# Optical Forums > General Optics and Eyecare Discussion Forum >  Optical News Flash ..............

## Chris Ryser

Ocular Sciences shares jump after earnings report 
Fri May 9, 2003 02:58 PM ET 
CHICAGO, May 9 (Reuters) - Shares in Ocular Sciences Inc. rose nearly 20 percent to a five-month high on Friday, one day after the contact lens maker posted better-than-expected earnings and held an upbeat conference call with analysts.
After the market closed on Thursday, Ocular OCLR.O reported first-quarter earnings of $5.9 million, or 25 cents a share, including special charges, on sales of $70.7 million, which was better than many analysts had forecast.

Suey Wong, an analyst with Robert W. Baird & Co., said sales growth in the quarter, particularly in Europe, coupled with the stock's low valuation relative to its peers, prompted him to upgrade his investment rating on the stock to "outperform," his firm's highest ranking, from "neutral."

Among the products likely to lead growth, he said, are color and bifocal lenses.

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## OptiMinus3

Thank you for the update.

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## Chris Ryser

The VM Top 50: Biggest Optical Players Build Market Share  



NEW YORK--The big continued to get bigger in optical retailing last year. The nations largest eyewear/eyecare players grabbed a greater share of the overall U.S. optical retail market in 2002, with their aggregate volume representing 36.5 percent of total industry retail sales.

Once again, Luxottica Groups (NYSE: LUX) LensCrafters chain ranked number-one in sales in this years Top 50 listing, followed by Cole Nationals (NYSE: CNJ) Cole Vision operation in second place and Wal-Marts (NYSE: WMT) optical operation as number three.

For a full look at The VM Top 50, and how these key retail chains stacked up in 2002 optical sales and store count, see the May 12 issue of Vision Monday, or check our Web site at www.visionmonday.com.


Vol. No: 17:09Issue: 5/12/03

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## Chris Ryser

Are we in the optical industrie going to follow this general trend as announced by Reuters today ?



U.S. Retailers Turning to Discounts as Sales Slump 
Thu May 15, 2003 02:19 PM ET 
By Emily Kaiser

CHICAGO (Reuters) - Major U.S. retailers from Abercrombie & Fitch Co. to Wal-Mart Stores Inc. are poised to slash prices this quarter to clear out excess inventory, but while bargain-hunters rejoice investors could face declining profits and lower share prices.

Already grappling with price deflation that makes it harder to boost year-over-year sales, retailers are now stuck with heavy stockpiles of everything from clothing to lawn furniture after a lackluster spring selling season.

War in Iraq, unseasonably cool weather, and weak consumer sentiment combined to push retail sales below expectations in recent months. Adding to the pain, Thursday's jobless report showed unemployment at a level not seen since the aftermath of the Sept. 11 attacks on New York and Washington.

The second quarter "will be great for consumers finding bargains but less robust for retailers themselves," said Todd Slater, retail analyst with Lazard Freres & Co.

That could mean trouble for retail stocks because share prices have been on the rise even though analysts have been lowering earnings estimates.

Analysts currently expect the retail sector as a whole to show a 7.3 percent year-over-year earnings increase in the second quarter, according to research firm Thomson First Call. As recently as April 1, they were expecting 9.7 percent growth, and on Jan. 1 that estimate stood at a robust 13.4 percent.

Meanwhile, the Standard & Poor's retailing index is up about 10 percent since Jan. 1.

"These (retail) stocks tend to outperform in the first and fourth quarters," said Nancy Aversa, retail analyst with Victory Capital Management. "We saw that in spades this year. I wouldn't be a bit surprised if we saw some of these stocks start to settle down."

CLEARANCE SALES

Wal-Mart, the world's biggest retailer, said this week its inventory level was higher than it would like for the second straight quarter, and it may have to mark down prices -- troubling for competitors and suppliers, who may not see big orders until inventories are manageable again.

Wal-Mart forecast second-quarter earnings at the low end of analysts' expectations, in part because of the markdowns.

Abercrombie & Fitch, the teen-oriented clothing retailer, said it was softening its anti-discounting stance after first-quarter store transactions dropped sharply, and said its second-quarter earnings would miss analysts' estimates.

Many retailers have been sacrificing sales for profits in recent quarters, but with inventory levels high and consumers unwilling to spend the pendulum appears to be swinging. Analysts worry that retailers can't generate both sales and profits simultaneously, but some companies dispute that.

"Our merchandising strategy is focused on both growing the top line and protecting the bottom line," Gregg Steinhafel, president of Target Stores, said on a conference call Thursday. "We don't see that as an either/or proposition."

HURRY! SALE ENDS SOON!

Some analysts argue that retailers have only themselves to blame for the markdown mania because seemingly nonstop sales have left consumers reluctant to pay full price.

Chains such as J.C. Penney Co. Inc., Sears, Roebuck and Co. and Kohl's Corp. run advertisements nearly every week, touting huge discounts.

Even upscale retailer Federated Department Stores Inc. -- parent of Bloomingdale's and Macy's -- is invoking Wal-Mart's "everyday low prices" mantra.

Federated said this week it would focus on a low-price campaign in which about 10 percent to 15 percent of the merchandise in a store will be at its lowest price. The rest of the items will be discounted from time to time as usual.

"We are absolutely a nation of bargain-hunters," said Stephen Deedy, head of the retail and consumer products group at consulting firm Cap Gemini Ernst & Young.

"We've created a cycle where we only buy on sale, but it can turn. When we get unemployment numbers going down and a little bit of inflation creeping in, then it's not going to be all about bargains. It will switch back to fashionable items, but it turns up more slowly than it turns down." (With additional reporting by Jean Scheidnes)

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## trevbigg

Thank you for your news stories and observations.
I also caught some of your(?) FDA postings/news.

Just a thought, could these also go into the news section/forum?

I think they are great here - allowing for a discussion of them.

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## Chris Ryser

> *trevbigg said:* 
> Thank you for your news stories and observations.
> I also caught some of your(?) FDA postings/news.
> 
> Just a thought, could these also go into the news section/forum?
> 
> I think they are great here - allowing for a discussion of them.



trevbigg,

This is not my forum. I just post these news to put it to the attention of the Optiboarders. Anybody is weccome to comment and or criticise.

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## Chris Ryser

Cole National Posts $6.4M Loss in Q1 as Optical Comps Drop 1.2 Percent  



TWINSBURG, Ohio--In its first quarter ended May 3, Cole Vision parent Cole National (NYSE: CNJ) had a $6.4-million net loss, vs. net profit of 866,000 in 2002's Q1. Net revenue was up one percent for the quarter, to $288.3 million.

Cole Vision's overall comparable-store sales fell 1.2 percent in Q1, with overall Pearle Vision comp sales down 3.1 percent for the period and Cole Licensed Brands' Q1 comp sales flat. Cole Vision's only segment with a comp-store increase was Target Optical, up 15.3 percent in the quarter.


Vol. No: 17:11Issue: 6/19/03

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## Chris Ryser

Among the national retailers with a presence in optical, Wal-Mart showed a 2.1-percent comp-sales increase in May, and was predicting a June increase in the two- to four-percent range. The Target discount stores comp sales rose 0.7 percent last month, and were pegged by the company at a one- to three-percent increase for this month. Comp-store sales in Costcos U.S. warehouse clubs rose two percent in May, although ShopKo Stores saw its May comp sales fall 4.7 percent in its ShopKo locations, with comp sales also expected to be down this month.



See the rhe whole article go on:

http://www.visionmonday.com/index.asp?page=4_11653.htm

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## jediron

Chris said:
Some analysts argue that retailers have only themselves to blame for the markdown mania because seemingly nonstop sales have left consumers reluctant to pay full price.

That is the exact reason Sears Optical is having such a problem and why there RM's (regional managers) are all over there cases to sell more. They have this motto that say's "there are no $99.99
coupons just 194.99 because they want up sell on everything. So 
you walk through the Sears store and you see 30% here 50% there and go into the Optical and they say that will be $194.99. They have a very oxymoron relationship considering Sears central
wants to have a higher capture rate and the Optical wants higher sales. Very strange the way Sears optical is run.

:hammer:

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## Chris Ryser

U.S. consumer sentiment dips in June - report 

Fri June 27, 2003 09:59 AM ET 
NEW YORK, June 27 (Reuters) - U.S. consumers were slightly less optimistic about the economy in June, according to a University of Michigan report seen by market sources on Friday, as the job market stayed stagnant and a stocks rally faded.
In its final reading of consumer sentiment, the sources said the university's index fell to 89.7 during June, compared to a preliminary reading of 87.2 and May's final figure of 92.1. Economists polled by Reuters had expected, on average, that the figure would slip to 87.3.

The current conditions index rose to 94.7 in June against May's final figure of 93.2. But the future expectations component deteriorated, hitting 86.4 against May's 91.4.

Michigan's gauge was largely in line with a survey released on Tuesday by the Conference Board, a private New York business group. The Conference Board's index showed that sentiment toward the economy's current state had also waned in June, but consumers were increasingly expectant that the business activity would rebound within six months.

Bellwether U.S. stock indexes surged after the end of the war in Iraq but have stalled recently as signs of an economic revival remain tentative. The moribund labor market has shown no sign of turning around and economic growth has not accelerated sufficiently to create new jobs.

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## Chris Ryser

*Essilor, Ocular Sciences Get Luxottica Retail Honors  



CINCINNATI--At the recent annual partnership meeting held here by Luxottica Group's (NYSE: LUX) Luxottica Retail division, the retail operation presented Vendor of the Year awards. Essilor was named Luxottica Retail's lens vendor of the year; contact-lens-vendor honors went to Ocular Sciences (NASDAQ: OCLR) for the second consecutive year.*


Vol. No: 17:12Issue: 6/23/03

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## trevbigg

DJO Staar Surgical Collamer Lens Gets FDA Expedited Review 

July 1, 2003 8:05am


MONROVIA, Calif. (Dow Jones)--Staar Surgical Co. (STAA) said the Food and Drug Administration granted expedited review status to its premarket application for the Collamer ICL implantable contact lens. 

If the FDA approves the application, Staar will be allowed to market the lense in the U.S. for the reduction of myopia, or nearsightedness. 

In a press release Tuesday, the company said it believes it will be the first to market this vision-correction technology in the U.S. 

Staar Surgical submitted the final portion of the  premarket application May 8. The company has received approval to sell the implantable lens in 37 countries. 

Recently, the company touted a study of nearsighted patients published in the May issue of the ophthalmology journal Cornea. The study found that Staar's lenses outperformed Visx Inc.'s (EYE) Lasik laser surgery on all measures, and showed that, after six months, 7% of myopic patients with the implanted lenses had gained two or more lines on the standard eye chart, while only 3% of Lasik patients had gained two or more lines. 

Cornea's Web site said the study was performed by two doctors who are consultants to Staar Surgical. 

Staar is also enrolling patients in clinical trials of its hyperopic ICL, which corrects farsightedness, as well as its toric ICL, which reduces nearsightedness combined with astigmatism. 

Company Web site:  http://www.Staar.com

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## Chris Ryser

TWINSBURG, Ohio--Cole National (NYSE: CNJ) and 1-800 Contacts (NASDAQ: CTAC) are partnering in a marketing agreement through which 1-800 Contacts customers can receive discounted eye exams from ODs contracted with Cole Managed Vision and associated with more than 1,500 of Coles Pearle Vision, Sears Optical, and Target Optical locations. Those retail operations will also offer 1-800 Contacts' customers value pricing on eyeglasses, sunwear, and other vision products. 1-800 Contacts will retain the contact-lens business of customers recommended to Coles stores.

Cole president/CEO Larry Pollock said the two firms will test various cross-marketing promotions in the coming months. Cole will offer the doctor network for at least one year, according to Pollock.

