HearUSA Revenues Increase 20.5% in Fourth Quarter and 15.8% for 2006 Fiscal Year.WEST PALM BEACH, Fla. -- HearUSA, Inc. (AMEX AMEX See: American Stock Exchange : EAR) today reported that revenue for the fourth quarter of fiscal 2006 increased by 20.5% percent to approximately $22.8 million from $19.0 million in the fourth quarter a year earlier. The company also announced that during the quarter the company closed on seven acquisitions (eleven centers) with total trailing twelve month revenues of approximately $4.9 million. Revenues for 2006 fiscal year increased approximately 15.8% to $88.8 million from $76.7 million for the prior year. During the fiscal year, the Company completed 20 acquisitions (thirty one centers) with trailing twelve month revenues of approximately $15.8 million. Ken Schofield, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , commented, "We are pleased to report that the Florida Medicaid Medicaid, national health insurance program in the United States for low-income persons; established in 1965 with passage of the Social Security Amendments and now run by the Centers for Medicare and Medicaid Services. issue, reported last quarter, has proven to be an aberration as we thought. While it took most of our Q4 to run its course, we are confident that this is now behind us and should have no impact on our performance in fiscal 2007." Looking forward to 2007, the Company announced that it has already signed letters of intent for six acquisitions with trailing twelve month revenues of $3.7 million, which are expected to close in the first quarter of 2007. In addition, the Company stated that revenues for fiscal 2007 are expected to increase 15% to 20% over 2006 levels and reach $102 to $107 million. About HearUSA HearUSA, Inc. provides hearing care to patients primarily through its company-owned hearing care centers, which offer a complete range of quality hearing aids Hearing Aids Definition A hearing aid is a device that can amplify sound waves in order to help a deaf or hard-of-hearing person hear sounds more clearly. , with an emphasis on the latest digital technology. HearUSA Centers are located in California, Florida, New York Florida is the name of some places in the U.S. state of New York:
This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995, including the statements that the Company expects to complete six acquisitions during the first quarter of 2007 and expects to increase revenues for fiscal 2007 by 15% to 20% over 2006 levels to reach $102 to $107 million for the year. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include such factors as market demand for the Company's goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. ; successful implementation of the Company's acquisition program; changes in the pricing environment; general economic conditions in those geographic regions where the Company's centers are located; the impact of competitive products; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10K/A K/A Knowledge and Abilities for the 2005 fiscal year. |
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