Shamir Optical Industry reports 29.5% increase in first-quarter revenue

KIBBUTZ SHAMIR, Israel — Shamir Optical Industry reported $38 million in revenue for the first quarter, a 29.5% increase compared with $29.3 million for the same period last year, the company announced in a press release.

Shamir's gross profit for the quarter totaled $20.8 million, a 34.8% increase compared with $15.4 million during the first quarter of 2007, the release said.

First-quarter operating income totaled $4.3 million, a 27.2% rise compared with an operating income of $3.3 million during the same period last year. Excluding the effects of non-cash stock-based compensation expenses, operating income totaled $4.5 million, or 11.9% of revenues, compared with operating income of $3.7 million, or 12.5% of revenues, for the same period last year.

Shamir's first-quarter net income totaled $2.9 million, or $0.17 per diluted share, a 25.2% increase compared with a net income of $2.3 million, or $0.14 per diluted share, for last year's first quarter. Excluding the effects of non-cash stock-based compensation expenses, first-quarter net income totaled $3.2 million, or $0.19 per diluted share, up 19.7% from a net income of $2.6 million for last year's first quarter.

Cash and cash equivalents, including short-term investments, totaled $27.6 million as of March 31, according to the release.