Optical News Flash ..............

[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

[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

[zonelinks2004]

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

[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

[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