Nyer Medical Group, Inc., (Nasdaq: NYER) reported results for the Company's fiscal fourth quarter and year ended June 30, 2009. Revenues for the fourth quarter of fiscal year 2009 increased $1,635,438 or 9.1% to $19,512,082 from $17,876,644 as reported for the comparable quarter in the prior year. Revenues increased $6,127,830 to $74,722,844 or 8.9% for fiscal year 2009, as compared to $68,595,014 for fiscal year 2008.
The increase in revenues for both the quarter and fiscal year 2009 was primarily due to the addition of five new pharmacies over the past 12 months. The Company operated 25 locations as of June 30, 2009, compared to 23 locations in the prior year. Net revenues decreased 2% at stores open more than one year due to the Company's decision to transfer accounts representing approximately $5.3 million in net revenues to two of the newly opened pharmacies. The transfer was done to group certain specialized accounts together in order to achieve efficiencies in the dispensing process. If the effect of the business transfer is taken into effect, comparable revenue increased approximately 5% for fiscal year 2009.