[LANGER LETTERHEAD]
CONTACT: 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 AND SIX MONTHS ENDED JUNE 30, 2003;
CONFERENCE CALL SCHEDULED FOR AUGUST 12, 2003
Deer Park, New York - August 11, 2003- Langer, Inc. (NASDAQ:GAIT) today
reported net income for the three month period ended June 30, 2003 of $26,301 or
$.01 per fully diluted share, as compared to a net loss for the three month
period ended June 30, 2002 of ($325,909) or ($.08) per fully diluted share. For
the six months ended June 30, 2003 Langer reported a net loss of ($231,780) or
($.05) per fully diluted share as compared to a net loss of ($622,477) or ($.15)
per fully diluted share for the six months ended June 30, 2002.
Net sales for the three months ended June 30, 2003 were $6,364,744 or
36% above net sales of $4,692,309 for the three months ended June 30, 2002. Net
sales for the six months ended June 30, 2003 were $11,949,922 or 53% above the
net sales of $7,830,928 for the six months ended June 30, 2002. Net sales for
the three and six months ended June 30, 2003 attributable to the previously
announced acquisitions of Benefoot and Bi-Op approximated $1,027,000 and
$2,929,000, respectively.
Net sales of custom orthotics approximated $4,949,000 for the three
months ended June 30, 2003, an increase of 31% over approximately $3,787,000 for
the three months ended June 30, 2002. Net sales of custom orthotics approximated
$9,151,000 for the six months ended June 30, 2003, an increase of 41% over
approximately $6,472,000 for the six months ended June 30, 2002. Net sales of
custom orthotics for the second quarter and six months ended June 30, 2003
included approximately $747,000 and $1,771,000, respectively, related to the
acquisitions of Benefoot and Bi-Op. Net sales of custom orthotics for the second
quarter and six months ended June 30, 2003, exclusive of the net sales
attributable to acquisitions, increased 11% and 14%, respectively, over the
comparable periods of 2002.
Net sales of distributed products for the three months ended June 30,
2003 were approximately $1,416,000 as compared to approximately $905,000 for the
three months ended June 30, 2002, an increase of 56%. Net sales of distributed
products for the six months ended June 30, 2003 were approximately $2,799,000 as
compared to approximately $1,359,000 for the six months ended June 30, 2002. Net
sales of distributed products for the three and six months ended June 30, 2003
included approximately $280,000 and $1,158,000, respectively, attributable to
the acquisitions of Benefoot and Bi-Op. Net sales of distributed products for
the three and six months ended June 30, 2003, exclusive of the net sales
attributable to acquisitions, increased 26% and 21%, respectively, over the
comparable periods of 2002.
Andrew H. Meyers, Langer's President and Chief Executive Officer, said,
"We are pleased with the continued double digit organic growth in net sales that
we achieved in both business segments." Meyers continued, "This quarter we
achieved our highest net sales levels, and realized continued improved earnings,
as we returned to profitability for the quarter, much of which can be
attributable to our integration efforts. Langer's 2003 strategies are focused on
improving productivity and increasing profitability while growing the customer
base."
Langer will be hosting a conference call on August 12, 2003, at 11:00
AM (EST) to discuss the results for the three and six month periods ended June
30, 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) 946-0722 or (719)
457-2647. Callers should dial in five to ten minutes before the scheduled start
time and reference the pass code of 752321. 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 August 12 by accessing the Langer homepage or typing the following
information into your web browser:
http://www.firstcallevents.com/service/ajwz387269148gf12.html.
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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 SIX MONTHS ENDED
JUNE 30, JUNE 30,
2003 2002 2003 2002
----------- ----------- ------------ -----------
Net sales $ 6,364,744 $ 4,692,309 $ 11,949,922 $ 7,830,928
Cost of sales 4,073,233 2,983,204 7,867,660 5,006,466
----------- ----------- ------------ -----------
Gross profit 2,291,511 1,709,105 4,082,262 2,824,462
Selling expenses 798,096 797,743 1,550,427 1,319,640
General and administrative expenses 1,270,411 1,084,989 2,358,187 1,855,384
----------- ----------- ------------ -----------
Operating income (loss) 223,004 (173,627) 173,648 (350,562)
Other income (expense):
Interest income 31,829 65,813 77,773 144,423
Interest expense (160,296) (159,126) (325,993) (305,634)
Other (24,286) (49,469) (68,658) (97,204)
----------- ----------- ------------ -----------
Other income (expense), net (152,753) (142,782) (316,878) (258,415)
----------- ----------- ------------ -----------
Income (loss) before income taxes 70,251 (316,409) (143,230) (608,977)
Provision for income taxes 43,950 9,500 88,550 13,500
----------- ----------- ------------ -----------
Net income (loss) $ 26,301 $ (325,909) $ (231,780) $ (622,477)
=========== =========== ============ ===========
Weighted average number of common shares used
in computation of net income (loss) per share:
Basic 4,377,255 4,241,576 4,370,121 $ 4,221,381
=========== =========== ============ ===========
Diluted 4,612,806 4,241,576 4,370,121 4,221,381
=========== =========== ============ ===========
Net income (loss) per common share:
Basic $ .01 $ (.08) $ (.05) $ (.15)
=========== =========== ============ ===========
Diluted $ .01 $ (.08) $ (.05) $ (.15)
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