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Tuesday April 27, 6:59 am Eastern Time
Company Press Release
Sight Resource Reports First Quarter Results
Profitability, Revenue And EBITDA Continue to Improve
HOLLISTON, Mass.--(BW HealthWire)--April 27, 1999--Sight Resource Corporation (NASDAQ:VISN - news), a leading provider of primary eye care services and managed vision care programs, today reported financial results for the first quarter of fiscal 1999.
Revenue for the first quarter was $15.8 million, an increase of 16 percent from revenue of $13.6 million for the first quarter of 1998. EBITDA (earnings before interest, taxes, depreciation and amortization) increased 125% to $1,334,000 compared with $592,000 for the prior year period.
Net income was $173,000, or $0.02 per share, basic and diluted, compared with net income of $13,000, or $0.00 per share, basic and diluted, in the prior year period. Net income for the first quarter of 1999 includes a non-recurring, non-cash charge of $323,000 for unamortized deferred financing costs associated with the Company's prior credit facility. Excluding the aforementioned charges for unamortized deferred financing, net income would have been $496,000, or $0.06 per basic share and $0.05 per diluted share. Basic and diluted share calculations for the first quarter of 1999 are based on 8,976,000 and 10,478,000 weighted average shares outstanding, respectively. First quarter results for 1999 include the operations of the Eyeglass Emporium chain acquired effective April 1, 1998, and the Shawnee Optical chain acquired effective January 1, 1999.
Commenting on the results, William T. Sullivan, President and CEO of Sight Resource Corporation, stated ''The first quarter represents a real milestone for Sight Resource Corporation. Our $557,000 in first quarter profit from operations more than doubled the sum of all quarterly operating profits previously reported by the Company and is an improvement of $624,000 over the prior year period loss of $67,000. We have laid the foundation for a strong and prosperous company and are now beginning to see the rewards for our efforts.''
''In the last year Sight Resource has completed three acquisitions, adding 46 eye care centers and approximately $20 million in annualized revenues. Most importantly, we have accomplished this while improving gross margins and profitability. We believe this bodes well for the future of our growing company and its shareholders.''
Sullivan added, ''Our new credit facility with Fleet National Bank, announced last week, provides us with better rates and terms that should prove quite valuable to us as we continue to pursue our growth strategy. We intend to continue to build shareholder value through new acquisitions, as we did with last week's announcement of the purchase of Kent Optical in Michigan, as well as through internal growth of sales and profits.''
Sight Resource provides a complete range of primary eye care products and services through its primary eye care centers, managed care programs, laser vision correction centers and integrated networks of opticians, optometrists and ophthalmologists. The Company's wholly-owned subsidiaries include Cambridge Eye Doctors in Massachusetts and New Hampshire, E.B. Brown Opticians in Ohio and Pennsylvania, Eyeglass Emporium in Indiana, Shawnee Optical in Pennsylvania and Ohio, Vision Plaza in Louisiana and Mississippi, Vision World in Rhode Island, and now Kent Optical in Michigan.
''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this news release which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and additional factors affecting the Company's business are described in the Company's Form 10-K for the fiscal year ended December 1998 filed with the Securities and Exchange Commission.
Sight Resource Corporation and Subsidiaries
Selected Financial Information
(In thousands, except per share data)
Three Months Ended
March 27, 1999 March 31, 1998
Net revenue $ 15,764 $ 13,580
Cost of revenue 5,013 4,752
Gross margin 10,751 8,828
Selling, general and
administrative expense 10,194 8,895
Profit (loss)
from operations 557 (67)
Interest income 42 71
Interest (expense) (82) (51)
Gain on sale of equipment 0 69
Write off of deferred
financing cost (323) 0
Total other income (363) 89
Profit (loss) before
income tax expense 194 22
Income tax expense 22 9
Net income (loss): $ 173 $ 13
Basic Earnings(loss)
per share: $ 0.02 $ 0.00
Basic Weighted Average
Number of Common
Shares Outstanding: 8,976 8,785
Diluted Earnings(loss)
per share: $ 0.02 $ 0.00
Diluted Weighted Average
Number of Common
Shares Outstanding: 10,478 10,266
EBITDA $ 1,334 $ 592
Contact:
Sight Resource Corporation
Nils Bonde-Henriksen, 508/429-6916, ext.111 |