Copied from Visionmonday

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## Chris Ryser

Walman Acquires PC Optical Products  



MINNEAPOLISWalman Optical, the wholesale lab and CL company based here, has acquired PC Optical Products, a regional provider of oxygen-permeable (GP) contact-lenses located in the Minneapolis suburb of Edina.

Walman will operate PC Optical as a separate business, keeping the manufacturing facility, product lines and personnel in place, and plans on capitalizing on PCs specialized, loyal customer base, the company said.


Vol. No: 17:12Issue: 7/3/03 
Visionmonday

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## Chris Ryser

*
Consumer Uncertainty Spawns Mixed Forecast for Summer Sales  
Sunwear, back-to-school, premium products help retailers boost summer sales * 


NEW YORKOptical retailers and eyecare practitioners are looking to traditional summer promotionsstressing both sunwear offers and back-to-school pitches for childrens eyewearas well as to premium lens products to boost their dispensing business during the next few months.

See the whole report on Visionmonday at:

http://www.visionmonday.com/index.asp?page=4_11653.htm

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## Chris Ryser

*Representative Bill Pascrell (NJ) has introduced HR 2173, legislation to increase the number of children that  receive an exam from  an eye doctor.




If fully enacted, the bill would provide states with $75 million to educate parents about the importance of eye exams, improve follow-up following a failed screening and provide exams to needy families. 


Please  contact  your  Representative  in  Congress  and urge him/her to cosponsor HR 2173. A sample letter and contact information are listed below.


Please contact Joseph LaMountain at jlamountain@visionsite.org
or 703.548.4560 if you need additional information. 


  Thank you for your support.* 


Sample letter

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## Chris Ryser

*Goodbye UPC bar codes [CNN]*

Razor blades and medicines packaged with pinpoint-sized computer chips and tiny antennae to send retailers and manufacturers a wealth of information about the products -- and those who buy them -- will start appearing in grocery stores and pharmacies this year. Within two decades, the minuscule transmitters are expected to replace the familiar product bar codes, and retailers are already envisioning the conveniences the new technology, called "radio frequency identification," will bring -- even as others are raising privacy concerns.

http://www.cnn.com/2003/TECH/ptech/0....ap/index.html

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## Chris Ryser

copied out of Visionminday.

*Safilo Acquires Outlook Eyewear * 



PARSIPPANY, N.J.--Safilo Group has acquired Outlook Eyewear, the Denver-based eyewear manufacturer. The buyout will facilitate Safilos growth in moderate and bridge department store sunwear business and corporate optical sectors, and provides Safilo with expanded distribution of outlets for retail sunwear, according to Claudio Gottardi, president and CEO of Safilo USA.

As a result of this agreement, effective July 1, Safilo has added all Liz Claiborne Inc. licensed eyewear brands. [Safilo Group previously obtained the Liz Claiborne ophthalmic license in December 2002.] Additionally, Sàfilo has acquired the J. Lo by Jennifer Lopez and B.U.M. Equipment sunwear brands from Outlook.  All new brands acquired through Outlook will be distributed in the United States and Canada only.  

Vol. No: 17:12Issue: 7/10/03

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## Chris Ryser

Out of Vision Monday .........................

Retail Executives
 Nancy DiCosmo, President, Au Courant, Troy, MI
 Meera Dua, Director of Frame Merchandising, Cole Licensed Brands, Twinsburg, OH
  Debra Fink, Vice President, Specialty Products, D.O.C. Optics, Southfield, MI
 Diana Hall, Owner/President, Bard Optical, Peoria, IL
 Michele Jantzen, Senior Optical Buyer, Shopko Eyecare Centers, Green Bay, WI
 Carene Kunkler, President/CEO, Sight Resource, Cincinnati
 Sherry Lay, Vice President,  Merchandising, Pearle Vision, Twinsburg, OH
 Lynn Millay, Senior Director, Lens Managment, LensCrafters, Cincinnati
 Sherrie Rogerson, Director of Vision-Care Marketing, Doctors Vision Center, Rocky Mountain, NC

Opticians and Dispensing Managers/Executives
 Diane Charles, President, Woodlawn Optical, Redmond, WA
 Denise Cook, Manager of Optical Products, Harvard Vanguard Medical Associates, Boston
 Stacia Decker, Vice President of Retail, Alvernon Optical, Alvernon, AZ
 Diane Easterwood, General Manager, Optical Services, Kaiser Permanente North California, Richmond, CA
 Peggy Hudicer-Zillmann, Partner/Owner, Berris Optical, Rocky River, OH
 Emily Mikel, Vice President, Marketing, Folline Vision Center, Columbia, SC
 Juanita Moman, Owner, Momans Eyecare, Gadsden, AL
 Pam Parizo, Owner/Optician, Parizos Champlain Valley Eyecare, Rutland, VT
 Selima Salaun, President, Selima Optique, NY
 Mello Thompson, President, Image Optical, Nashville

Optometry
 Catherine Amos OD, Chairman, Vision Service Plan; Practitioner, Eyecare Associates, Birmingham, AL
 Susan Danberg OD, Global Clinical Advisor of Operations, Special Olympics Opening Eyes Program, Washington, DC
 Harlyne Hantman, OD, Independent Practice, Delray Beach, FL
 Jan Jurkus OD, Professor, Illinois College of Optometry, Chicago

The Supplier Side
 Grady Culbreth, Director of Business Development, Carl Zeiss Optical, Chester, VA
 Mimi Friedfeld, Partner/Advisor, ClearVision Optical, Farmingdale, NY
 Gai Gherardi, Co-Owner/Designer, l.a. Eyeworks, Los Angeles
 Barbara McReynolds, CEO, CFO, and Designer, l.a. Eyeworks, Los Angeles
 Andrea Gluck, Co-President, Eyewear Designs, Syosset, NY
 Nikki Iravani OD, Director of Clinical Research & Professional Relatoins, CooperVision, Lake Forest, CA
 Teresa Mandarini-Hanlon, Vice President of Marketing, Davis Vision, Winchester, MA
 Jean Scott, Vice President of Products and Key Accounts, Luxottica, Port Washington, NY
 Donna Van Green, Vice President, Seiko Optical Frame Division, Mahwah, NJ
 Sheila Vance, CEO, Sama Eyewear, Los Angeles

Field Sales/Training
 Mindy Bernstein, Frame Sales Representative, Kenmark Optical, Louisville, KY
 Val Manso, Vice President of Marketing, Optical Dynamics, Louisville, KY
 Danne Ventura, Director of Professional Relations, Essilor Lenses, St. Petersburg, FL

Laboratories
 Donna Benedict, President, Optical Laboratories Association, Merrifield, VA
 Lorinda Fraboni, IS Manager Lab Operations, Walman Optical, Minneapolis
 Corrine Hood, President/Owner, Katz & Klein Optical, Sacramento, CA
 Vicki Kathe, Executive Director, Lightbenders, Gilbert, AZ
 Teri Lew, Director of Ophthalmic Services, Vision Service Plan, Sacramento, CA
 Sue Murray, President, Cumberland Optical, Nashville
 Naomi Svochak, President, Tru Form Labs, Euless, TX
 Dana Weeks, President, Optical Services International, Roswell, GA

Media/Associations/Consultants
 Jackie Angel, Owner, Wind River County Optical, Riverton, WY
 Marge Axelrad, Senior Vice President, Editorial Director, Jobson Optical Group, New York
 Stephanie De Long, Editor-in-Chief, Editorial Director, Eyecare Business, Fort Washington, PA
 Darlene Eakin, Executive Director, Kentucky Optometric Association, Frankfort, KY
 Pam Fritz, Executive Director, American Association of Dispensing Ophthalmologists, Clinton, CT
 Carole Norbeck, Vice President Special Projects, Silhouette Optical, Chief Executive Officer, Silhouette Optical Laboratories, Albany, NY


Vol. No: 17:13Issue: 7/14/03 

*See all of it at:*

http://www.visionmonday.com/index.asp?page=4_11728.htm

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## Chris Ryser

*Luxottica Extends OPSM Offer* 



MILAN, Italy--Luxottica Groups (NYSE: LUX) cash offer to buy Australias

OPSM Group has been extended by two weeks, until August 1. Luxotticas

purchase bid for the 619-unit optical chain is subject to approval from

the Australian Foreign Investment Review Board. The FIRB could not confirm

it would approve the deal before the offers original July 18 deadline, so Luxottica extended it.  

Vol. No: 17:13Issue: 7/14/03

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## Chris Ryser

out of Visionmonday...........

*Police Nab, Charge Two in South Florida Optical Robberies* 



STUART, Fla.--Two men--Leonardo Gonzales and Maikel Suarez--have been arrested and charged with burglary and grand theft after being caught stealing frames at Schmidts Optical, an independent optical retailer here.

Police believe the robbery is connected to a rash of more than 30 robberies in the state earlier this year that have targeted optical establishments in at least six counties.

According to Detective Cheryl Donisi of the Ft. Lauderdale Police Department, authorities must show a pattern of criminal enterprise in several counties to determine how and where the suspects will be prosecuted and if the robberies were part of a professional operation.  

Vol. No: 17:13Issue: 7/17/03

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## Chris Ryser

*BMC Industries Gets Bank-Waiver Extension*  



MINNEAPOLIS--BMC Industries' (NYSE: BMM) banks have granted it an additional 60-day waiver of certain covenants under its credit facility. BMC received an initial two-week waiver June 30, after the company notified its bank group that it would fail to comply with obligations of its credit facility as of that date. The waiver extends the time period for BMC to make scheduled principal and fee payments; in addition, the parties have agreed that no additional borrowings will be extended during the waiver period. Discussions continue between BMC, its banks, and the company's advisors regarding a longer-term resolution of the situation, an announcement said.


Vol. No: 17:13Issue: 7/21/03

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## Chris Ryser

*Prada, Luxottica Sign 10-Year Licensing Deal * 



MILAN, Italy--The Prada Group and Luxottica Group (NYSE: LUX) have signed a 10-year, worldwide license agreement which provides for Luxottica to exclusively produce and distribute prescription frames and sunglasses bearing the Prada and Miu Miu names. Luxottica will present its first Prada and Miu Miu collections in September and said it expects to generate sales of approximately 120 million Euro from the collections for the first 12 months.

The news follows an announcement by De Rigo (NYSE: DER) earlier yesterday stating that the company sold its 51-percent interest in the Eyewear International Distribution and EID USA back to Prada, ending the companies' joint venture for the manufacture and distribution of Prada-branded eyewear. De Rigo said it will continue to be one of the manufacturers for Prada eyewear.


Vol. No: 17:13Issue: 7/24/03




*Essilor Acquires Hawaii Lab Optical Suppliers*  



DALLAS--Essilor has completed the acquisition of Optical Suppliers, a wholesale laboratory located in Aiea, Hawaii. The acquisition raises the number of ELOA labs to a total of 79.

According to Essilor, Optical Suppliers has 50 employees, with annual sales of around $5 million.




Vol. No: 17:13Issue: 7/24/03

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## LENNY

So now we are stuck with the old Prada?

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## Chris Ryser

*Takeover Bid for GrandVision Would Take French Chain Private* 



PARIS--PAI Partners, a private equity firm based here, last week made a bid to take over Frances GrandVision chain, a move that if successful would take the publicly traded company private. PAI is offering 21 Euros per share for GrandVisions stock; if PAI acquires all the stock, the transaction reportedly would be valued at about 490 million Euros.

GrandVision's founding shareholders, including chairman Daniel Abittan and CFO Elie Vannier, have pledged 23 percent of GrandVisions shares, representing 37 percent of voting rights, to PAI, and are urging other shareholders of the 386-unit chain to accept the tender offer.


