NYER Nyer Medical Grp. (MM)

HOLLISTON, Mass., Nov. 18 /PRNewswire-FirstCall/ -- Nyer Medical Group, Inc. ("NYER") (NASDAQ:NYER) reported results for the quarter ended September 30, 2008. Revenues for the quarter ended September 30, 2008 increased $1.3 million or 7.7% to $18.2 million from $16.9 million as reported for the same period last year. The net loss for the quarter consisted of net income from continuing operations of $55,347 or $.01 net income per share as compared to a net loss of $12,507 or $.01 net loss per share for the same period in 2007, as well as a net loss for the quarter from discontinued operations of $65,785 or $.02 loss per share as compared to a net loss of $22,282 or $.01 net loss per share for the same period in 2007. Total net loss for the quarter ended September 30, 2008 was $10,438 or $.01 per share as compared to a net loss of $34,789 or $.01 per share for the same period last year. The increase in annual revenues was primarily the result of revenue from three pharmacies opened in December 2007, February 2008 and July 2008. Revenue at pharmacies open more than one year was flat largely due to management's decision to transfer business from existing pharmacies to two of the newly opened pharmacies to achieve efficiencies. Absent the transference of business, comparable store revenue was up 5.3%. The number of prescriptions dispensed at stores open more than one year increased 11%. The Company had discontinued operations that consisted of its medical segment. In September 2008, the medical segment located in Maine, sold certain assets and transferred certain liabilities. The purchaser was also granted an option to buy the medical segment's building and land, which were retained by Nyer, along with responsibility for the existing line of credit. "The reorganization of Nyer and streamlining of operations continued into the first quarter of Fiscal 2009," stated President and CEO Mark Dumouchel. "We successfully concluded the sale of our only remaining non-pharmacy operation, ADCO Surgical Supply, Inc., opened an efficiency centered pharmacy to manage a large number of our specialized location insensitive accounts, and simultaneously implemented the operational foundation at the East Boston Neighborhood Health Center, where we assumed management control on October 6, 2008." Dumouchel further stated, "Our restructuring and growth initiatives have generated some expenses in the short-run but we remain confident that our efforts will prove to be profitable and beneficial to our shareholders in the long-run." About Nyer Medical Group Nyer Medical Group, Inc. is a holding company that through its pharmacy subsidiary operates pharmacies in the greater Boston area. For further information contact Mark Dumouchel (508) 429-8506, ext. 16. 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: 1) The continued growth in prescription volume at newly opened locations, and success in consolidation of administration and elimination of overhead; and 2) Changes in capital equity markets. 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. DATASOURCE: Nyer Medical Group, Inc. CONTACT: Mark Dumouchel of Nyer Medical Group, Inc., +1-508-429-8506, ext. 16. Web site: http://nyermedicalgroup.com/

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