Latest news from Hear-X. It took them a couple of days to post this release on their web page and I never did see it on Yahoo or any of the wires. The news sounds very positive. I would have thought that it would have given the stock a pop. I do not know if the lack of movement is due to the botched release or that investors are just not impressed. My guess is that investors are looking for more than just promises. The stock will have to deliver for a couple of quarters before any sizable money returns to this stock.
HEARx EXPECTS TO REPORT 76% INCREASE IN 2ND QUARTER
REVENUES
WEST PALM BEACH, FL, July 6, 1999 – Paul A. Brown, M.D.,
Chairman of the Board of HEARx Ltd. (AMEX:EAR), announced today
that revenues for the second quarter ended July 2, 1999 were
approximately $12 million, a 76% increase from the comparable
period of the last fiscal year. At the same time, Dr. Brown pointed out
that revenues for the month of June were approximately $5 million as
compared to approximately $2.3 million for the same month last year.
Dr. Brown stated, "With corporate revenues at this level, HEARx
expects to report a profit from operations (before depreciation,
amortization and preferred dividends…all non-cash items) for the
entire quarter." Finally, Dr. Brown added that the one for ten reverse
stock split was put into effect at the close of business on June 30.
The company now has approximately 10.6 million shares outstanding.
HEARx, with the largest network of hearing care centers in the $2.5
billion field of hearing services, operates approximately 80
company-owned and joint ventured centers in California, Florida, New
Jersey and New York. HEARx Ltd. and HEARx West LLC, a joint
venture between HEARx Ltd. and The Permanente Foundation,
provide hearing care to patients whose health insurance and managed
care organizations have contracted with HEARx for such care and to
retail "self-pay" patients who are unaffiliated with health insurance and
managed care organizations.
FOR IMMEDIATE RELEASE
HEARx ANNOUNCES RESULTS
OF ANNUAL MEETING.
06/07/99
Paul A. Brown, M.D.
Chairman of the Board
HEARx, Ltd.
1250 Northpoint Parkway
West Palm Beach, FL 33407
(561) 478-8770 Ext. 123
Edward Silverman
Silverman Heller Inc.
380 Lexington Avenue
New York, NY 10168
(212) 682-9222
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