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Emerging Vision declares financial results for year ended Dec 31 '05
04 Apr '06
2 min read
Emerging Vision Inc announced financial results for its year ended December 31, 2005.
Christopher Payan, Chief Executive Officer of Emerging Vision, commented, “Our results for 2005 reflect our continued focus on strengthening the Company's operations. We streamlined the business to better manage our back office expenses and improved the productivity of our franchised locations.”
“We significantly enhanced not only our relationships with franchisees but also the oversight of our franchise operations. We invested in our business during the year through the pursuit of legal action in certain instances to ensure enforcement of our franchise agreements. While our bottom line for 2005 declined compared to the prior year, we are pleased to have generated net income for the second consecutive year following the completion of our turnaround and 5-part restructuring plan.”
“Additionally, we secured third party financing during the year which provides a valuable financial tool to help execute our business strategy and grow in the future. Overall, we are pleased with our accomplishments for the year and believe the steps taken to improve our operations will benefit the Company going forward.”
Total net revenue for 2005 was $14.0 million, essentially even compared to $14.1 million in the prior year. Additionally, Company-owned stores incurred a year-over-year decrease in comparable store sales of 5.0 percent, or $171,000, for the year.
Mr.Payan concluded, “Throughout the year, we remained focused on making important investments in the Company that are intended to support and enhance our future growth. We continue to make progress with our strategic initiatives and believe the proactive efforts taken in 2005 have further strengthened the Company and position us for long-term growth. Looking ahead, we will maintain our strategy of efficiently diversifying our business and evaluating future growth opportunities. We have worked hard to establish a healthy foundation from which to expand our business and we look forward to building upon our successes in 2006.”
Emerging Vision, Inc. is a leading provider of eye care products and services and currently operates one of the largest franchised optical chains in the United States. Principally under the Sterling Optical and Site for Sore Eyes brands, the Company has 159 franchised and Company-owned stores located across 15 states, the District of Columbia, Canada and the U.S. Virgin Islands.
Christopher Payan, Chief Executive Officer of Emerging Vision, commented, “Our results for 2005 reflect our continued focus on strengthening the Company's operations. We streamlined the business to better manage our back office expenses and improved the productivity of our franchised locations.”
“We significantly enhanced not only our relationships with franchisees but also the oversight of our franchise operations. We invested in our business during the year through the pursuit of legal action in certain instances to ensure enforcement of our franchise agreements. While our bottom line for 2005 declined compared to the prior year, we are pleased to have generated net income for the second consecutive year following the completion of our turnaround and 5-part restructuring plan.”
“Additionally, we secured third party financing during the year which provides a valuable financial tool to help execute our business strategy and grow in the future. Overall, we are pleased with our accomplishments for the year and believe the steps taken to improve our operations will benefit the Company going forward.”
Total net revenue for 2005 was $14.0 million, essentially even compared to $14.1 million in the prior year. Additionally, Company-owned stores incurred a year-over-year decrease in comparable store sales of 5.0 percent, or $171,000, for the year.
Mr.Payan concluded, “Throughout the year, we remained focused on making important investments in the Company that are intended to support and enhance our future growth. We continue to make progress with our strategic initiatives and believe the proactive efforts taken in 2005 have further strengthened the Company and position us for long-term growth. Looking ahead, we will maintain our strategy of efficiently diversifying our business and evaluating future growth opportunities. We have worked hard to establish a healthy foundation from which to expand our business and we look forward to building upon our successes in 2006.”
Emerging Vision, Inc. is a leading provider of eye care products and services and currently operates one of the largest franchised optical chains in the United States. Principally under the Sterling Optical and Site for Sore Eyes brands, the Company has 159 franchised and Company-owned stores located across 15 states, the District of Columbia, Canada and the U.S. Virgin Islands.
Emerging Vision Inc
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