Shamir Optical Industry Ltd. Reports First Quarter 20...( KIBBUTZ SHAMIR Israel May 28 /- S...),Health

KIBBUTZ SHAMIR, Israel, May 28 /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 first quarter ended March 31, 2008.

For the quarter ended March 31, 2008, revenues increased 29.5% to $38.0 million, compared to revenues of $29.3 million for the same period of 2007. Gross profit for the quarter increased 34.8% to $20.8 million, or 54.7% of revenues, compared to gross profits of $15.4 million, or 52.5% of revenues for the same period last year.

For the quarter ended March 31, 2008, operating income increased 27.2% to $4.3 million, or 11.2% of revenues, from operating income of $3.3 million, or 11.4% of revenues for the same period last year. Net income for the quarter increased 25.2% to $2.9 million, or $0.17 per diluted share, compared to net income of $2.3 million or $0.14 per diluted share for the comparable period in 2007.

For the quarter ended March 31, 2008, excluding the effects of non-cash stock-based compensation expenses, operating income was $4.5 million, or 11.9% of revenues, compared to operating income of $3.7 million, or 12.5% of revenues, for the same period last year.

Excluding the effects of non-cash stock-based compensation expenses, net income for the quarter was $3.2 million, or $0.19 per diluted share, an increase of 19.7%, from net income of $2.6 million 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 March 31, 2008, the Company had cash and cash equivalents, including short-ter
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