May '08
CEO Alec Taylor commented, "We experienced sales and earnings during the first quarter of 2008 that exceeded our guidance.
As expected, sales were down slightly due to the effect of a major customer rollout in the year ago period, but net income was up due to lower interest expense and improved gross margins.
Our non-prescription reading glasses business remained strong as we continued to grow in this dynamic category. Early results for our sunglasses business were encouraging despite the soft economy."
A reconciliation of EBITDA, which is a non-GAAP measure, to net income is included in the Consolidated Statements of Income and Other Selected Data, and related notes thereto, attached to this release.
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