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 September 30, 2000
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 November 20, 2000, there were outstanding, 3,742,189 shares of common
stock,par value $.0001 per share.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 SEPTEMBER 30, 2000
INDEX
PART I
FINANCIAL INFORMATION
Page No.
Item 1. Financial Statements:
Consolidated Balance Sheets, September 30, 2000
and December 31, 1999 3-4
Consolidated Statements of Operations, Three Months
Ended September 30, 2000 and September 30, 1999 5
Consolidated Statements of Operations, Nine Months
Ended September 30, 2000 and September 30, 1999 6
Consolidated Statements of Cash Flows, Nine Months
Ended September 30, 2000 and September 30, 1999 7-8
Notes to Consolidated Financial Statements 9-10
Item 2. Management's Discussion and Analysis of
Third Quarter 2000 Results 10-14
PART II - OTHER INFORMATION
Item 3. Other Information 15
Signatures 15
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
(Unaudited)
September 30, December 31,
2000 1999
Current assets:
Cash and cash equivalents $ 677,936 $ 1,066,562
Investment in marketable securities 1,000,000 1,492,185
Accounts receivable, less
allowance for doubtful accounts
of $183,228 at September 30, 2000
and $177,739 at December 31, 1999 3,696,299 3,704,025
Inventories, net 4,400,896 4,289,055
Prepaid expenses 278,261 104,923
Receivables from related parties 1,211 3,877
Investment in discontinued operation 415,361 472,855
Total current assets 10,469,964 11,133,482
Property, plant and equipment, at
cost:
Land 92,800 92,800
Building 641,508 641,508
Leasehold improvements 544,752 543,807
Machinery and equipment 152,824 125,263
Transportation equipment 374,085 338,971
Office furniture, fixtures,
and equipment 919,360 865,310
2,725,329 2,607,659
Less accumulated depreciation
and amortization (1,316,600) (1,073,393)
1,408,729 1,534,266
Goodwill and other deferred assets,
net of accumulated amortization of
$488,057 and $412,687 at September 30,
2000 and December 31, 1999,
respectively 397,323 472,295
Advances due from related companies 34,346 33,592
431,669 505,887
Total assets $12,310,362 $13,173,635
See accompanying notes to consolidated financial statements.
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
(Unaudited)
September 30, December 31,
2000 1999
Current liabilities:
Current portion of notes payable
due related party $ 161,508 $ 161,508
Current portion of long-term debt 337,939 222,879
Accounts payable 3,364,661 3,458,835
Accrued payroll and related taxes 235,500 235,046
Accrued expenses and other
liabilities 179,208 224,117
Total current liabilities 4,278,816 4,302,385
Notes payable due related party,
net of current portion 347,820 442,820
Long-term debt, net of current
portion 290,769 555,808
Minority interest 614,368 580,312
Deferred credits 20,501 63,339
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 September 30, 2000 and
December 31, 1999
Common stock, par value $.0001
Authorized: 10,000,000 shares;
issued: 3,753,189 at September 30, 2000
and 3,748,789 at December 31, 1999 375 375
Additional paid-in capital 17,679,268 17,657,268
Stock sale receivable (115,500) (115,500)
Treasury stock (11,000 shares at
September 30, 2000 and
December 31, 1999) (52,249) (52,249)
Accumulated deficit (10,753,807) (10,260,924)
Total shareholders' equity 6,758,088 7,228,971
Total liabilities and
shareholders' equity $12,310,362 $13,173,635
See accompanying notes to consolidated financial statements.
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
Three Months Ended
September 30, September 30,
2000 1999
Net sales $10,570,026 $9,897,925
Cost and expenses:
Cost of goods sold 8,522,462 7,966,361
Selling and retail 1,410,163 1,405,311
Warehouse and delivery 184,919 90,668
Administrative 640,197 602,411
10,757,741 10,064,751
Operating (loss) income (187,715) (166,826)
Other income (expense):
Interest expense (12,864) (20,992)
Interest income 30,740 42,114
Other 118,764 19,830
Total other income 136,640 40,952
Income (loss) before
minority interest (51,075) (125,874)
Minority interest (14,805) 32,124
(Loss) income from
continuing operations (65,880) (93,750)
Discontinued operations
Loss from disposal of
Nyer Nutritional Systems
including operating losses
during phase out period (118,162) (213,997)
Net loss from discontinued
operations (118,162) (213,997)
Net Loss $ (184,042) $ (307,747)
Basic and diluted loss per common
share from continuing operations $ (.02) $ (.02)
Basic and diluted loss per common
share from discontinued operations (.03) (.06)
Basic and diluted loss per
common share $ (.05) $ (.08)
Weighted average common shares
outstanding 3,742,189 3,737,789
See accompanying notes to consolidated financial statements.