Vol. No: 17:13Issue: 7/28/03

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## trevbigg

Tight Neckties Linked to Glaucoma Risk 
Mon July 28, 2003 07:02 PM ET 
LONDON (Reuters) - Men should think twice about how tight they wear a necktie because it could increase their chances of developing glaucoma, a group of serious eye diseases.
Research reported in the British Journal of Ophthalmology on Tuesday showed that a tight necktie raises blood pressure in the eye, which is a leading risk factor in the illness that can lead to damage to the optic nerve and loss of vision.

"A tight necktie increases IOP (intraocular pressure) in both normal subjects and glaucoma patients and could affect the diagnosis and management of glaucoma," said Dr Robert Ritch of the New York Eye and Ear Infirmary in the United States.

Ritch and his colleagues tested IOP of 20 healthy men and 20 who suffered from glaucoma while they were wearing an open-neck shirt, before putting on a tight necktie and three minutes after loosening it.

Their results showed that 60 percent of the men with glaucoma and 70 percent of the healthy volunteers had an increased eye pressure after wearing a tight necktie.

In addition to raising the risk of glaucoma, donning a tight necktie during an eye examination could lead to a false diagnosis of the illness.

The researchers suspect that a tight necktie constricts the jugular vein, which increases blood pressure and IOP.

The risk of glaucoma, which affects about three million people in the United States alone, increases with age.

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## Chris Ryser

*Multi-Facets Closes, House of Rimless Opens*



ANAHEIM, Calif.--Multi-Facets Optical Laboratory, based here, will discontinue business operations effective July 31, 2003. On August 1, a new business, The House of Rimless, will begin operations in the same location, with the same contact information, and utilizing many of Multi-Facets staff members.

Multi-Facets president Allen Vaughn has resigned. Joe Ragazzo, secretary/treasurer of Brothers Optical Laboratory, a majority investor in Multi-Facets, will be president of the new venture.

The House of Rimless will produce rimless lenses, including intricate rimless lens designs and finishes.  

Vol. No: 17:13Issue: 7/31/03 Visionmonday

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## Chris Ryser

*Luxotticas Q2 Sales, Income Slide, Retail Comps Off 3.7 Percent * 



MILAN, Italy--Citing "unusually bad weather" and cautious spending patterns, Luxottica Group posted decreases in both sales and earnings in the second quarter ended June 30. The companys consolidated net sales in the quarter were 707 million Euros, down 19.6 percent (down 5.2 percent at constant currency rates); net income was 67.7 million Euros, a 39.2-percent drop. In U.S. dollars, second-quarter sales were $803.9 million, down 0.6 percent; net income was $77.0 million, a 24.8-percent drop. Luxotticas consolidated net sales in the first half were 1,411.5 million Euros, down 19.8 percent; net income was 133.3 million Euros, a 37.2-percent decrease. In U.S. dollars, the sales for the half were $1,560 million, down 1.3 percent; net income was $147.3 million Euros, a 22.8-percent drop.

*Luxotticas retail division, including its LensCrafters and Sunglass Hut chains, reported 470.9 million Euros in sales in the second quarter (down 3.0 percent at constant currency rates). Comparable-store sales for the quarter in U.S. dollars were off by 3.7 percent. For the first six months, the companys retail sales declined by 20.2 percent to 940.0 million Euros (down 2.5 percent at constant currency rates). Comparable-store sales for the half in U.S. dollars were off by 3.4 percent.*


Vol. No: 17:13Issue: 7/31/03

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## Chris Ryser

*Kenneth Cole Licenses Marcolin for Non-Optical Sunglass Channels in U.S. * 



NEW YORK--Kenneth Cole Productions has signed a licensing agreement with Marcolin Group S.p.A. for the production and distribution of Kenneth Cole sunglasses for department stores, specialty stores, and Kenneth Cole New York boutiques. The agreement, which is for the U.S. only, includes retail sunglasses for the Kenneth Cole New York, Reaction Kenneth Cole, and Unlisted brands. Previously, B. Robinson had handled the Kenneth Cole retail sun license in the U.S.

Kenneth Cole and Reaction Kenneth Cole ophthalmic frames and sunglasses for optical channels will continue to be produced and distributed by Kenneth Cole's long-time licensing partner, Farmingdale, N.Y.-based ClearVision Optical.  

Vol. No: 17:14Issue: 8/7/03

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## Chris Ryser

*Luxottica Declares OPSM Offer Unconditional*  



MILAN--Luxottica Group (NYSE: LUX) said last week it has received sufficient acceptances from OPSM Group shareholders to increase its holding in the Australian eyewear chain shares to 50.68 percent; therefore, its Luxottica South Pacific subsidiary declared the offer free from all conditions. 

Luxottica South Pacific said it will now approach the OPSM board of directors to discuss appropriate levels of representation on that board  

Vol. No: 17:14Issue: 8/11/03

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## trevbigg

Eye screening project set up in shopping mall

Susan Aldridge, PhD 

Local residents will soon be able to have their eyes checked for glaucoma and diabetic retinopathy when they're out shopping.
Although regular eye checks are recommended, especially for people with diabetes, many find it hard to get to the ophthalmologist's office. Thanks to the new 'Focus on Eyes' project being developed by University of Maryland Medical Center experts and collaborators, it could soon be much easier to get an eye check. 

They are setting up a digital eye camera within a Baltimore shopping mall which can relay images of the retina to the ophthalmology department at the University. Participants can just call to get the result and, if there is a problem, they can be followed up. The scheme doesn't replace the regular ophthalmologist check, but it's hoped it'll reach those who don't attend. In particular, the team wants to target African-Americans who are more at risk of diabetes - with the attendant complication of diabetic retinopathy - and glaucoma. Early treatment can stop progression to vision loss. 


Source 
University of Maryland Medical Center 6th August 2003

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## Steve Machol

This is interesting:

*Seiko and Pentax Corporations Announce Global Merger of Lens Sales Divisions*

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## Chris Ryser

National Vision Extends Fred Meyer License  



LAWRENCEVILLE, Ga.-National Vision (AMEX: NVI) has amended its master license with the Fred Meyer stores, according to Reade Fahs, National Vision's president and CEO, in the company's second fiscal quarter statement. Fahs said that under the terms of the amendment, NVI has closed 12 under-performing locations. In addition, the company has extended its original lease term of the remaining locations from December 31, 2003 to December 31, 2006 and have eliminated the five-year option to extend the term of the agreement. The amendment, he added, also revises the rent structure, starting in 2004. "The revised structure should lower our overall rent obligations under this agreement," he noted.

At the end of its second fiscal quarter ending June 28, 2003, NVI operated 495 vision centers, compared to 518 in the comparable period a year ago. The stores as of June 28 incude 381 in domestic Wal-Mart stores, 37 in Wal-Mart de Mexico, 54 are in Fred Meyers and 23 are in military bases throughout the U.S.


Vison MondayVol. No: 17:14Issue: 8/14/03

----------


## Chris Ryser

*Seiko, Pentax Merge Ophthalmic Sales Divisions*  



TOKYO--Seiko Corporation and Pentax Corporation have agreed to fully integrate all worldwide ophthalmic lens sales business units under Seiko Optical Products, a Seiko Corporation subsidiary. The merger will become effective January 1, 2004.

A statement issued by both companies said that the merger will enable both ophthalmic brands to expand their core business initiatives, increase market share, and securely position themselves for future growth by strengthening their status as global leaders in the high-index lens category.

For the foreseeable future, Seiko Optical Products of America and Pentax Vision US will continue normal business operations as separate units, the companies said.


Vision Monday Vol. No: 17:15Issue: 8/18/03

----------


## Chris Ryser

*Largest Managed-Vision Players See Gains in 2003 * 



How do the nations leading managed-vision-care companies stack up in terms of services offered and consumers covered by their plans?
An exclusive VM analysis beginning on page 13 ranks, for the first time anywhere, the top ten managed-vision players in terms of their eyecare coverage, while detailing their operations and the latest enhancements to their vision plans.
This in-depth report also explores the 
surprising impact the lagging U.S. economy has had on the managed-vision business, and probes eyecare practitioners changing attitudes toward this fast-growing industry segment.  

Vol. No: 17:15Issue: 8/18/03

----------


## Chris Ryser

*National Vision Chain Has Layoffs in Headquarters, Field* 


LAWRENCEVILLE, Ga.--As part of what president/CEO Reade Fahs called a move to reduce our overall cost structure, the National Vision chain (NASDAQ: NVI) laid off 15-16 percent of its home-office and field-supervision groups on Monday. Last week the 495-unit chain announced a net loss of $4.8 million for the first half of this year.

Fahs said the downsizing would result in annualized savings of $2 million for the company; a $450,000 charge for severance payments related to the layoffs will be taken in Q3.


Vol. No: 17:15Issue: 8/21/03



*BMC to Focus on Vision-Ease, Reduces Corporate Staff and Workforce* 

MINNEAPOLIS--BMC Industries (NYSE: BMM) said it will close its non-mask etching and some related businesses in order to focus on its ophthalmic lens business, Vision-Ease. Douglas Hepper, BMC chairman and CEO and Vision-Ease president, in an investor conference call on August 19 regarding its Q2 results, said the moves will leverage the strengths of its lower-cost manufacturing facility in Jakarta, Indonesia and reduce excess inventory and improve production yields at its Ramsey, Minn. facility.

Vision-Ease has eliminated 31 positions at the division level and corporate office, along with a workforce reduction of 89 salaried employees at its Cortland, N.Y. plant in June. The closing of its Tatabanya, Hungary facilities in June reduced payroll by approximately 375 employees. Vision-Ease has also reduced 7,000 SKU's, almost exclusively in glass, which are less than three percent of Vision-Ease sales, according to Michael Ness, VP sales and marketing for Vision-Ease.


Vol. No: 17:15Issue: 8/21/03

----------


## trevbigg

Cholesterol Drugs May Also Prevent Eye Problem 
Tue August 26, 2003 05:35 PM ET 
NEW YORK (Reuters Health) - Older people who are taking a cholesterol-lowering drug such as Lipitor or Zocor -- drugs known as statins -- may be doing more than their heart a favor. They also seem to be less likely to develop an eye condition called age-related maculopathy.
Age-related maculopathy is the leading cause of blindness in the industrialized world, so ways to ward off the problem would have a big impact.

Dr. Gerald McGwin, Jr., at the University of Alabama at Birmingham, and others studied 550 patients newly diagnosed with age-related maculopathy and compared them with a control group of 5500 similar people who did not have maculopathy.

As they report in the British Journal of Ophthalmology, the team found that the patients with maculopathy were 50 percent less likely to have been prescribed a statin drug than were the controls. Conversely, there was no difference between the groups in the use of other types of cholesterol-lowering drugs.

These findings don't prove that taking a statin prevents age-related maculopathy, the researchers point out.

More research is needed to understand what causes the condition, "and the precise role, if any, of cholesterol," McGwin's team writes. They say a clinical trial is the only way to see if statins really do lower risk of developing age-related maculopathy or slow the rate at which it progresses.

SOURCE: British Journal of Ophthalmology, August 2003.

----------


## Chris Ryser

*Sunglasses to Track Body Temperature?* 
Tue August 26, 2003 12:33 PM ET 

SINGAPORE (Reuters) - It sounds comical. An eye patch or sunglasses to read body temperature.
But new technology developed by a Yale University researcher aims to do just that, providing athletes with a constant reading of body temperature to prevent heat stroke and dehydration.

The wireless technology, unveiled in Singapore Tuesday, triggers an alarm when body temperature reaches a pre-set level -- sending a reminder to sweaty athletes to guzzle water when their body gets too warm.

Officials from Giant Wireless Technology Ltd said the Hong Kong-based company expected to launch commercial applications for the technology, known as "TempAlert," early next year.

