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Results for the fourth quarter and full year ended January 2,1999, included five months and two
months, respectively, for the Company's Frame-n-Lens and New West Eyeworks operations
acquired in 1998. Fiscal 1997 represented a 53-week period ended January 3, 1998 versus
fiscal 1998, which was a 52-week period. Sales for the 53 rd week in 1997 approximated $3.0
million. Comparable store sales increases for 1998 are pro-forma, based on the comparable 52
and 13 week periods in 1997.
James W. Krause, Chairman and Chief Executive Officer, noted, “It was a very exciting year for
Vista Eyecare. For 1998, Vista recorded its eighth consecutive year of sales growth and took a
leadership role in the consolidation of the eyecare industry. The company added 281 free-standing
stores and 180 leased operations by acquiring Frame-N-Lens and New West
Eyeworks. To complement this expansion, the company secured a strong brand name, Vista
Eyecare, and also established two distinct operating divisions for its leased and free-standing
vision centers. Vista Eyecare is now the second largest retail optical chain in terms of the
number of locations and third in terms of sales on an annualized basis.”
Krause continued, “Throughout the fourth quarter, we began to aggressively drive the
integration of the Frame-n-Lens and New West Eyeworks operations. In 1999, we expect to
benefit from efficiencies associated with the completed integration, particularly in the areas of
corporate administration, manufacturing and merchandising.”
Krause continued, “We have an aggressive agenda for 1999. Our objectives for this year
include completing the integration process and stabilizing the existing platform. In addition, we
plan to begin the expansion of both our free-standing and leased department store base and to
roll out our new point of sale system in the first half of 1999.”
Barry Feld, President and Chief Operating Officer, added, “Now that our managed care
business has been centralized in California, we are well positioned to gain additional market
share in this rapidly growing segment of the business. With 919 locations, we now have a
meaningful network of stores from which to grow our business. Additionally, we have initiated a
comprehensive advertising campaign (which includes print media, television and radio) in our
key growth markets which should result in the beginning of national consumer exposure to the
Vista brand.”
Jim Krause concluded, “Implementation of these strategic initiatives gives us confidence that the
year ahead should be a year of positive sales and profit improvement for our shareholders.”
Vista Eyecare, Inc., with a total of 919 locations, is the nation's third largest optical company in
terms of sales on an annualized basis and second largest in terms of locations (including 588
leased department and 331 Vista Optical free standing locations). The Company's retail
operations offer a full line of optical goods including spectacles, contact lenses, prescription and
non-prescription sunglasses and a full line of optical accessories. In addition, independent
Doctors of Optometry are available adjacent to most store locations. |
