FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarter Ended March 31, 1999
Commission File Number 000-20175
NYER MEDICAL GROUP, INC
(Exact name of registrant as specified in its charter)
Florida 01-0469607
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1292 Hammond Street, Bangor, Maine 04401
(Address of principal executive offices) (Zip Code)
(207) 942-5273
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding twelve months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X . No .
As of May 21, 1999, there were outstanding, 3,407,093 shares of common
stock,par value $.0001 per share.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 MARCH 31, 1999
INDEX
PART I
FINANCIAL INFORMATION
Page No.
Item 1. Financial Statements:
Consolidated Balance Sheets, March 31, 1999
and December 31, 1998 3-4
Consolidated Statements of Operations, Three Months
Ended March 31, 1999 and March 31, 1998 5
Consolidated Statements of Cash Flows, Three Months
Ended March 31, 1999 and March 31, 1998 6-7
Notes to Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis of
First Quarter 1999 Results 9-15
PART II - OTHER INFORMATION
Item 3. Other Information 15
Signatures 16
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)
March 31, December 31,
1999 1998
Current assets:
Cash and cash equivalents $3,860,397 $ 4,136,988
Accounts receivable, less
allowance for doubtful accounts
of $165,764 at March 31, 1999
and $188,076 at December 31, 1998 2,882,054 3,560,377
Inventories, net 4,269,716 4,073,051
Prepaid expenses 109,974 105,045
Receivables from related parties 46,203 48,139
Total current assets 11,168,344 11,923,600
Property, plant and equipment, at
cost:
Land 92,800 92,800
Building 641,508 641,508
Leasehold improvements 398,482 381,702
Machinery and equipment 252,717 223,807
Transportation equipment 291,513 260,285
Office furniture, fixtures,
and equipment 810,333 805,748
2,487,353 2,405,850
Less accumulated depreciation
and amortization (951,525) (902,872)
1,535,828 1,502,978
Goodwill and other deferred assets,
net of accumulated amortization of
$419,933 and $386,171 at March 31,
1999 and December 31, 1998,
respectively 769,047 802,809
Advances due from related companies 35,253 34,488
Other 145,121 148,167
949,421 985,464
Total assets $13,653,593 $14,412,042
See accompanying notes to consolidated financial statements.
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
(Unaudited)
March 31, December 31,
1999 1998
Current liabilities:
Notes payable due related parties $ 120,000 $ 120,000
Current portion of long-term debt 431,132 236,669
Accounts payable 2,298,994 2,627,292
Accrued payroll and related taxes 118,354 206,465
Accrued expenses and other
liabilities 112,254 322,753
Total current liabilities 3,080,734 3,513,179
Notes payable due related party,
net of current portion 502,820 522,820
Long-term debt, net of current
portion 439,910 480,711
Minority interest 716,030 744,357
Deferred credits 107,609 118,109
Shareholders' equity:
Class A Preferred stock, par value
$.0001, Authorized, issued and
outstanding: 2,000 shares 1 1
Class B Preferred stock, series 1,
par value $.0001, Authorized:
2,500,000; issued and outstanding:
1,000 shares at March 31, 1999 and
December 31, 1998
Common stock, par value $.0001
Authorized: 10,000,000 shares;
issued: 3,407,093 at March 31, 1999
and December 31, 1998 341 341
Additional paid-in capital 15,238,376 15,238,376
Stock sale receivable (115,500) (115,500)
Treasury stock (11,000 shares at
March 31, 1999 and
December 31, 1998) (52,249) (52,249)
Accumulated deficit (6,264,479) (6,038,103)
Total shareholders' equity 8,806,490 9,032,866
Total liabilities and
shareholders' equity $13,653,593 $14,412,042
See accompanying notes to consolidated financial statements.
