NEW YORK, NY--(Marketwired - Aug 23, 2013) - Daxor Corporation, (
At June 30, 2013, the Company had net assets of $30,740,767 or $7.47 per share versus net assets of $35,113,819 or $8.50 per share at December 31, 2012. The Company's Return on Average Net Assets for the current six month period was (12.87%).
The decrease in net assets of $(4,373,052) was mainly due to realized losses on short positions of $(6,128,318).
The Company's investment policy is to maintain a minimum of 80% of its portfolio in electric utilities. At June 30, 2013, investments in electric utilities made up 89.1% of the value of the Company's portfolio. Dividends from the Company's investments in electric utilities made up 90.2% of the Company's total dividends received for the period ended June 30, 2013. The Company is receiving dividend income on 56 of the 70 common and preferred stocks in its investment portfolio at June 30, 2013.
The portfolio turnover rate for the six months ended June 30, 2013 was 8.25% which indicates an average holding period in excess of ten years for the stocks in our investment portfolio. The investment approach of management is to buy stocks which it is prepared to hold for the long term. There are stocks in our portfolio which we have held in excess of 20 years.
At June 30, 2013 net fair value over cost of the Company's securities portfolio totaled $26,304,951. This was comprised of net fair value over cost of $26,822,068 and net cost over fair value of $(517,117).
The Company's results from investments for the six months ended June 30, 2013 are disclosed in greater detail in the Form N-CSR which will be filed later today.
Dr. Joseph Feldschuh, the President of Daxor, said:
"We believe that members of the medical community will come to understand the need for measuring patient's blood volume precisely rather than using surrogate tests and clinical guesstimates which can be extremely inaccurate. The precise knowledge of a patient's blood volume is essential for optimally treating critically ill medical and surgical patients. Our goal is to make blood volume measurement a standard of care for any patient experiencing a blood volume derangement. By the 2015 fiscal year, hospitals will be penalized 3% of their base Medicare payment for excessive readmission of Medicare patients. The penalties are based on the number of patients above the national average who are admitted to an acute-care hospital due to heart failure, heart attack or pneumonia and then readmitted within 30 days. The accurate measurement of a patient's blood volume can help decrease readmission rates and save hospitals money."
We recently received a blood banking contract from Stroock & Stroock & Lavan LLP. Stroock is a national law firm with two offices in Manhattan and one each in Los Angeles, Miami and Washington DC. They have over 750 employees and approximately 600 of them work at their main office in lower Manhattan. The contract provides eligible employees at Stroock with the ability to store their own blood for future use.
The American Medical Association has specifically stated that the safest blood to use is your own. Frozen blood stored at 150 degrees below freezing can be used for up to 10 years after it has been collected. Red blood cells can be used for up to 42 days after collection. However, studies have shown that there is a significant decrease in the effectiveness of the blood cells after only two weeks of refrigerated storage. In contrast, blood frozen at extremely low temperatures has similar characteristics to freshly donated blood once it is thawed and processed.