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Nyer Medical Group, Inc. Reports Revenues of $18.6 Million for the Quarter Ended March 31, 2009
Date:5/15/2009

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 t
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SOURCE Nyer Medical Group, Inc.
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