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
September 30, September 30,
2000 1999
Net sales $30,943,391 $28,856,497
Cost and expenses:
Cost of goods sold 24,645,207 23,319,204
Selling and retail 4,176,701 4,050,909
Warehouse and delivery 576,218 262,853
Administrative 1,991,174 1,901,858
31,389,300 29,534,824
Operating loss (445,909) (678,327)
Other income (expense):
Interest expense (43,380) (65,473)
Interest income 131,035 161,389
Other 182,877 78,134
Total other income 270,532 174,050
Loss before
minority interest (175,377) (504,277)
Minority interest expense (34,057) 92,194
Loss from continuing
operations (209,434) (412,083)
Discontinued operations
Loss from disposal of
Nyer Nutritional Systems
including operating losses
during phase out period (283,449) (449,913)
Net loss from discontinued
operations (283,449) (449,913)
Net Loss $ (492,883) $ (861,996)
Basic and diluted loss per share:
Continuing operations $ (.06) $ (.11)
Discontinued operations (.07) (.12)
Basic and diluted loss per share $ (.13) $ (.23)
Weighted average common shares
outstanding 3,740,682 3,737,789
See accompanying notes to consolidated financial statements.
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
September 30, September 30,
2000 1999
Cash flows from operating
activities:
Net loss $(492,883) $(861,996)
Adjustments to reconcile net
loss to net cash used in
operating activities:
Depreciation 257,799 236,140
Amortization 74,972 100,404
Gain on sale of pharmacy (25,000)
Increase in notes payable to suppliers
for material purchases (193,514)
Minority interest 34,057 (92,194)
Decrease in deferred credit (42,838) (39,402)
Changes in certain working capital
elements (413,416) (439,934)
Net cash flows used in
operating activities (582,309) (1,315,496)
Cash flows from investing activities:
Purchase of property, plant and
equipment (119,569) (388,573)
Proceeds from sale of pharmacy 50,800
Proceeds from investment in
marketable securities 492,185
Proceeds from marketable securities 26,902
Net change in advances due from
related companies (754) 3,234
Decrease in other assets, net 4,781
Net cash used in investing
activities 398,764 (329,758)
Cash flows from financing activities:
Proceeds from issuance of
long-term debt 18,000 265,000
Payments of long-term debt (150,081) (163,978)
Net repayments of notes to
related parties (95,000) (60,000)
Proceeds from exercise of stock
options 22,000
Net cash (provided by) used
in financing activities (205,081) 41,022
Net decrease in cash
and cash equivalents (388,626) (1,604,232)
Cash and cash equivalents at
beginning of period 1,066,562 4,136,988
Cash and cash equivalents at
end of period $ 677,936 $2,532,756
See accompanying notes to consolidated financial statements.
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
September 30, September 30,
2000 1999
Changes in certain working capital
elements:
Accounts receivable, net $ 7,726 $ 229,540
Inventories (111,841) (472,651)
Prepaid expenses (173,338) (70,847)
Receivables from related parties 2,666 (531)
Accounts payable (94,174) 200,853
Accrued payroll and related
taxes 454 (17,695)
Accrued expenses and other
liabilities (44,909) (308,603)
Net change $ (413,416) $ (439,934)
Nine Months Ended
September 30, September 30,
2000 1999
Cash paid during the first
nine months:
Interest $ 44,167 $ 60,541
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 SEPTEMBER 30, 2000
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, 1999.
Certain amounts in 1999 have been reclassified to conform to the 2000
presentation.
2. Business Segments:
The Company had three active business segments in 2000 and 1999:
(1)wholesale and retail sale of surgical, diabetic, medical equipment and
supplies, (2) wholesale and retail distribution of equipment, supplies, and
novelty items to emergency medical service, fire departments, and police
departments, and (3) retail pharmacy drug store chain. Business segments are
determined based on products or services offered for sale.
