HOLLISTON, Mass., Nov. 18 Nyer Medical Group,Inc. ("NYER") (Nasdaq: NYER) reported results for the quarter ended September30, 2008. Revenues for the quarter ended September 30, 2008 increased $1.3million or 7.7% to $18.2 million from $16.9 million as reported for the sameperiod last year. The net loss for the quarter consisted of net income fromcontinuing operations of $55,347 or $.01 net income per share as compared to anet loss of $12,507 or $.01 net loss per share for the same period in 2007, aswell 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 pershare for the same period in 2007. Total net loss for the quarter endedSeptember 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 fromthree pharmacies opened in December 2007, February 2008 and July 2008.Revenue at pharmacies open more than one year was flat largely due tomanagement's decision to transfer business from existing pharmacies to two ofthe newly opened pharmacies to achieve efficiencies. Absent the transferenceof business, comparable store revenue was up 5.3%. The number ofprescriptions dispensed at stores open more than one year increased 11%.
The Company had discontinued operations that consisted of its medicalsegment. In September 2008, the medical segment located in Maine, soldcertain assets and transferred certain liabilities. The purchaser was alsogranted an option to buy the medical segment's building and land, which wereretained by Nyer, along with responsibility for the existing line of credit.
"The reorganization of Nyer and streamlining of operations continued intothe first quarter of Fiscal 2009," stated President and CEO Mark Dumouchel."We successfully concluded the sale of our only remaining non-pharmacyoperation, ADCO Surgical Supply, Inc., opened an efficiency centered pharmacyto manage a large number of our specialized location insensitive accounts, andsimultaneously implemented the operational foundation at the East BostonNeighborhood Health Center, where we assumed management control on October 6,2008." Dumouchel further stated, "Our restructuring and growth initiativeshave generated some expenses in the short-run but we remain confident that ourefforts will prove to be profitable and beneficial to our shareholders in thelong-run."
About Nyer Medical Group
Nyer Medical Group, Inc. is a holding company that through its pharmacysubsidiary 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 innature within the meaning of the Private Securities Litigation Reform Act of1995 and other federal securities laws. These statements are generallyidentified by the inclusion of phrases such as "we expect", "we anticipate","we believe", "we estimate" and other phrases of similar meaning. Forexample, the statements regarding restructuring and growth initiatives thatwill prove to be profitable and beneficial to shareholders all involveforward-looking statements. These statements involve known and unknown risks,uncertainties and other factors that may cause the actual results to bematerially different from those contemplated in the forward-lookingstatements. Such factors include, but are not limited to: 1) The continuedgrowth in prescription volume at newly opened locations, and success inconsolidation of administration and elimination of overhead; and 2) Changes incapital equity markets. Additional factors are described under "Part I.Item 1. A. - Risk Factors" in our most recent Annual Report on Form 10-K asfiled with the Securities and Exchange Commission. Except as required by law,Nyer Medical Group undertakes no obligation to release publicly the result ofany revision to these forward-looking statements that may be made to reflectevents or circumstances after the date hereof or to reflect the occurrence ofunanticipated events.
SOURCE Nyer Medical Group, Inc.