Nyer Medical Group, Inc. Reports EPS of $.02 on Record Revenues of $69.9 Million for Fiscal Year ...( Company Revenues Up 9.9% ...),Health

Company Revenues Up 9.9% For Fiscal Year Ended 2007

BANGOR, Maine, Oct. 15 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc. (Nasdaq: NYER) today reported the audited financial results for its fiscal year ended June 30, 2007. Revenues increased 9.9% to $69,908,210 for fiscal year ended June 30, 2007 as compared to $63,596,975 as reported for the same period ended June 30, 2006. The Company reported a net income of $86,446 or $.02 basic net earnings per common share for the year ended June 30, 2007 as compared to a net income of $858,399 or $.22 basic net earnings per common share for the same period ended June 30, 2006. The Company reported a $.02 diluted net earnings per common share for the year ended June 30, 2007 as compared to $.20 diluted net earnings per common share for the year ended June 30, 2006. In 2006, management reevaluated the deferred tax allowance in the fourth quarter and the allowance was adjusted to $600,000 which was recorded as an asset on the balance sheet and as a reduction to income tax expense on the income statement. The deferred tax asset resulted in an increase in basic earnings of $.15 per common shares and diluted earnings of $.14 per share for the year ended June 30, 2006.

The pharmacies segment's revenues increased $8,142,324 to $64,564,535 or 14.4% for the year ended June 30, 2007 as compared to $56,422,211 for the year ended June 30, 2006 due both to increased prescription sales revenue and dispensing fees. The pharmacies revenues (excluding dispensing fees) increased $7,618,700 to $62,294,837 or 13.9% for the year ended June 30, 2007 as compared to $54,676,137 for the year ended June 30, 2006. A full year of revenues for a location acquired in April 2006 accou
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