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Shamir Reports Net Income Grew 12.6 Percent in 2Q ’10

August 23, 2010 12:17 AM


KIBBUTZ SHAMIR, Israel—Shamir Optical Industry Ltd. (Nasdaq: SHMR) reported a 16.3 percent increase in revenue to $41.0 million in unaudited financial results for the second quarter ended June 30, 2010, compared with revenues of $35.2 million for the same period in 2009. Gross profit for the quarter was $22.8 million, or 55.6 percent of revenues, compared with gross profit of $19.0 million, or 53.8 percent of revenues for the same period last year.

The lens maker posted a 58.1 percent increase in operating income to $6.4 million, or 15.7 percent of revenues, compared with operating income of $4.1 million, or 11.6 percent of revenues for the same period last year.

Net income for the quarter increased 12.6 percent to $4.3 million, compared with net income of $3.9 million for the same period in 2009.

Excluding the effect of non-cash stock-based compensation expenses, amortization of intangible assets and in 2009 compensation to Shamir’s former CEO, operating income for the quarter was $7.0 million, or 17.0 percent of revenues, compared with operating income of $4.8 million, or 13.6 percent of revenues, for the same period last year. As of June 30, 2010, the Company had cash and cash equivalents, including short-term investments of $34.0 million.

Commenting on second quarter results, CEO Amos Netzer said, "During the second quarter, Shamir continued to execute successfully according to its business plan, resulting in favorable operating results throughout its geographic markets. We are pleased with our results in 2010 in the United States, which we attribute to our efforts to increase our points of distribution in the country…” Netzer noted that Shamir’s U.S. subsidiary, Shamir Insight, generated $9.1 million in revenue during second quarter, 2010.
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