biz.yahoo.com part 1:
Tuesday October 27, 10:28 am Eastern Time
Company Press Release
Sight Resource Reports Third
Quarter Results
Revenue, profitability and EBITDA continue to
improve
HOLLISTON, Mass.--(BW HealthWire)--Oct. 27, 1998--Sight Resource
Corporation (NASDAQ:VISN - news), a leading provider of primary eye care
services and managed vision care programs, today reported financial results for
its third quarter and nine months ended September 30, 1998.
Revenue for the third quarter was $14.3 million, an increase of 13 percent from
revenue of $12.7 million for the third quarter of 1997. Net income was $143,000,
or two cents per share basic and one cent per share diluted, on 8,888,000
weighted average shares outstanding, compared with net income of $78,000, or
one cent per share, basic and diluted, on 8,782,000 weighted average shares
outstanding for the third quarter of 1997. EBITDA (earnings before interest,
taxes, depreciation and amortization) was $825,000 for the three months ended
September 30, 1998, compared with $641,000 for the same period in 1997. Third
quarter results include the operations of Eyeglass Emporium, an Indiana based
chain which was acquired effective April 1, 1998. Results for the third quarter of
1997 included a gain of $251,000 from the sale of ophthalmic equipment.
For the nine-month period ended September 30, 1998, Sight Resource reported
revenue of $42.4 million, an increase of 28 percent from revenue of $33.1
million for the same period in 1997. Net income was $233,000, or three cents
per share basic and two cents per share diluted, on 8,853,000 weighted average
shares outstanding, compared with a net loss of $514,000, or six cents per share,
basic and diluted, for the first nine months of the prior year. EBITDA was
$2,180,000 for the nine months ended September 30, 1998, compared with
EBITDA of $955,000 for the same period in 1997.
Commenting on the results, William T. Sullivan, President and CEO of Sight
Resource Corporation, stated ''I am pleased that we have continued to improve
our operating performance, especially in light of unforeseeable weather-related
challenges. The company achieved record earnings and made significant
progress during the third quarter, despite the adverse effects of hurricanes Earl
and Georges on sales at our Vision Plaza chain in Louisiana.''
''We are already starting to see evidence that the Point-of-Sale (''POS'')
system we recently installed in our New England chains is having a positive
impact. We expect to see continued improvements in our operating
performance as we expand the system throughout the company. In order to
realize full value from the POS system with the least possible intrusion on our
existing businesses, we intend to complete the integration of the POS system in
our Eyeglass Emporium and Vision Plaza chains over the next two months and
complete the E.B. Brown Opticians roll out by the end of the first quarter of
1999.''
Sullivan added, ''The POS system is just one element of our strategy for
improving performance. With existing operations continuing to improve, we
are positioned to be more aggressive in looking at acquisition candidates. I
believe the company is well positioned to consummate acquisition opportunities
in the coming months and am very confident of our ability to obtain adequate
bank financing to pursue such opportunities. In addition, we have added James
W. Norton as CFO, who has brought us valuable systems-development
experience and has been very helpful in our pursuit of additional acquisitions.
We have also appointed a new Controller, Paul Mueller, whose experience has
also strengthened the company. Jim and Paul are extremely valuable to us as
we strive to maximize profitability by increasing our efficiency in everything we
do.''
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, Vision
Plaza in Louisiana and Mississippi, and Vision World in Rhode Island.
''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
31, 1997 filed with the Securities and Exchange Commission. |
