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

mber 31, 2007, the Company had cash and cash equivalents, including short-term investments of $33.3 million.

Commenting on its fourth quarter results, Giora Ben-Ze'ev, Chief Executive Officer of Shamir, said, "Throughout 2007 Shamir made considerable operational progress in each of its markets. Our increased revenue is a strong reflection of the quality of Shamir's products and services, and a testament to our growing sales and marketing capabilities. During the year, we dedicated considerable resources to bolstering our ability to deliver the highest quality lenses and to further developing our relationships with our partners and customers. We are confident that the investments we have made in our people, technology and geographic expansion was money well spent, and better positions Shamir for long-term growth."

"Much of our strength during the quarter came out of our European and US operations, where we focused on building sales and marketing capabilities, establishing local management and controlling expense levels. We have recently begun to realize the benefits of these actions."

Mr. Ben-Ze'ev added, "Recently, we increased our interest in our lab in Mexico to approximately 51%, reflecting the strength of this operation and the opportunity we believe that exists in the country."

Mr. Ben-Ze'ev concluded, "Our revenue growth initiatives in 2007 have helped us gain additional market share and will support our future progress. Our geographic expansion program continues to gain momentum and we are working diligently to grow our operations in a controlled manner. We will continue to monitor our expense levels and remain committed to increasing profitability, while delivering quality and innovative progressive lenses, molds and technology solutions to our customers in 2008."

For the fiscal year ending on December 31, 2008, Shamir currently estimates its 2008 operations revenues growth in the range of 8%-14%, under the assumption of De
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SOURCE Shamir Optical Industry Ltd.
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