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Press Release - HearUSA (EAR-AMEX) |
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“Historically, rollups have not worked for three reasons; one is that the people doing the buying don’t know what they are buying; two, they don’t have any systems to put into place to control what they’ve bought; and three, they don’t have any ability to grow the business after they make the acquisition. Well, none of those three applies to us, because we’ve been in this business for 20 years and now as the third largest provider of hearing care in the United States we know what we are buying...” - Paul A. Brown, M.D. (EAR) (Interview published January 18, 2007) |
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Investor Relations HearUSA Reports Record Revenues for Fourth Quarter and Fiscal Year 2007
Fourth Quarter 2007 Revenues up 20% to a Record $27.3 million;
Revenues for fiscal 2007 reached a record $102.5 million, an
increase of 15% over fiscal 2006 record revenues. Approximately 14%
of the increase is attributable to acquisitions closed during the
year, with the balance due to organic growth. In
2007, the company completed 18 acquisitions representing 26 hearing
care centers, with total estimated trailing 12-month revenues of
more than $13.4 million. "Achieving our 2007 guidance for both revenues and acquisitions was the cumulative result of the exemplary effort of our 600 HearUSA [WINDOWS-1252?]colleagues,” said HearUSA president and CEO, Stephen J. Hansbrough. [WINDOWS-1252?]“Based on our continued strong progress, we expect fiscal 2008 revenues to exceed $120 million, with net earnings per common share estimated to range between $0.10 and $0.13." The company will provide further results in its complete fourth quarter/year-end press release and conference call, which will be announced at a later date.
About HearUSA
HearUSA,
Inc. provides hearing care to patients primarily through more than
190 company-owned hearing care centers, which offer a complete range
of quality hearing aids with an emphasis on the latest digital
technology. HearUSA Centers are located
in Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995, including those concerning the company's 2008 target revenues and earnings per common share. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include such factors as successful implementation of the company's acquisition program; integration of the newly acquired centers and maintenance of revenue levels from those centers; the company's ability to maintain cost controls and limit expenses; the successful implementation of the Siemens agreement; the ability of the company to maintain unit sales of Siemens hearing aids; market demand for the company's goods and services; changes in the pricing environment; general economic conditions in those geographic regions where the company's centers are located; the impact of competitive products; and other risks and uncertainties described in the company's filings with the Securities and Exchange Commission, including the company's Form 10-K for the year ended December 31, 2006.
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