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Refac Optical Group declares fiscal Q2 results

16 Sep '06
3 min read

Refac Optical Group announced results for the fiscal second quarter and six months ended July 31, 2006.

The Company reported a net loss for the three months ended July 31, 2006, of $846,000, or $0.05 per diluted share, compared with a net loss of $324,000, or $0.02 per diluted share, for the prior year period.

The net loss from continuing operations was $1.06 million, or $0.06 per diluted share, for the second quarter of fiscal 2006, compared with a net loss from continuing operations of $443,000, or $0.03 per diluted share, for the prior year period.

To provide a better understanding of core retail optical results and trends, the Company also reported adjusted financial results, which are non-GAAP financial measures. The adjusted operating loss from continuing operations was $773,000 for the second quarter of 2006, compared with $358,000 for the prior year period.

The $415,000 increase is primarily the result of an increase in selling, general and administrative expenses due to new store openings, increased advertising to offset decreased vision care sales and higher variable costs partially offset by an increase in gross profit due to higher sales.

A reconciliation of non-GAAP financial measures to results reported in accordance with GAAP is attached to this release.

Total revenues for the three months ended July 31, 2006, increased to $44.5 million from $43.2 million for the prior year.

This increase wasprincipally attributable to a $1.3 million increase in retail product sales and a $539,000 increase in services offset by a $577,000 decrease in intellectual property licensing-related revenues and other non-recurring income.

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