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
March 31, March 31,
1999 1998
Net sales $9,454,434 $7,899,806
Cost and expenses:
Cost of goods sold 7,630,129 6,195,379
Selling and retail 1,377,738 1,313,309
Warehouse and delivery 85,532 89,221
Administrative 713,063 617,400
9,806,462 8,215,309
Operating loss (352,028) (315,503)
Other income (expense):
Interest expense (24,075) (28,118)
Interest income 74,700 98,758
Other 46,700
Total other income 97,325 70,640
Loss before
minority interest (254,703) (244,863)
Minority interest 28,327 27,105
Loss from continuing
operations before
income taxes (226,376) (217,758)
Income taxes (12,504)
Loss from continuing
operations
after income taxes $ (226,376) (230,262)
Discontinued operations
Loss from operations of
discontinued
subsidiary-
Genetic Vectors (117,431)
Net Loss $ (226,376) $ (347,693)
Basic and diluted loss per
common share from continuing
operations $ (.07) $ (.07)
Basic and diluted loss per common
share from discontinued
operations (.03)
Basic and diluted loss per
common share $ (.07) $ (.10)
Weighted average common shares
outstanding 3,403,101 3,407,093
See accompanying notes to consolidated financial statements.
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
March 31, March 31,
1999 1998
Cash flows from operating
activities:
Net loss $ (226,376) $ (347,693)
Adjustments to reconcile to net cash
used in operating activities:
Loss of unconsolidated
subsidiary 117,431
Depreciation and amortization 86,025 92,884
Gain on disposal of property, plant
and equipment 1,700
Gain on sale of pharmacy (25,000)
Minority interest (28,327) (27,105)
Changes in certain working capital
elements (184,543) (546,771)
Net cash flows used in
operating activities (378,221) (709,554)
Cash flows from investing activities:
Purchase of property, plant and
equipment (82,962) (56,995)
Proceeds from sale of pharmacy 50,800
Net change in advances due from
related companies (765) 2,287
Decrease (increase) in other
assets, net 895 (24,555)
Net cash used in investing
activities (32,032) (79,263)
Cash flows from financing activities:
Proceeds from issuance of
long-term debt 200,000 106,424
Payments of long-term debt (46,338) (46,453)
Net (repayments to)proceeds from
notes due related parties (20,000) (6,000)
Net cash provided by
financing activities 133,662 53,971
Net decrease in cash
and cash equivalents (276,591) (734,846)
Cash and cash equivalents at
beginning of period 4,136,988 4,497,010
Cash and cash equivalents at
end of period $3,860,397 $3,762,164
See accompanying notes to consolidated financial statements.
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
March 31, March 31,
1999 1998
Changes in certain working capital
elements:
Accounts receivable, net $ 678,323 $ (115,590)
Inventories (222,465) (229,847)
Prepaid expenses (4,929) (3,467)
Receivables from related parties 1,936 (27,952)
Decrease in deferred credits (10,500) (10,000)
Accounts payable (328,298) 38,019
Accrued payroll and related
taxes (88,111) (21,669)
Accrued expenses and other
liabilities (210,499) (176,264)
Net change $ (184,543) $ (546,770)
Three Months Ended
March 31, March 31,
1999 1998
Cash paid during the first
three months:
Interest $ 19,144 $ 26,101
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1. The consolidated financial statements included herein have been
prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principals have been condensed or omitted pursuant to such rules and
regulations, although the Company believes that the disclosures are
adequate to make the information presented not to be misleading. In
the opinion of management, the amounts shown reflect all adjustments
necessary to present fairly the financial position and results of
operations for the periods presented. All such adjustments are of a
normal recurring nature.
Basic and diluted loss per share of common stock has been determined
by dividing net earnings by the weighted average number of shares of
common stock outstanding.
It is suggested that the financial statements be read in conjunction
with the financial statements and notes thereto included in the
Company's Form 10-K for the year ended December 31, 1998.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FIRST QUARTER RESULTS
Results of Operations
Quarter Ended March 31, 1999 as compared to Quarter Ended March 31, 1998.
NET SALES. Total sales for the first quarter of 1999 increased 19.7% over the
first quarter of 1998 to $9,454,434, representing an increase of $1,554,628.
The following table shows sales by subsidiary for first quarter of 1999 and
1998:
March 31, March 31,
Subsidiary 1999 1998 % increase (decrease)
Eaton $5,697,864 $5,023,245 13.4%
Anton 709,421 741,013 (4.3)
ADCO 1,355,922 1,298,842 4.4
SCBA 4,296 8,278 (48.1)
ADCO South 280,433 281,334 -
Conway 1,382,612 547,094 152.7
Nyer Diabetic 23,886 100.0
$9,454,434 $7,899,806
The major reason for the increase in sales was due to Conway's
three fire truck deliveries in the first quarter of 1999 as compared
to no fire truck deliveries in the first quarter of 1998. Eaton's
increase was due to the acquisition of two pharmacies in the first
quarter of 1998.
