BANGOR, Maine, April 27 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc. today announced that its 80% owned pharmacy chain, D.A.W., Inc. d/b/a Eaton Apothecary (“Eaton”), expects sales to increase to $13.9 million or an increase of $800,000 or 5.8% for the three months ended March 31, 2006 as compared to $13.1 million for the three months ended March 31, 2005. Sales for the nine months ended March 31, 2006 are expected to increase to approximately $41 million or an increase of $1.6 million or 3.8% as compared to $39.4 million for the nine months ended March 31, 2005. Eaton had record prescriptions filled for the three months ended March 31, 2006 to 290,240, a 15.1% increase as compared to 252,070 for the three months ended March 31, 2005. The Company expects this trend to continue as baby boomers approach age 65 and the continued response to the government drug benefits program, Medicare Part D. The recent acquisition of the Connors Pharmacy in Gloucester, MA will also add approximately $1.1 million in quarterly sales and 19,500 in quarterly prescriptions.
“We are very pleased with our pharmacy chain’s growth and expect to reach our annual sales goal of $62 million by our fiscal year end of June 30, 2007,” stated Karen Wright, CEO and President of Nyer Medical Group, Inc. She also stated, “We are finalizing our negotiations to purchase the remaining 20% interest in our pharmacy chain. We expect to have this completed in the first quarter of fiscal 2007.”
Nyer Medical Group, Inc. is a holding company that through its subsidiaries operates pharmacies in the greater Boston area and a medical products distribution business that distributes and markets medical equipment and supply products to hospitals, physicians and nursing homes using relationship-based telemarketing, direct sales personnel, catalogs and the Internet. These orders are filled by the Company’s distribution centers located in New England and South Florida.
For further information contact Jack Sutton, Alliance Capital Resources, Inc., (714) 524-9710.
Additional information concerning Nyer Medical Group, Inc. may be found on NYER’s website http://www.nyermedicalgroup.com.
Safe Harbor under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements in this release that are not historical facts, including, without limitation, statements regarding the Company’s increase in sales, continued growth, continued response to the government drug benefits program, Medicare Part D and completing the purchase of the remaining 20% interest in the Company’s pharmacy chain in the first quarter of fiscal 2007 are forward-looking statements and are subject to risk and uncertainties. Such risks and uncertainties include, but are not limited to, any possible change in our core business and changes in the capital equity markets. Nyer Medical Group, Inc. does not undertake any obligation to update these forward-looking statements.
Nyer Medical Group, Inc.
CONTACT: Jack Sutton of Alliance Capital Resources, Inc., for Nyer MedicalGroup, Inc., +1-714-524-9710
Web site: http://www.nyermedicalgroup.com/
