The reconciliation of GAAP operating income and GAAP net income to non-GAAP operating income and non-GAAP net income is set forth below.
As of June 30, 2009, the Company had cash and cash equivalents, including short-term investments of $27.4 million.
Commenting on the results, Amos Netzer, Chief Executive Officer of Shamir, said, "During the past few years, Shamir has worked diligently, not only to expand our geographic footprint, but also to improve our manufacturing capabilities and solidify and expand our sales and marketing capabilities. The positive effect of these efforts is reflected in our favorable results for the second quarter. In Europe, we generated improved sales and operating results and our operations in the United States continued to perform well."
Mr. Netzer added, "To support our long range goals of expanding our selling and manufacturing capabilities, in July 2009 we increased our ownership in our lab in Thailand from 40.4% to 51%. We are very encouraged with the performance of our investment in Thailand and are pleased to have been able to increase our ownership in the subsidiary."
Mr. Netzer concluded, "In terms of our overall strategy, we continue to maintain a strong balance between investing in long-term growth and monitoring operational expenses, which helped us achieve positive performance thus far this year. However, due to the uncertainty in the global economic landscape and the remaining challenges, our visibility for the second half of 2009 is unclear."
Shamir has scheduled a conference call for 11:00 a.m. today to discuss second quarter results. To participate
|SOURCE Shamir Optical Industry Ltd.|
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