Summary data for the nine months ended September 30, 2000 are as follows:
Diabetic,
Medical, and EMT, Fire, Police Pharmacy
Surgical Supplies Equip and Supplies Chain Corporate Consolidated
Net Sales $5,972,428 $3,756,347 $21,214,616 $30,943,391
Operating
(loss)income (179,088) (142,789) 224,315 $(348,347) (445,909)
Total assets 2,921,742 1,671,962 5,814,011 1,487,286 11,895,001
Capital
Expenditures 77,983 39,687 1,899 119,569
Depreciation
and
amortization 99,952 43,894 185,641 3,284 332,771
Interest income (9,157) (8,273) (113,605) (131,035)
Interest
expense 22,543 1,000 19,837 43,380
FORM 10-Q NYER MEDICAL GROUP, INC 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
2. Business Segments, continued
Summary data for the nine months ended September 30, 1999 is as follows:
Diabetic,
Medical, and EMT, Fire, Police Pharmacy
Surgical Supplies Equip and Supplies Chain Corporate Consolidated
Net Sales $5,485,852 $4,989,128 $18,381,517 $28,856,497
Operating
(loss)income (5,530) (196,990) (222,178)$(253,629) (678,327)
Total assets 2,804,048 1,940,191 4,714,213 3,197,283 12,655,735
Capital
Expenditures 131,909 51,656 203,502 1,506 388,573
Depreciation
and
amortization 81,552 60,975 190,214 3,803 336,544
Interest income (9,342) (17,009) (135,038) (161,389)
Interest
expense 26,707 554 38,212 65,473
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE THIRD QUARTER RESULTS
Results of Operations
Nine months ended September 30, 2000 as compared to nine months ended
September 30, 1999.
NET SALES. Total sales for the first nine months of 2000 increased 7.2% over
the same period of 1999 to $30,943,391, representing an increase of
$2,086,894.
The following table shows sales by subsidiary for first nine months of 2000
and 1999:
September 30, September 30,
Subsidiary 2000 1999 % increase (decrease)
Eaton $21,214,616 $18,381,516 15.4%
Anton 2,056,211 2,288,575 (10.2)
ADCO 4,828,980 4,595,614 5.0
SCBA 12,877 18,562 (30.6)
ADCO South 938,001 890,239 5.4
Conway 1,687,259 2,681,991 (37.1)
Nyer Internet 205,447 -
$30,943,391 $28,856,497
The major reason for the increase in revenues was due to the
Company's pharmacy chain, Eaton. Eaton sales increased $2,833,100 due
to their increased volume on prescription drugs as a result of a continued
marketing campaign which is focused on assisted-living and home-based
sectors. ADCO's sales increased $233,366 in 2000, as compared to
1999 due mainly to continued growth of its Nevada division, its
respiratory division, and a continued focus and effort on marketing
to the nursing home and physician markets. The major reason for the
decrease in sales for Conway was the sale of three fire trucks in
the first quarter of 1999 as compared to no fire truck deliveries in
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE THIRD QUARTER RESULTS
Results of Operations: continued,
the first nine months of 2000. The Company intends to focus more on fire
equipment and supplies and less on fire truck sales due to lower margins
realized on the sale of fire trucks. As a result, the Company expects
Conway's sales to decline in the short term with expected increases
in gross margin.
The following table shows sales by subsidiary for three months ended
September 30, 2000 and 1999:
Three months ended
September 30, September 30,
Subsidiary 2000 1999 % increase (decrease)
Eaton $ 7,196,408 $6,316,948 13.9%
Anton 781,478 774,804 .9
ADCO 1,670,754 1,641,567 1.8
SCBA 3,588 2,147 67.2
ADCO South 288,898 330,069 (12.5)
Conway 535,192 832,390 (35.7)
Nyer Internet 93,708 - 100.0
$10,570,026 $9,897,925
GROSS PROFIT MARGIN. The Company's overall gross margins were approximately
20.4% in 2000 for the first nine months as compared 19.2% for the first nine
months of 1999.
