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

to $2.7 million for the comparable period in 2007. Please note that the non-GAAP adjustments for the fourth quarter in 2007 included an increase of valuation allowance provided on deferred tax assets, net of minority interest.

For the year ended December 31, 2008, revenues were $140.3 million, compared to $120.4 million for the same period in 2007. Gross profit for the year was $75.9 million, or 54.1% of revenues, compared to gross profit of $64.6 million, or 53.6% of revenues for the same period last year.

For the year ended December 31, 2008, operating income was $13.4 million, or 9.5% of revenues, compared to operating income of $11.9 million, or 9.9% of revenues for the same period last year. Net income for the year was $9.1 million, or $0.55 per diluted share, compared to net income of $8.2 million or $0.50 per diluted share for the comparable period in 2007.

Excluding the effects of non-cash stock-based compensation expenses, amortization of intangible assets and a one-time compensation to the Company's former CEO, non-GAAP operating income for the year was $15.8 million, or 11.3% of revenues, compared to non-GAAP operating income of $14.0 million, or 11.6% of revenues, for the same period in 2007.

Excluding the effects of non-cash stock-based compensation expenses, amortization of intangible assets, net of tax and one-time compensation to the Company's former CEO, net of tax, non-GAAP net income for the year was $11.2 million, compared to $10.7 million for the comparable period in 2007. Please note that the non-GAAP adjustments for the year 2007 included a valuation allowance provided on deferred tax assets, net of minority interest.

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 December 31, 2008, the Company had cash and cash equivalents, including short-term inve
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SOURCE Shamir Optical Industry Ltd.
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