Dynatronics Inc announces its financial results for the first quarter of fiscal 2017, which ended September 30, 2016.
Net sales for the quarter increased 10.3% to $8.2 million, compared to $7.4 million in the same period of the prior year. Gross profit for the quarter increased 11.3% representing 34.2%of sales, compared to 33.9% of sales for the quarter ended September 30, 2015. Gross margin during the current quarter was positively impacted by a greater proportion of sales through its sales force of direct and contract sales representatives, according to a media release from the company.
Net loss for the quarter ended September 30, 2016, was $286,000, compared to a net loss of $182,000 for the quarter ended September 30, 2015. The increase in net loss is attributable primarily to 1) higher expenses related to its Tennessee operation where a change in management personnel was implemented, and 2) increased expenses in sales and marketing related primarily to hiring additional sales management and new marketing initiatives, and 3) higher professional fees.
Net loss applicable to common stockholders for the quarter ended September 30, 2016, was $375,000 compared to a loss of $262,000 for the quarter ended September 30, 2015. Net loss applicable to common stockholders recognizes the dividend accrued on preferred stock during the quarter, which totaled $89,000 and was payable in common stock.
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[Source(s): Dynatronics Inc, PR Newswire]