SOURCE: HearUSA

November 28, 2007 09:00 ET

HearUSA Enters Charlotte, North Carolina Hearing Care Market

WEST PALM BEACH, FL--(Marketwire - November 28, 2007) - HearUSA, Inc. (AMEX: EAR), a leading provider of hearing care through a fully integrated and professionally accredited system of hearing care centers, has acquired two private practices in Charlotte, North Carolina with combined estimated trailing twelve-month ("TTM") revenues of $2.4 million. Each of these practices has been operating under single ownership for more than 14 years.

This raised the total amount of TTM revenue represented by HearUSA's acquisitions this year to $11.2 million. The company currently has eight letters of intent for acquisitions representing an additional estimated $3.5 million in TTM revenues.

"These latest acquisitions are significant for HearUSA because we are entering an entirely new geographic territory," said Stephen J. Hansbrough, president and CEO. "The area offers tremendous opportunities for both organic growth and acquisitions. To expand our services in this new market, we are planning to establish a new major diagnostic hearing care center and an onsite nursing home program, as well as make further acquisitions in 2008."

A combination of healthy organic growth and a successful acquisition program led to a record recent quarter for both revenues and income for HearUSA. In the third quarter ending September 29, 2007, the company's net revenues reached a record $26.9 million, an increase of 22% over the same quarter a year ago, with $488,000 in net income.

About HearUSA

HearUSA, Inc. provides hearing care to patients primarily through more than 175 company-owned hearing care centers, which offer a complete range of quality hearing aids with an emphasis on the latest digital technology. HearUSA Centers are located in California, Florida, New York, New Jersey, Massachusetts, Ohio, Michigan, Missouri, North Carolina, and the province of Ontario, Canada. The company also derives revenues from its HearUSA Hearing Care Network, comprised of 1,600 affiliated audiologists in 49 states, as well as its website that enables online purchases of hearing related products, such as batteries, hearing aid accessories and assistive listening devices. For further information, click on "investor information" at the HearUSA website: www.hearusa.com.

Contact Information

  • Company Contact:
    Paul A. Brown, M.D.
    Founder & Chairman
    Stephen J. Hansbrough
    President & CEO
    HearUSA, Inc
    (561) 478-8770

    Investor Relations
    Scott Liolios or Ron Both
    Liolios Group, Inc.
    Email Contact
    (949) 574-3860