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Nyer Medical Group, Inc. Reports Revenues of $71.2 Million With Net Loss of $.10 Per Share for Fiscal Year 2008
Date:10/14/2008

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.

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SOURCE Nyer Medical Group, Inc.
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