GROSS PROFIT MARGIN. The Company's overall gross margins were approximately
19.3% in 1999 as compared 21.6% for the first quarter of 1998.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Results of Operations: continued,
The following is a table of gross margins by subsidiary for the first
quarter of 1999 and 1998:
March 31, March 31,
Subsidiary 1999 1998
Eaton 20.2% 21.8%
Anton 19.6 14.6
ADCO 24.8 24.6
SCBA 41.2 61.6
ADCO South 29.1 24.4
Conway 8.1 14.5
Nyer Diabetic 19.1 -
Eaton's gross margin declined due to lower reimbursements from insurance
companies, medicare and medicaid. They believe they can off set this decline
by increased sales volume. Anton's increase was the result of higher
supplies sales and lower sales in equipment sales (supplies sales generally
have a higher gross profit margin than equipment sales). Conway's decrease
in margin was the result of three fire truck deliveries in the first quarter
of 1999 as compared to no fire truck deliveries in the first quarter of 1998.
Fire trucks and equipment sales are sold at lower gross margins. The average
gross profit margin for fire trucks is between 3-7%.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Consolidated selling, general,
and administrative expenses increased approximately 7.7% in 1999 to
$2,176,333 from $2,019,930 in 1998. The following table shows the breakdown
by subsidiary (and corporate expenses) as follows:
March 31, March 31,
Subsidiary 1999 1998
Eaton $ 1,234,575 $ 1,043,856
Anton 178,629 193,543
ADCO 353,530 344,154
SCBA 2,324 694
ADCO South 64,441 64,986
Corporate 95,006 87,240
Conway 141,340 173,036
Nyle Home Health 317 183
Nyer Diabetic 23,541 -
Nyer Nutritional 82,630 112,238
$ 2,176,333 $ 2,019,930
The main increases came from Eaton's acquisition of two additional drug
stores. Anton's and Conway's decrease is due to less personnel costs.
NET LOSS. In total, the Company experienced a net loss of $226,376 in 1999 as
compared to a net loss of $347,693 in 1998. The Company sustained a loss
from continuing operations before taxes of $226,376 in 1999 as compared to a
loss of $217,758 in 1998.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FIRST QUARTER RESULTS
Results of Operations: continued,
The following table summarizes the loss from continuing operations by
subsidiary:
March 31, March 31,
Subsidiary 1999 1998
Eaton $ (47,028) $ 53,966
Anton (35,580) (72,313)
ADCO (17,312) (29,729)
SCBA (2,244) 1,728
ADCO South 12,856 (913)
Corporate 1,275 32,265
Conway (28,455) (79,295)
Nyle Home Health (317) (183)
Nyer Diabetic (18,982)
Nyer Nutritional (90,589) (123,284)
$ (226,376) $ (217,758)
The majority of the loss came from the Company's subsidiary, Nyer
Nutritional, which showed a loss of $90,589 for the first quarter of 1999 as
compared to a loss of $123,284 for the same period of 1998. Nyer Nutritional
generated no revenues for the first quarter of 1999 and is the process of
completing its new packaging for their product line. Eaton incurred
additional overhead costs associated with its sale of a store and the
implementation of a new computer system. ADCO's loss of $17,312 as compared
to a loss of $29,729 in 1998, can be attributed to increased sales and margin
which was partially off set by costs associated with the start up of its
respiratory division in February of 1999 which had minimal sales to offset
the additional overhead. Corporate's reduced net income of $1,275 as
compared to a net income of $32,265 in 1998, is attributable to increased
overhead for public relations and the Company had less interest income for
the first quarter of 1999 as compared to 1998. ADCO South's net income was
the result of increased gross profit margins. ADCO South also had minimal
equipment sales for the first quarter of 1999 as compared to 1998. Anton and
Conway's reduction in their losses is due to less personnel costs. Nyer
Nutritional's decrease in overhead was due to less selling and show expenses
for the first quarter of 1999 as compared to 1998's first quarter.
