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Shamir Optical Industry Ltd. Reports Fourth Quarter and Year-End 2007 Results
Date:3/6/2008

ased 88% to $3 million, or 9.8% of revenues, compared to operating income of $1.6 million, or 6.2% of revenues, for the same period last year.

Excluding the effect of non-cash stock-based compensation expenses and valuation allowance provided on deferred tax assets, net of minority interest, the net income for the quarter increased 41.2% to $2.4 million, compared to $1.7 million for the comparable period in 2006. The reconciliation of GAAP net income to non-GAAP net income is set forth below.

For the year ended December 31, 2007, revenues increased 23.8% to $120.4 million, compared to revenues of $97.3 million for the same period of 2006. Gross profit for the year increased 21.3% to $64.6 million, or 53.6% of revenues, compared to a gross profit of $53.2 million, or 54.7% of revenues for the same period last year.

For the year ended December 31, 2007, operating income increased 67.9% to $11.9 million, or 9.9% of revenues, compared to operating income of $7.1 million, or 7.3% of revenues for the same period last year. Net income for the year was $8.2 million or $0.50 per diluted share, an increase of 27.0% compared to net income of $6.5 million or $0.39 per diluted share for the comparable period in 2006

For the year ended December 31, 2007, excluding the effects of non-cash stock-based compensation expenses, operating income was $12.9 million, or 10.7% of revenues, compared to operating income of $8.5 million, or 8.8% of revenues, for the same period last year.

Excluding the effect of non-cash stock-based compensation expenses and valuation allowance provided on deferred tax assets, net of minority interest, the net income for the year was $9.8 million, or 8.1% of revenues, an increase of 24.3% from net income of $7.9 million, or 8.1% of revenues, 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.

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SOURCE Shamir Optical Industry Ltd.
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