This could take the form of an eyepatch or conventional sunglasses, they told a briefing in Singapore.

Dr Marc Abreu of the Yale School of Medicine who developed the technology said it could also be used by couples to monitor the female body for tracking fertility.

"You'll will be able to track temperature changes continuously so you'll know precisely when you're ovulating," Abreu said.

He said his research found that a small area of skin near the eyes and the nose was connected to a "thermal storage center" in the brain, and this area has the thinnest skin and the highest amount of light energy.

The patches and eyeglasses are designed to continuously measure brain temperature at this entry point.

Giant Wireless Technology said "TempAlert" could also be used to detect diseases such as the flu-like Severe Acute Respiratory Syndrome that spread early this year to about 30 countries through travelers, killing hundreds of people worldwide.

----------


## Chris Ryser

*Australias OPSM's Profits Slide in Latest Fiscal Year*  



AUBURN, Australia--Australian optical retailer OPSM saw its net profits dip 21 percent in its fiscal year ended June 30, which the 607-unit chain attributed to the SARS epidemic in Asia, costs associated with its pending acquisition by Luxottica Group (NYSE: LUX), and a supplementary contribution to an employee fund. OPSMs sales rose 16.2 percent for the year, however.

Luxottica had received commitments for 88 percent of OPSMs as of August 25; the offer is expected to close August 29.  

Vol. No: 17:15Issue: 8/28/03

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## Chris Ryser

Italy's Luxottica LUX.MI , which makes a huge chunk of its revenues in dollars via its U.S. Lenscrafters and Sunglass Hut, was up 5.0 percent, while Parisian fashion label Christian Dior DIOR.PA was up 2.2 percent.

Traders also said Bulgari and Luxottica were being helped by speculation they might join Milan's blue-chip Mib30 .MIB30 when it is reshuffled in September.

----------


## Chris Ryser

*Gerber-Coburns Sales, Profit Down in FY2004s Q1 * 



SOUTH WINDSOR, Conn.--Gerber-Coburns ophthalmic-lens-processing revenues were $18.5 million in the first quarter of parent Gerber Scientifics (NYSE: GRB) 2004 fiscal year, ended July 31, down from 20.8 million in FY2003s Q1. Gerber-Coburn lost $41,000 in Q1, vs. a $1.1-million profit the prior year.

Overall, Gerber Scientifics total revenues were $129 million in the quarter, up from $125.9 million in FY03s Q1. The company had $363,000 in net earnings for the period, down from $3.6 million the previous year.


Vol. No: 17:15Issue: 9/1/03

----------


## Chris Ryser

*Wal-Mart Launches Online Contact-Lens Replacement*  



BENTONVILLE, Ark.--Retail giant Wal-Mart (NYSE: WMT) is launching a new Internet contact-lens program through its Web site, www.walmart.com. Consumers with valid CL prescriptions will be able to order or refill those Rxs online; Wal-Mart will contact customers ECPs for Rx verification. The consumer can pick up the lenses at a local Wal-Mart vision center or get home delivery where allowed by state law. Brands offered through the new Wal-Mart Contacts Online service include Acuvue, Acuvue 2, Focus Dailies, Freshlook Colorblends UV, and Ultra Flex 7/14, according to Wal-Mart.

Ron Tiarks, senior VP of Wal-Marts optical division, described the new program as a convenient and cost-effective solution for contact-lens wearers. 

Vol. No: 17:15Issue: 9/4/03

----------


## Chris Ryser

*Luxottica Completes Takeover of Australias OPSM Group*  



MILAN, Italy--Luxottica Group (NYSE: LUX) announced yesterday it had completed its cash offer, through its subsidiary Luxottica South Pacific, for Australias OPSM Group on September 2; OPSM is now a subsidiary of Luxottica South Pacific. 

At the close of the offer, worth about $351.5 million U.S., Luxottica South Pacific held 82.6 percent of OPSMs shares; it failed to get 100 percent because of the reluctance of some institutional investors to accent the offer. Luxottica South Pacific now can appoint all the members of OPSMs board of directors, the company said.


Vol. No: 17:15Issue: 9/4/03

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## Chris Ryser

Reaction at Retail
Optical-sales growth has been spotty, but retailers have seen positive signs.
A number of eyewear chains reported comp-store growth, albeit at minimal levels, in the second quarter. And several top executives said their sales momentum was picking up in the third quarter.
For example, while noting that comp-store sales through June fell 3.4 percent for Luxottica Retails LensCrafters and Sunglass Hut, Luxottica Group chairman Leonardo Del Vecchio said July comps were up two percent: This makes us hopeful that a pick-up in consumption will materialize during the second half of 2003.
National Visions comp-store sales rose just one percent in the second quarter, although president/chief executive officer Reade Fahs predicted a strong July because of a shift of revenues from a rescheduled contact-lens promotion. Added Fahs in late August, So far in the third quarter were seeing very strong comp-store resultsthis................................................  ........


Read more at:

http://http://www.visionmonday.com/i...ge=4_12082.htm

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## Chris Ryser

Essilor of America Acquires Omni Optical Lab, Two Canadian Labs    


DALLAS--Essilor of America, a subsidiary of Essilor, has acquired Omni Optical Lab, a Consolidated Vision Group wholesale laboratory located in Beaumont, Texas. Omni provides products and services to eyecare professionals in six Southern states, with 80 employees and reported sales of $11 million in 2002.

According to Essilor, Omni will retain its current management team, and will distribute Varilux progressive lenses and Crizal A-R lenses. 

Essilor also announced it had acquired a controlling interest in Optique de l'Estrie in Sherbrooke, Quebec and OPSG in London, Ontario, two Canadian wholesale laboratories with combined sales of $2.5 million Canadian dollars.


Vol. No: 17:16Issue: 9/11/03

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## Chris Ryser

ESSILOR PRESS RELEASE

First-Half 2003
Operating Margin Up 1.9 Points to 17.7%
Net Margin Up 1 Point to 10%


The replay of the conference call is available until Thursday, September 18 :
- replay number : +44 (0)208 797 2499
- access code: 927943#

Charenton-le-Pont, France (September 10, 2003)  The Board of Directors of Essilor International, the world leader in ophthalmic optical products, today announced the financial results for the six months ended June 30, 2003.



 Millions  June 30, 2003
 June 30, 2002
 % change 
Sales 
Like for like
 1,031.12 1,116.5 -7.6% 
+2.3%

Operating income 182.2 176.9 +3.0% 
Operating margin 17.7% 15.8% ------ 
Pretax income after non-operating items 159.6 153.1 +4.2% 
Net income after minority interests 102.8 99.7 +3.1% 
Earnings per share (in ) 1.02 1.00 +2.1% 


Moderate growth in like-for-like sales despite a more challenging business environment than in 2002 and very high prior-year comparatives.
*Sales amounted to 1,031.2 million at June 30, 2003, a 2.3% increase at constant scope of consolidation and exchange rates.*

First-half highlights included:


 Sales growth varied significantly by region. On a like-for-like basis, sales were up 5.1% in Europe, down 1.2% in North America, and up 6.9% in Asia and Latin America.


 An enhanced product mix driven by much stronger relative growth in sales of polycarbonate and high-index lenses, progressive lenses, anti-reflective lenses and Transitions® photochromic lenses.


 A sharp decline in the dollar against the euro, which reduced report sales by 10.8%. 

 A resumption of acquisitions, illustrated by the following transactions:


> Nassau Lens Company, the leading direct distributor of stock lenses in the U.S., with sales of $62 million.


> Rupp + Hubrach, which ranks fifth in the German market with sales of 54 million. The acquisition will be completed in the coming weeks, following approval by the German competition authorities during the summer.


> SLC Inc., a U.S. manufacturer of polarized lenses, with sales of $4 million.


> Prescription laboratories Optical Suppliers Inc. (United States), Morrison Optical and Custom Surface Ltd. (Canada), and Vision Express (India).


> Essilor Korea Ltd., a 50/50 joint venture between Essilor and South Koreas Samyung Trading Co. Ltd.



Changes in the scope of consolidation, which added 0.8% to sales growth, reflected the first-time consolidation of Essilor Korea Ltd. and of SLC Inc.



Operating margin up sharply to 17.7%


The enhanced product mix, sustained productivity gains and tight control over operating costs combined to offset the currency effect and lift operating income by 3% to 182.2 million. Excluding the currency effect, operating income would have risen by 15%. 


Based on reported data, operating margin widened to 17.7%, an exceptionally high figure that should not be extrapolated over the full year.



Earnings per share up 2.1%


Net interest expense improved by 13% to 15.9 million, mainly due to the continued decline in interest rates. Net non-operating expense totaled 6.7 million, not including 2.8 million for VisionWeb in the first half, which is now accounted for by the equity method. At comparable scope of consolidation, net non-operating expense was down 38.5% (see table below).


 millions
 June 30, 2003
 June 30, 2002
 % change

Net non-operating expense  reported
 (6.7)
 (5.6)
 --

o/w revaluation gain*
 --
 8.2
 --

o/w VisionWeb
 --
 (2.9)
 --

Non-operating expense  like-for-like
 (6.7)
 (10.9)
 - 38,5%


(*) On the May 2002 capital increase by Bacou-Dalloz, in which Essilor holds a minority interest.

Net income after minority interests rose 3.1% to 102.8 million, for a net margin of 10%, while earnings per share grew 2.1% to 1.02.



Net debt-to-equity ratio of 19%


As expected, the net debt-to-equity ratio increased to 19% from 13% at year-end 2002 as a result of the acquisition program, which accounted for 58.2 million of total financial investments of 65 million.



Outlook


The second half should be shaped by a slight upturn in volumes, especially in North America, and by further acquisitions. Nonetheless, organic growth in consolidated sales will be on a par with the first half although full-year operating margin should exceed the 16% target announced at the beginning of the year

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## Chris Ryser

*BMC Industries Gets Additional Bank Waiver Extension*  



MINNEAPOLIS--BMC Industries (BMMI.OB), parent company of Vision-Ease, has received an additional 60-day waiver of compliance for certain credit agreement covenants with its lenders.

The company had already been operating under a 60-day waiver granted on July 15, 2003 and a temporary deferral agreement of interest payments, which expired on September 15.

The waiver announced on September 16 extends the time period for BMC to make certain scheduled principle and fee payments and defers all interest obligations until November 14, 2003. This agreement defers interest totaling approximately $3.2 million.

BMC says it will continue discussions with its bank group and advisors regarding a longer-term resolution.




Vol. No: 17:16Issue: 9/18/03

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## Chris Ryser

*Vistakon Files Against CIBA for New Technology * 



JACKSONVILLE, Fla.--Vistakon has filed for a declaratory judgment against CIBA Vision regarding a new Vistakon product, Acuvue Advance, which is currently waiting for final U.S. Food and Drug Administration clearance.

According to Vistakon, when launched the lens will set a new standard by offering a unique silicone-hydrogel formulation that allows for greater oxygen permeability. "Vistakon recognizes that CIBA has a patent portfolio covering their silicone-hydrogel technology. We are confident that Acuvue Advance's technology is outside the scope of [CIBA] patents" a Vistakon statement said.

Vistakon has asked the court to affirm that Acuvue Advance will not infringe CIBA Vision's patent portfolio by seeking a declaratory judgment.


Vol. No: 17:17Issue: 9/20/03


*Signature to Report $400,000 Loss for Q3 * 



INGLEWOOD, Calif.-In a late-filing notification this week to the SEC, Signature Eyewear (OTC: SEYE.PK) said it would report a net loss of about $400,000 on revenues of about $6.3 million for its third quarter ended July 31. In last year's Q3 Signature had a net loss of $777,000 and did $8.2 million in revenues.  


