Exhibit  99.1




Contact:


Bruce J.
Haber


(914)
235-5550, x. 12


bhaber@primedical.net











FOR IMMEDIATE
RELEASE








Emergent
Group Inc. Reports Record First Quarter Revenue and Net Income





Revenue
and Net Income Rise 63% and 62%, Respectively,


and
EBITDA Nearly Doubles





SUN VALLEY, CA, May 6, 2009 –
Emergent Group Inc. (NYSE Amex Equities: LZR), a leading provider of mobile
medical lasers and surgical equipment, today announced significant increases in
first quarter 2009 sales and net income as the Company continued to benefit from
favorable industry trends and the execution of its growth
strategies.  Following are highlights of the first quarter 2009
results:




§
            Revenue
      set another record, increasing 63% to $7,335,043 compared to $4,504,289 in
      the first quarter ended March 31, 2008. This was the Company’s seventh
      consecutive quarter of revenue
growth.


§
            EBITDA
      (earnings before interest, taxes, depreciation and amortization) nearly
      doubled to $1,833,034 versus $947,480 in the prior year
      period.


§
            Income
      before income taxes also more than doubled to $1,177,334 from $492,400 in
      the 2008 first quarter.


§
            Net
      income rose 62% to a record $699,200, or $0.10 per diluted share, compared
      with $431,900, or $0.07 per diluted share, reported in the prior year
      period.


§
            The
      quarter included a provision for income taxes of $478,134 compared with
      $60,500 a year earlier.


§
            Emergent
      has federal net operating loss carryforwards totaling $7,600,000 as of
      December 31, 2008, which are available to offset taxable income for 2009
      and subsequent periods.


§
            Diluted
      weighted-average shares outstanding were 7,036,959 versus 5,912,217 in the
      first quarter of 2008.




“Emergent
Group’s financial performance continues to stand out in the midst of an
otherwise challenging economic environment,” said Chairman and CEO Bruce J.
Haber.  “We can attribute our success to favorable industry trends and
the execution of our well-developed growth strategies.  We continue to
see benefits from our 2008 acquisition of the Surgical Services Division of
PhotoMedex, Inc., which expanded our geographic reach to 11 new states and has
given us the opportunity to bring our winning sales strategies to those
territories.




“We see a
host of opportunities as we look ahead to the rest of fiscal 2009,” he
added.  “We’re continuing to expand rentals of per-procedure medical
equipment and sales of accompanying consumable items.  We’re
capitalizing on the growing number of medical procedures and could possibly
benefit from upcoming limits on physician ownership of
equipment.  We’re giving hospitals and physician groups the chance to
conserve precious capital and use rentals to maximize the latest cost-effective
medical technology. We’re giving equipment manufacturers new revenue streams by
partnering with them on rentals as one alternative to their typically long sales
cycles.  And we remain focused on potential acquisitions as yet
another vehicle for growth in 2009 and beyond.”





About
Emergent Group Inc.


Emergent
Group Inc., through its wholly owned subsidiary, PRI Medical Technologies, Inc.
(“PRI Medical”), provides mobile medical laser and surgical equipment in 16
states on a per-procedure basis to hospitals, outpatient surgery centers and
physicians’ offices.  Surgical equipment is provided to customers
along wit h
technical support personnel to ensure that such equipment is operating
correctly.  PRI Medical currently offers its services in five states
in the western United States and 11 states along the eastern
seaboard.  For investor and product information, visit Emergent
Group’s website, www.emergentgroupinc.com.





Forward-Looking
Statements


Statements
in this news release may contain forward-looking statements within the meaning
of Section 27A of the U.S. Securities Act of 1993 and Section 21E of the
Securities Exchange Act of 1934.  Such statements may involve various
risks and uncertainties, some of which may be discussed in the Company’s most
recent report on Form 10-K and subsequently filed SEC reports.  There
is no assurance any forward-looking statements will prove accurate, as actual
results and future events could differ materially from those presently
anticipated.





(tables
and notes follow)









Exhibit  99.1




Emergent
      Group Inc. and Subsidiaries Condensed
      Consolidated Balance Sheets
 Condensed
      Consolidated Balance SheetsMarch
      31,
                                
                                
                                December
      31,2009
                                
                                
                                2008ASSETS
                                
                                (Unaudited)Current
      assetsCash
                                
                                $
                                2,537,989
                                
                                
                                $
                                4,586,107Accounts
      receivable, net of allowance for doubtfulaccounts
      of $67,984 and $58,984
                                
                                
                                4,418,100
                                
                                
                                
                                3,759,834Inventory,
      net
                                
                                
                                885,651
                                
                                
                                
                                837,143Prepaid
      expenses
                                
                                
                                287,890
                                
                                
                                
                                231,763Deferred
      income taxes
                                
                                
                                986,000
                                
                                
                                
                                986,000Total
      current assets
                                
                                
                                9,115,630
                                
                                
                                
                                10,400,847Property
      and equipment, net of accumulated depreciation andamortization
      of $7,749,112 and $7,247,482
                                
