[LANGER, INC. LOGO]
CONTACT: Linda Grassia
Communications Manager
(631) 667-1200, ext. 124
Anthony J. Puglisi
Vice President and
Chief Financial Officer
(631) 667-1200, ext. 233
FOR IMMEDIATE RELEASE
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LANGER, INC. REPORTS RESULTS FOR
THREE-MONTHS ENDED MARCH 31, 2003;
CONFERENCE CALL SCHEDULED FOR MAY 14, 2003
Deer Park, New York - May 13, 2003- Langer, Inc. (NASDAQ:GAIT) today
reported a net loss for the three-month period ended March 31, 2003 of
($258,081) or ($.06) per fully diluted share, as compared to a net loss for the
three-month period ended March 31, 2002 of ($296,568) or ($.07) per fully
diluted share.
Net sales for the three months ended March 31, 2003 were $5,585,178 or
78% above net sales of $3,138,619 for the comparable period in 2002. Net sales
for the three months ended March 31, 2003 attributable to the previously
announced acquisitions of Benefoot and Bi-Op were $1,901,940.
Net sales of custom orthotics approximated $4,201,000 for the three
months ended March 31, 2003, an increase of 56% over approximately $2,685,000
for the comparable prior period. Net sales of custom orthotics for the first
quarter of 2003 included approximately $1,033,000 related to the acquisitions of
Benefoot and Bi-Op. Net sales of custom orthotics for the first quarter of 2003,
exclusive of the net sales attributable to acquisitions, increased 18% as
compared to the first quarter of 2002.
Net sales of distributed products for the quarter ended March 31, 2003
were approximately $1,384,000 as compared to approximately $454,000 for the
quarter ended March 31, 2002. Net sales of distributed products for the first
quarter of 2003 included approximately $869,000 attributable to the acquisitions
of Benefoot and Bi-Op. Net sales of distributed products for the first quarter
of 2003, exclusive of the net sales attributable to acquisitions, increased 14%
as compared to the first quarter of 2002.
Andrew H. Meyers, Langer's President and Chief Executive Officer, said,
"We are pleased with the internal double digit growth we achieved in both
business segments. Our new ankle foot orthosis line continues to exceed
expectations while expanded penetration of our distribution products into our
customers helped achieve record growth in net sales." Meyers continued "Langer's
2003 strategies are focused on improving productivity and increasing
profitability while growing the customer base."
Regarding the strategies relating to the Bi-Op acquisition, Mr. Meyers
added "We have instituted a plan to start moving fabrication of select custom
orthotic products for our Canadian customers to Bi-Op. Fabrication in Montreal
of the first of these products is expected to begin by the third quarter of 2003
and we plan to slowly move the fabrication of the remainder of these products to
Montreal throughout the rest of 2003 with a target completion by the first
quarter of 2004."
Langer will be hosting a conference call on May 14, 2003, at 11:00 AM
(EST) to discuss the results for the three-month period ended March 31, 2003.
The conference call will be in a 'listen only' mode. There are two ways to
participate in the conference call--via conference call or webcast. Callers in
the United States and Canada may dial in at (800) 575-5790 or (719) 457-5206.
Callers should dial in five to ten minutes before the scheduled start time and
reference the pass code of 746073. Access the webcast by visiting Langer, Inc.'s
website (http://www.langerinc.com). You may listen by clicking on the
microphone.
An archived copy of the call will be available to replay beginning at 2
pm on May 14 by accessing the Langer homepage or typing the following
information into your web browser: http://www.firstcallevents.com/service/
ajwz381830634gf12.html
Langer, Inc., based in Deer Park, Long Island, New York with additional
fabricating facilities in Brea, California, Montreal, Canada and Stoke-On-Trent,
UK, and a sales office in Toronto, Canada, is a leading provider of high quality
orthotics and gait-related products sold to practitioners treating
musculo-skeletal disorders.
Statements in this press release may be "forward-looking statements."
These statements can be identified by the use of forward-looking terminology
such as "believes," "expects," "plans," "intends," "estimates," "projects,"
"could," "may," "will," "should", or "anticipates" or the negative thereof,
other variations thereon or comparable terminology, or by discussions of
strategy. No assurance can be given that future results covered by the
forward-looking statements will be achieved. Such forward-looking statements
include, but are not limited to, those relating to the Company's financial and
operating prospects, future opportunities, the Company's acquisition strategy
and ability to integrate acquired companies and assets, outlook of customers,
and reception of new products, technologies, and pricing. In addition, such
forward looking statements involve known and unknown risks, uncertainties, and
other factors including those described from time to time in the Company's
Registration Statement on Form S-3, most recent Form 10-K and 10-Q's and other
Company filings with the Securities and Exchange Commission which may cause the
actual results, performance or achievements of the Company to be materially
different from any future results expressed or implied by such forward-looking
statements. Also, the Company's business could be materially adversely affected
and the trading price of the Company's common stock could decline if any such
risks and uncertainties develop into actual events. The Company undertakes no
obligation to make any revisions to the forward-looking statements contained in
this release or to update them to reflect events or circumstances occurring
after the date of this release.
###
LANGER, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED MARCH 31,
2003 2002
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Net sales $ 5,585,178 $ 3,138,619
Cost of sales 3,789,821 2,023,262
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Gross profit 1,795,357 1,115,357
Selling expenses 521,897 712,133
General and administrative expenses 1,069,253 770,395
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Operating income (loss) 13,971 (176,935)
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Other income (expense):
Interest income 46,295 (75,367
Interest expense (214,489) (146,508)
Other (59,258) (44,492)
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Other income (expense), net (227,452) (115,633)
----------- -----------
Income (loss) before income taxes (213,481) (292,568)
Provision for income taxes 44,600 4,000
----------- -----------
Net income (loss) $ (258,081) $ (296,568)
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Weighted average number of common shares used
in computation of net income (loss) per share:
Basic 4,362,907 4,200,922
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Diluted 4,362,907 4,200,922
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Net income (loss) per common share:
Basic $ (.06) $ (.07)
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Diluted $ (.06) $ (.07)
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