Vol. No: 17:17Issue: 9/19/03

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## Chris Ryser

September 29, 2003


*PRESS RELEASE*

*Essilor Strengthens Position in Sunglass Lenses with BNL Acquisition*



Charenton-le-Pont, France (September 29, 2003) -- Essilor announced today it has acquired BNL, a leading manufacturer of premium polycarbonate sunglass lenses.



Located in Bellegarde in east central France, BNL manufactures tinted, polarized non-prescription sunglass lenses. A highly innovative company, it has 60 employees and reported 2002 sales of 11 million, of which two-thirds were generated outside France. BNL sells its products to most global eyewear manufacturers.



Prior to the acquisition, Essilor produced corrective sunglass lenses but was only a minor player in the non-prescription segment. With BNL, Essilor has acquired unique, recognized skills in high value-added sunglass lenses that will significantly strengthen its presence in the non-prescription segment. BNLs technology will also benefit Essilors corrective sunglass lens business.



BNL will continue to operate as an independent unit and retain the current management team.

----------


## Chris Ryser

*LUXOTTICA GROUP APPROVES ITALIAN GAAP RESULTS FOR FIRST HALF OF 2003* 


(Milan, September 29, 2003) - Luxottica Group S.p.A. (NYSE: LUX;  MTA: LUX), worldwide leader in the eyewear sector, today announced that, in accordance with Italian Law, at a meeting held today, its Board of Directors approved the Groups Italian GAAP consolidated financial statements for the six-month period ended June 30, 2003. 

The company has already reported results for the six-month period ended June 30, 2003, in accordance with U.S. GAAP, on July 28, 2003.

Highlights of the results are as follows:

- Consolidated net sales of Euro 1,411.5 million;

- Consolidated operating income of Euro 223.2 million;

- Net income of Euro 133.3 million. 


About Luxottica Group S.p.A.
Luxottica Group is the world leader in the design, manufacture, marketing and distribution of prescription frames and sunglasses in mid- and premium-priced categories. The Groups products are designed and manufactured in its six facilities in Italy and one in the Peoples Republic of China. The lines manufactured by Luxottica Group include over 2,450 styles in a wide array of colours and sizes and are sold through 21 wholly-owned subsidiaries in the United States, Canada, Italy, France, Spain, Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland, Mexico, Belgium, Argentina, South Africa, Finland, Austria, Norway, Japan, Hong Kong and Australia; two 75%-owned subsidiaries in Israel and Poland; a 70%-owned subsidiary in Greece; three 51%-owned subsidiaries in the Netherlands, Turkey and Singapore, one 49%-owned subsidiary in the Arab Emirates and one 44%-owned subsidiary in India.

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## Chris Ryser

*Cole National's Stock Soars on Mystery Takeover Bid * 



TWINSBURG, Ohio--An unsolicited $320-million acquisition bid by an as-yet-unnamed suitor sent Cole National's (NYSE: CNJ) stock up just under 70 percent yesterday. The bid to acquire all of the company's 16.3 million outstanding shares for $19.65 per share was announced before the stock market opened; the stock closed Wednesday at $20.69 per share, up from $12.39 at Tuesday's closing.

In an announcement, the company said the would-be purchaser is unaffiliated with Cole National or with HAL Investments, which currently owns 20 percent of Cole (in turn, Cole owns 21 percent of Pearle Europe, of which HAL is the majority stockholder). A special committee of independent Cole directors has been formed to evaluate strategic options, "including a possible merger or sale of the company, a corporate restructuring, or other alternatives." Cole said it is in discussions with the party that made the offer as well as with others, "regarding various alternatives."

Simultaneously with the announcement of the takeover offer, Cole said Melchert Groot has resigned as a company director. Groot, CEO and a director of Pearle Europe, cited a potential conflict of interest in resigning from the Cole board.


Vol. No: 17:18Issue: 10/9/03

----------


## trevbigg

on Reuters (10/9)

Other standouts included Italian eyewear maker Luxottica LUX.MI
</financeQuoteLookup.jhtml?ticker=LUX.MI&qtype=sym&infotype=in  fo&qcat=ne
ws> , which rose five percent to 13.4 euros after Smith Barney raised
its rating on the stock to "buy" from "hold", saying it believed the
group was behind a $321 million offer for a chain of U.S. eyeglass
stores, Cole National CNJ.N
</financeQuoteLookup.jhtml?ticker=CNJ.N&qtype=sym&infotype=inf  o&qcat=new
s> .

----------


## Chris Ryser

*Moulin Intl Acquires Former Rodenstock Subsidiary NiGuRa * 



HONG KONG--Moulin International Holding has acquired eyewear manufacturer NiGuRa Optik of Dusseldorf, Germany, a former Rodenstock Group subsidiary. Moulin chairman Ma Bo Kee said the acquisition is fully in line with our strategy to leverage the strength of low-cost, high-quality China manufacturing as a means to drive an internationally positioned brand portfolio through our own global distribution network.

The move adds four new brands--Reebok, Feraud, NiGuRa, and Enjoy--to Moulins distribution roster; they are expected to generate additional frame sales of approximately 1.2 million units annually. The acquisition also makes Moulin a major player in Germanys eyewear-manufacturing arena.

NiGuRa, founded in 1866, joined the Rodenstock group of companies in 1981.  

Vol. No: 17:18Issue: 10/16/03

----------


## Chris Ryser

October 23, 2003


*PRESS RELEASE*

*Sales at September 30, 2003
Up 2.8% Like-For-Like*



The replay of the conference call is available until October 30, 2003:
- replay number : +44 (0)208 797 24 99
- access code: 944034#

Charenton-le-Pont, France (October 23, 2003) -- Essilor, the world leader in ophthalmic optics, today announced its provisional consolidated sales for the nine months ended September 30:



In millions of euros September 30, 2003 September 30, 2002 % Change 
Sales 1,565.8 1,638.6 -4.4% 


On a like-for-like basis, sales were up 2.8% at September 30, compared with a 2.3% gain at June 30. Growth was led by improved performance in all regions during the third quarter, when like-for-like sales rose 3.7% year-on-year.



All the regions reported increased business. Europe and the rest of the world continued to enjoy robust expansion, with growth in line with historic trends. Sales in North America started to turn upwards, particularly at the end of the period.



The currency effect remained negative, at 9.3%, but eased significantly in the third quarter.



Changes in the scope of consolidation added 2.1% to sales, primarily on the first-time consolidation of Nassau, in addition to Essilor Korea in the first-half. The acquisitions of Rupp und Hubrach in Germany and of BNL, a French sunglass lens manufacturer, were finalized in September and the companies were consolidated from October 1. In all, companies newly consolidated in 2003 represent around 166 million in full-year sales.

----------


## Chris Ryser

GROUP ANNOUNCES 3RD QUARTER RESULTS 


Group highlights for the nine-month period of 2003:

- Net sales of EUR 2,106.0 (US$ 2,341.2 million)
- Operating income of EUR 332.7 million
- Earnings per share or ADS of EUR 0.46 (US$ 0.51)

Milan, Italy, October 28, 2003 - Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX), worldwide leader in the eyewear sector, today announced results for the three-month period and the nine-month period ended September 30, 2003(¹). 

During the third quarter we acquired OPSM, the retail chain leader in the Australian market. Results of the OPSM operations were consolidated into the Groups results for the three- and nine-month periods from August 1, 2003. 


Consolidated Results

Third quarter highlights

- In the third quarter, consolidated net sales experienced a reversal in the trend when compared to the first half of 2003. In fact, consolidated net sales for the quarter declined year-over-year by 6.3 percent to EUR 694.5 million, while assuming constant exchange rates, consolidated net sales for the quarter would have increased by 3.4 percent, compared to the decline of 5.9 percent in the first half of 2003.

- Consolidated operating income for the quarter was EUR 109.4 million. Consolidated operating margin for the quarter was 15.8 percent. 

- Consolidated net income for the quarter was EUR 74.4 million and consolidated net margin for the quarter was 10.7 percent. 

- Earnings per share or American Depositary Share (ADS) (one ADS represents one ordinary share) for the quarter were EUR 0.17.  In U.S. Dollars, earnings per share or ADS for the quarter were US$ 0.19.

Nine-month period highlights

- Consolidated net sales for the nine-month period declined year-over-year by 15.8 percent to EUR 2,106.0 million. Assuming constant exchange rates, consolidated net sales for the nine months would have declined by 3.1 percent.

- Consolidated operating income for the nine months was EUR 332.7 million and consolidated operating margin for the nine-month period was 15.8 percent. 

- Consolidated net income for the nine-month period was EUR 207.7 million and consolidated net margin for the period was 9.9 percent. 

- Earnings per share or American Depositary Share (ADS) for the nine-month period were EUR 0.46. In U.S. Dollars, earnings per share or ADS for the period were US$ 0.51.


Breakdown of Retail and Manufacturing/ Wholesale Results

*Retail Division
In the third quarter, year-over-year retail sales declined by 4.7 percent to EUR 530.4 million. Assuming constant exchange rates, retail sales for the quarter would have increased by 7.0 percent. Excluding OPSM, same store sales in U.S. Dollars for the quarter remained unchanged compared to the same period last year, posting an improvement when compared to the decline of 3.4 percent in the first half of 2003.*

Retail operating income for the quarter was EUR 88.4 million. In U.S. Dollars, it increased by 4.7 percent. Retail operating margin was 16.6 percent.

In the nine-month period, retail sales declined year-over-year by 15.3 percent to EUR 1,470.5 million. Assuming constant exchange rates, retail sales for the nine months would have declined by 0.6 percent. Excluding OPSM, same store sales in U.S. Dollars for the nine-month period declined year-over-year by 2.3 percent.

Retail operating income for the nine-month period was EUR 210.3 million, resulting in an operating margin of 14.3 percent. 

Leonardo Del Vecchio, chairman of Luxottica Group commented on the results of the Retail division: In the third quarter, the retail division improved performance when compared to the first half of the year. This improvement is primarily due to better economic conditions in North America.  

In addition, even with flat same store sales, when compared to the third quarter of 2002, we experienced a considerable recovery in retail profitability. This was the result of improved efficiencies in the management of store personnel and other effective measures put in place by management to better control costs.

This improving trend is further confirmed from the performance of the division during October.


Manufacturing/Wholesale Division
The Groups manufacturing/wholesale sales for the nine-month period declined year-over-year by 13.0 percent to EUR 773.9 million. Assuming constant exchange rates manufacturing/wholesale sales for the nine months would have declined 5.5 percent. 

Manufacturing/wholesale operating income for the nine-month period was EUR 153.4 million, reflecting an operating margin of 19.8 percent. 

Mr Del Vecchio, continued: Im pleased to report to you that we are experiencing a reversal in the negative sales trend. Since the beginning of September, sales of the new collections were approximately equal to the Armani revenues. Therefore, the third quarter was the last quarter in which revenues were negatively impacted by the expiration of the Armani license.

This improving trend is further confirmed by our orders, which in October exceeded last years level, as we started introducing the Prada and Miu Miu eyewear collections. This recovery gives us renewed confidence in the performance of wholesale sales going forward.

During the quarter, wholesale profitability was impacted by the end of the Armani license, as well as the devaluation of the U.S. Dollar. In fact, the decrease in operating margin is primarily due to the high level of returns of Armani eyewear which were concentrated in this quarter.

*In summary, Im confident that beginning in 2004, and excluding the negative exchange rate effect, the wholesale division will return to normal levels of profitability.*


Statement from the Chairman
Mr. Del Vecchio concluded: Worldwide economic conditions remain difficult and the U.S. Dollar is weak and volatile, but, as expected, the impact of these factors which negatively affected first half results is progressively lessening.

The adverse exchange rate effect resulting from the devaluation of the U.S. Dollar against the Euro decreased from 18.7 percent in the first six months of 2003 to 12.5 percent in the third quarter. 

