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Shamir Optical Industry Ltd. Reports Third Quarter 2009 Results
Date:11/18/2009

KIBBUTZ SHAMIR, Israel, Nov. 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 third quarter ended September 30, 2009.

For the quarter ended September 30, 2009, revenues were $36.2 million, compared to $36.1 million for the third quarter of 2008. Gross profit for the quarter increased 3.8% to $19.7 million, or 54.6% of revenues, compared to gross profit of $19.0 million, or 52.7% of revenues for the same period last year.

For the quarter ended September 30, 2009, operating income increased 64.3% to $4.8 million, or 13.4% of revenues, compared to operating income of $2.9 million, or 8.2% of revenues for the same period last year. Net income for the quarter increased 67.7% to $3.7 million compared to net income of $2.2 million for the comparable period in 2008. Net income attributable to Shamir's shareholders was $0.22 per diluted share, compared with $0.13 per diluted share for the same period in 2008.

For the quarter ended September 30, 2009, excluding the effects of non-cash stock-based compensation expenses amortization of intangible assets, and in 2008 compensation to our former Chief Executive Officer, non-GAAP operating income was $5.2 million, or 14.3% of revenues, compared to non-GAAP operating income of $3.8 million, or 10.4% of revenues for the same period of 2008.

Excluding the effect of non-cash stock-based compensation expenses, amortization of intangible assets, and in 2008 compensation to our former Chief Executive Officer, net of tax, net income attributable to Shamir's shareholders for the quarter was $3.9 million, or $0.24 per diluted share, compared to net income of $2.9 million, or $0.18 per diluted shar
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SOURCE Shamir Optical Industries Ltd.
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