04.09.2009

Contact lens firm releases third-quarter results

Contact lens firm releases third-quarter results

BY Adrian Galbreth

Cooper Companies, the contact lens manufacturer, has announced its data for the most recent quarter of 2009.

President and chief executive officer Robert S Weiss said that he was pleased with the high level of cash flow created ($56 million, or £34 million) even though the earnings were not as high as the firm had hoped.

Cooper reported that its revenue was $285.2 million (£174.6 million), a two per cent rise on the same period last year.

It also saw a $56.6 million (£34.7 million) drop in its debt while

Mr Weiss stated: "I remain impressed with our team"s ability to drive growth in the face of tough competition and a difficult economic environment."

Last month, CooperVision, the arm of Cooper Companies that manufactures contact lenses, announced its plan to close its plant in Norfolk, Virginia.

Mr Weiss called it an "extremely difficult decision".

The closure will take place over a period of 15 months.

by Alexa Kaczka


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