Shamir Optical Industry Ltd. (NASDAQ:SHMR) ("Shamir"), a leading provider of innovative products and
technology to the ophthalmic lens market, today announced unaudited financial
results for the third quarter ended September 30, 2009.
For the quarter ended September 30, 2009, revenues were $36.2 million, compared to
$36.1 million for the third quarter of 2008. Gross profit for the quarter increased
3.8% to $19.7 million, or 54.6% of revenues, compared to gross profit of $19.0
million, or 52.7% of revenues for the same period last year.
For the quarter ended September 30, 2009, operating income increased 64.3% to $4.8
million, or 13.4% of revenues, compared to operating income of $2.9 million, or 8.2%
of revenues for the same period last year. Net income for the quarter increased
67.7% to $3.7 million compared to net income of $2.2 million for the comparable
period in 2008. Net income attributable to Shamir's shareholders was $0.22 per
diluted share, compared with $0.13 per diluted share for the same period in 2008.
For the quarter ended September 30, 2009, excluding the effects of non-cash
stock-based compensation expenses amortization of intangible assets, and in 2008
compensation to our former Chief Executive Officer, non-GAAP operating income was
$5.2 million, or 14.3% of revenues, compared to non-GAAP operating income of $3.8
million, or 10.4% of revenues for the same period of 2008.
Excluding the effect of non-cash stock-based compensation expenses, amortization of
intangible assets, and in 2008 compensation to our former Chief Executive Officer,
net of tax, net income attributable to Shamir's shareholders for the quarter was
$3.9 million, or $0.24 per diluted share, compared to net income of $2.9 million, or
$0.18 per diluted share for the same period last year.
The reconciliation of GAAP operating income and net income to non-GAAP operating
income and non-GAAP net income is set forth below.
As of September 30, 2008, the Company had cash and cash equivalents, including
short-term investments of $28.1 million.
Commenting on the results, Amos Netzer, Chief Executive Officer of Shamir, said,
"Shamir preformed well in the third quarter, particularly in light of the difficult
economic environment throughout the world. We executed solidly and continued to
make important inroads in many of our operating markets, with the goal of advancing
the recognition of Shamir-branded products. Concurrent with these efforts, we
continue to stress the importance of strict cost controls, which has always been a
centerpiece of our operating philosophy, but has become increasingly important
during these difficult economic times."
Mr. Netzer continued, "To support our long range goals of expanding our worldwide
sales and manufacturing capabilities, we recently purchased a 66.6% stake in a local
lab in Australia that currently has annual revenue of approximately USD $7 million.
We are enthusiastic about this opportunity and are confident in our ability to
penetrate and expand our holdings in this new market and to promote the Shamir brand
in this region. This new acquisition follows the recently reported gain of control
of our lab in Thailand which as of this quarter was consolidated into our reported
Mr. Netzer concluded, "In terms of our overall strategy, we continue to maintain a
strong balance between investing in long-term growth and monitoring operational
expenses, which has helped us achieve positive performance thus far this year."
Shamir has scheduled a conference call for 10:00 a.m. ET today to discuss third
quarter results. To participate in the call, please dial (888) 562-3356 (U.S. and
Canada) or (973) 582-2700 (International). The conference ID for this event is
40966354. For those unable to participate there will be replay available from 12:00
p.m. ET on November 18, 2009, through 11:59 p.m. ET, November 25, 2009. Please
call: (800) 642-1687 (U.S. and Canada) (706) 645-9291 (International). The ID code
for the replay is 40966354.
The call will be available as a live, listen-only webcast at www.kcsa.com. Please go
to the KCSA website at least 15 minutes prior to the scheduled start time to
register, download and install any necessary audio software. A 30-day archive of the
webcast will be available approximately 2 hours after the conclusion of the live
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