The Company currently owns 739,216 shares (or 31.5%) of the outstanding
common stock of Vectors.
In December 1998, the Company wrote down its investment in Vectors to
zero due to significant uncertainties regarding the Company's ability to
recover its investment.
Net interest expense as a percentage of sales was less than 1% in the
first three months of 1999 and 1998, respectively.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FIRST QUARTER RESULTS
Liquidity and Capital Resources
In January 1999, the Company sold certain assets of a pharmacy
for cash.
During the first quarter of 1999, the Company's pharmacy chain
borrowed on its line of credit in the amount of $200,000. The interest
rate is prime which was 7.75% as of May 21, 1999.
The Company anticipates at current cash levels is adequate to fund the
operating needs and potential acquisitions for the foreseeable future.
Year 2000
IMPACT OF YEAR 2000 - Computer Systems Compliance
The "Year 2000 Issue" is the result of the way computer
systems and programs define calendar dates; they could fail or make
miscalculations due to interpreting a date including "00" to mean
the year 1900, not year 2000. Some computer programs were written
using two digits rather than four to define the appropriate year.
This could result in a system failure or miscalculations causing
disruptions in normal business activities.
The Company has substantially analyzed its computer systems,
including embedded chip technology, to determine the potential
technical and economic impact of the "Year 2000 Issue" on the
Company's systems and business operations. In the last two
years, the Company has upgraded its major computer systems and
programs. To date, the Company has identified only one of its
subsidiaries which will have to replace its computer system in
order to be Year 2000 compliant. The Company estimates this cost
will be no greater than $15,000.
The Company is requesting assurances from its outside
suppliers which it relies on for inventory and services and its
customers (which includes 3rd party insurance companies), that
they are Year 2000 Compliant.
The Company does not expect that the costs of addressing the
Year 2000 issues (which are in the Company's control) will have a
material effect on their future operating results or financial
position. The Company's management believes its in-house risks, as
associated with the Y2K problems, are minimal. The Company has
limited or no control over their outside suppliers and its
customers Y2K problems. Any failure of these parties could have
a material adverse effect on continued uninterrupted business
operations of the Company.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FIRST QUARTER RESULTS
Liquidity and Capital Resources, continued
At this time, the Company is in the process of developing a
contingency plan for its systems that are not Year 2000 compliant
and intends to have it in place by late second quarter of 1999.
FORWARD-LOOKING STATEMENTS
The statements made above relating to: (1) the anticipated costs to
the Company of complying with the Year 2000 conversion, (2) the
anticipated future impact as a result of outside suppliers not
being Year 2000 compliant on a timely basis are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
The results anticipated by any or all of the forward-looking
statements may not occur.
Quarter Ended March 31, 1998 as compared to Quarter Ended March 31, 1997.
Total revenues for the first quarter of 1998 increased 16% over the
first quarter of 1997 to $7,899,806, representing an increase of $1,083,562.
The following table shows revenues of the Company's principal subsidiaries:
March 31, March 31,
Subsidiary 1998 1997 % increase (decrease)
Eaton $5,023,245 $4,028,499 24.7%
Anton 741,013 554,102 33.7
ADCO 1,298,842 1,325,294 (2.0)
SCBA 8,278 16,177 (48.8)
ADCO South 281,334 263,099 7.0
Conway 547,094 629,073 (13.0)
$7,899,806 $6,816,244
The major reason for this increase in revenues was due to the Company's
pharmacy chain, Eaton. Eaton acquired two pharmacies in June and September
of 1997 and one in March 1998. This contributed to the increase in revenues
over the first quarter of 1997. Anton's sales increased due to the opening
of a new location in New Hampshire in the middle of the first quarter of
1997, moved and expanded its Massachusetts division and the hiring of a full-
time salesman in New York in May 1997. ADCO's sales decreased due to the
lower than expected government and equipment sales.
