Shamir Optical Industry reports 23.8% increase in revenue for 2007

KIBBUTZ SHAMIR, Israel — Shamir Optical Industry reported revenue totaling $30.6 million for the fourth quarter of 2007, up 20.3% from $25.4 million for the fourth quarter of 2006. Full-year revenue totaled $120.4 million, a 23.8% increase from $97.3 million in 2006, the company announced in a press release.

Shamir's gross profit for the fourth quarter totaled $17.4 million, or 56.7% of revenue, compared with a gross profit of $13.3 million, or 52.4% of revenue, for the fourth quarter of 2006. Gross profit for 2007 was $64.6 million, or 53.6% of revenue, up 21.3% from $53.2 million, or 54.7% of revenue, the year before, according to the release.

Shamir's fourth quarter operating income increased 112.9% to $2.7 million, or 8.8% of revenue, from an operating income of $1.3 million, or 5% of revenue, for the fourth quarter of 2006. The company reported full-year operating income totaling $11.9 million, or 9.9% of revenue, a 67.9% increase from an operating income of $7.1 million, or 7.3% of revenue, in 2006, according to the release.

Net income for the fourth quarter totaled $1.6 million, or $0.09 per diluted share, up 11.9% from $1.4 million, or $0.08 per diluted share, in the fourth quarter of 2006. The company's full year net income totaled $8.2 million, or $0.50 per diluted share, up 27% compared with net income of $6.5 million, or $0.39 per diluted share, in 2006.

Cash and cash equivalents for the full-year 2007, including short-term investments, totaled $33.3 million, the company reported.

Shamir expects operating revenue growth of between 8% and 14% in 2008, the release said.