Net income for the second quarter of 2009 was
Gross profit margin was 19.8% for the second quarter of fiscal 2009 compared to 22.1% in the second quarter of fiscal 2008 due to declining insurance reimbursement rates and the fact that the
Selling, general and administrative expenses for the second quarter of fiscal 2009 increased
"The reorganization of Nyer Medical and streamlining of operations continued into the second quarter of fiscal 2009," President and CEO
About Nyer Medical Group
Nyer Medical Group, Inc. is a holding company that through its pharmacy subsidiary operates pharmacies and provides pharmacy management services to various not-for-profit entities in the greater
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SafeHarbor 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: The continued growth in prescription volume at newly opened locations and success in consolidation of administration and elimination of overhead. 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.
NYER MEDICAL GROUP, INC. Condensed Consolidated Statements of Operations (unaudited) For the three months For the six months ended December 31, ended December 31, ------------------- ------------------- $ in millions, except share data 2008 2007 2008 2007 Net revenues $19.0 $17.1 $36.6 $33.4 Cost and expenses 19.1 17.5 36.6 33.8 Income (loss) from operations (0.1) (0.3) 0.06 (0.3) Other income (expense), net (0.0) 0.0 (0.1) 0.0 Loss from continuing operations before provision for income taxes and minority interest (0.1) (0.3) 0.0 (0.3) Benefit for income taxes 0.1 0.1 0.0 0.1 Minority interest expense, net of income taxes - (0.0) - 0.0 Loss from continuing operations (0.1) (0.2) (0.0) (0.2) Net gain from discontinued operations, net of tax 0.3 0.1 0.2 0.1 Net income (loss) 0.2 (0.1) 0.2 (0.1) Basic earnings per share: Basic loss per share, continuing operations $(0.01) $(0.06) $- $(0.07) Basic income per share, discontinued operations 0.07 0.04 0.05 0.04 Basic income (loss) per share $0.06 $(0.02) $0.05 $(0.03) Diluted earnings per share: Diluted loss per share, continuing operations $(0.01) $(0.06) $0.00 $(0.07) Diluted income per share, discontinued operations 0.06 0.04 0.05 0.04 Diluted income (loss) per share $0.05 $(0.02) $0.05 $(0.03) Shares used in computing earnings (loss) per share: Basic 3,978,199 3,978,199 3,978,199 3,978,199 Diluted 5,011,416 3,978,199 5,011,416 3,978,199 NYER MEDICAL GROUP, INC. Condensed Consolidated Balance Sheets December 31, June 30, $ in millions 2008 2008 Assets (unaudited) Current assets $14.1 $13.9 Property and equipment, net 1.4 1.3 Other assets 3.3 3.3 Total assets $18.8 $18.5 Liabilities and shareholders' equity Current liabilities $8.2 $8.1 Long-term debt, net of current portion 1.8 1.9 Shareholders' equity 8.8 8.5 Total liabilities and shareholders' equity $18.8 $18.5
SOURCE Nyer Medical Group, Inc.