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Shamir Optical Industry Reports First Quarter 2011 Results

Thursday, May 19, 2011 General News J E 4
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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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