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Shamir Optical Industry Ltd. Reports Fourth Quarter and Year-End 2008 Results
Date:3/18/2009

KIBBUTZ SHAMIR, Israel, March 18 /PRNewswire-FirstCall/ -- 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 fourth quarter and year ended December 31, 2008.

For the quarter ended December 31, 2008, revenues were $29.2 million, compared to $30.6 million for the fourth quarter of 2007. Gross profit for the quarter was $16.0 million, or 54.9% of revenues, compared to gross profit of $17.4 million, or 56.7% of revenues for the same period last year. As noted last year, gross profit for the fourth quarter of 2007 was positively impacted by a special grant of approximately $0.6 million, or 2% of revenues, that one of the Company's subsidiaries received from its local government regarding machinery costs in its facility. Excluding the effect of the grant, gross profit for the fourth quarter of 2007 was approximately 54.8% of revenues.

For the quarter ended December 31, 2008, operating income was $2.9 million, or 10.0% of revenues, compared to operating income of $2.7 million, or 8.8% of revenues for the same period last year. Net income for the quarter was $1.4 million, or $0.08 per diluted share, compared to net income of $1.6 million or $0.09 per diluted share for the comparable period in 2007.

Excluding the effects of non-cash stock-based compensation expenses and amortization of intangible assets, non-GAAP operating income was $3.3 million, or 11.4% of revenues, compared to non-GAAP operating income of $3.3 million, or 10.7% of revenues, for the same period in 2007.

Excluding the effects of non-cash stock-based compensation expenses and amortization of intangible assets, net of tax, non-GAAP net income for the quarter was $1.7 million, compared
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SOURCE Shamir Optical Industry Ltd.
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