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Nyer Medical Group, Inc. Reports Revenues of $18.9 Million With Net Loss of $.16 Per Share for 3rd Quarter of Fiscal Year 2008
Date:5/22/2008

BANGOR, Maine, May 22 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc. (Nasdaq: NYER) reported results for the third quarter of fiscal year 2008. Revenues for the three months ended March 31, 2008 increased $1.55 million or 8.9% to $18.92 million from $17.38 million as reported for the same period last year. Net loss for the three months ended March 31, 2008 was $615,892 or $.16 per share as compared to a net loss of $67,919 or $.02 per share for the same period ended March 31, 2007. The net loss reflects costs related to the acquisition of the remaining 20% minority interest in D.A.W. and the change in control of the Company, totaling approximately $721,000 or $.18 per share for the three months ended March 31, 2008. This was primarily due to the purchase of Class A and B (Series 1) Preferred Stock of $400,000; legal expense of $186,000 and a severance charge attributable to the non-renewal of the former chief executive officer's employment contract of $118,000.

The pharmacies segment's revenues increased $1.79 million to $17.94 million or 11.1% for the three months ended March 31, 2008 as compared to $16.15 million for the three months ended March 31, 2007. This was due to an 8.5% increase in the number of prescriptions dispensed at stores open more than one-year, the acquisition of a pharmacy in July 2007 and the addition of two new pharmacies, in April and December 2007, respectively. Stores open more than one year experienced a 5.4% growth in revenue. The pharmacies recognize revenues both from the sale of prescription medications and other products as well as through dispensing fee revenue derived through the dispensing of inventory owned by Federally Qualified Health Centers ("FQHCs") pursuant to Pharmacy Management Servic
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SOURCE Nyer Medical Group, Inc.
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