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Nyer Medical Group, Inc. Reports Revenues of $19.0 Million for the Quarter Ended December 31, 2008
Date:2/19/2009

HOLLISTON, Mass., Feb.19 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc. (Nasdaq: NYER) reported results for the Company's second quarter ended December 31, 2008. Revenues for the second quarter of fiscal 2009 increased $1.8 million or 10.7% to $19.0 million from $17.1 million as reported for the comparable quarter in the prior year. The increase in revenues was primarily due to the addition of four 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 6%.

Net income for the second quarter of 2009 was $224,709 or $.05 per diluted share and was comprised of a loss from continuing operations of $52,540 or $0.01 per diluted share and a net gain from discontinued operations of $277,249 or $0.06 per diluted share. The Company had discontinued operations during the second quarter of fiscal 2009 due to the sale of its Topsfield store. The net loss for the comparable period in the prior year was $98,023 or $0.02 per diluted share and was comprised of a loss from continuing operations of $235,127 or $0.06 per diluted share and a net gain from discontinued operations of $137,104 or $0.04 per diluted share.

Gross profit margin was 19.8% for the second quarter of fiscal 2009 compared to 22.1% in the second quarter of fiscal 2008 due to declining insurance reimbursement rates and the fact that the Topsfield store's results, which had a lower than average gross profit margin rate in fiscal 2008, have been removed from continuing operations. Dispensing fees were not included in the calculation, as no cost of sale
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SOURCE Nyer Medical Group, Inc.
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