The following is a table of gross margins by subsidiary for the first nine
months of 2000 and 1999 and for three months ended September 30, 2000 and
1999:
For nine months ended For three months ended
September 30, September 30, September 30, September 30,
Subsidiary 2000 1999 2000 1999
Eaton 18.7% 18.1% 17.9% 18.2%
Anton 16.8 21.5 15.1 22.4
ADCO 27.0 25.5 20.2 24.5
SCBA 23.7 51.9 22.8 44.2
ADCO South 26.7 25.8 34.3 26.4
Conway 23.7 11.0 19.8 16.4
Nyer Internet 12.1 - 4.0 -
Eaton's gross margin had a slight increase due to increased sales
volume. Anton had a lower than expected gross profit margin due to increased
competition in their area. ADCO and ADCO South had slight increases in their
gross profit margins for the nine months ended 2000 as compared to the same
period in 1999. This was due to less equipment sales and more supply sales
which have a high gross profit margin. Conway's increase 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 nine months of 2000.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE THIRD QUARTER RESULTS
Results of Operations: continued,
Anton had a decrease in their gross margin for the quarter ended September
30, 2000 as compared to the same period in 1999 of 7.3% due to increased
competition. ADCO's gross margin declined by 4.3% due to increased
equipment sales which have a lower gross profit margin compared to their
supply sales for the quarter only of 1999. ADCO South's gross margin
increased 7.9% for the three months ended September 30, 2000 as compared
to the same period in 1999. The increase was due to less equipment sales
and higher gross margins on supply sales.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Consolidated selling, general,
and administrative expenses increased approximately 8.5% for the first nine
months of 2000 to $6,744,093 as compared to $6,215,620 for the first nine
months of 1999. The following table shows the breakdown by subsidiary (and
corporate expenses) for nine months comparison of 2000 and 1999 and three
months ended for September 30, 2000 as compared to September 30, 1999:
Nine months ended Three months ended
September 30, September 30, September 30, September 30,
Subsidiary 2000 1999 2000 1999
Eaton $ 3,747,494 $ 3,556,076 $ 1,243,232 $ 1,194,098
Anton 476,216 557,000 166,006 194,562
ADCO 1,388,796 1,208,058 458,791 419,268
SCBA 881 174 286 (2,150)
ADCO South 222,996 196,712 76,241 72,051
Corporate 348,347 253,629 118,837 62,118
Conway 414,859 443,535 128,005 158,443
Nyle Home Health - 436 - -
Nyer Internet 144,504 - 43,881 -
$ 6,744,093 $ 6,215,620 $ 2,235,279 $ 2,098,390
Eaton's increase in selling, general, and administrative expenses (SG&A)
is primarily due to increase in their sales. Anton's and Conway's decrease
in SG&A expenses were due to less personnel and costs associated with less
sales. ADCO's selling, general, and administrative expenses increased due
additional salesmen in its Nevada and New England divisions, increased
expenses in its respiratory division (started in February 1999) and increased
marketing costs. Nyer Internet overhead is due to web site development
costs.
Eaton's increase in SG&A expenses for the three months ended September
30, 2000 was primarily due to increase in their sales as compared to the same
period in 1999. Anton's and Conway's primary reason for their reduction in
SG&A for the three months ended 2000 as compared to the same period in 1999
was less sales personnel costs attributed to less sales. ADCO's increase in
SG&A costs are as mentioned above. Corporate overhead has primarily
increased due to increase in personnel costs and corporate related expenses.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE THIRD QUARTER RESULTS
CONTINUING OPERATIONS. In total, the Company experienced a net loss of
$209,434 for the first nine months of 2000 as compared to a net loss of
$412,083 for the same period in 1999.
The following table summarizes the loss from continuing operations by
subsidiary:
Nine months ended Three months ended
September 30, September 30, September 30, September 30,
Subsidiary 2000 1999 2000 1999
Eaton $ 253,437 $ (180,143) $ 104,249 $ (50,344)
Anton (115,947) (54,904) (44,853) (26,806)
ADCO (64,393) (42,077) (9,876) 23,839
SCBA (1,263) 1,722 (174) 3,425
ADCO South 13,740 19,617 18,222 4,255
Corporate (124,782) (20,408) (58,659) 6,652
Conway (32,526) (135,454) (28,110) (54,771)
Nyle Home Health - (436) - -
Nyer Internet (137,700) - (46,679) -
$ (209,434) $ (412,083) $ (65,880) $ (93,750)
Eaton's income of $253,437 for the first nine months of 2000 as compared
to a loss of $(180,143) for the same period in 1999 is mainly due increased
sales of $2,833,100, and their selling, general, and administrative expenses
increased only $191,418. Eaton's gross margin increased by .6%. Eaton also
received a settlement of approximately $89,000 for manufacturer overcharges.
