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Refac Optical Group declares fiscal Q2 results

16 Sep '06

3 min read

Commenting on the fiscal second quarter results, J. David Pierson, President and Chief Executive Officer of Refac Optical Group, said, "We are pleased that we were able to increase revenues despite a $1.0 million decline in sales attributable to our managed vision care plans."

"In an effort to remedy this situation going forward, we reached an agreement in principle during the second quarter with EyeMed Vision Care, a leading managed vision care company, pursuant to which our U.S. Vision subsidiary will become a participating provider in the EyeMed Access and Select plans."

"We are very excited about this relationship and its considerable potential to drive sales growth and profitability for the Company and to support U.S. Vision's expansion initiatives."

During the fiscal second quarter, the Company announced that it had completed its previously announced sale of its managed vision business to a wholly owned subsidiary of Centene Corporation for $8.9 million subject to certain additional post-closing adjustments. The Company recorded a gain on disposal of $85,000, including income tax expense of approximately $393,000.

Refac Optical Group

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