America's leading retail optical franchise companies, Emerging Vision Inc held its annual shareholders meeting on Friday, August 26, 2005 in East Meadow, New York.At the meeting, Christopher Payan, Chief Executive Officer of Emerging Vision, reviewed the Company's 2004 results, which included the successful completion of its restructuring initiatives and also discussed operating highlights from the first half of 2005.
Results of the Meeting
During the meeting, Company shareholders approved the election of three directors to continue serving on the Company's Board of Directors until the 2007 annual shareholders meeting. The elected directors, which included Harvey Ross, Alan Cohen and Seymour Siegel, received approximately 65 percent of the votes cast at the annual meeting. Approximately 97 percent of the outstanding shares were voted at the meeting.
Successful Completion of 5-Part Restructuring Initiative
At the meeting, Payan discussed the Company's 2004 successful completion of a 5-part strategic reorganization plan, which was first implemented in 2002.This plan focused on the following initiatives:
Regaining profitability.The Company temporarily slowed its growth in various business segments to regain financial and operational stability within its retail optical division. The Company closed all of its non-profitable business divisions including the Company's B2B internet business and corrective laser surgery business, as well as 25 unprofitable Company-owned stores.