ADCO's loss increase is due to two additional salesmen, increased expenses in
its respiratory division (started in February 1999), and increased marketing
costs. Anton's loss is due to less than expected sales to cover their
overhead. Nyer Internet incurred a loss of (137,700) due to additional web
site development costs. Nyer Internet receives direct support from ADCO, if
not for these services provided by ADCO, their losses would be greater.
Net interest expense as a percentage of sales was less than 1% in the
first nine months of 2000 and 1999, respectively.
DISCONTINUED OPERATIONS
In October 1999, the Board of Directors approved a plan for the disposal
of its investment in Nyer Nutritional Systems, Inc. The results of NNS have
been reported as a discontinued operation for all periods presented.
The Company signed a letter of intent with National Distribution and
Contracting Inc. (NDC) to purchase the assets of NNS, subject to the
successful completion of a clinical trial and execution of a patent license
assignment by the 20% owner of Nyer Nutritional, who owns the patents. Based
upon discussions with NDC, the Company believes the clinical trial was
successful.
The Company's signed letter of intent expired July 15, 2000. Currently,
no further discussions are contemplated.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE THIRD QUARTER RESULTS
DISCONTINUED OPERATIONS, continued
The Company is exploring a number of options with regard to Nyer
Nutritional Systems. Nyer Nutritional Systems is currently inactive.
The Company has retained counsel and expects to file suit against
NDC in connection with Nyer Nutritional's fifth AMTFTM ownership. NDC has
claimed it owns the improved technology which NNS developed.
The Company incurred approximately $283,449 of expenses related to
the NNS business for the first nine months of 2000 and $449,913 for the
same period in 1999. For the quarter ended September 30, 2000, the Company
incurred expenses for NNS of $118,162 as compared to $213,997 for the
quarter ended September 30, 1999.
The Company has reported the assets to be disposed, primarily
inventory and patents, on the balance sheet as investment in
discontinued operation. Revenues for NNS are $0 for 2000, and $0, $268,431
and $1,515 for the years ended 1999, 1998 and 1997.
In February 1999, Nyer Nutritional, filed its Complaint in the United
States District Court for the District of Arizona against Curtis-Burns
Foods, Inc. (Agrilink Foods, Inc.) and Silgan Containers Corporation. The
case is scheduled for trial in February 2001. Nyer Nutritional has incurred
approximately $150,000 in legal fees and expenses related to this lawsuit.
An additional $100,000 in legal fees are expected to be incurred.
Liquidity and Capital Resources
Net cash used in operating activities was $582,309 for the nine months
ended September 30, 2000 and $1,315,496 for the nine months ended September
30, 1999. The primary use of cash from operations in 2000 was to fund
operations for the Company's businesses.
Net cash used in investing activities was $398,764 for the nine months
ended September 30, 2000 as compared to $329,758 for the same period of 1999.
Net cash (provided by) used in financing activities was $(205,081)
for the first nine months of 2000 as compared to $41,022 for the same
period in 1999.
The Company anticipates its current cash resources are adequate to fund
its current operating needs for the next twelve months. The Company has
retained a financial advisor to raise capital necessary to expand its
business and to fund acquisitions. There can be no assurance that this
capital can be raised.
The Company has an reached an understanding to acquire worldhealth.net,
the official web site of The American Academy of Anti-Aging Medicine (A4M)
subject to funding. The Company will also acquire, the World Health Network
and all of the web site's content. Robert M. Goldman, D.O., M.D., Ph.D.,
Chairman of A4M, will have a consulting agreement with the Company and will
own stock in its internet company. Dr. Goldman was also appointed to the
Company's board of directors and appointed as a vice-president.
FORM 10-Q NYER MEDICAL GROUP, INC. 000-20175 SEPTEMBER 30, 2000
NYER MEDICAL GROUP, INC. AND SUBSIDIARIES
PART II
Item 3: Other information - N/A
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: November 20, 2000 /s/ Samuel Nyer
Samuel Nyer,
President
Date: November 20, 2000 /s/ Karen L. Wright
Karen L. Wright,
Treasurer
(Chief Financial Officer)