In addition, there are encouraging signs of an economic recovery in the U.S., which leads us to expect a gradual and progressive improvement in same store sales going forward.

Finally, the introduction and marketing of the Versace, Prada, Miu Miu and Ray-Ban ophthalmic collections are making up for the expiration of the Armani license from the beginning of September.

Third quarter performance make us optimistic in the future of our Group. We can therefore, confirm our previous guidance for 2003 and 2004, a year in which we expect to return to approximately 15 percent growth in sales and earnings as a result of the significantly strengthened brand portfolio, both house brands and designer lines, and the OPSM acquisition.

During the quarter, we completed the OPSM acquisition. This acquisition has given the Group the leadership position in the prescription business, and substantially strengthened our leadership position in the sunglass business in the Australian and New Zealand markets, while at the same time presented us with new and promising growth opportunities in this area.


About Luxottica Group S.p.A.
Luxottica Group is the world leader in the design, manufacture, marketing and distribution of prescription frames and sunglasses in mid- and premium-priced categories. The Groups products are designed and manufactured in its six facilities in Italy and one in the Peoples Republic of China. The lines manufactured by Luxottica Group include over 2,450 styles in a wide array of colours and sizes and are sold through 21 wholly-owned subsidiaries in the United States, Canada, Italy, France, Spain, Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland, Mexico, Belgium, Argentina, South Africa, Finland, Austria, Norway, Japan, Hong Kong and Australia; two 75%-owned subsidiaries in Israel and Poland; a 70%-owned subsidiary in Greece; three 51%-owned subsidiaries in the Netherlands, Turkey and Singapore, one 49%-owned subsidiary in the Arab Emirates and one 44%-owned subsidiary in India. 

In September 2003, Luxottica Group acquired OPSM, the leading eyewear retailer  in Australia. In March 2001, Luxottica Group acquired Sunglass Hut International, a leading sunglass retailer with approximately 1,900 stores worldwide. This followed the acquisitions of Bausch & Lomb sunglass business, which includes the prestigious Ray-Ban®, Revo®, ArnetteTM and Killer Loop® brands, in June 1999, and LensCrafters, the largest optical retail chain in North America, in May 1995. For fiscal 2002, Group net sales improved year-over-year by 2.2 percent to EUR 3,132.2 million and net income by 17.6 percent to EUR 372.1 million. Additional information on the company is available on the web at www.luxottica.com


Non-GAAP Financial Measures           
Luxottica Group uses certain measures of financial performance that exclude the impact of fluctuations in currency exchange rates in the translation of operating results into Euro. The Company believes that these adjusted financial measures provide useful information to both management and investors by allowing a comparison of operating performance on a consistent basis. In addition, since the Luxottica Group has historically reported such adjusted financial measures to the investment community, the Company believes that their inclusion provides consistency in its financial reporting. Further, these adjusted financial measures are one of the primary indicators management uses for planning and forecasting in future periods. Operating measures that assume constant exchange rates between the nine-month period and the third quarter of 2003 and the nine-month period and the third quarter of 2002 are calculated using for each currency the average exchange rate for the nine-month period and the three-month period ended September 30, 2002. Operating measures that exclude the impact of fluctuations in currency exchange rates are not measures of performance under accounting principles generally accepted in the United States (U.S. GAAP). These non-GAAP measures are not meant to be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. In addition, Luxottica Groups method of calculating operating performance excluding the impact of changes in exchange rates may differ from methods used by other companies.  See Table below for a reconciliation of the operating measures excluding the impact of fluctuations in currency exchange rates to their most directly comparable U.S. GAAP financial measures. The adjusted financial measures should be used as a supplement to U.S. GAAP results to assist the reader in better understanding the operational performance of the Company.  

Euro million 3Q 2002
U.S. GAAP 
results  3Q 2003
U.S. GAAP 
results  Adjustment 
for constant 
exchange rates  3Q 2003
adjusted 
results  

Consolidated net sales 740.9 694.5 71.4 765.9 
Manufacturing/wholesale net sales 224.5 200.9 9.7 210.6 
Retail net sales 556.3 530.4 64.9 595.3 

____________________________________________________________  ____________________________________ 
Euro million 9M 2002
U.S. GAAP 
results  9M 2003
U.S. GAAP 
results  Adjustment 
for constant 
exchange rates 9M 2003
adjusted 
results  

Consolidated net sales 2,500.4 2,106.0 316.3 2,422.3 
Manufacturing/wholesale net sales 889.2 773.9 66.3 840.2 
Retail net sales 1,735.1 1,470.5 274.3 1,744.8 




Safe Harbor Statement
Certain statements in this press release may constitute forward looking statements which are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including risks that may not be subject to the Company's control. These risks and uncertainties include, but are not limited to, fluctuations in exchange rates, economic and weather factors affecting consumer spending, the Company's ability to successfully introduce and market new products, the Company's ability to effectively integrate recently acquired businesses, the Companys ability to successfully launch initiatives to increase sales and reduce costs, the availability of correction alternatives to prescription eyeglasses, as well as other political, economic and technological factors and other risks referred to in the Company's filings with the Securities and Exchange Commission. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update them.


_______________________________________
(¹) Unless otherwise noted, all comparisons made in this announcement are between the three- and nine-month periods ended September 30, 2003, and the equivalent three- and nine-month periods ended September 30, 2002. The Companys results are discussed in this announcement in accordance with U.S. GAAP and are broken out for additional perspective into consolidated, manufacturing/wholesale and retail components, which include Sunglass Hut International, LensCrafters and OPSM. As there are intercompany items, it is important to note the full reconciliation detailed in the Segmental Information Table provided with this announcement. Additionally, Luxottica Group considers the financial results denominated in Euro (EUR), the Groups reporting currency, to be a more accurate gauge of its operating performance. The results denominated in U.S. Dollars were converted at the average exchange rate for the three-month period ended September 30, 2003, of EUR 1.00 = US$1.1248, compared with EUR 1.00 = US$0.9838 for the third quarter of 2002. For the nine-month period, the results denominated in U.S. Dollars were converted at the average exchange rate of EUR 1.00 = US$1.1117, compared with EUR 1.00 = US$0.9277 for the equivalent nine-month period of 2002.

----------


## Chris Ryser

At the original offer price, the value of the acquisition would be about $320.9 million; however, with the stock price now above the original bid, that valuation would obviously rise if the offer were increased.
*A special committee of independent Cole directors, led by chairman Walter Salmon, is now considering the firms strategic options, including a possible merger or sale of the company, a corporate restructuring, or other alternatives, an announcement said.* Cole said it is in discussions with the party that made the offer, as well as with others, regarding various alternatives.
Simultaneously with the announcement of the takeover offer, Cole said Melchert Groot has resigned as a company director. Groot, chief executive officer and a director of Pearle Europe, cited a potential conflict of interest in resigning from the Cole board.
Cole National did $1.15 billion in total revenues in fiscal 2002, up 3.5 percent over the prior year; the company posted a $5.15-million net loss for the year, compared to a loss of $2.4 million in FY2001. Cole Visions 2002 optical sales rose 4.9-percent, to $877.5 million, in 2002 (that sales total does not include revenues from 2,174-unit Cole Visions 464 franchised Pearle Vision stores).
Cole Vision held the number-two position on the latest VM Top 50 Optical Retailers listing (VM, May 12, page 13), after top-ranked LensCrafters. 


Vol. No: 17:19Issue: 10/27/03 

See the whole story at:

http://www.visionmonday.com/index.asp?page=4_12478.htm

----------


## Chris Ryser

*LensCrafters, Federated Stores Open Initial Leased Optical Departments*  



CINCINNATI--The first leased optical department under a new agreement between Luxottica Group's (NYSE: LUX) LensCrafters chain and 460-unit Federated Stores (NYSE: FD) opened last week in a Bon-Macy's store in Tacoma, Wash. Vision centers operated by LensCrafters are also scheduled to open this week in a Burdines store in Ft. Myers, Fla., and a Scottsdale, Ariz., Macy's; two locations in California are planned for February.

The 1,500-sq.-ft. optical boutiques--described by Federated as "pilots"--include on-site optometrists providing eye exams; each stocks about 1,000 SKUs of ophthalmic frames and sunwear, according to a Federated announcement.


Vol. No: 17:20Issue: 11/13/03

----------


## Chris Ryser

*BMC Reports Consolidated Net Loss for Q3, First 9 Months* 



MINNEAPOLIS--Even as BMC (BMMI.OB), parent company of Vision Ease Lens, reported another quarter of consolidated net losses and declining revenues, chairman and CEO, Douglas Hepper, said, "We are taking actions to improve efficiency, reduce costs, conserve cash and divest non-core assets.As we continue restructuring, we remain firmly committed to the growth of Vision-Ease Lens, and are working closely with our financial advisors to maximize cash flow from our mask operations, in order to produce the best outcome for our stakeholders under very difficult circumstances." 

BMC reported consolidated revenues from continuing operations of $40.8 million for the third-quarter ended September 30, 2003, compared to $42.5 million in the year-ago period. The company reported a consolidated net loss of $12.2 million for the quarter versus a consolidated net loss of $2.4 million in the same quarter last year. 

For the first nine months ended September 30, 2003, BMC reported consolidated net revenues of $124.6 million compared to $140.6 million in the same period of 2002, and reported a consolidated net loss of $106.7 million for the first nine months of this year versus a consolidated net loss of $61.4 million in the same period in 2002.

In October, BMC discontinued the operations of its French subsidiary, Vision-Ease France and filed for insolvency with a local court. Also in October, the group completed the sale of one of its two former manufacturing plant buildings in Azuza, Calif., receiving proceeds of approximately $1.7 million; purchase of the second building is expected to be completed by year-end. On October 30, BMC completed the sale of its non-mask, hybrid-manufacturing line for proceeds totaling $1.0 million.

Due to non-compliance with its credit agreement, BMC received waivers from its banks on June 30, July 15, and September 16 this year. The last waiver expired on November 14 and deferred all unpaid, accrued interest totaling approximately $0.8 million. According to BMC, if it is unable to achieve additional waivers or other relief under its current agreement, the company will be in default and would need to refinance or restructure its debt and if unsuccessful, would seek other options, including protection under bankruptcy laws.


Vol. No: 17:20Issue: 11/17/03

----------


## Chris Ryser

Just found this article in Europe ............


If to date Luxottica has managed to maintain two-figure net profits and has never had a cash flow crisis, despite continuing to buy brands and chains/companies, it is only because it never pays more than double the billings and six and a half times the operating profit. Otherwise Del Vecchio said it would take more than my sons and I to recover the investment.

And its a logic that Luxottica will continue to pursue for its next acquisitions: for over a month rumors have been circulating about the possible acquisition of Cole National, but this might not be the company they have their sights on. Any chain that is able to generate profits is targeted Del Vecchio concluded. If the choice should be for an American company, it will be dictated by the fact that large-scale distribution was born there, so its easier to find.

----------


## Chris Ryser

*Logo Focuses On Premiere Vision Subsidiary; Logo France S.A. Closes U.S. Logo of the Americas Branch * 



Joinville, France-In a move intended to reinforce and expand its presence in the U.S. luxury eyewear market, Logo France S.A. has made the strategic decision to close its Core subsidiary, Logo of the Americas, effective December 8, 2003. According to Dominique Alba, Chairman of the Board, Logo S.A., the company will now be able to focus its resources solely on its luxury subsidiary, Premiere Vision. Premiere Vision is the exclusive distributor of Fred and Tag Heuer eyewear and sunwear.

As a result of the move, Logo's Core collections, including Logo, Lanvin, Harry Potter, Cacharel, Yoshi, Givenchy and Elite brands, will no longer be distributed by Logo in the U.S. but will be distributed in selected markets globally.

