FOR
IMMEDIATE RELEASE
Company
Contact
Investor Relations
HearUSA Inc. Scott Liolios or Ron Both
Tel (561) 478-8770 Liolios Group, Inc.
Stephen J. Hansbrough,
President & CEO, ext 132
email: info@liolios.com
Paul A. Brown, M.D., Founder & Chairman,
ext 123
Tel (949)
574-3860
HearUSA Reports
Record Revenues of $26.8 Million for Third Quarter 2007
Fourth
Consecutive Quarter of Record Revenues Keeps HearUSA on Track for Record Year of $102-$107
Million
West Palm Beach, Fla. [WINDOWS-1252?] October
9, 2007 [WINDOWS-1252?] HearUSA, Inc. (AMEX: EAR) today reported its fourth
consecutive quarter of record revenues. For the third quarter of fiscal 2007 ended
September 30, 2007, revenues totaled $26.8 million, which represents an increase of 22%
from the same year-ago quarter and 8% sequentially. Organic growth for the period was 7%,
while growth from acquisitions accounted for 15% of the increase.
HearUSA acquired eight
hearing care centers during the third quarter, with combined estimated trailing
twelve-month ("TTM") revenues of $2.8 million. This brings the total number of
acquisitions for the first nine months of 2007 to 14, with combined estimated TTM revenues
of $6.9 million. At the end of the quarter, the company had 10 Letters of Intent for an
additional 14 centers with approximately $6.9 million TTM revenues.
These record results for
the first nine months of the year keep the company on course for a forecasted $102-$107
million in revenues in 2007. The company will provide complete results for the quarter in
its upcoming third quarter conference call and press release.
About HearUSA
HearUSA, Inc. provides
hearing care to patients primarily through more than 175 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 California, Florida, New York, New
Jersey, Massachusetts, Ohio, Michigan, Missouri and the province of Ontario, Canada. The
company also derives revenues from its HearUSA Hearing Care Network, comprised of 1,600
affiliated audiologists in 49 states, as well as its website that enables online purchases
of hearing related products, such as batteries, hearing aid accessories and assistive
listening devices. For further information, click on "investor information" at
the HearUSA website: http://www.hearusa.com/.
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 2007 target revenues for the year
within a range of $102 million and $107 million. 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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