                                
                                5,857,494
                                
                                
                                
                                6,070,228Goodwill
                                
                                
                                1,120,058
                                
                                
                                
                                1,120,058Deferred
      income taxes
                                
                                
                                906,381
                                
                                
                                
                                1,261,000Other
      intangible assets, net of accumulated amortization of$243,469
      and $226,997
                                
                                
                                386,680
                                
                                
                                
                                403,152Deposits
      and other assets
                                
                                
                                81,545
                                
                                
                                
                                84,934Total
      assets
                                
                                $
                                17,467,788
                                
                                
                                $
                                19,340,219LIABILITIES
      AND SHAREHOLDERS' EQUITYCurrent
      liabilitiesCurrent
      portion of capital lease obligations
                                
                                $
                                1,881,898
                                
                                
                                $
                                1,909,057Dividends
      payable
                                
                                
                                -
                                
                                
                                
                                1,989,750Accounts
      payable
                                
                                
                                1,890,861
                                
                                
                                
                                1,538,797Accrued
      expenses and other liabilities
                                
                                
                                1,354,661
                                
                                
                                
                                1,997,312Total
      current liabilities
                                
                                
                                5,127,420
                                
                                
                                
                                7,434,916Capital lease
      obligations, net of current portion
                                
                                
                                3,037,258
                                
                                
                                
                                3,344,820Total
      liabilities
                                
                                
                                8,164,678
                                
                                
                                
                                10,779,736Shareholders'
      equityPreferred
      stock, $0.001 par value, non-voting 10,000,000shares
      authorized, no shares issued and outstanding
                                
                                
                                -
                                
                                
                                
                                -Common
      stock, $0.04 par value, 100,000,000 shares authorized6,662,831
      and 6,631,576 shares issued and outstanding
                                
                                
                                266,510
                                
                                
                                
                                265,260Additional
      paid-in capital
                                
                                
                                16,278,039
                                
                                
                                
                                16,235,368Accumulated
      deficit
                                
                                
                                (7,937,374
                                )
                                
                                
                                (8,636,575
                                )Total
      Emergent Group equity
                                
                                
                                8,607,175
                                
                                
                                
                                7,864,053Minority
      interest
                                
                                
                                695,935
                                
                                
                                
                                696,430Total
      shareholders' equity
                                
                                
                                9,303,110
                                
                                
                                
                                8,560,483Total
      liabilities and shareholders' equity
                                
                                $
                                17,467,788
                                
                                
                                $
                                19,340,219





















Exhibit
99.1


Emergent
      Group Inc. and SubsidiariesCondensed
      Consolidated Statements of Income(Unaudited)  Three
      Months Ended March 31,2009
                                          
                                          
                                          2008Revenue
                                          
                                          $
                                          7,335,043
                                          
                                          
                                          $
                                          4,504,289Cost
      of goods sold
                                          
                                          
                                          4,411,458
                                          
                                          
                                          
                                          2,625,834Gross
      profit
                                          
                                          
                                          2,923,585
                                          
                                          
                                          
                                          1,878,455Selling,
      general, and administrative expenses
                                          
                                          
                                          1,455,422
                                          
                                          
                                          
                                          1,123,853Income
      from operations
                                          
                                          
                                          1,468,163
                                          
                                          
                                          
                                          754,602Other
      income (expense)Interest
      expense, net
                                          
                                          
                                          (88,486
                                          )
                                          
                                          
                                          (62,432
                                          )Gain
      on disposal of property and equipment
                                          
                                          
                                          600
                                          
                                          
                                          
                                          -Other
      income, net
                                          
                                          
                                          5,177
                                          
                                          
                                          
                                          12,652Total
      other income (expense)
                                          
                                          
                                          (82,709
                                          )
                                          
                                          
                                          (49,780
                                          )Income
      before provision for income taxesand
      minority interest
                                          
                                          
                                          1,385,454
                                          
                                          
                                          
                                          704,822Provision
      for income taxes
                                          
                                          
                                          (478,134
                                          )
                                          
                                          
                                          (60,500
                                          )Net
      income before minority interest
                                          
                                          
                                          907,320
                                          
                                          
                                          
                                          644,322Minority
      interests in income of consolidatedlimited
      liability companies
                                          
                                          
                                          (208,120
                                          )
                                          
                                          
                                          (212,422
                                          )Net
      income
                                          
                                          $
                                          699,200
                                          
                                          
                                          $
                                          431,900Basic
      earnings per share
                                          
                                          $
                                          0.11
                                          
                                          
                                          $
                                          0.08Diluted
      earnings per share
                                          
                                          $
                                          0.10
                                          
                                          
                                          $
                                          0.07Basic
      weighted average shares outstanding
                                          
                                          
                                          6,657,849
                                          
                                          
                                          
                                          5,650,498Diluted
      weighted-average shares outstanding
                                          
                                          
                                          7,036,959
                                          
                                          
                                          
                                          5,912,217