics Announces Fiscal First Quarter Results Salt Lake City, Utah (November 11, 2010) - Dynatronics Corporation (NASDAQ: DYNT) today announced results for its fiscal first quarter ended September 30, 2010. Sales for the quarter ended September 30, 2010 were $7,919,288, compared to $8,282,463 in the quarter ended September 30, 2009. Net income for the quarter ended September 30, 2010, was $17,012 ($.00 per common share), compared to $68,625 ($.01 per common share) for the same quarter in the prior fiscal year. Reduced sales for the quarter of $363,175 were offset by lower SG&A expenses. However, higher R&D costs contributed to lower overall profitability for the quarter ended September 30, 2010 compared to the same quarter of the prior year. "Investment in R&D was up $134,000 over the same period last year," stated Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. "Plans to introduce important new products in the mid to latter part of calendar 2011 may drive higher R&D expenditures now, but we believe it will also drive higher sales of new products next year." "Demand for higher priced capital products remains soft which contributed to lower overall sales this quarter. However, our supplies business continues to be as strong as ever, and we have a large backlog of orders that we expect to exhaust in the next quarter," said Cullimore. "The volume of business transitioning to the company's e-commerce portal has exceeded our expectations," reported Larry K. Beardall, executive vice-president of sales and marketing. "Projections of a 10 percent conversion rate in the first four months were eclipsed as e-commerce orders achieved 20-25 percent of all orders four months after implementation. We expect that this will ultimately allow further streamlining of operations and improved efficiencies." "Along with our successful e-commerce launch, we are retooling our corporate information systems infrastructure," Cullimore added. "Our investments in R&D and information systems infrastructure will help us compete more effectively in our ever-evolving market, including competing for business with group purchasing organizations (GPO's) and other national and regional accounts. We anticipate announcing significant progress with GPO's in the coming month." Dynatronics has scheduled a conference call for investors on Thursday, November 11, 2010, at 2:15 p.m. ET. Those wishing to participate should call (800) 943-2431 and use access code: 5687000. A summary of the financial results as of September 30, 2010, and June 30, 2010, and for the three month periods ended September 30, 2010 and 2009 follows: Summary Selected Financial Data Statement of Income Highlights Three Months Ended September 30, 2010 2009 ------------ ------------- Net sales $ 7,919,288 $ 8,282,463 Cost of sales 4,967,455 5,103,121 ------------ ------------- Gross profit 2,951,833 3,179,342 SG&A expenses 2,500,517 2,712,368 R&D expenses 349,796 215,968 Other expenses, net 71,783 109,231 ------------ ------------- Net income before income taxes 29,737 141,775 Income tax provision (12,725) (73,150) ------------ ------------- Net income $ 17,012 $ 68,625 ============ ============= Diluted income per common share $ 0.00 $ 0.01 ============ ============= Balance Sheet Highlights September 30, June 30, 2010 2010 ------------ ------------- Cash $ 188,998 $ 383,756 Accounts receivable 3,922,264 3,735,251 Inventories 5,718,664 5,766,800 Total current assets 10,619,676 10,609,813 Total assets $ 14,944,056 $ 15,090,329 Accounts payable 1,764,637 $ 1,404,022 Accrued expenses 374,205 462,641 Line of credit 2,688,791 2,768,492 Total current liabilities 5,703,107 5,686,280 Total liabilities 8,216,223 8,291,052 Total liabilities and equity $ 14,944,056 $ 15,090,329 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 GPO contracts. 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 including, but not limited to, the report on Form 10-K for the year ended June 30, 2010. - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----