HEARx REPORTS SECOND QUARTER AND SIX MONTHS RESULTS
HEARx REPORTS SECOND QUARTER AND SIX MONTHS RESULTS WEST PALM BEACH, Fla., April 16 /PRNewswire/ -- HEARx, Ltd.
(NASDAQ: EARS), today reported results for the second quarter and six months of fiscal 1992.
For the quarter ending March 31, 1992, revenues increased to $1,590,000 from $1,118,000 for the same quarter of the last fiscal year -- a 42 percent increase. March revenues reached an all-time high with sales in excess of $600,000. Losses were reduced for the quarter to $415,000 from $574,000. For the six months ended March 31, 1992, HEARx had revenue of $3,059,000 versus $2,269,000 in the similar period the prior year. The company's loss was reduced by 25 percent to $906,000 in the most recent six month period from $1,217,000 last year. During this recent quarter, a second HEARx/AARP Pharmacy Services center opened serving the Tampa/St. Petersburg market. Commenting on these results, Paul A. Brown, M.D., HEARx chairman, said: "Since HEARx is currently operating what we believe to be a unique system for the delivery of hearing care, our primary concern at this stage of development continues to be increasing our market share even if this means delaying our reaching a position of corporate profitability." In order to increase shareholder equity, Brown recently converted $700,000 of debt into equity. The company's improved equity base, if combined with an infusion of outside capital, should allow for the re-listing of the HEARx securities on a national exchange. To provide funds for short-term capital needs, HEARx was successful, with Brown's personal guarantee, in securing a line of credit of $800,000. To provide capital for long-term needs, HEARx engaged the services of an investment banker to arrange for a private placement of funds, which would be used primarily to expand the center network in Florida. HEARx, Ltd., the nation's largest network of independent auditory- vestibular-rehabilitative centers, has comprehensive state-of-the-art facilities offering a full range of diagnostic and rehabilitative services, and currently operates 30 locations in New York, Florida, Georgia and Oregon. HEARx has strategic alliances with 3M, Humana Health Care Plans, Aetna Health Care Plans of New York, and AARP Pharmacy Services. HEARx, LTD., AND SUBSIDIARY Consolidated Statements Of Operation (Unaudited) Three months ended March 31 1992 1991 Net sales $1,589,720 $1,117,842 Net loss $ (414,631) $ (574,226) Net loss per common share $(.02) $(.03) Weighted average number of shares of common stock outstanding 26,983,107 20,132,500 Six months ended March 31 1992 1991 Net sales $3,059,428 $ 2,268,860 Net loss $ (906,123) $(1,216,890) Net loss per common share $(.03) $(.06) Weighted average number of shares of common stock outstanding 26,311,115 20,132,500 -0- 4/16/92 /CONTACT: Ed Silverman of Silverman Heller Associates, 212-682-9222, for HEARx/ (EARS) CO: HEARx, Ltd. ST: Florida IN: HEA SU: ERN
GK-SM -- NY011 -- 9204 04/16/92 10:52 EDT
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|Date:||Apr 16, 1992|
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