Loss reported

Contact lens company 1-800 Contacts has reported a loss in its second quarter results, following the completion of the sale of its ClearLab business.

The loss totalled $2m versus a profit of $11.6m in the quarterly results for 2006. Revenue fell by 9 per cent to $57.7m from $63.4m a year ago.

The company completed the sale of ClearLab on June 30 for $32m, which it used to clear outstanding debt and capital lease obligations. It also received one million shares of Korean-based contact lens manufacturer Mi Gwang Contact Lens Co, which bought the Utah company's manufacturing, distribution and customer support operations.