$DXR

DAXOR CORP

CIK:0000027367|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Dec. 31, 2011	Dec. 31, 2010
REVENUES:
Operating revenues - equipment sales and related services	$ 1,125,249	$ 1,242,264
Operating revenues - cryobanking and related services	321,096	336,993
Total Revenues	1,446,345	1,579,257
Costs of sales-equipment sales and related services	616,063	691,786
Costs of sales-cryobanking and related services	36,448	35,864
Total Costs of Sales	652,511	727,650
Gross Profit	793,834	851,607
OPERATING EXPENSES:
Research and development-equipment sales and related services	2,508,657	2,826,068
Research and development-cryobanking and related services	197,295	215,572
Total Research and Development Expenses	2,705,952	3,041,640
Selling, general, and administrative- equipment sales and related services	3,219,204	2,750,626
Selling, general and administrative- cryobanking and related services	655,092	718,452
Total Selling, General and Administrative Expenses	3,874,296	3,469,078
Total Operating Expenses	6,580,248	6,510,718
Loss from Operations	(5,786,414)	(5,659,111)
Dividend income-investment portfolio	2,237,734	2,226,198
Realized gains on sale of securities, net	33,189	13,509,318
Mark to market of short positions	(8,501,859)	(1,526,064)
Other revenues	12,374	12,166
Interest expense, net of interest income of $6,425 and $1,944	(168,923)	(61,676)
Administrative expenses relating to portfolio investments	(153,816)	(150,675)
Total Other (expense) income, net	(6,541,301)	14,009,267
(Loss) Income before income taxes	(12,327,715)	8,350,156
(Benefit ) provision for income taxes	(5,142,076)	3,381,892
Net (Loss) Income	(7,185,639)	4,968,264
Weighted average number of shares outstanding – basic and diluted	$ 4,219,654	$ 4,237,216
Net (loss) income per common equivalent share –basic and diluted (in Dollars per share)	$ (1.70)	$ 1.17
Dividends paid per common share (in Dollars per share)	$ 0.25	$ 1.00

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2011	Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (7,185,639)	$ 4,968,264
Depreciation & amortization	290,791	296,554
Deferred income taxes	(3,190,269)	(1,017,042)
Provision for bad debts	5,000	32,981
Gain on sale of fixed assets		(52,533)
Loss on disposal of fixed assets		19,835
Stock dividend income received on investments	(7,028)
Stock based compensation associated with employee stock option plans	9,731
Gains on sale of investments, net	(33,189)	(13,509,318)
Marked to market adjustments on options and shorts	8,501,859	1,526,064
(Increase ) decrease in accounts receivable	(45,864)	28,814
(Increase) in prepaid expenses & other current assets	(78,779)	(26,129)
(Increase) in Income Tax Refund Receivable	(2,013,031)
Decrease in inventory	62,100	90,773
Increase (decrease) in accounts payable and accrued liabilities	88,626	(97,089)
(Decrease) increase in income taxes payable	(2,899,707)	2,043,725
(Decrease) increase in deferred income	(13,249)	5,018
Net cash used in operating activities	(6,508,648)	(5,690,083)
Purchase of property and equipment	(123,150)	(324,710)
Proceeds from sale of fixed assets		65,000
Increase in receivable from broker	(812,134)	(11,699,512)
Increase in securities borrowed	730,784	11,634,757
Purchases of put and call options	(8,961,293)	(419,080)
Sale of put and call options	14,318,728	18,623,868
Purchase of investments	(25,722,529)	(28,856,997)
Sales of investments	9,181,156	20,378,599
Net cash (used in) provided by investing activities	(11,388,438)	9,401,925
Proceeds from margin loan payable	44,633,031	41,462,399
Repayment of margin loan payable	(25,404,421)	(40,877,703)
Dividends paid	(1,054,450)	(4,229,520)
Repayment of mortgage	(44,853)	(43,431)
Purchase of treasury stock	(230,337)	(242,934)
Net cash provided by(used in) financing activities	17,898,970	(3,931,189)
Net increase (decrease) in cash and cash equivalents	1,884	(219,347)
Cash and cash equivalents at beginning of year	57,741	277,088
Cash and cash equivalents at end of year	59,625	57,741
Interest	175,348	63,916
Income taxes	$ 3,002,828	$ 2,424,813

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash and cash equivalents	$ 59,625	$ 57,741
Receivable from broker	23,078,775	32,382,439
Available-for-sale securities, at fair value	55,804,364	53,876,071
Accounts receivable, net of reserve of $130,402 in 2011 and $125,402 in 2010	219,684	178,820
Inventory	301,534	363,634
Income tax refund receivable	2,013,031
Prepaid expenses and other current assets	209,339	130,560
Total Current Assets	81,686,352	86,989,265
Property and equipment, net	4,001,351	4,168,992
Other assets	37,158	37,158
Total Assets	85,724,861	91,195,415
CURRENT LIABILITIES
Accounts payable and accrued liabilities	525,168	436,542
Loans payable	13,751,008	4,638,197
Income taxes payable	87,093	2,986,800
Mortgage payable, current portion	58,054	46,798
Puts and calls, at fair value	7,103,448	4,330,069
Securities borrowed, at fair value	23,136,820	22,406,036
Deferred revenue	38,671	51,920
Deferred income taxes	4,564,054	9,003,946
Total Current Liabilities	49,264,316	43,900,308
LONG TERM LIABILITIES
Mortgage payable, less current portion	243,954	300,063
Total Liabilities	49,508,270	44,200,371
STOCKHOLDERS’ EQUITY
Outstanding – 4,202,351 and 4,226,137 shares, respectively	53,165	53,165
Additional paid in capital	10,684,752	10,675,228
Accumulated other comprehensive income	12,572,514	14,890,272
Retained earnings	24,740,252	32,980,341
Less: cost of common stock held in treasury, at cost, 1,114,179 shares in 2011 and 1,090,413 in 2010	(11,834,092)	(11,603,962)
Total Stockholders’ Equity	36,216,591	46,995,044
Total Liabilities and Stockholders’ Equity	$ 85,724,861	$ 91,195,415