Langer reports net sales fall for 3 months ended June 30

24 Aug '05
6 min read

Skin care & medical products maker Langer Inc reported a net loss for the three months ended June 30, 2005 of approximately $(984,000), or $(.19) per fully diluted share, as compared to net income for the three months ended June 30, 2004 of approximately $77,000, or $.02 per fully diluted share.

For the six months ended June 30, 2005, Langer Inc reported net income of approximately $427,000, or $.08 per fully diluted share, as compared to a net loss of approximately $(142,000), or $(.03) per fully diluted share for the six months ended June 30, 2004.

Components of the loss in the three months ended June 30, 2005 included interest incurred on acquisition-related indebtedness that was not outstanding in the prior year period of approximately $702,000, and the write-off of unamortized debt discount and related debt placement costs of approximately $630,000, relating to the repayment of the $5,500,000 7% senior subordinated notes (the "Subordinated Notes"), which was included in interest expense.

Net income for the six months ended June 30, 2005 included a non-recurring non-cash gain of $1,750,000 with respect to the change in the fair value of a put option, and the gain of $500,000 with respect to the change in the fair value of a call option which was recorded in the three months ended June 30, 2005.

Net sales for the three months ended June 30, 2005 were approximately $10,052,000, as compared to approximately $6,548,000 for the three months ended June 30, 2004, an increase of approximately 53.5%.

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