Langer reports net sales fall for 3 months ended June 30

24 Aug '05

6 min read

Andrew H. Meyers, the Company's President and Chief Executive Officer, stated, "We are continuing our efforts in our legacy Langer business to reduce expenses and institute prudent marketing initiatives. Silipos continues to perform as expected. Second quarter calendar sales have traditionally lagged first quarter calendar sales at Silipos."

Selling expenses for the three months ended June 30, 2005 were approximately $2,015,000, or approximately 20.0% as a percentage of net sales, as compared to approximately $786,000, or approximately 12.0% as a percentage of net sales for the three months ended June 30, 2004. Selling expenses for the six months ended June 30, 2005 were approximately $3,954,000, or approximately 19.3% as a percentage of net sales, as compared to approximately $1,594,000, or approximately 12.9% as a percentage of net sales for the six months ended June 30, 2004.

Interest expense for the three months ended June 30, 2005 was approximately $1,640,000, as compared to approximately $201,000 for the three months ended June 30, 2004, an increase of approximately $1,439,000. Interest expense for the six months ended June 30, 2005 was approximately $2,558,000, as compared to approximately $406,000 for the six months ended June 30, 2004, an increase of approximately $2,152,000. Included in interest expense for the three and six months ended June 30, 2005 is approximately $702,000 and approximately $1,311,000, respectively, associated with the Silipos related indebtedness that was not outstanding in the prior year periods, and the write-off of unamortized debt discount and related debt placement costs associated with the repayment of the Subordinated Notes totaling approximately $630,000.

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