Daxor Corporation Announces First Quarter 2010 Earnings and Payment of a Dividend

NEW YORK, NY--(Marketwire - May 11, 2010) -

Daxor Corporation (NYSE Amex: DXR)

 Three Months Ended March 31, 2010 March 31, 2009 -------------- -------------- Total Operating Revenue $ 396,272 $ 434,037 Total Costs & Expenses 1,738,428 1,548,533 -------------- -------------- Net Loss From Operations $ (1,342,156) $ (1,114,496) Total Other Income (Expense) 1,833,829 (304,015) -------------- -------------- Income (Loss) Before Income Taxes $ 491,673 $ (1,418,511) Income Tax Expense 584,092 124,774 -------------- -------------- Net Loss $ (92,419) $ (1,543,285) ============== ============== Weighted Average Number of Shares Outstanding 4,247,285 4,285,685 Net Loss Per Share $ (0.02) $ (0.36) 

Daxor Corporation (NYSE Amex: DXR), a medical instrumentation and biotechnology company, today announced first quarter earnings for 2010. The Company had a net loss per share of $(0.02) during the current quarter versus a net loss of $(0.36) per share for the quarter ended March 31, 2009. The realized gains on sales of securities and dividend income totaled $6,644,790 for the quarter ended March 31, 2010 versus $6,111,131 for the first quarter of 2009.

The Company recorded a loss from marking to market short positions of $4,772,764 during the quarter ended March 31, 2010 versus $6,318,524 for the first quarter of 2009.

Income tax expense for the three months ended March 31, 2010 and 2009 includes accruals of $1,820,468 and $1,652,500 for income tax and $767,025 and $665,000 for personal holding company tax. These tax accruals were mostly offset by reductions of $2,003,401 and $2,192,726 for deferred taxes attributable to the loss from the marking to market of short positions.

For the three months ended March 31, 2010 total operating revenues decreased by $37,765 or 9% to $396,272 from $434,037 in 2009. This is directly attributable to a decrease in kit sales of $36,844 or 12%. There were no BVA-100 Blood Volume Analyzers sold in the first quarter of 2010 or 2009.

Total costs and operating expenses for the first quarter of 2010 increased by $150,586 or 11% to $1,546,651 from $1,396,065 for the first quarter of 2009 due to an increase in research and development costs of $279,408.

At March 31, 2010, the Company had total assets of $86,997,985 with total stockholders’ equity of $46,636,771 versus total assets of $75,186,990 and $47,625,337 of stockholders’ equity at December 31, 2009. The decrease in stockholders’ equity is mainly due to a reduction in the net unrealized gain on the Company’s available for sale securities to $23,328,358 at March 31, 2010 from $24,640,577 at December 31, 2009.

The company is increasing its expenditures associated with research and development as part of the ongoing effort to develop products that are complementary to its current product line. There were 55 Blood Volume Analyzers in service at March 31, 2010 versus 53 instruments at March 31, 2009.

The Board of Directors has voted to declare a dividend of $0.10 per share. The dividend will be payable on Wednesday, June 16, 2010 to shareholders of record on Tuesday, June 1, 2010.

In 2008, Management instituted a policy of paying dividends when funds were available.

For the Year Ended December 31, 2009, the Company paid a total dividend of $1.35 per share as follows: $0.10 per share on June 15th and $0.25 per share on September 8th along with a year end dividend of $1.00 per share on December 24th.

The goal of Management is to follow a similar policy for 2010 and pay a total dividend of $1.00 per share for the year if funds are available.

For more detailed information on our financial results, please refer to our Form 10-Q for the quarter ended March 31, 2010 which will be filed later today.