KIBBUTZ SHAMIR, Israel, March 11 /PRNewswire-FirstCall/ -- Shamir
Optical Industry Ltd. ("Shamir"), a leading provider of innovative
products and technology to the ophthalmic lens market, today
announced its unaudited financial results for the fourth quarter
and year ended December 31, 2009. For the quarter ended December
31, 2009, revenues increased 27.2% to $37.1 million, compared to
$29.2 million for the fourth quarter of 2008. Gross profit for the
quarter increased 27.2% to $20.4 million, or 55.0% of revenues,
compared to a gross profit of $16.0 million, or 54.9% of revenues
for the same period last year. For the quarter ended December 31,
2009, operating income increased 55.6% to $4.5 million, or 12.3% of
revenues, compared to operating income of $2.9 million, or 10.0% of
revenues for the same period last year. Net income for the quarter
increased 132.8% to $3.5 million compared to a net income of $1.5
million for the comparable period in 2008. Net income attributable
to Shamir's shareholders was $0.20 per diluted share, compared to
$0.08 per diluted share for the same period in 2008. For the
quarter ended December 31, 2009, excluding the effects of non-cash
stock-based compensation expenses and amortization of intangible
assets, non-GAAP operating income was $5.0 million, or 13.5% of
revenues, compared to non-GAAP operating income of $3.3 million, or
11.4% of revenues for the same period in 2008. Excluding the effect
of non-cash stock-based compensation expenses, accretion of
redeemable non controlling interest and amortization of intangible
assets, net of tax, net income attributable to Shamir's
shareholders for the quarter was $3.6 million, or $0.22 per diluted
share, compared to net income of $1.7 million, or $0.10 per diluted
share for the same period last year. For the year ended December
31, 2009, revenues were $142.4 million, compared to $140.3 million
for the same period in 2008. Gross profit for the year was $76.9
million, or 54.0% of revenues, compared to gross profit of $75.9
million, or 54.1% of revenues for the same period last year. For
the year ended December 31, 2009, operating income was $17.3
million, or 12.2% of revenues, compared to operating income of
$13.4 million, or 9.5% of revenues for the same period last year.
Net income for the year was $13.3 million, or $0.77 per diluted
share, compared to net income of $9.1 million or $0.55 per diluted
share for the comparable period in 2008. Excluding the effects of
non-cash stock-based compensation expenses, amortization of
intangible assets and compensation to the Company's former chief
executive officers, non-GAAP operating income for the year was
$19.2 million, or 13.5% of revenues, compared to non-GAAP operating
income of $15.8 million, or 11.3% of revenues, in 2008. Excluding
the effects of non-cash stock-based compensation expenses,
amortization of intangible assets, net of tax, accretion of
redeemable non controlling interest and compensation to the
Company's former chief executive officers, net of tax, non-GAAP net
income attributable to Shamir's shareholders for the year was $14.3
million or $0.86 per diluted share, compared to $11.2 million or
$0.68 per diluted share for the comparable period in 2008. 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, 2009, the Company had cash and cash equivalents,
including short-term investments of $31.6 million. Commenting on
the results, Amos Netzer, Chief Executive Officer of Shamir, said,
"Despite continued economic challenges throughout the world during
the fourth quarter, and for that matter, the full year, Shamir's
performance surpassed internal projections. During the year we
increased penetration and acceptance of the Shamir brand as well as
experienced the maturing of our investments in both manufacturing
and distribution." Mr. Netzer concluded, "The overall strength of
our results in 2009 gives us reason to feel confident that we will
achieve similar success in 2010. Our strategy remains intact, which
includes continued operational excellence and penetration into new
markets." For the fiscal year ending on December 31, 2010, Shamir
currently estimates its 2010 revenues growth in the range of
8%-12%, under the assumption of December 2009 exchange rates.
Conference Call: Shamir has scheduled a conference call for 10:30
a.m. ET today to discuss fourth quarter and year-end 2009 results.
To participate in the call, please dial (888) 562-3356 (U.S. and
Canada) or (973) 582-2700 (International). The conference ID for
this event is 57774730. For those unable to participate there will
be replay available from 1:30 p.m. ET on March 11, 2010, through
11:59 p.m. EDT, March 18, 2010. Please call: (800) 642-1687 (U.S.