Frank Rescigna, who joined the company in August has been promoted to President of Premiere Vision. Rescigna said the move resulted in a consolidation of Logo U.S. sales force and some HQ associates. He added, "Both Fred and Tag Heuer have achieved dramatic growth even in a struggling economy, mainly due to the niche they fill in the market. As a result we will run a tighter, more focused organization, with our company and associates concentrating on the luxury market and client base only." He said Logo will support its customers' Rx and parts needs through June 2004 by calling 954-349-5300.


Vol. No: 17:20Issue: 12/11/03

----------


## Chris Ryser

CLEVELAND, Dec. 16 /PRNewswire-FirstCall/ -- Cole National Corporation (NYSE: CNJ), a leading retailer of optical services and personalized gifts with over 2,900 locations throughout North America and the Caribbean and one of the nation's largest providers of managed vision care benefits, today announced results for the third quarter ended November 1, 2003. The Company filed its Form 10-Q for the quarter on December 15, 2003.

    Financial and Operating Highlights
     - Revenue rose to $296.5 million from $275.5 million in last year's third
       quarter.  The Company reported a net loss of $1.1 million, or $0.07 per
       diluted share, compared to a net loss of $1.9 million, or $0.12 per
       share, for the same period in 2002.

     - The third quarter's pre-tax results include $1.5 million in
       professional fees relating to the evaluation of the Company's strategic
       alternatives and $0.8 million in professional fees related to the
       restatement and resulting SEC investigation.  Included in last year's
       pre-tax results for the third quarter was $1.0 million related to
       severance and consolidating the corporate office.

     - Overall, same store sales in the Company's vision segment increased
       5.4%.  Same store sales for every brand in the Company's vision segment
       rose, led by an increase of 6.7% for Cole Licensed Brands.

     - Same store sales for Things Remembered rose 4.4%.



Schedule I

* Third Quarter and Nine Months
                                Results of Operations
                      (in thousands, except per share amounts)*

                                      13 Weeks Ended        39 Weeks Ended
                                   Nov. 1,     Nov. 2,   Nov. 1,     Nov. 2,
                                     2003        2002      2003        2002
                                        Unaudited             Unaudited

      Net revenue                  $296,507    $275,501  $892,415    $853,332

      Cost of revenues              109,229      98,294   331,336     302,783
      Operating expenses            186,188     177,663   563,676     532,757
        Total costs and expenses    295,417     275,957   895,012     835,540

      Operating income (loss)         1,090        (456)   (2,597)     17,792

      Interest expense                6,433       6,501    19,148      20,385
      Interest and other (income)
       expense, net                  (1,304)       (536)   (4,186)     (4,245)
      (Gain) loss on early
       extinguishment of debt           (15)          -       (15)     11,141
      Income (loss) before income
       taxes                         (4,024)     (6,421)  (17,544)     (9,489)
      Income tax (benefit)
       provision                     (2,939)     (4,494)   (4,561)     (2,742)
      Net income (loss)             $(1,085)    $(1,927) $(12,983)    $(6,747)

      Earnings (loss) per common
       share
        Basic                        $(0.07)     $(0.12)   $(0.79)     $(0.42)
        Diluted                      $(0.07)     $(0.12)   $(0.79)     $(0.42)

      Weighted average shares
        Basic                        16,443      16,276    16,359      16,205
        Diluted                      16,443      16,276    16,359      16,205


                                Financial Position
                                  (in thousands)

                                           Nov. 1,     Nov. 2,     Feb. 1,
                                             2003        2002        2003
                                                Unaudited          Audited
      Assets
      Current assets:
        Cash and cash equivalents            $25,677     $21,370     $42,002
        Accounts and notes receivable,
         net                                  58,628      51,538      59,660
        Inventories                          140,324     137,875     120,642
        Prepaid expenses and other
         current assets                       53,104      53,780      55,601
          Total current assets               277,733     264,563     277,905

      Property and equipment, net            122,021     123,092     121,008

      Intangible and other non-current
       assets, net                           245,947     242,989     245,435

          Total assets                      $645,701    $630,644    $644,348

      Liabilities and Stockholders'
       Equity
      Current liabilities:
        Current portion of long-term debt     $5,446        $227        $232
        Accounts payable                      81,765      66,378      67,581
        Accrued liabilities and other        101,210      99,649     105,569
        Deferred revenue                      41,055      37,754      38,014
          Total current liabilities          229,476     204,008     211,396

      Long-term debt, net of current
       portion                               281,475     286,254     286,553

      Other long-term liabilities             36,204      24,228      41,587

      Deferred revenue, long-term             12,855      11,927      11,559

      Stockholders' equity                    85,691     104,227      93,253

          Total liabilities and
           stockholders' equity             $645,701    $630,644    $644,348

    Certain prior year amounts in the statements above have been reclassified
    to conform with the current year's presentation.


                                 Schedule II

           Reconciliation of Same-Store Sales to GAAP Basis Net Revenue
                                 ($ in thousands)

                                             13 Weeks Ended    39 Weeks Ended
                                                  Nov. 1,           Nov. 1,
                                                    2003              2003

    Current year same-store sales                  $252,412          $774,470

    Prior year same-store sales                     239,967           745,939

    Percent change                                     5.2%              3.8%

    Current year same-store sales                  $252,412          $774,470

    Adjustment for:
    Sales at new and closed stores                    3,281            12,388
    Deferred revenue                                 (1,488)           (4,337)
    Order vs. customer receipt                        6,200               717
    Returns, remakes and refunds                       (140)             (522)
    Other                                               235               534
        Store sales                                 260,500           783,250

    Nonstore revenues                                43,135           131,984

    Intercompany elimination                         (7,128)          (22,819)

    GAAP Basis Net Revenue                         $296,507          $892,415

SOURCE  Cole National Corporation
    -0-                             12/16/2003
    /CONTACT:  Joseph Gaglioti of Cole National Corporation, +1-330-486-3100/
    /Web site:  http://www.colenational.com /
    (CNJ)

CO:  Cole National Corporation
ST:  Ohio
IN:  REA
SU:  ERN ERP CCA MAV

JE-JJ 
-- CLTU016 --
5785 12/16/2003 08:15 EST http://www.prnewswire.com

----------


## Chris Ryser

*2003 Financial Results       * 
 E-   E+  






 Operating Margin Reaches 17.2%
Net Income Up 9.8%



 (Charenton-le-Pont, France - March 4, 2004) - The Board of Directors of Essilor International, the world leader in ophthalmic optical products, today announced the definitive financial results for the year ended December 31, 2003. 



 millions
 2003
 2002
 % change

Sales
 2,116.4
 2,138.3
 -1.0%

Operating income
 364.9
 340.6
 +7.1%

Operating margin
 17.2%
 15.9%
 -----

Net non-operating expense
 (14.9)
 (26.2)
 -43.1%

Pretax income after non-operating items
 316.4
 277.7
 +13.9%

Net income after minority interests
 200.3
 182.4
 +9.8%

Earnings per share (in )
 1.98 1.82
 +8.8%




Essilor successfully responded to a challenging geopolitical and economic environment throughout 2003 and reported excellent results for the year. The performance demonstrated the validity of the company's innovation strategy, as well as its product and service policy, while driving new market share gains.

In line with its objectives, Essilor also made a large number of acquisitions during the year, involving 14 companies. This expansion did not prevent the company from reducing debt and ending the year with a stronger balance sheet. 

Consolidated sales totaled 2,116 million, a 1% decline caused by a negative currency effect resulting mainly from the weakness of the US dollar. Excluding the currency effect, sales were up 7.8% for the year.

The 4.3% like-for-like increase reflects the impact of a difficult first half in North America and Asia. This was followed by an upturn in the second half, as demand improved in the third quarter and accelerated in the fourth, especially in Germany and the United States. The product mix improved in both the first and second halves.

Companies acquired in 2003 and newly consolidated over the year added 74.5 million to sales or 3.5% of total growth.

Operating income rose 7.1% to 364.9 million, while operating margin widened 1.3 points to 17.2%, far exceeding the targeted 16%.  Excluding the currency effect operating income was up 16.4%.

This strong growth was led by:
> An increase in gross margin and disciplined control over operating costs.
> An increase in profitability (excluding the currency effect) in all geographic markets, including the United States, where margin improvement objectives were met despite a difficult year.
> A noticeable improvement in results from the Transitions lineup.
> An exceptional late-year increase in results from Essilor Germany and Rupp und Hubrach in Germany.

Net non-operating expense declined to 14.9 million from 26.2 million in 2002. This item no longer includes VisionWeb, which is now accounted for by the equity method. It represented an expense of 5.1 million in 2003.



 millions
 2003
 2002
 % change

Net non-operating expense, as reported
 -14.9
 -26.2
 --

Of which revaluation gain*
 --
 +8.2
 --

Of which VisionWeb
 --
 -6.1
 --

Net non-operating expense, like-for-like
 -14.9
 -28.3 
 -47.3%

*Resulting from the May 2002 share issue by Bacou-Dalloz, in which Essilor holds a minority interest.





Non-operating expense mainly included:
> A 9.6 million provision for expenses related to the closing of the Florida plant in 2004.
> The 2.4 million cost of restructuring and reorganization to increase operating efficiency in Europe and the United States.

In addition, a 4.5 million exceptional gain was booked on the sale of an office building in the Paris area. 

Pretax income after non-operating items rose by 13.9% to 316.4 million, thanks to a decline in interest expense following the sharp reduction in net debt.

Net income after minority interests increased by 9.8% to 200.3 million. Earnings per share rose 8.8% to 1.98.

Operating cash flow reached a record 349 million. Net capital expenditure totaled 149.4 million, or 7% of sales, and financial investments came to 150.2 million.

Taken together, these factors allowed the company to reduce net debt by 65.7 million during the year to 97.4 million at December 31, 2003, for a net debt-to-equity ratio of 8%.


DIVIDEND

The Board of Directors will ask shareholders to approve a dividend before tax credit of 0.56 per share of common stock, for total revenue of 0.84 per share including tax credit. The dividend will be paid from May 18, 2004.


OUTLOOK FOR 2004

In 2004, Essilor will continue expanding worldwide sales of the Varilux® Ipseo progressive lens and the Crizal® Alizé coating, both introduced at the end of 2003, and extending its range of high and very high index lenses. Sun lenses programs will be pursued with the goal of developing lines of corrective lenses for all types of sunglass frames.

Sales from German subsidiaries are expected to decline now that the national healthcare system has stopped reimbursing ophthalmic lenses. Nonetheless, consolidated sales should expand by an organic 5% in 2004, with additional growth coming from the full-year contribution of the 14 companies acquired in 2003.

In 2004, Essilor will continue to pursue its strategy of making targeted acquisitions, as well as measures to improve productivity in all its businesses and country operations. 


SHAREHOLDERS' MEETING

The Ordinary Shareholders' Meeting will be held on second call on:
Friday, May 14 at 10:30 a.m.
Palais de la Bourse,
Place de la Bourse, 75002 Paris, France


Investor Relations and Financial Communication - Phone: +33 1 49 77 42 16

----------


## Chris Ryser

[B]JOSEPH L. BRUNENI(/B)

At press time, word has reached us that Joe Bruneni, the optical industry's historian, spokesman, and elder statesmen, has passed away. Joe contributed to the industry in a multiplicity of ways during a career of more than 40 years. An assistant professor teaching ophthalmic optics at the Southern California College of Optometry, Joe Bruneni was at different times a director of the Optical Laboratories Association (OLA) and the National Academy of Opticianry. He was an advisor to the California Optical Laboratories Association (COLA) for two decades and the Executive Director and industry spokesperson for two industry councils, the Polycarbonate Council and the Eye Protection Council. Joe was also the president of his own marketing and communications firm, Vision Consultants, Inc., based in Torrance, CA. A prolific writer and a member of the Optical Dispensing News Editorial Board, Joe was a columnist for several industry publications as well as the author of longer works, in
cluding "Looking Back," an illustrated history of the optical industry, published in 1994. Perhaps as important as any of his many specific accomplishments was Joe's role as a friend, mentor, and person who made positive things happen in the optical industry. A memorial service will be held at 3:00 pm Friday, March 12, at St. Cross Episcopal Church, 1818 Monterey Blvd., Hermosa Beach, CA.

