Eyal Hayardeny, executive vice president and vice president for business development of Shamir Optical Industry, will be the president and chief executive of the Israel-based company effective Apr. 2. He joined the company in his current position in 2005. He replaces Gioria Ben-Ze'ev, who will remain vice chairman of the board and director of strategic projects for Shamir.
The company has also released 2007 financial information. For the fourth quarter ended Dec. 31, net income was up by 41.2 percent to $2.4 million. Revenues grew by 20.3 percent to $30.6 million. The gross profit margin improved to 56.7 percent of revenues, compared with 52.4 percent for the same period in 2006. This figure was helped by a governmental grant to one of Shamir's subsidiaries, worth 2 percent of revenues.
The operating margin for the quarter climbed to 8.8 percent, from 5 percent in the year-ago period. Not including non-cash stock-based compensation expenses, this margin was 9.8 percent, up from 6.2 percent in the 2006 period.
For the whole year, net income was $8.2 million, a 27 percent increase from 2006. Excluding the stock-based compensation and other extraordinary items, net income was $9.8 million, 24.3 percent higher than the year before. Revenues for all of 2006 grew by 23.8 percent to $120.4 million. The gross margin for the year declined to 53.6 percent from 54.7 percent the year prior. Shamir is expecting growth of between 8 and 14 percent in its operational revenues, based on December 2007 exchange rates.