FGX International Holdings Limited announced unaudited consolidated earnings results for the third quarter and nine months ended October 3, 2009. For the quarter, the company reported net sales increased 14% to $60.6 million from $53.3 million in the third quarter of 2008. Income from continuing operations increased 113% to $6.8 million, or $0.30 per diluted share, compared to $3.2 million, or $0.15 per diluted share, in the third quarter of 2008. Earnings before interest, taxes, depreciation and amortization from continuing operations increased 49% to $16.3 million compared to $11.0 million in the third quarter of 2008. For the quarter, the company reported operating income increased to $12.1 million, or 20% of net sales, from $6.4 million, or 12% of net sales, in the third quarter of 2008. The increase in operating income was driven by increased sales and improved gross margins, partially offset by higher operating costs from the addition of the Dioptics business. Capital expenditures were $2.2 million in the third quarter of 2009, compared to $3.6 million in the third quarter of 2008. This decrease relates to fewer replacements of in-store display fixtures. Net debt at the end of the third quarter was $103 million compared to $128 million at the end of fiscal 2008. The company reported income from continuing operations before income taxes of $11.14 million compared to $4.74 million for the same period last year. The company reported net income attributable to the parent company of $6.7 million or $0.30 diluted per share compared to net income of $3.91 million or $0.18 diluted per share for the same period last year. The company reported free cash flow from continuing operations of $14.13 million compared to $7.37 million for the same period last year. For the nine months, the company reported net income attributable to the parent company of $9 million or $0.40 diluted per share on the net sales of $194.5 million compared to net income of $10.18 million or $0.48 diluted per share on the net sales of $175.33 million for the same period last year. The company reported income from continuing operations attributable to the company of $13.63 million or $0.61 diluted per share compared to income from continuing operations attributable to the company of $9.8 million or $0.44 diluted per share for the same period last year. The company reported operating income of $26 million and income from continuing operations before income taxes of $22.47 million compared to operating income of $20 million and income from continuing operations before income taxes of $15.1 million for the same period last year. The company reported capital expenditures from continuing operations for the period was $6.17 million and EBITDA from continuing operations was $39.54 million compared to $10.07 million and $34.35 million, respectively, for the same period last year. The company reported net debt of $103.3 million as on period ended September 30, 2009 compared to $128.5 million as on period ended January 3, 2009. The company reported free cash flow from continuing operations of $33.36 million compared to $24.3 million for the same period last year. For the fourth quarter of 2009, the company currently expects net sales of $63 to $67 million, earnings per diluted share from continuing operations of $0.38 to $0.42 and EBITDA of $17 to $19 million. For the full year 2009, the company expected net sales of $258 to $262 million, earnings per diluted share from continuing operations of $0.99 to $1.03 and EBITDA of $57 to $59 million. For the full year 2010, excluding any unforeseen charges or events, the company currently anticipates net sales to increase 4% to 8% over full year 2009 results with earnings per diluted share growth of 20% to 30%. The increase in earnings per share is expected to be driven by sales growth, improved gross margins, and lower operating expenses as a percentage of sales, decreased borrowing costs and a lower tax rate.

FGX International Holdings Limited has announced it is shutting down the local distribution center and laying off 70% of the work force. The company plans to eliminate some 45 jobs by the end of March 2010. Twenty employees will be retained. No reason for the layoffs was given. The layoffs will primarily impact warehouse, distribution and administrative positions. All the laid-off employees will receive severance packages. The Dioptics distribution center will be closed and consolidated with FGX s facility in Smithfield. Those keeping their jobs locally will be marketing, product development and sales personnel.

FGX International Holdings Limited expected to Report Fiscal Year 2009 Results on February 22, 2010. This event was calculated by Capital IQ (Created on October 20, 2009).