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.
SOURCE Nyer Medical Group, Inc.