Shamir Optical has announced revenue increases of 16.8 per cent during the third quarter ending September 30.
Despite increased revenue, net income for the quarter fell to $2.2m, a drop of $0.1m compared to the same period in 2007. This was negatively impacted by a one off compensation payment of $0.4m to Shamir's former chief executive officer.
Attempting to forecast future performance, Eyal Hayardeny, the company's chief executive officer, commented: 'With the widening of the economic difficulties throughout the world, it has become increasingly difficult to forecast our sales. With that said, we still believe we will be able to meet previously announced forecasts for growth in the range of 10-16 per cent, based on the December 2007 exchange rates and excluding the results of our Mexican operation.'