September 2010
Financial
Emerging Vision Sees Revenues, Net Income Gain in Q2, First Six Months
NEW YORK—In both its second quarter and the first six months of its fiscal year, ended June 30, Emerging Vision (OTC BB: ISEE.OB) had improvements in both total revenues and net income.
In the second quarter, the company—parent of the Sterling Optical and Sight for Sore Eyes retail stores—had consolidated revenues of $18.2 million, up 7.7 percent, according to its 10Q report filed with the Securities and Exchange Commission. Net income in the period was $426,000, compared to a net loss of $64,000 in last year's Q2.
In the first six months of 2010, Emerging Vision had consolidated revenues of $34.5 million, an increase of 10.8 percent. Net income for the half rose to $1.1 million, vs. $160,000 in 2009's first six months.
During that six-month period, the company's franchise segment—representing 123 franchised stores as of June 30—saw its net income rise to just under $2 million, compared to $1.2 million for the segment in last year's first half. Emerging Vision's The Optical Group buying group's net income in the period was $417,000, up from $369,000 in the same period in 2009, while its Combine Buying Group saw its net income rise to $103,000 from $4,000 last year.
Emerging Vision's company-owned stores—six locations, as of June 30—generated a net loss of $28,000, vs. a net loss of $233,000 in 2009's first half.
Glenn Spina, the company's chief executive officer, commented, "I feel we have made tremendous strides in restoring Emerging Vision to a place of prominence in the optical industry. I believe we will continue to build on our successful first half as I believe we still have a great deal of work to accomplish and plenty of room for further improvement. I look to the future of Emerging Vision with high expectations for all segments of our company."