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BENSON EYECARE REPORTS THIRD QUARTER RESULTS

 RYE, N.Y., Nov. 5 /PRNewswire/ -- Benson Eyecare Corporation (AMEX: EB) today reported that for the third quarter ended Sept. 30, 1993, it had net revenues of approximately $21,402,000 and a net loss of approximately $920,000, or 0.06 per share. These totals do not include the results of International Eyewear and Accessories which, as previously announced, the company has agreed in principle to acquire.
 For the nine months ended Sept. 30, 1993, the company had net revenues of approximately $48,935,000, and a net loss of approximately $811,000, or $0.06 per share.
 On a pro forma basis, if the results of The Bonneau Companies, which was acquired by Benson on June 1, 1993, and Superior Eye Care Inc. (Fritch Eye Care Medical Center) which was acquired on April 30, 1993, were included for the full nine month period, the company would have had net revenues of $79,900,000 and net earnings of approximately $3,860,000, or $0.24 primary earnings per share.
 During the third quarter ended Sept. 30, 1992, the company had net sales of approximately $2,642,000, and a net loss of approximately $134,000. The results of the third quarter of the prior year include only the operations of the company's Superior Optical and Pembridge Optical subsidiaries; thus, they are not comparable to current results.
 "Since the completion of our public offering and acquisition of The Bonneau Companies four months ago, Benson Eyecare is continuing to develop its program of growth by acquisition and internal development," said Martin E. Franklin, chairman and chief executive officer. "As we anticipated, our quarterly results reflect the seasonality of the value- priced sunglass business at Bonneau. We are pursuing opportunities to reduce seasonal fluctuations during 1994. The company is expanding its distribution in the value-priced eyewear market with our announced acquisition of International Eyewear and Accessories.
 "Under Jack Gunion, president of our Benson Optical division, we are continuing to enhance the efficiency of this ophthalmologist-based dispenser of eyewear, with a restructuring of our central laboratory facility in Minneapolis. This restructuring had a negative impact on sales in September, but has now been completed. Benson Optical has opened or converted 11 locations into managed dispensaries and closed eight underperforming locations in the third quarter. Our Superior Eye Care division continued to perform in line with expectations and the profits from the division help fund the development of the Benson Vision Services business.
 "Overall, we see our internal initiatives and acquisitions producing significantly enhanced sales and earnings for our first full year of consolidated operations in 1994," Mr. Franklin concluded.
 Benson Eyecare Corporation is a leading distributor of ready-to-wear reading glasses and value priced sunglasses to mass merchandisers, drug stores and supermarkets and is the largest operator of ophthalmologist- based dispensaries in the United States.
 -0- 11/5/95
 /CONTACT: Martin E. Franklin of Benson Eyecare Corporation, 914-967-9400, or Fred Spar of Kekst and Company, 212-593-2655/
 (EB) CO: Benson Eyecare Corporation ST: New York IN: SU: ERN


CK -- NY048 -- 1273 11/05/93 14:00 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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