and Canada) (706) 645-9291 (International). The ID code for the
replay is 57774730. The call will be available as a live,
listen-only webcast at http://www.kcsa.com/. Please go to the KCSA
website at least 15 minutes prior to the scheduled start time to
register, download and install any necessary audio software. A
30-day archive of the webcast will be available approximately 2
hours after the conclusion of the live call. About non - GAAP
financial measures This press release includes non-GAAP financial
measures - non-GAAP operating income and non-GAAP net income - that
exclude certain charges. The presentation of this financial
information is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP. Management of Shamir believes that non-GAAP
operating income and non-GAAP net income provides meaningful
supplemental information because these numbers reflect our core
operational results and are used by management internally to review
Shamir's financial results. About Shamir Shamir is a leading
provider of innovative products and technology to the spectacle
lens market. Utilizing its proprietary technology, the company
develops, designs, manufactures, and markets progressive lenses to
sell to the ophthalmic market. In addition, Shamir utilizes its
technology to provide design services to optical lens manufacturers
under service and royalty agreements. Progressive lenses are used
to treat presbyopia, a vision condition where the eye loses its
ability to focus on close objects. Progressive lenses combine
several optical strengths into a single lens to provide a gradual
and seamless transition from near to intermediate, to distant
vision. Shamir differentiates its products from its competitors'
primarily through lens design. Shamir's leading lenses are marketed
under a variety of trade names, including Shamir Genesis(TM),
Shamir Piccolo(TM), Shamir Office(TM), Shamir Autograph(TM) and
Shamir Smart(TM). Shamir believes that it has one of the world's
preeminent research and development teams for progressive lenses,
molds, and complementary technologies and tools. Shamir developed
software dedicated to the design of progressive lenses. This
software is based on Shamir's proprietary mathematical algorithms
that optimize designs of progressive lenses for a variety of
activities and environments. Shamir also has created software tools
specifically designed for research and development and production
requirements, including Eye Point Technology software, which
simulates human vision. Safe Harbor Statement Statements concerning
Shamir's business outlook or future economic performance; product
introductions and plans and objectives related thereto; and
assumptions made or expectations as to any future events,
conditions, performance or other matters, are "forward-looking
statements" as that term is defined under U.S. federal securities
laws. Forward-looking statements are subject to various risks,
uncertainties and other factors that could cause actual results to
differ materially from those stated in such statements. These
risks, uncertainties and factors include, but are not limited to:
The conflicts in the region; the effects of competition in our
industry, and changes in our relationships with optical
laboratories, distributors, research and development partners and
other third parties; the effects of the international expansion of
our operations and our ability to manage our growth, including our
ability to manage potential future acquisitions; the effect of
global economic conditions in general and conditions in Shamir's
industry and target markets in particular; shifts in supply and
demand; market acceptance of new products and continuing products'
demand; the impact of competitive products and pricing on Shamir's
and its customers' products and markets; timely product and
technology development/upgrades and the ability to manage changes
in market conditions as needed; interest rate fluctuations; and
other factors detailed in Shamir's filings with the Securities and
Exchange Commission. Shamir assumes no obligation to update the
information in this release. (Tables to follow) SHAMIR OPTICAL
INDUSTRY LTD. Consolidated Balance Sheets (US dollars in thousands,
except share and per share data) As of December 31, As of December
31, 2008 2009 ---- ---- (Unaudited) CURRENT ASSETS: Cash and cash
equivalents $18,276 $19,929 Short-term investment 7,187 11,679
Trade receivables (1) 30,331 33,648 Other receivables and prepaid
expenses 8,469 7,918 Inventory 26,063 26,946 ------ ------ TOTAL
CURRENT ASSETS 90,326 100,120 LONG-TERM INVESTMENTS: Severance pay
fund 2,584 2,909 Long-term receivables 813 427 Investments in
affiliates 2,085 1,306 ----- ----- TOTAL LONG-TERM INVESTMENTS
5,482 4,642 PROPERTY, PLANT AND EQUIPMENT, NET 38,617 38,568 OTHER
