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Optical product sales up at eyewear company Refac

18 Dec '06
3 min read

Refac Optical Group announced results for the fiscal third quarter and nine months ended October 31, 2006.

The Company reported net income for the three months ended October 31, 2006, of $443,000, or $0.02 per diluted share, compared with net income of $241,000, or $0.01 per diluted share, for the prior year period. Income from continuing operations was $560,000 or $0.03 per diluted share, for the third quarter of fiscal 2006, compared with a loss from continuing operations of $783,000, or $0.05 per diluted share, for the prior year period.

Total revenues for the three months ended October 31, 2006, increased to $44.8 million from $43.0 million for the prior year. This increase was principally a result of a $2.2 million increase in optical product sales and services revenue, partially offset by a $0.4 million decrease in intellectual property licensing-related activities and other revenue.

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. Adjusted operating income from continuing operations was $820,000 for the third quarter of 2006, compared with an adjusted operating loss of $316,000 for the prior year period.

The $1.1 million increase is primarily the result of increased sales, driven by an improved average dollar amount per transaction at U.S. Vision and OptiCare.

Commenting on the fiscal third quarter results, J. David Pierson, President and Chief Executive Officer of Refac Optical Group, said, “Our third quarter performance reflects the results of our efforts to improve demand in retail sales at U.S. Vision and the gradual improvement in sales under managed vision care contracts.”

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