Silipos Acquisition Boosts Langer Income

Langer Inc., Deer Park, New York, a designer, manufacturer and distributor of medical products for the orthopedic, orthotic, and prosthetic markets, reported net income for the three months ended September 30, 2005, of approximately $236,000, or 2 cents per fully diluted share, as compared with net income for the three months ended September 30, 2004 of approximately $44,000, or 1 cent per fully diluted share.

For the nine months ended September 30, 2005, Langer reported net income of approximately $423,000, or 6 cents per fully diluted share, as compared with a net loss of approximately $98,000, or 2 cents per fully diluted share for the nine months ended September 30, 2004.

The company said the principal reason for the increase in net income in the quarter was the contribution from its recently acquired subsidiary, Silipos, partially offset by losses incurred by the company's historic business due principally to a decrease in net sales.

Net sales for the three months ended September 30, 2005, were approximately $10.5 million compared with approximately $6.3 million for the three months ended September 30, 2004. Net sales for the nine months ended September 30, 2005, were approximately $30.9 million, compared with approximately $18.6 million for the nine months ended September 30, 2004. The company said the principal reason for the increase in net sales, in the three and nine months ended September 30, 2005, was the net sales generated by Silipos.

Gray Hudkins, Langer's chief operating officer, said, "Our cash position remains strong at almost $18.5 million. We have recently undertaken steps to further integrate and address operating issues across all of our businesses. The goal is to better integrate marketing initiatives as well as streamline operations to improve customer service. We believe that these efforts will help us to stabilize and grow our existing businesses.

"Also, during the quarter we added personnel in a number of areas, including hiring a new managing director for our UK operations, who will now oversee not only the historical Langer business in the UK but also manage the UK Silipos orthopedics business as well. We also hired dedicated management personnel in the production area of ankle foot orthotics, which will allow us to increase capacity in that product line, and we have added a new director of clinical education to provide support to our customers and also lead the combined Langer and Silipos education program, which will include over 40 seminars and workshops in the next 12 months."

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