Silmäasema Oyj Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reaffirms Earnings Guidance for the Year 2018
August 17, 2018 at 02:01 am EDT
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Silmäasema Oyj reported earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net sales of EUR 32,757,000 compared to EUR 31,436,000 a year ago, increased by 4.2%. EBITDA was EUR 2,752,000 compared to EUR 657,000 a year ago. Adjusted EBITDA was EUR 3,286,000 compared to EUR 3,963,000 a year ago. Operating result was EUR 1,277,000 compared to operating loss of EUR 641,000 a year ago. Adjusted operating result was EUR 1,818,000 compared to EUR 2,739,000 a year ago. Basic earnings per share was EUR 0.05 compared to basic loss per share of EUR 0.16 a year ago.
For the six months, the company reported net sales of EUR 63,627,000 compared to EUR 61,087,000 a year ago, increased by 4.2%. Total net sales increased due to the opening of new stores and the eye clinic in Oulu, but comparable net sales decreased. EBITDA was EUR 5,273,000 compared to EUR 2,685,000 a year ago. Adjusted EBITDA was EUR 6,082,000 compared to EUR 6,745,000 a year ago. Operating result was EUR 2,395,000 compared to EUR 157,000 a year ago. Adjusted operating result was EUR 3,224,000 compared to EUR 4,291,000 a year ago. Basic earnings per share was EUR 0.08 compared to basic loss per share of EUR 0.18 a year ago. Cash flow from business operations amounted to EUR 4.0 million compared to EUR 2.7 million a year ago.
The company's outlook for 2018 remain unchanged: the company's net sales are estimated to grow compared to the previous year and adjusted EBITDA is estimated to be 9% to 13% of net sales.
Silmaasema Oyj is a Finland-based holding company of Silmaasema group, which offers ophthalmic goods and services. The Group is engaged in the retail of glasses, sunglasses and contact lenses, with a portfolio comprising such brands as Burberry, Dolce & Gabbana, Emporio Armani, Fendi, Furla, Gucci, Juicy Couture, Max Mara, Michael Kors, Pierre Cardin, Polaroid, Ray-Ban, Skaga, Tommy Hilfiger and Versace, among others. The Group also offers a range of healthcare services, such as eye surgery, eyelid and lens surgery, and ophthalmologist and optician services, among others. Additionally, it provides information on eye diseases and methods of treatment. The Group operates a chain of more than 120 stores and over 10 eye hospitals.