Nyer Medical Group, Inc. Reports Revenues of $19.5 Million for the Quarter Ended June 30, 2009
October 01 2009 - 10:14AM
PR Newswire (US)
HOLLISTON, Mass., Oct. 1 /PRNewswire-FirstCall/ -- Nyer Medical
Group, Inc., (NASDAQ:NYER) reported results for the Company's
fiscal fourth quarter and year ended June 30, 2009. Revenues for
the fourth quarter of fiscal year 2009 increased $1,635,438 or 9.1%
to $19,512,082 from $17,876,644 as reported for the comparable
quarter in the prior year. Revenues increased $6,127,830 to
$74,722,844 or 8.9% for fiscal year 2009, as compared to
$68,595,014 for fiscal year 2008. The increase in revenues for both
the quarter and fiscal year 2009 was primarily due to the addition
of five new pharmacies over the past 12 months. The Company
operated 25 locations as of June 30, 2009, compared to 23 locations
in the prior year. Net revenues decreased 2% at stores open more
than one year due to the Company's decision to transfer accounts
representing approximately $5.3 million in net revenues to two of
the newly opened pharmacies. The transfer was done to group certain
specialized accounts together in order to achieve efficiencies in
the dispensing process. If the effect of the business transfer is
taken into effect, comparable revenue increased approximately 5%
for fiscal year 2009. Net loss for the fourth quarter of fiscal
year 2009 was $33,338 or $0.01, compared to net income for the
fourth quarter of fiscal year 2008 of $345,184 or $0.09 per diluted
share. Net loss for fiscal year 2009 was $93,859 or $0.02 per
diluted share and was comprised of a loss from continuing
operations of $256,076 or $0.06 per diluted share and gain from
discontinued operations, net of tax, of $162,217 or $0.04 per
diluted share. The net loss for fiscal year 2008 was $109,472 or
$0.03 per diluted share (net of deemed dividend on redemption of
preferred stock of $399,997) and was comprised of loss from
continuing operations (net of deemed dividend on redemption of
preferred stock) of $255,082 or $0.06 per diluted share and gain
from discontinued operations, net of tax, of $145,610 or $0.03 per
diluted share. The increased losses in both the fourth quarter and
for fiscal year 2009 as compared to the comparable periods in 2008
were primarily due to increased costs and expenses, mainly selling,
general and administrative expenses, primarily due to the five
newly opened pharmacies where the Company has constructed an
operating infrastructure capable of supporting the assisted living
community, where the Company is planning to increase its market
share. "The organizational restructuring of the Company continued
into the fourth quarter of fiscal 2009," President and CEO Mark
Dumouchel said. "During the quarter, we closed a non-profitable
location and simultaneously retained the majority of its revenue
base by transferring its prescription records to other pharmacy
locations." Mr. Dumouchel further stated, "We continue to remain
confident that our investment in our growth initiatives will be
profitable for us and beneficial to our shareholders." 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 Boston area. For further information contact Mark
Dumouchel (508) 429-8506, extension 16. Availability of Form 10-K
The Company's Annual Report on Form 10-K for the year ended June
30, 2009 is available on the Company's website at:
http://www.nyermedicalgroup.com/. Shareholders may receive a hard
copy free of charge upon request. 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: 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. Selected Quarterly
Data For the 3 months ended For the year ended June 30 June 30
---------------------- ------------------ 2009 2008 2009 2008 ----
---- ---- ---- (restated) (restated) Net revenues $19,512,082
$17,876,644 $74,722,844 $68,595,014 Income (loss) from continuing
operations (36,025) 333,726 (256,076) 144,915 Net gain from
discontinued operations, net of tax 2,687 11,459 162,217 145,610
Net (loss) income (33,338) 345,184 (93,859) 290,525 Deemed dividend
on redemption of preferred stock - - - (399,997) Net income (loss)
attributable to common shareholders (33,338) 345,184 (93,859)
(109,472) -------------------- ------- ------- ------- --------
Basic and diluted earnings per share: Earnings (loss) per share,
continuing operations, net of deemed dividend on redemption of
preferred stock $(0.01) $0.08 $(0.06) $(0.06) Earnings per share,
discontinued operations - 0.01 0.04 0.03 ---- ---- ---- ----
Earnings (loss) per share attributable to common shareholders
$(0.01) $0.09 $(0.02) $(0.03) ====== ===== ====== ======
DATASOURCE: Nyer Medical Group, Inc. CONTACT: Mark Dumouchel of
Nyer Medical Group, Inc., +1-508-429-8506, ext. 16 Web Site:
http://nyermedicalgroup.com/
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