The Company's overall gross margins were approximately 21.6% in 1998 as
compared 21.4% for the first quarter of 1997.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Results of Operations: continued,
The following is a table of gross margins of the Company's principal
subsidiaries for the first quarter of 1998 and 1997:
March 31, March 31,
Subsidiary 1998 1997
Eaton 21.8% 21.1%
Anton 14.6 15.6
ADCO 24.6 25.1
SCBA 61.6 86.2
ADCO South 24.4 30.3
Conway 14.5 14.8
Eaton's gross margins increased due to increased purchasing power with
the addition of two pharmacies. Anton's gross margins decreased due to a
fire truck sale in the first quarter of 1998 as compared to $0 in 1997.
Fire truck sales have lower margins than other products sold by Anton.
ADCO South's gross margins decreased due to increased equipment sales
which have lower margins.
Selling, general, and administrative expenses increased approximately
16% in 1998 to $2,019,930 from $1,751,827 in 1997. The following table
shows the breakdown by subsidiary (and corporate expenses) as follows:
March 31, March 31,
Subsidiary 1998 1997
Eaton $ 1,043,856 $ 796,804
Anton 193,543 154,983
ADCO 344,154 321,794
SCBA 694 1,339
ADCO South 64,986 75,753
Corporate 87,240 129,154
Conway 173,036 169,670
Nyle Home Health 183 682
Nyer Nutritional 112,238 101,648
$ 2,019,930 $ 1,751,827
The main increases came from Eaton's acquisition of two additional drug
stores and Anton's expansion in New Hampshire, Massachusetts, and New York.
In total, the Company experienced a net loss of $347,693 in 1998 as
compared to a net loss of $281,223 in 1997. The Company sustained a loss
from continuing operations before taxes of $217,758 in 1998 as compared to a
loss of $131,623 in 1997.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FIRST QUARTER RESULTS
Results of Operations: continued,
The following table summarizes the income (loss) from operations by
subsidiary:
March 31, March 31,
Subsidiary 1998 1997
Eaton $ 53,966 $ 85,884
Anton (72,313) (58,705)
ADCO (29,729) 11,160
SCBA 1,728 8,290
ADCO South (913) 860
Corporate 32,265 (28,186)
Conway (79,295) (65,913)
Nyle Home Health (183) (682)
Nyer Nutritional (123,284) (84,331)
$ (217,758) $ (131,623)
The majority of the loss came from the Company's subsidiary, Nyer
Nutritional, which showed a loss of $123,284 for the first quarter of 1998 as
compared to a loss of $84,331 for the same period of 1997. Nyer Nutritional
generated no revenues for the first quarter of 1998 and is still incurring
start up costs and overhead costs associated with its AMTFTM product. Eaton
incurred new overhead costs associated with its two new two pharmacies
acquired in the second and third quarter of 1997. ADCO's loss of $29,729 as
compared to a net income of $11,160 can be attributed to lower than expected
government and equipment sales and lower margins. Corporate's net income of
$32,265 as compared to a net loss of $28,186 is attributable to decreased
overhead costs and increased interest income.
The Company recognized a loss from Genetic Vectors, Inc. "(Vectors")
of $117,431 for the first quarter of 1998 as compared to a loss of $34,600
in 1997. The Company currently owns 32.9% of outstanding common stock in
Vectors but it is not involved in its management and cannot affect its
results of operations. The Company accounts for 32.9% of Vectors loss on
their consolidated financial statements as a discontinued operation.
Net interest expense as a percentage of sales was less than 1% in the
first three months of 1998 and 1997, respectively.
During the three months ended March 31, 1997, the Company recorded an
estimated provision for income taxes amounting to $115,000. In the second
quarter of 1997, management subsequently concluded that such provision
was unnecessary and reversed the entire amount.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
PART II
Item 3: Other information
The Company is still actively seeking to acquire medical related
companies.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 MARCH 31, 1999
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NYER MEDICAL GROUP, INC.
Date: May 24, 1999 /s/ Samuel Nyer
Samuel Nyer,
President
Date: May 24, 1999 /s/ Karen L. Wright
Karen L. Wright,
Treasurer
(Chief Financial Officer)
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<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1999
<CASH> 3,860,397
<SECURITIES> 0
<RECEIVABLES> 3,047,818
<ALLOWANCES> (165,764)
<INVENTORY> 4,269,716
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<COMMON> 341
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