Essilor : First Half 2009 Results(of America added three laboratories...),Health

Date:8/26/2009

of America added three laboratories to its network: Barnett & Ramel ($10.8 million in revenue), McLeod ($10 million) and Abba Optical $2.2 million). - In Poland, Essilor raised its stake in JZO, the ophthalmic optics market leader, to 51% from 10% previously. - In Australia, Essilor completed four acquisitions representing an aggregate EUR3.6 million in full-year revenue. Equity interests were acquired in three prescription laboratories-Prescription Glass Pty Ltd, Precision Optics Pty Ltd and Wallace Everett Lens Technology Pty Ltd-and a 50% stake was acquired in Sunix Computer Consultants, a leading developer of optometric practice management systems. - In India, Essilor raised its interest in GKB Rx Lens Private Ltd to 60% from 10%. - In Brazil, Essilor acquired a majority stake in Technopark, a joint venture with a local partner that combines the business operations of two prescription laboratories (EUR10 million in revenue). - In Canada, Nikon Optical Canada, a Nikon-Essilor subsidiary, increased its stake in the TechCite prescription laboratory from 50 to 100%.

Gross margin up 7.3% to EUR930.7 million

Gross margin (revenue less cost of sales, expressed as a percentage of revenue) stood at 56.0%, compared with 57.0% in first-half 2008. The decrease results mainly from the dilutive impact of acquisitions, in particular Satisloh.

Operating expenses up 6.3% to EUR628.1 million

Operating expenses in the first half accounted for 37.8% of consolidated revenue, versus 38.9% in the prior-year period, when they amounted to EUR590.7 million. Operating expenses comprised:

    - R&D and engineering costs of EUR74.9 million (net of a
      EUR4.9 million tax credit), representing 4.5% of consolidated revenue,
      down very slightly from 4.7% in the fir
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SOURCE  Essilor
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