----------


## Chris Ryser

*Cole National Announces That It has Extended the Target Optical Contract* 

CLEVELAND, March 10 /PRNewswire-FirstCall/ -- Cole National Corporation (NYSE: CNJ) today announced that it has extended its agreement with Target Corporation, under which the Company currently operates licensed optical departments in 265 Target Stores, through May 6, 2007 under modified terms.

Larry Pollock, President and CEO, commented, "Cole National is very pleased with the outcome of our discussions with Target Corporation. We have always felt that Target Optical represents a tremendous opportunity for our Company. We believe this new agreement provides us with the right foundation on which to profitably grow the Target Optical business, and we look forward to continuing our relationship with Target Corporation and its management team. All of our Target Optical team members look forward to continuing to provide the Target guest with the outstanding service, selection and quality that is our trademark."

The Company estimates that losses at Target Optical will reduce the operating income of its Cole Vision segment by approximately $4.5 million in its 2004 fiscal year. Included in this figure are one time charges of $2.2 million. The Company expects Target Optical to break even in its 2005 fiscal year, and to contribute to the operating income of its Cole Vision segment in subsequent years.

About Cole National

Cole National Corporation's vision business, together with Pearle franchisees, has 2,197 locations in the U.S., Canada, Puerto Rico and the Virgin Islands and includes Cole Managed Vision, one of the largest managed vision care benefit providers with multiple provider panels and nearly 20,000 practitioners. Cole's personalized gift business, Things Remembered, serves customers through 728 locations nationwide, catalogs, and the Internet at www.thingsremembered.com . Cole also has a 21% interest in Pearle Europe, which has 1,486 optical stores in Austria, Belgium, Denmark, Estonia, Finland, Germany, Italy, Kuwait, Norway, the Netherlands, Poland, Portugal, Russia and Sweden.

Forward Looking Statement

The Company's expectations and beliefs concerning the future contained in this document and the Form 10-Q are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forecasted due to a variety of factors that can adversely affect the Company's operating results, liquidity and financial condition, such as the changes in the costs associated with extension and modification of the Company's agreement with Target Corporation; the timing and achievement of improvements in the operations of the Target Optical business; the success of new store openings and the rate at which new stores achieve profitability; the nature and extent of disruptions of the economy from terrorist activities or major health concerns and from governmental and consumer responses to such situations; the actual utilization of Cole Managed Vision funded eyewear programs; the Company's ability to select, stock and price merchandise attractive to customers; success of systems development and integration; competition in the optical industry; economic and weather factors affecting consumer spending; operating factors affecting customer satisfaction, including manufacturing quality of optical goods; the mix of goods sold, pricing and other competitive factors; the seasonality of the Company's business; and the Company's relationships with its host stores. The Company does not assume any obligation to update the forward looking statements in this press release.

SOURCE: Cole National Corporation 

CONTACT: Joseph Gaglioti of Cole National Corporation, +1-330-486-3100
Web site: http://www.colenational.com

----------


## Chris Ryser

*Minnesota Eye Consultants Furthers Glaucoma Research With Promising New Eyepass(TM) Glaucoma Implant*

Thursday March 11, 8:15 am ET 
MINNEAPOLIS, March 11 /PRNewswire/ -- 

Minnesota Eye Consultants, here, has been selected as one of only 15 U.S. investigational sites to participate in on-going clinical trials (Phase III) for the Eyepass(TM) Glaucoma Implant. The device represents an emerging surgical treatment option for glaucoma, the second-leading cause of blindness. 
"The Eyepass(TM) Implant, an investigational device, is designed to lower abnormally high intraocular pressure, which is the major risk factor for vision loss from glaucoma," said Dr. Thomas W. Samuelson, board-certified ophthalmologist and a founding partner of Minnesota Eye Consultants. "We are very encouraged by the preliminary results from the earlier phases of the clinical trials surrounding the Eyepass(TM) Implant, particularly for patients who have failed to respond to conventional medical therapies or laser procedures for glaucoma." 
Approximately 2.2 million Americans suffer from glaucoma, and as many as 2 million more may be undiagnosed, according to the Glaucoma Research Foundation and the National Eye Institute. "Many patients are unaware that they have glaucoma until it progresses to more advanced stages," said Dr. Samuelson. "While there is no cure for glaucoma, early diagnosis and treatment can reduce its progression by as much as 50 percent." 
Glaucoma involves damage to the optic nerve, most often from high pressure caused by poor drainage of a fluid (aqueous humor), which supplies nutrients to the cornea and lens, according to Dr. Samuelson. Some forms of glaucoma cause symptoms such as blurred vision, severe eye pain, headache, rainbow- colored halos around lights, nausea and vomiting. 
The more common form of glaucoma, known as open-angle glaucoma, typically does not exhibit any outward signs or symptoms, according to Dr. Samuelson. Rather, the disease develops gradually and can go undetected for years. "An annual, fully dilated eye exam is the best means to monitor eye health and pressure and detect glaucoma in its earliest stages," he said. 
Conventional glaucoma treatments include eye drops or oral medications, laser procedures and/or surgery to lower internal eye pressure by opening drainage passageways for the trapped fluid. 
The Eyepass(TM) Implant is promising because it may significantly reduce the risk of glaucoma surgery, such as the potential for serious eye infections for the remainder of the patient's life, according to Dr. Samuelson. "The Eyepass(TM) Implant is intended to bypass the diseased portion of the eye's drainage system, but utilizes the normal fluid pathways downstream from the obstruction," he said. "The Eyepass(TM) Implant may extend the options to potentially provide a vital therapy for patients with open-angle glaucoma who have not benefited from conventional treatments," said Dr. Samuelson. 
He added, "Earlier studies suggest its safety and ability to lower abnormally high intraocular pressure. We're looking forward to participating in on-going clinical trials leading to FDA approval." 
Dr. Samuelson has been recognized internationally for research supporting the medical and surgical treatment of glaucoma, as well as laser vision correction of refractive disorders. He is president of the International Society of Spaeth Fellows - Wills Eye Hospital's glaucoma fellows program, and a recipient of the American Academy of Ophthalmology's Achievement Award, honoring physicians who significantly contribute to the Academy's educational endeavors. 
For more information about glaucoma, or to inquire about eligibility for the Eyepass(TM) Implant or other upcoming research studies at Minnesota Eye Consultant, please call 1-800-EYE-TO-EYE or visit the website at www.mneye.com . 
Minnesota Eye Consultants, the ophthalmology practice of Drs. Richard L. Lindstrom, Thomas W. Samuelson, David R. Hardten, Elizabeth A. Davis, William J. Lipham and Patrick J. Riedel, is a nationally recognized leader in the treatment of glaucoma, as well as corneal, cataract and refractive surgery. 



Source: Minnesota Eye Consultants

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## Chris Ryser

*Todays Vision Chain Sues VSP* 


HOUSTONThe 55-unit Todays Vision franchising group and 33 of its franchised optometrists filed suit
against Vision Service Plan (VSP) in federal court for the southern district of Texas, Houston
division, on February 23. The suit alleges two federal anti-trust violations: restraint of trade and
abuse of monopoly power.

The lawsuit arises from VSPs recent changes in its claim-filing and other policies for ODs
affiliated with optical chains, including a letter distributed last September notifying chains that
effective October 1, their patients who were VSP members would have to file the paperwork for their
eyecare/eyewear claims themselves.


Read more >> 

Issue: 3/28/2004

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## zonelinks2004

hello all 
am new here.
can anybody help me get conversant with the atmosphere here

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## Cowboy

Zonelinks,

Basically, start out by choosing which forum you wish to visit, i.e., Optical news, Optical Market, General Discussion, etc. Under these pages, you will find threads, each with their own title. Click on the title and it will bring you to that thread and you can add your opinions by going to the bottom of the page and clicking on "submit reply". You can post your own thread by clicking on that tab either at the bottom of any titled thread, or on the main page where it has its own tab. I have been on the Optiboard since february and I am still learning some the tricks myself.

:cheers:

Cowboy

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## trevbigg

April 06, 2004 04:20 PM US Eastern Timezone 

Highly Accurate Laser for Popular Eye Operation Tested at Stanford 

STANFORD, Calif.--(BUSINESS WIRE)--April 6, 2004--Each year more than 1 million Americans bid adieu to nearsightedness by undergoing popular LASIK surgery. Now Stanford University School of Medicine researchers are conducting a study to determine whether a new laser device can lead to even more favorable results than the one used in traditional LASIK. 


"If the new device is shown to have better outcomes for patients, it could become the standard of care," said Edward Manche, MD, associate professor of ophthalmology, who is leading the study. 

Two steps are involved in the LASIK procedure, during which the cornea is permanently reshaped. First, surgeons prepare the eye by creating a flap in the cornea that can be folded back during the procedure. Then they use an excimer laser to correct the shape of the cornea, thereby eliminating a patient's nearsightedness. 

A mechanical microkeratome -- a device with a precision blade that resembles a mini pizza-cutter -- is traditionally used to create the flap prior to the laser portion of the procedure. A downside of the device, Manche said, is that it can be difficult to achieve a consistent flap thickness in each eye. The flap in one eye might be thinner than in the other, for example, and some surgeons worry this could alter the outcome of the procedure for some patients. 

In 1999 the Food and Drug Administration approved the use of a femtosecond laser to create the corneal flap. Pulses from the laser, which move at the rate of one-quadrillionth of a second, result in a precise cut of the cornea. A study in a 2003 issue of the Journal of Refractive Surgery showed the method resulted in greater accuracy and fewer complications when compared to cuts made by microkeratomes. 

"One of the proven benefits of the laser device is its ability to more accurately create flaps of a desired thickness," said Manche, who also directs cornea and refractive surgery at the Stanford Eye Laser Center. "If we are trying to create a 120-micron flap, for example, we usually get within 10 microns with the laser device. With the mechanical device we tend to be somewhat less accurate." 

Despite the laser's ability to better predict flap thickness, preliminary data have shown little difference in outcomes between the laser and the microkeratome. Manche said he launched the study in an effort to answer definitively whether the laser device can improve outcomes for patients. "We define better results as a greater number of patients seeing 20/20 or 20/15 after the surgery," he said. 

During the study, 50 LASIK patients will have the all-laser procedure in one eye and the traditional procedure with the mechanical device in the other. Manche will then determine vision and subtle corneal distortions in each eye. 

Manche is currently enrolling patients for the study. Study participants must be 21 or older and have moderate to extreme nearsightedness. They cannot be pregnant or nursing, and they cannot have eye disease or have had previous surgeries. Participants will be charged 70 percent of the normal cost of the LASIK procedure. 

Intralase Corp. manufacturers the machine used to perform the all-laser LASIK procedure. People interested in determining whether they may be candidates for the procedure can contact the Eye Laser Center at 650-498-7020, or visit http://www.med.stanford.edu/school/e...er/index.html. 

Stanford University Medical Center integrates research, medical education and patient care at its three institutions -- Stanford University School of Medicine, Stanford Hospital & Clinics and Lucile Packard Children's Hospital at Stanford. For more information, please visit the Web site of the medical center's Office of Communication & Public Affairs at http://mednews.stanford.edu

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