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1 800 Contacts Inc (1050122) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 30, 2006

1 800 Contacts Inc

CIK: 1050122

 

Exhibit 99.1

Contacts:

 

Brian W. Bethers

 

Robert G. Hunter

 

 

President

 

CFO

 

 

1-800 CONTACTS, INC.

 

1-800 CONTACTS, INC.

 

 

(801) 316-5000

 

(801) 316-5000

 

 

investors@contacts.com

 

investors@contacts.com

 

For Immediate Release

1-800 CONTACTS Announces Fourth Quarter and Fiscal Year 2006 Results

DRAPER, Utah, March 6, 2007 /PRNewswire-FirstCall/ — 1-800 CONTACTS, INC. (Nasdaq: CTAC) (“the Company”), today reported results for its fourth quarter and fiscal year ended December 30, 2006.

Fourth Quarter and Fiscal Year Results

Consolidated net sales for the fourth quarter ended December 30, 2006 were $57.7 million, compared to $55.4 million for the comparable quarter of the prior year.  For the fourth quarter of fiscal 2006, the Company reported a consolidated net loss of $(20.1) million, or $(1.50) per diluted common share, compared to a consolidated net loss of $(2.3) million, or $(0.17) per diluted common share, for the fourth quarter of fiscal 2005.

The results for the fourth quarter of fiscal 2006 include non-cash impairment charges of $18.5 million relating to ClearLab, the Company’s international contact lens manufacturing business.  Of the total impairment charges, $14.9 million relates to the impairment of goodwill from the Company’s 2002 purchase of ClearLab’s Singapore operation and the balance relates to assets impaired due to the decision to close ClearLab’s United Kingdom manufacturing operations and consolidate these operations in Singapore.  The results also include $1.0 million of additional expenses (primarily severance costs) related to this decision to close the United Kingdom manufacturing operations.

For the fiscal year ended December 30, 2006, consolidated net sales were $248.7 million, compared to $238.0 million for the prior year.  The Company reported a consolidated net loss of $(22.5) million, or $(1.68) per diluted common share, for fiscal 2006, compared to a consolidated net loss of $(2.6) million, or $(0.20) per diluted common share, for fiscal 2005.

Excluding the $18.5 million impairment and $1.0 million restructuring charges related to ClearLab, the Company would have realized a consolidated net loss for the fourth quarter of fiscal 2006 of $(0.5) million, or $(0.04) per diluted common share, and a consolidated net loss of $(2.9) million, or $(0.22) per diluted common share, for fiscal 2006.



The following information was filed by 1 800 Contacts Inc on Tuesday, March 6, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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1 800 Contacts Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2007 10-K Annual Report includes:

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SEC Filing Tools
CIK: 1050122
Form Type: 10-K Annual Report
Accession Number: 0001104659-07-019474
Submitted to the SEC: Thu Mar 15 2007 1:54:42 PM EST
Accepted by the SEC: Thu Mar 15 2007
Period: Saturday, December 30, 2006
Industry: Retail Catalog And Mail Order Houses

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