News out today:
I'm somewhat disappointed. I had hoped that we would be clearly in the black. What does it take to show a profit with this company, anyway?
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HEARx Reports 76% Increase in
Revenues and 42% Increase in Same
Store Sales for the 2nd Quarter
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--July 21, 1999--Paul A. Brown, M.D.,
Chairman of the Board of HEARx Ltd. (AMEX:EAR - news), announced today revenues in the
second quarter increased 76% over the same period last year to $12,005,229 from $6,816,576.
This resulted in an operating profit (before depreciation, amortization, and preferred dividends). The
net loss for the quarter was reduced 63% to $856,971 from $2,317,883 in the comparable period
last year. This improvement was a result of expansion into California with the Kaiser Permanente
joint venture, an expanded marketing program in Florida and the Northeast, growth in the
membership of a number of the company's contracted healthcare providers and several new
contracts in the Northeast.
Dr. Brown added that revenues for the month of June increased 125% to $5,241,708 compared to
$2,331,965 for the same period last year. Sales at this level for the month of June generated a net
income of approximately $250,000. Dr, Brown also noted that excluding the recently opened
California stores and adjusting revenues in the comparable period last year for the twelve centers
which were subsequently closed, same store sales increased 42% in the second quarter to $8.9
million from $6.3 million in the prior year.
For the Three Months Ended
(Unaudited)
July 2, 1999 June 26, 1998
------------ -------------
Revenues $ 12,005,229 $ 6,816,576
Net Loss ($657,602) ($2,219,265)
Dividends on preferred stock ($199,369) ($98,618)
Net loss applicable to
common stockholders ($856,971) $(2,317,883)
=========== ============
Net loss per common share -
basic and diluted $ (0.08) $ (0.23)
=========== ============
Weighted average number of
shares of common
stock outstanding 10,626,327 10,080,681
=========== ============
For the Six Months Ended
(Unaudited)
July 2, 1999 June 26, 1998
------------ -------------
Revenues $22,459,754 $13,910,905
Net Loss ($1,680,231) ($4,160,067)
Dividends on preferred stock ($426,030) ($202,653)
Net loss applicable to
common stockholders ($2,106,261) ($4,362,720)
=========== ===========
Net loss per common share -
basic and diluted $ (0.20) $ (0.43)
=========== ===========
Weighted average number of
shares of common
stock outstanding 10,574,252 10,057,940
=========== ===========
Contact:
Company Contact:
HEARx Ltd., West Palm Beach
Paul A. Brown, Chairman of the Board
561/478-8770 ext. 123
or
Silverman Heller Associates, New York
Edward Silverman, 212/682-9222 |
