The medical segment's S,G&A expenses decreased $278,976 or 14.4% to $1,661,724 for the year June 30, 2007 as compared to $1,940,700 for the year June 30, 2006. The decrease was due to a combination of the following: a reduction in sales related expenses of $213,994, warehouse and delivery expense of $19,355, in shipping charges of $28,920 and reduced bulk inventory storage costs and expenses of $25,888.
The Corporate segment's overhead increased by $413,005 or 75.3% to $961,460 for the year June 30, 2007 as compared to $548,455 for the year June 30, 2006 due to a combination of the following: an increase in fees paid to the minority shareholders (20% owners of the pharmacy segment) for an extension of $291,640, write off of a note receivable of $51,321, increased legal fees of approximately $23,000, investment banker expense of $26,116, increased board and audit committee expenses of $11,970, an increase in annual meeting expenses of $10,340, an increase in Nasdaq Stock Market listing fees of $10,000 and interest expense of $3,145. These increases were partially offset by a combination of the following reductions: personnel costs of $24,925 and audit expense of $12,630.
The Company received a going concern audit opinion recently, which opinion was set forth in its Form 10-K filed with the Securities Exchange Commission on October 12, 2007.
Nyer Medical Group, Inc. is a holding company that through its
subsidiaries operates pharmacies in
|SOURCE Nyer Medical Group, Inc.|
Copyright©2007 PR Newswire.
All rights reserved