COOPERVISION <EYE> DELAYS ANNUAL MEETING
CooperVision Inc said it has
delayed its annual meeting to June 22 from May 14 to allow its
board to review possible recapitalization options before the
meeting.
    CooperVision today reported first quarter net income of
64.6 mln dlrs, after a 175.2 mln dlr pretax gain from the sale
of its ophthalmic business to Johnson and Johnson <JNJ> for 260
mln dlrs in cash and a 17.9 mln dlr posttax charge from a debt
repurchase.  Sales were 94.4 mln dlrs.  A year earlier it
earned 7,300,000 dlrs after a 120,000 dlr loss from
discontinued operations, on sales of 85.4 mln dlrs.
    The company said an aggressive program of investment
spending to maintain or increase market shares its its two core
businesses will accelerate sales growth this year but hold back
increases in operating income in the near future.
    CooperVision said "Furthermore, until the entire net cash
proceeds from the recent sales of several of our businesses are
employed to reduce indebtedness, make strategic acquisitions
and/or are otherwise employed in relation to a possible
recapitalization of the company, recovery of net income will be
held back by the loss, particularly of the tax income, of the
(ophthalmic) pharmaceutical business sold to Johnson and
Johnson."
 Reuter
