AH yesterday BIG NEWS
HearUSA Responds to Siemens SEC Filing
WEST PALM BEACH, FL, Jan 18, 2011 --
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.
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