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Nyer Medical Group, Inc. Reports EPS of $.02 on Record Revenues of $69.9 Million for Fiscal Year Ended 2007
Date:10/15/2007

nted for an increase of $3,711,375 to $4,530,822. Revenues for the Waltham location increased approximately $412,400 or 45.8% to $1,411,250 as compared to $900,000 for the year ended June 30, 2006. The remainder of the increase is due to growth of the federal Medicare Part D drug benefit and the aging of the American population resulting in increased drug utilization. Dispensing fees revenue increased $523,624 to $2,269,698 or 30% for the year ended June 30, 2007 as compared to $1,746,074 for the year ended June 30, 2006. Dispensing fees revenue is recognized from contracts with federally qualified health centers (FQHC).

The pharmacies' S,G&A expenses increased $2,213,576 to $13,466,044 or 19.7% for the year ended June 30, 2007 as compared to $13,466,044 for the year ended June 30, 2006. The main reasons for the increases: a full year of operations for a pharmacy opened in April 2006, a pharmacy opened in January 2007, a pharmacy opened in April 2007, short supply of pharmacists and pharmacy technicians, and costs associated with increased revenues; increased labor costs of approximately $1,591,300, mainly due to the first full year of labor costs for a pharmacy opened in April 2006 of approximately $400,000, approximately $380,000 due to the short supply of pharmacists and pharmacy technicians, labor costs of $175,350 associated with two new pharmacies, with the balance of the increase due to increased revenues. The balance was composed of rent expense of $143,775, equipment rental of $128,935, legal expense of $120,125 (primarily due to litigation expense), advertising expense of $100,980, store supplies of $60,575, utilities of $34,080, and software support expense of $28,190. The increases were partially offset by a reduction in LIFO expense of $168,615.

The medical segment's sales decreased $1,831,089 to $5,343,675 or 25.5% in 2007 as compared to $7,174,764 for the year June 30, 2006. Internet sales decreased by approximately $848,860 due to lower e
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SOURCE Nyer Medical Group, Inc.
Copyright©2007 PR Newswire.
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