KIBBUTZ SHAMIR, Israel—Shamir Optical Industry Ltd. (Nasdaq: SHMR) posted revenues of $35.2 million, compared with revenues of $37.1 million for the same period in 2008 in unaudited financial results for the second quarter ended June 30, 2009. The loss was mainly due to the decrease in the value of the Euro versus the U..S dollar between the comparable quarters, Shamir said. Gross profit for the quarter was $19.0 million, or 53.8 percent of revenues, compared with gross profit of $20.1 million, or 54.3 percent of revenues for the same period last year.

Operating income for the quarter increased by 25.0 percent to $4.1 million, or 11.6 percent of revenues, compared with operating income of $3.3 million, or 8.8 percent of revenues for the same period last year. Net income for the quarter increased by 39.1 percent to $3.9 million compared with net income of $2.8 million for the comparable period in 2008.

For the quarter ended June 30, 2009, excluding the effect of non-cash stock-based compensation expenses, amortization of intangible assets and compensation to the company’s former chief executive officers, operating income increased by 22.5 percent to $4.8 million, or 13.6 percent of revenues, compared with operating income of $3.9 million, or 10.5 percent of revenues, for the same period last year.

As of June 30, 2009, Shamir had cash and cash equivalents, including short-term investments of $27.4 million.

“During the past few years, Shamir has worked diligently, not only to expand our geographic footprint, but also to improve our manufacturing capabilities and solidify and expand our sales and marketing capabilities,” said Amos Netzer, chief executive officer of Shamir. “The positive effect of these efforts is reflected in our favorable results for the second quarter. In Europe, we generated improved sales and operating results and our operations in the United States continued to perform well.”

Netzer added, “To support our long range goals of expanding our selling and manufacturing capabilities, in July 2009 we increased our ownership in our lab in Thailand from 40.4 percent to 51 percent. We are very encouraged with the performance of our investment in Thailand and are pleased to have been able to increase our ownership in the subsidiary.”

He concluded, “In terms of our overall strategy, we continue to maintain a strong balance between investing in long-term growth and monitoring operational expenses, which helped us achieve positive performance thus far this year. However, due to the uncertainty in the global economic landscape and the remaining challenges, our visibility for the second half of 2009 is unclear.”