ASSETS 5,902 7,439 GOODWILL 9,169 12,945 ----- ------ TOTAL ASSETS
$149,496 $163,714 ======== ======== CURRENT LIABILITIES: Short-term
bank credit and loans $11,597 $11,033 Current maturities of
long-term loans 10,403 6,879 Trade payables 8,876 11,680 Accrued
expenses and other liabilities 11,680 15,447 ------ ------ TOTAL
CURRENT LIABILITIES 42,556 45,039 LONG-TERM LIABILITIES: Long-term
loans 9,800 12,599 Capital leases 3,393 2,367 Accrued severance pay
3,172 3,270 Other long-term liabilities 634 2,763 Deferred income
taxes 1,922 2,224 ----- ----- TOTAL LONG-TERM LIABILITIES 18,921
23,223 Redeemable non- controlling interest 690 --- EQUITY: Share
capital Common shares of NIS 0.01 par value Authorized: 100,000,000
shares at December 31, 2008 and 2009; Issued and outstanding:
16,423,740 and 16,592,345 shares at December 31, 2008 and 2009,
respectively 37 37 Additional paid-in capital 67,362 68,230
Accumulated other comprehensive income (2,637) (1,122) Retained
earnings 22,007 24,795 ------ ------ Total Shamir Optical Industry
Ltd. Shareholders' equity 86,769 91,940 Non-controlling interests
1,250 2,822 ----- ----- TOTAL EQUITY 88,019 94,762 ------ ------
TOTAL LIABILITIES AND EQUITY $149,496 $163,714 ======== ========
(1)Net of allowance for doubtful accounts of $2,066 and $3,076 as
of December 31, 2008 and 2009, respectively SHAMIR OPTICAL INDUSTRY
LTD. Consolidated Statements of Income (US dollars in thousands,
except per share data) Three Months Ended Year Ended December 31,
December 31, ------------ ------------ 2008(1) 2009 2008(1) 2009
------- ---- ------- ---- (Unaudited) (Unaudited) (Unaudited)
Revenues, net $29,155 $37,073 $140,326 $142,384 Cost of revenues
13,143 16,700 64,415 65,448 ------ ------ ------ ------ Gross
profit 16,012 20,373 75,911 76,936 Operating Expenses: Research and
development costs 761 907 3,368 3,239 Selling and marketing
expenses 8,847 10,537 42,374 40,959 General and administrative
expenses 3,485 4,387 16,793 15,410 ----- ----- ------ ------ Total
operating expenses 13,093 15,831 62,535 59,608 ------ ------ ------
------ Operating income 2,919 4,542 13,376 17,328 Financial
expenses and other, net 1,273 158 2,142 395 ----- --- ----- ---
Income before taxes on income 1,646 4,384 11,234 16,933 Taxes on
income 153 822 2,216 3,699 --- --- ----- ----- Income after taxes
on income 1,493 3,562 9,018 13,234 Equity in losses (earnings) of
affiliates, net (30) 17 (44) (31) --- --- --- --- Net income 1,523
3,545 9,062 13,265 Net income (loss) attributable to
non-controlling interests 164 201 (16) 477 --- --- --- --- Net
income attributable to Shamir Optical Industry Ltd. Shareholders
$1,359 $3,344 $9,078 $12,788 ====== ====== ====== ======= Net
earnings per share: Basic $0.08 $0.20 $0.55 $0.78 ===== ===== =====
===== Diluted $0.08 $0.20 $0.55 $0.77 ===== ===== ===== =====
Number of shares: Basic 16,424 16,480 16,424 16,438 Dilutive 16,492
16,623 16,522 16,530 (1) Amounts have been reclassified to reflect
the implementation of SFAS No. 160, Non-controlling Interests in
Consolidated Financial Statements, an amendment of ARB No. 51.
SHAMIR OPTICAL INDUSTRY LTD. Reconciliation of Non-GAAP Operating
Income and Net Income (US dollars in thousands, except per share
data) Three Months Ended Year Ended December 31, December 31,
------------ ------------ 2008 2009 2008 2009 ---- ---- ---- ----
(Unaudited) (Unaudited) (Unaudited) (Unaudited) Operating income
$2,919 $4,542 $13,376 $17,328 Non-GAAP adjustment: Stock based
compensation 140 79 733 451 Amortization of intangible assets 257
385 1,292 1,148 Compensation to former Chief Executive Officers - -
434 303 --- --- --- --- Non-GAAP operating income $3,316 $5,006
$15,835 $19,230 ====== ====== ======= ======= Net income
attributable to Shamir Optical Industry Ltd. Shareholders $1,359
$3,344 $9,078 $12,788 Non-GAAP adjustment: Stock based compensation
140 79 733 451 Amortization of intangible assets, net 202 284 1,022
863 Accretion of redeemable non controlling interest - (64) - (64)
Compensation to former Chief Executive Officers, net - - 378 227
--- --- --- --- Non-GAAP net income attributable to Shamir Optical
Industry Ltd. Shareholders $1,701 $3,643 $11,211 $14,265 ======
====== ======= ======= Net earnings per share: Basic $0.10 $0.22
$0.68 $0.87 ===== ===== ===== ===== Diluted $0.10 $0.22 $0.68 $0.86
===== ===== ===== ===== Number of shares: Basic 16,424 16,480
16,424 16,438 Dilutive 16,492 16,623 16,522 16,530 DATASOURCE:
Shamir Optical Industries Ltd. CONTACT: Roni Gavrielov, KM / KCSA
Investor Relations, +972-3-516-7620,roni@km-ir.co.il; or Jeffrey
Goldberger, +1-212-896-1249, jgoldberger@kcsa.comor Marybeth Csaby,
+1-212-896-1236, mcsaby@kcsa.com, both of KCSA
StrategicCommunications Web Site: http://www.shamir.co.il/
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