HearUSA Responds to Siemens SEC Filing
January 18 2011 - 6:02PM
Marketwired
HearUSA, Inc. (NYSE Amex: EAR) responded this afternoon to
statements made by Siemens Hearing Instruments, Inc. in a Schedule
13D filed by Siemens earlier today.
"We are very disappointed that Siemens has taken this negative
and heavy-handed approach," said Stephen J. Hansbrough, chairman
and CEO of HearUSA. "We are also concerned that the statements made
by Siemens in its Schedule 13D fail to provide all of the facts
about our relationship with them and our position. We raised
legitimate contract issues with our strategic partner concerning
their approach to our commercial relationship in what we understood
was a confidential discussion on December 22, 2010. In spite of our
disagreement with their positions, we continued our attempts to
resolve the commercial issues and we clearly advised Siemens of our
commitment to meet our obligations to them."
HearUSA plans to issue its fourth quarter and yearend financial
results on or about March 24, 2011. "We have not yet finalized our
yearend financial statements and our audit is ongoing. We expect to
report top line revenues for the fourth quarter of 2010 of
approximately $21.5 million, bringing top line fiscal year revenues
to approximately $83.4 million. We expect to report a loss for the
quarter and the year. We have taken appropriate actions to realign
our cost structure with our anticipated cash flows. Average daily
order dollars in the first quarter of 2011 are running
approximately 13% ahead of the year-ago quarter. HearUSA is
confident that with the actions it has taken it will return to
profitability in 2011, and we remain committed to growing
shareholder value," concluded Hansbrough.
About HearUSA HearUSA, Inc. (NYSE Amex:
EAR) is the recognized leader in hearing care for the nation's top
managed care organizations through its network of more than 2,000
hearing care providers and 176 company-owned centers. HearUSA is
the nation's only hearing care network accredited by URAC, an
independent, nonprofit health care accrediting organization
dedicated to promoting health care quality through accreditation,
certification and commendation. HearUSA is also the administrator
of the AARP Hearing Care Program, designed to help millions of
Americans aged 50+ who have untreated hearing loss. For more
information about HearUSA visit www.hearusa.com, or go to
www.hearingshop.com for a wide selection of hearing related
products available for purchase online.
Forward-Looking Statements This press
release contains a forward-looking statement within the meaning of
the Securities Litigation Reform Act of 1995 that HearUSA will
return to profitability in 2011. This statement involves certain
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statement, including
such factors the company's ability to control costs; the company's
ability to generate the expected cash flows from operations; the
ability of the company to maintain unit sales of Siemens hearing
aids; market demand for the company's goods and services; changes
in the pricing environment; general economic conditions in those
geographic regions where the company's centers are located;
consumer confidence in the general economy; the impact of
competitive products; and other risks and uncertainties described
in the company's filings with the Securities and Exchange
Commission, including the company's Form 10-K for the fiscal year
ended December 26, 2009.
Company Contact: HearUSA, Inc. Stephen J. Hansbrough
Chairman and CEO Tel 561-478-8770, ext 132 Investor
Relations Scott Liolios or Ron Both Liolios Group, Inc. Email
Contact Tel 949-574-3860
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