Nyer Medical Group, Inc. Reports Revenues of $71.2 Million With Net Loss of $.10 Per Share for Fiscal Year 2008
14 Octubre 2008 - 8:41AM
PR Newswire (US)
BANGOR, Maine, Oct. 14 /PRNewswire-FirstCall/ -- Nyer Medical
Group, Inc. (NASDAQ:NYER) reported results for the fiscal year
ended June 30, 2008. Revenues for the fiscal year ended June 30,
2008 increased $6.6 million or 10.2% to $71.2 million from $64.6
million as reported for the previous fiscal year. Net loss for the
fiscal year ended June 30, 2008 was $403,520 or $.10 per share as
compared to a net income of $86,446 or $.02 per share for the
previous fiscal year. The net loss reflects restructuring costs
related to the acquisition of the remaining 20% minority interest
in D.A.W., Inc. (D.A.W.) and the change in control of the Company,
totaling approximately $1.4 million or $.34 per share for the
fiscal year ended June 30, 2008. The restructuring costs included a
$399,997 charge attributable to the purchase of Class A and B
(Series 1) Preferred Stock from the family of Samuel Nyer; legal
expense of $586,000 and a severance charge attributable to the
non-renewal of the former chief executive officer's employment
contract of $118,000. This was partially offset by a net gain of
$87,102 or $.02 per share from discontinued operations. Per share
results break out as follows: income from continuing operations of
$.22 per share, income from discontinued operations of $.02 per
share and a loss from restructuring activities of $.34 per share.
The increase in annual revenues was primarily the result of a 4.75%
increase in the number of prescriptions dispensed at stores open
more than one year, the acquisition of a pharmacy in July 2007, and
the addition of three new pharmacies in April and December 2007,
and February 2008, respectively. Stores open more than one year
experienced a 2.4% growth in revenue. Net income for the quarter
ended June 30, 2008 was $345,184 or $.09 per share as compared to
$51,521 or $.02 per share for the same period the previous fiscal
year. All but $1,831 of the profit resulted from continuing
operations. Revenues for the quarter ended June 30, 2008 increased
$1.73 million to $18.5 million from $16.8 million for the same
period the previous fiscal year. The Company had discontinued
operations which consisted of its medical segment and fire and
police segment. The medical segment located in Florida was sold in
June 2008. In September 2008, the medical segment located in Maine
sold certain assets and transferred certain liabilities. The
purchaser was also granted and option to buy the medical segment's
building and land, which were retained by Nyer along with
responsibility for the line of credit. "Fiscal 2008 was an eventful
year for Nyer Medical Group," stated President and CEO Mark
Dumouchel. "The Company successfully concluded the acquisition of
the minority interest in its pharmacy subsidiary, saw the
transference of the control position of the Company from the Nyer
family to the former minority shareholders of the pharmacy
subsidiary and successfully divested the medical segment."
Dumouchel further stated, "The Company is poised to move forward
focusing exclusively on endeavors aligned with its core competence
within Community Pharmacy. We believe there are many opportunities
available to the Company that will prove to be profitable for the
Company and ultimately valuable to its shareholders." About Nyer
Medical Group Nyer Medical Group, Inc. is a holding company that
through its pharmacy subsidiary operates pharmacies in the greater
Boston area. For further information contact Mark Dumouchel (508)
429-8506, ext. 16. Safe Harbor for Forward-Looking Statements
Certain statements contained in this press release are
forward-looking in nature within the meaning of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. These statements are generally identified by the
inclusion of phrases such as "we expect", "we anticipate", "we
believe", "we estimate" and other phrases of similar meaning. For
example, the statements regarding opportunities in the pharmacy
business that will prove to be profitable and valuable to
shareholders all involve forward- looking statements. These
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results to be materially
different from those contemplated in the forward-looking
statements. Such factors include, but are not limited to: 1) The
continuing opportunities for acquisitions, establishment of FQHC
relationships and success in consolidation of administration and
elimination of overhead; and 2) Changes in capital equity markets.
Additional factors are described under "Part I. Item 1. A. - Risk
Factors" in our most recent Annual Report on Form 10-K as filed
with the Securities and Exchange Commission. Except as required by
law, Nyer Medical Group undertakes no obligation to release
publicly the result of any revision to these forward-looking
statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events. DATASOURCE: Nyer Medical Group, Inc. CONTACT: Mark
Dumouchel for Nyer Medical Group, Inc., +1-508-429-8506, ext. 16
Web site: http://nyermedicalgroup.com/
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