Revenues at Shamir Optical Industry decreased by 5.1 percent to $35.2 million for the second quarter ended June 30, largely because of currency effects. The gross profit margin fell by 0.5 percentage points to 53.8 percent.
However, net income rose by 29.1 percent to $3.9 million. Operating income grew by 25.0 percent to $4.1 million for a margin of 11.6 percent, up from 8.8 percent for the same quarter last year. Excluding the effect of non-cash compensation expenses, amortization of intangile assets and compensation to former chief executives, operating income grew by 22.5 percent to $4.8 million, or a margin of 13.6 percent, up from 10.5 percent last year.
In July the Israeli company increased its ownership in its lab in Thailand to 51 percent, from 40.4 percent. Shamir said the remainder of the year is uncertain in the face of current economic conditions.