HOLLISTON, Mass., Oct. 1 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc., reported results for the Company's fiscal fourth quarter and year ended June 30, 2009. Revenues for the fourth quarter of fiscal year 2009 increased $1,635,438 or 9.1% to $19,512,082 from $17,876,644 as reported for the comparable quarter in the prior year. Revenues increased $6,127,830 to $74,722,844 or 8.9% for fiscal year 2009, as compared to $68,595,014 for fiscal year 2008.
The increase in revenues for both the quarter and fiscal year 2009 was primarily due to the addition of five new pharmacies over the past 12 months. The Company operated 25 locations as of June 30, 2009, compared to 23 locations in the prior year. Net revenues decreased 2% at stores open more than one year due to the Company's decision to transfer accounts representing approximately $5.3 million in net revenues to two of the newly opened pharmacies. The transfer was done to group certain specialized accounts together in order to achieve efficiencies in the dispensing process. If the effect of the business transfer is taken into effect, comparable revenue increased approximately 5% for fiscal year 2009.
Net loss for the fourth quarter of fiscal year 2009 was $33,338 or $0.01, compared to net income for the fourth quarter of fiscal year 2008 of $345,184 or $0.09 per diluted share. Net loss for fiscal year 2009 was $93,859 or $0.02 per diluted share and was comprised of a loss from continuing operations of $256,076 or $0.06 per diluted share and gain from discontinued operations, net of tax, of $162,217 or $0.04 per diluted share. The net loss for fiscal year 2008 was $109,472 or $0.03 per diluted share (net of deemed dividend on redemption of preferred stock of $399,997) and was comprised of loss from continuing operations (net of deemed dividend on redemption of preferred stock) of $255,082 or $0.06 per diluted share and gain from discontinued operations, net of tax, of $145,610 or $0.03 per diluted share. The increased losses in both the fourth quarter and for fiscal year 2009 as compared to the comparable periods in 2008 were primarily due to increased costs and expenses, mainly selling, general and administrative expenses, primarily due to the five newly opened pharmacies where the Company has constructed an operating infrastructure capable of supporting the assisted living community, where the Company is planning to increase its market share.
"The organizational restructuring of the Company continued into the fourth quarter of fiscal 2009," President and CEO Mark Dumouchel said. "During the quarter, we closed a non-profitable location and simultaneously retained the majority of its revenue base by transferring its prescription records to other pharmacy locations." Mr. Dumouchel further stated, "We continue to 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.
For further information contact Mark Dumouchel (508) 429-8506, extension 16.
Availability of Form 10-K
The Company's Annual Report on Form 10-K for the year ended June 30, 2009 is available on the Company's website at: www.nyermedicalgroup.com. Shareholders may receive a hard copy free of charge upon request.
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.
SOURCE Nyer Medical Group, Inc.
CONTACT: Mark Dumouchel of Nyer Medical Group, Inc., +1-508-429-8506, ext.
Web site: http://nyermedicalgroup.com/