Shamir Optical Industry Reports First Quarter 2011 Results

Thursday, May 19, 2011 General News
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Q1 2011 Revenue up 12.8%

SHAMIR OPTICAL INDUSTRY LTD.

Reconciliation of Non-GAAP Operating Income and Net Income

(US dollars in thousands, except per share data)

Three Months Ended March 31,

2010

2011

(Unaudited)

(Unaudited)

Operating income

$ 5,465

$ 5,172

Non-GAAP adjustment:

Stock based compensation

137

136

Essilor transaction costs

-

459

Amortization of intangible assets

357

315

Non-GAAP operating income

$ 5,959

$ 6,082

Net income attributable to Shamir Optical Industry Ltd. Shareholders

$ 3,693

$ 3,941

Non-GAAP adjustment:

Stock based compensation

137

136

Essilor transaction costs, net

-

413

Amortization of intangible assets, net

264

250

Accretion of redeemable non controlling interest

107

66

Non-GAAP net income attributable to Shamir Optical Industry Ltd. Shareholders

$ 4,201

$ 4,806

Net earnings per share:

Basic

$ 0.25

$ 0.28

Diluted

$ 0.25

$ 0.27

Number of shares:

Basic

16,679

17,164

Dilutive

16,767

17,572



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