[LANGER LOGO OMITTED]
CONTACT: Anthony J. Puglisi
Vice President and
Chief Financial Officer
(631) 667-1200, ext. 233
FOR IMMEDIATE RELEASE
- ---------------------
LANGER, INC. REPORTS RESULTS FOR
THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2003;
CONFERENCE CALL SCHEDULED FOR NOVEMBER 10, 2003
Deer Park, New York - November 7, 2003- Langer, Inc. (NASDAQ:GAIT) today
reported net income for the three month period ended September 30, 2003 of
$49,469 or $.01 per fully diluted share, as compared to a net loss for the three
month period ended September 30, 2002 of $(101,435) or $(.02) per fully diluted
share. For the nine months ended September 30, 2003 Langer reported a net loss
of $(182,311) or $(.04) per fully diluted share as compared to a net loss of
$(723,912) or $(.17) per fully diluted share for the nine months ended September
30, 2002.
Net sales for the three months ended September 30, 2003 were $6,332,684 or
15.5% above net sales of $5,483,148 for the three months ended September 30,
2002. Net sales for the nine months ended September 30, 2003 were $18,282,606 or
37.3% above the net sales of $13,314,076 for the nine months ended September 30,
2002. Net sales for the three and nine months ended September 30, 2003
attributable to the previously announced acquisitions of Benefoot on May 6,
2002, and Bi-Op on January 1, 2003, approximated $428,000 and $3,357,000,
respectively. The full effect of the revenue derived from the Benefoot
acquisition appears in both 2002 and 2003 third quarter results.
Net sales of custom orthotics approximated $4,924,000 for the three months
ended September 30, 2003, an increase of 18% over net sales of approximately
$4,175,000 for the three months ended September 30, 2002. Net sales of custom
orthotics approximated $14,075,000 for the nine months ended September 30, 2003,
an increase of 32.2% over net sales of approximately $10,647,000 for the nine
months ended September 30, 2002. Net sales of custom orthotics for the three and
nine months ended September 30, 2003 included approximately $425,000 and
$2,197,000, respectively, related to the acquisitions of Benefoot
and Bi-Op. Net sales of custom orthotics for the third quarter and nine months
ended September 30, 2003, exclusive of the net sales attributable to
acquisitions, increased 7.8% and 11.6%, respectively, over the comparable
periods of 2002.
Net sales of distributed products for the three months ended September 30,
2003 were approximately $1,408,000 as compared to net sales of approximately
$1,308,000 for the three months ended September 30, 2002, an increase of 7.6%.
Net sales of distributed products for the nine months ended September 30, 2003
were approximately $4,208,000 as compared to net sales of approximately
$2,667,000 for the nine months ended September 30, 2002. Net sales of
distributed products for the three and nine months ended September 30, 2003
included approximately $3,000 and $1,160,000, respectively, attributable to the
acquisitions of Benefoot and Bi-Op. Net sales of distributed products for the
three and nine months ended September 30, 2003, exclusive of the net sales
attributable to acquisitions, increased 7.4% and 14.3%, respectively, over the
comparable periods of 2002.
Andrew H. Meyers, Langer's President and Chief Executive Officer, said, "We
have continued to achieve organic growth in net sales above the industry
average. Continued revenue growth from our expanded product offerings clearly
demonstrates Langer's success in extending services to our customers." Meyers
continued "This quarter represents a continuation of our return to profitability
with our second consecutive positive quarter. We continue to see improved
operational efficiency generating profitable results."
Langer will be hosting a conference call on November 10, 2003, at 11:00 AM
(EST) to discuss the results for the three and nine month periods ended
September 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 1-800-310-1961.
Callers should dial in five to ten minutes before the scheduled start time and
reference the pass code of 709896. 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 2pm
on November 10 by accessing the Langer homepage or typing the following
information into your web browser:
http://www.firstcallevents.com/service/ajwz393261947gf12.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 NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
2003 2002 2003 2002
--------------- --------------- ---------------- -----------------
Net sales $ 6,332,684 $ 5,483,148 $ 18,282,606 $ 13,314,076
Cost of sales 4,113,520 3,517,419 11,981,180 8,523,885
--------------- --------------- ---------------- -----------------
Gross profit 2,219,164 1,965,729 6,301,426 4,790,191
Selling expenses 783,423 870,760 2,333,850 2,190,400
General and administrative expenses 1,206,363 1,035,923 3,564,550 2,891,307
--------------- --------------- ---------------- -----------------
Operating income (loss) 229,378 59,046 403,026 (291,516)
--------------- --------------- ---------------- -----------------
Other income (expense):
Interest income 33,462 58,510 111,235 202,933
Interest expense (157,281) (165,548) (483,274) (471,182)
Other (17,990) (46,443) (86,648) (143,647)
--------------- --------------- ---------------- -----------------
Other income (expense), net (141,809) (153,481) (458,687) (411,896)
--------------- --------------- ---------------- -----------------
Income (loss) before income taxes 87,569 (94,435) (55,661) (703,412)
Provision for income taxes 38,100 7,000 126,650 20,500
--------------- --------------- ---------------- -----------------
Net income (loss) $ 49,469 $ (101,435) $ (182,311) $ (723,912)
=============== =============== ================ =================
Weighted average number of common shares used
in computation of net income (loss) per share:
Basic 4,377,255 4,269,644 4,372,525 4,237,645
=============== =============== ================ =================
Diluted 4,625,874 4,269,644 4,372,525 4,237,645
=============== =============== ================ =================
Net income (loss) per common share:
Basic $ .01 $ (.02) $ (.04) $ (.17)
=============== =============== ================ =================
Diluted $ .01 $ (.02) $ (.04) $ (.17)
=============== =============== ================ =================