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Langer reports net sales fall for 3 months ended June 30

24 Aug '05

6 min read

Cash and cash equivalents at June 30, 2005 were approximately $28,744,000, as compared to approximately $3,910,000 at December 31, 2004, an increase of approximately $24,834,000. Working capital at June 30, 2005 was approximately $22,170,000, as compared to approximately $1,387,000 at December 31, 2004, an increase of approximately of $20,783,000. The increases in cash, cash equivalents and working capital is primarily attributable to the net proceeds from the underwritten public offering of 5,000,000 shares of common stock at $6.50 per share, received through June 30, 2005, of approximately $28,970,000 (before additional offering related costs of approximately $991,000 which were accrued at June 30, 2005), less the proceeds utilized to repay the Subordinated Notes plus accrued interest of approximately $5,675,000 in June 2005.

They have already commenced their efforts and are expected to be an asset in helping us execute our acquisition strategy targeting, among others, companies involved in consumer- and medically-oriented personal care products, skincare product groups, cosmeceuticals, cosmetics, hair care and related products, as well as certain orthopedic and consumer healthcare products, designed to expand and complement our current orthopedic and skincare businesses."

Deer Park, New York based Langer Inc together with its wholly owned subsidiary Silipos Inc designs, manufactures and distributes high quality medical products targeting the orthopedic, orthotic and prosthetic markets. Company offers a diverse line of skincare products for the medical and therapeutic markets. The Company sells its products primarily in the U.S. and Canada as well as in more than 30 other countries to national, regional, international and independent medical distributors and directly to healthcare professionals.

Langer Inc

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