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Shamir Optical Industry Ltd. Reports Third Quarter 2007 Results
Date:11/27/2007

KIBBUTZ SHAMIR, Israel, Nov. 27 /PRNewswire-FirstCall/ -- Shamir Optical Industry Ltd. (Nasdaq: SHMR) ("Shamir"), a leading provider of innovative products and technology to the progressive ophthalmic lens market, today announced unaudited financial results for the third quarter ended September 30, 2007.

For the quarter ended September 30, 2007, revenues increased by 28.5% to $30.9 million, compared to $24.1 million for the third quarter of 2006. Gross profit for the quarter increased by 25.3% to $16.2 million, or 52.3% of revenues, compared to gross profits of $12.9 million, or 53.7% of revenues for the same period last year.

For the quarter ended September 30, 2007, operating income increased by 125.1% to $3.2 million, or 10.2% of revenues, compared to operating income of $1.4 million, or 5.8% of revenues for the same period last year. Net income for the quarter increased by 75.4% to $2.3 million, or $0.14 per diluted share, compared to net income of $1.3 million for the comparable period in 2006.

Excluding the effects of non-cash stock-based compensation expenses, operating income was $3.4 million, or 11.0% of revenues, compared to operating income of $1.8 million, or 7.5% of revenues, for the same period of 2006.

Excluding the effects of non-cash stock-based compensation expenses, net income for the quarter was $2.6 million, or $0.15 per diluted share, an increase of 49.5% from net income of $1.7 million for the comparable period in 2006.

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, 2007, the Company had cash and cash equivalents, including short-term investments of $
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SOURCE Shamir Optical Industry Ltd.
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