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Nyer Medical Group, Inc. Reports Revenues of $18.6 Million for the Quarter Ended March 31, 2009

HOLLISTON, Mass., May 15 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc. (Nasdaq: NYER) reported results for the Company's third quarter ended March 31, 2009. Revenues for third quarter of fiscal 2009 increased $1.3 million or 7.5% to $18.6 million from $17.3 million as reported for the comparable quarter in the prior year. The increase in revenues was primarily due to the addition of five new pharmacies over the past 12 months. Revenues slightly decreased at stores open more than one year due to management's decision to transfer business from existing pharmacies to two of the newly opened pharmacies to achieve efficiencies in the dispensing process. If the effect of the business transfer is taken into account, comparable store revenue was up approximately 5% from the third quarter of fiscal 2008.

Net loss for the third quarter of fiscal 2009 was $0.3 million or $.07 per diluted share and was comprised of a loss from continuing operations of $0.2 million or $0.05 per diluted share and a net loss from discontinued operations of $0.1 million or $0.02 per diluted share. The net loss for the comparable period in the prior year was $0.6 million or $0.16 per diluted share and was comprised of a loss from continuing operations, net of deemed dividend on redemption of preferred stock. Costs and expenses, mainly selling, general and administrative expenses, for the third quarter of fiscal 2009 as a percentage of revenues increased over the comparable quarter in the prior year primarily due to the five newly opened pharmacies where we have constructed an operating infrastructure capable of supporting the assisted living community, where we are planning to increase our market share.

"The organizational restructuring of the Company continued into the third quarter of fiscal 2009," President and CEO Mark Dumouchel said. "During the quarter, we began operating at the Dimock Community Health Center in Roxbury, Massachusetts, increasing our number of locations with 340B affiliations to 14. We additionally laid the ground work to close a non-profitable location this June and simultaneously retain the majority of its revenue base by transferring its prescription records to other pharmacy locations." Mr. Dumouchel further stated, "We remain confident that our investment in our growth initiatives will be profitable for us and beneficial to our shareholders."

About Nyer Medical Group

Nyer Medical Group, Inc., is a holding company that through its pharmacy subsidiary operates pharmacies and provides pharmacy management services to various not-for-profit entities in the greater Boston area.

Safe Harbor for Forward-Looking Statements

Certain statements contained in this press release are forward-looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are generally identified by the inclusion of phrases such as "we expect," "we anticipate," "we believe," "we estimate" and other phrases of similar meaning. For example, the statements regarding restructuring and growth initiatives that will prove to be profitable and beneficial to shareholders all involve forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those contemplated in the forward-looking statements. Such factors include, but are not limited to: The continued growth in prescription volume at newly opened locations and success in consolidation of administration and elimination of overhead. Additional factors are described under "Part I. Item 1. A. -- Risk Factors" in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Except as required by law, Nyer Medical Group undertakes no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

              NYER MEDICAL GROUP, INC.
        Condensed Consolidated Balance Sheets
                             March 31,   June 30,
    $ in millions                2009       2008
                           ---------    --------
    Assets                (unaudited)
    Current assets              $13.3      $13.9
    Property and
     equipment, net               1.4        1.3
    Other assets                  3.2        3.3
                                -----      -----
        Total assets            $17.9      $18.5
                                =====      =====

    Liabilities and shareholders'
    Current liabilities          $7.4       $8.0
    Long-term debt, net
     of current portion           1.9        2.0
    Shareholders' equity          8.6        8.5
                                -----      -----
        Total liabilities and
         shareholders' equity   $17.9      $18.5
                                =====      =====

                           NYER MEDICAL GROUP, INC.
          Condensed Consolidated Statements of Operations (unaudited)

                         For the three months        For the nine months
    $ in millions,         ended March 31,             ended March 31,
     except share         ----------------            -----------------
     data                  2009       2008           2009       2008
                           ----       ----           ----       ----
    Net revenues          $18.6      $17.3          $55.2      $50.7
    Cost and expenses      18.9       17.6           55.5       51.3
                           ----       ----           ----       ----
    Loss from
     operations            (0.3)      (0.3)          (0.3)      (0.6)
    Other income
     (expense), net        (0.1)         -           (0.1)         -
                           ----          -           ----          -
    Loss from continuing
     operations before
     provision for income
     taxes and minority
     interest              (0.4)      (0.3)          (0.4)      (0.6)
    Benefit for
     income taxes           0.2        0.1            0.1        0.1
                            ---        ---            ---        ---
    Loss from continuing
     operations            (0.2)      (0.2)          (0.3)       (0.5)
    Net (loss) gain
     from discontinued
     operations, net
     of tax                (0.1)         -            0.2        0.2
                           ----          -            ---        ---
    Net loss               (0.3)      (0.2)          (0.1)      (0.3)
    Deemed dividend
     attributable to
     common shareholders      -       (0.4)             -       (0.4)
                           ----       ----           ----        ----
    Net loss attributable to
     common shareholders  $(0.3)     $(0.6)         $(0.1)      $(0.7)
                          =====      =====          =====       =====

    Basic and diluted earnings
     per share:
    Loss per share, continuing
     operations, net of
     deemed dividend on
     redemption of
     preferred stock     $(0.05)    $(0.16)        $(0.06)     $(0.22)
    Earnings (loss)per share,
     operations           (0.02)      0.00           0.04        0.03
                           -----      ----           ----        ----
      Loss per share
       to common
       shareholders      $(0.07)    $(0.16)        $(0.02)     $(0.19)
                         ======     ======         ======      ======

    Shares used in computing
     earnings per share:
      Basic           3,978,199  3,978,199      3,978,199   3,978,199
      Diluted         3,978,199  3,978,199      3,978,199   3,978,199

SOURCE Nyer Medical Group, Inc.
Copyright©2009 PR Newswire.
All rights reserved

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