Nyer Medical shifts leadership to meet growth

BANGOR – Nyer Medical Group Inc. is changing its leadership structure after reporting earnings that exceeded the company’s expectations.

Samuel Nyer, president and chief executive officer, no longer will run the day-to-day operations of the medical supply and pharmacy business. Karen Wright, who has been with the company for more than 16 years, has been named chief operating officer.

Nyer is not stepping down and will continue to serve as president and CEO.

“Right now, because the company is growing and I’ll be needed more at the executive level, she’ll be doing more of the day to day,” Nyer said.

Besides the promotion, Wright will continue as chief financial officer until a replacement can be found, Nyer said Tuesday. He said Wright will report to him on most decisions concerning operations of the company’s numerous subsidiaries.

“I’ve been training her for years and she can step into my footsteps without any problems,” Nyer said. “I’m with her on most everything we’re doing. I couldn’t have found anybody any better if I had looked nationwide.”

Nyer Medical (NYSE: NYER) is a holding company with operations in medical products distribution and services, retail pharmacies, and emergency equipment and supplies. The company distributes products to hospitals, physicians and nursing homes using telemarketing, direct sales personnel, catalogs and the Internet. The orders are distributed from the company’s warehousing sites in New England, Florida and Nevada.

In its annual report to the Securities and Exchange Commission, Nyer Medical reported record year-end sales of $23.9 million for the six months ending June 30, an increase of 17.3 percent over the same period last year.

The annual report, filed with the SEC on Oct. 18, shows an increase in profits in its pharmacy division of 114 percent and an increase in revenue of 20 percent. Pharmacy sales totaled $16.9 million.

Nyer’s year-end annual report covered only six months because the company changed its fiscal year to end June 30 instead of Dec. 31.

“With our current growth curve, we could bring top-line revenues to exceed $48 million for this calendar year,” Nyer said in a statement.

Since the Sept. 11 terrorist attacks, Nyer said sales of medical supplies and pharmaceuticals have continued to go up.

“Unfortunately, sales have been going up. I say unfortunately because nobody wanted to see what happened on Sept. 11 happen,” Nyer said.

Since the attacks, though, business at Nyer’s more than 10 Eaton Apothecary pharmacies in the Boston area “is way ahead.”

“I think people are buying more medicine right now because of all the depression that is around because of what occurred,” Nyer said.

Not taking into account the Sept. 11 attacks, Nyer Medical needed to make changes in its management structure to keep up with the sales growth that was occurring before that date, Nyer said.

Wright said the transition should occur with ease. One thing she hopes to do more of is visit the company’s operations throughout the country.

Continued growth, she said, shouldn’t be a problem.

“Nyer has the basics and everything to succeed, and we just have to apply the basics,” she said.

Wright has been with Nyer Medical since 1985, and has been the company’s treasurer since 1991. She is a graduate of Husson College.