HOLLISTON, Mass., Nov. 18 /PRNewswire-FirstCall/ -- Nyer Medical Group,
Inc. ("NYER") (Nasdaq: NYER) reported results for the quarter ended September
30, 2008. Revenues for the quarter ended September 30, 2008 increased $1.3
million or 7.7% to $18.2 million from $16.9 million as reported for the same
period last year. The net loss for the quarter consisted of net income from
continuing operations of $55,347 or $.01 net income per share as compared to a
net loss of $12,507 or $.01 net loss per share for the same period in 2007, as
well as a net loss for the quarter from discontinued operations of $65,785 or
$.02 loss per share as compared to a net loss of $22,282 or $.01 net loss per
share for the same period in 2007. Total net loss for the quarter ended
September 30, 2008 was $10,438 or $.01 per share as compared to a net loss of
$34,789 or $.01 per share for the same period last year.
The increase in annual revenues was primarily the result of revenue from
three pharmacies opened in December 2007, February 2008 and July 2008.
Revenue at pharmacies open more than one year was flat largely due to
management's decision to transfer business from existing pharmacies to two of
the newly opened pharmacies to achieve efficiencies. Absent the transference
of business, comparable store revenue was up 5.3%. The number of
prescriptions dispensed at stores open more than one year increased 11%.
The Company had discontinued operations that consisted of its medical
segment. In September 2008, the medical segment located in Maine, sold
certain assets and transferred certain liabilities. The purchaser was also
granted an option to buy the medical segment's building and land, which were
retained by Nyer, along with responsibility for the existing line of credit.
"The reorganization of Nyer and streamlining of operations continued into
the first quarter of Fiscal 2009," stated President and CEO Mark Dumouchel.
"We successfully concluded the sale of our only remaining non-pharmacy
operation, ADCO Surgical Supply, Inc., opened an efficiency centered pharmacy
to manage a large number of our specialized location insensitive accounts, and
simultaneously implemented the operational foundation at the East Boston
Neighborhood Health Center, where we assumed management control on October 6,
2008." Dumouchel further stated, "Our restructuring and growth initiatives
have generated some expenses in the short-run but we remain confident that our
efforts will prove to be profitable and beneficial to our shareholders in the
long-run."
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 restructuring and growth initiatives that
will prove to be profitable and beneficial 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 continued
growth in prescription volume at newly opened locations, 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.
SOURCE Nyer Medical Group, Inc.