Emerging Vision announces Annual Shareholders Meeting

31 Aug '05

4 min read

Streamlining the Company's operations and cost structure. Management reduced its corporate staff by more than 50 percent and lowered its SG&A expenses by 40 percent between 2002 and 2004. The Company also settled a large majority of its outstanding litigation, significantly mitigating additional legal and financial risk.

Improving discipline throughout the Company's franchise operations. The Company improved enforcement of all franchise agreements, which established greater broad-based compliance throughout the franchise system. The Company also implemented a franchise audit function to identify existing false reporting by franchisees and mitigate inaccuracies in the future.

Strengthening vendor relationships and buying power.The Company streamlined and strengthened its vendor programs by developing more comprehensive programs for its franchisees through a smaller, select group of vendors. Additionally, the Company negotiated significantly larger product discounts.

Rebuilding the corporate culture.Management conducted a proactive outreach to its franchisees.The Company (i) instituted regular individual and regional meetings with franchisees, (ii) created an intranet for franchisees to communicate with each other as well as have access to corporate management and (iii) re-established training programs including a 5-day training session held semi-annually as well as regular field support in key regions.

Year-to-Date 2005 Highlights

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