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Shamir Optical Industry Ltd. Reports Third Quarter 2008 Results
Date:11/26/2008

n of GAAP operating income and net income to non-GAAP operating income and non-GAAP net income is set forth below.

As of September 30, 2008, the Company had cash and cash equivalents, including short-term investments of $25.1 million.

Commenting on the results, Eyal Hayardeny, Chief Executive Officer of Shamir, said, "Shamir preformed well in the third quarter, particularly in light of an increasingly difficult economic environment throughout the world. We executed solidly and continued to make important inroads in many of our operating markets, with the goal of advancing the recognition for Shamir-branded products. Concurrent with these efforts, we continue to stress the importance of strict cost controls, which has always been a main component of our operating philosophy, but has become increasingly important during these difficult economic times."

Mr. Hayardeny continued, "With Altra coming under full ownership and operational control of Shamir during the quarter, we further advanced our European distribution network. In addition, we are now in a position to exact greater operational and cost efficiencies throughout our European operations. With the team we currently have in place, we are confident that we can continue to expand our footprint throughout the region and in turn gain strong returns on this investment."

Mr. Hayardeny concluded, "With the widening of the economic difficulties throughout the world, it has become increasingly difficult to forecast our sales. With that said, we still believe we will be able to meet previously announced forecasts of estimate for growth in the range of 10%-16%, based on the December 2007 exchange rates and excluding the results of our Mexican operation."

Conference Call:

Shamir has scheduled a conference call for 11:00 a.m. ET today to discuss third quarter results. To participate i
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SOURCE Shamir Optical Industry Ltd.
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