Shamir touches 52-week high
Shares of Israel’s Shamir Optical Industry Ltd. (Nasdaq: SHMR) briefly reached their 52-week high on news the manufacturer of progressive lenses and molds reported quarterly numbers that surpassed Wall Street’s expectations.
The net income for the quarter ended March 31 was $2.3 million, or $0.14 per share, an increase of 11.4% compared with net income of $2.1 million for the comparable period in 2006, the company reported before the opening bell. Three analysts polled by Thomson Financial were projecting earnings of $0.09 per share.
Revenues also came in above expectations, rising 26.9% to $29.3 million, compared with $23.1 million the first quarter of 2006. Analysts were looking for revenue of $25.72 million.
“Shamir generated strong revenue growth in all of its operating markets, with particular strength in the United States,” CEO Giora Ben-Ze’ev said. “In our European markets we continued to show revenue growth and we made additional operational inroads in the United Kingdom, France and Turkey.”
Looking ahead, Ben-Ze’ev said that he expects revenue growth in the range of 10% to 18% for the fiscal year ended Dec. 31, 2007. That means Shamir will bring in between $107.03 million and $114.81 million. Analysts were forecasting revenues of $108.11 million in 2007. The company had revenues of $97.3 million in 2006.
In the first quarter of 2007 Shamir completed the acquisition of 26% of a laboratory in Thailand. The company has distribution centers on three continents and R&D facilities in Israel and the United States.
At 1:39 p.m. ET shares had gained $1.15, or 13%, to $10.15. The 52-week high is $10.20, achieved on May 30, 2006. The 52-week low of $7.40 was set on Jan. 15, 2006.
