**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C.

**FORM 10-K**

(Mark One)x**  ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES EXCHANGE  ACT OF 1934**

For the fiscal year  ended December 29, 2001

OR

** ** ** ̈****TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES EXCHANGE  ACT OF 1934**

*Commission File  Number 0-20001*

**NATIONAL VISION,  INC.**(Exact name of  Registrant as specified in its charter)

Georgia  (State or other  jurisdiction of  incorporation or  organization)

58-1910859  (I.R.S. Employer  Identification No.)

296 Grayson Highway  Lawrenceville, Georgia  (Address of principal  executive offices)

30045  (Zip Code)

Registrant’s  telephone number, including area code: (770) 822-3600

**Securities  registered pursuant to Section 12(b) of the Act:**Common Stock, par  value $0.01 per share  12% Senior Secured Notes, due 2009

**Securities  registered pursuant to Section 12(g) of the Act:**None

Indicate by check mark whether the  registrant (1) has filed all reports required to be filed by Section 13 or  15(d) of the Securities Exchange Act of 1934 during the preceding 12 months  (or for such shorter period that the registrant was required to file such  reports), and (2) has been subject to such filing requirements for the past 90  days.  Yes **þ**No ** ̈**

Indicate by check mark if disclosure  of delinquent filers pursuant to Item 405 of Regulation S-K is not contained  herein, and will not be contained, to the best of registrant’s knowledge, in  definitive proxy or information statements incorporated by reference in Part  III of this Form 10-K or any amendment to this Form 10-K. ** ̈**

The number of shares of Common Stock  of the registrant outstanding as of March 1, 2002, was 5,000,000, including  shares that are part of the disputed claims reserve in the registrant’s  Chapter 11 Case.  The aggregate market value of shares of Common Stock  held by non-affiliates of the registrant as of March 1, 2002, was  approximately $4 million based on a closing price of $0.80 per share on the  American Stock Exchange on such date.  For purposes of this computation,  all executive officers and directors of the registrant are deemed to be  affiliates.  Such determination should not be deemed to be an admission  that such directors and officers are, in fact, affiliates of the registrant.

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**PART I**

**ITEM  1.  BUSINESS**

**OVERVIEW**

National Vision, Inc. (the “Company”)  is a retail optical company, with 514 vision centers throughout the United  States and Mexico.  Our locations sell a wide range of optical products,  including eyeglasses, contact lenses, and sunglasses.  We offer the  services of optometrists at substantially all of our locations.  These  optometrists are typically independent of us and operate their own practices  within our retail locations.  To support our retail operations, we also  operate two manufacturing and distribution centers.

**HISTORY OF THE COMPANY**

National Vision, Inc. was founded as  National Vision Associates, Ltd. in 1990, when it entered into a master  license agreement with Wal-Mart Stores, Inc. (“Wal-Mart”).  The  original agreement gave the Company the right to operate 75 vision centers in  Wal-Mart stores.  The agreement was expanded for up to 190 vision centers  in 1992 and expanded again in 1994 for up to 400 stores.

In late 1997, the company made a  strategic decision to diversify the revenue base through acquisitions in the  freestanding optical market.  Between October 1997 and October 1998, the  Company acquired three prominent chains in the freestanding optical  market.  More specifically, Midwest Optical, Inc. (“Midwest”) was  acquired in October 1997 with 51 freestanding retail optical centers in four  Midwest states.  Frame-n-Lens Optical, Inc. (“FNL”) was acquired in  July 1998 with 150 freestanding vision centers in California and 120 vision  centers located within Sam’s Clubs.  New West Eyeworks, Inc. (“New  West”) was acquired in October 1998 with 175 retail optical centers in 13  states with more than 120 vision centers in freestanding locations and more  than 50 host vision centers in Fred Meyer stores.  Following the  acquisitions, the Company changed its name to Vista Eyecare, Inc.

To fund the acquisitions, the Company  issued $125 million in senior notes in October 1998 bearing interest at 12.75%  per annum.  At the time the Senior Notes were issued, the company entered  into a $25 million secured credit facility to provide liquidity for the  day-to-day operations.

Sales shortfalls in the freestanding  stores caused adverse pressure on cash flow and liquidity.  In October  1999, the Company announced that, because of slow sales in its recently  acquired businesses, it would use the allowed 30-day grace period for making  the interest payment due on the Senior Notes.  In November 1999, the  Company replaced its prior secured credit facility and used the proceeds from  a new credit facility to make the interest payment that had been due under the  Senior Notes. 

The Company continued to experience  weak sales and cash flow problems with the freestanding stores throughout  early 2000.  Experiencing liquidity difficulties given limited  availability under the credit facility, and after failing to negotiate an  out-of-court restructuring with the holders of the Senior Notes, the Company  filed for reorganization under Chapter 11 on April 5, 2000.

During the bankruptcy process, the  Company closed or disposed of all of its freestanding stores and closed all of  its host vision centers operating in Sam’s Clubs and in Meijer Thrifty Acre  stores.  On May 31, 2001, the Company emerged from bankruptcy as an  optical retailer operating vision centers in host departments, including  Wal-Mart and Fred Meyer locations. 

Upon emerging from bankruptcy, the  Company changed its name to National Vision, Inc. (“National Vision”) and  implemented “fresh start” accounting.  As a result, all assets and  liabilities were restated to reflect their respective fair values.  The  consolidated financial statements after emergence are those of a new reporting  entity (the “Successor”) and are not comparable to the financial  statements of the pre-confirmation company (the “Predecessor”).  A  black line has been drawn in the financial statements to distinguish  Predecessor and Successor Company results. 

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**DEPENDENCE ON WAL-MART**

We operate 400 vision centers in  domestic Wal-Mart stores, all of which operate pursuant to a master license  agreement (See Item 1, Leased Department Agreements).  These units  generated approximately 83% of our revenue in 2001 and represent the most  profitable of the Company’s host retail operations measured as a percent of  sales.  We therefore depend on Wal-Mart and on our agreement with them  for much of our operations.

**DATE OF INFORMATION**

Unless otherwise expressly stated,  all information in this Business section of this Form 10-K is as of December  29, 2001.

**VISION CENTER OPERATIONS**

Our vision centers typically occupy  between 1,000 and 1,500 square feet, including areas for merchandise display,  customer service, and contact lens fitting.  Each vision center maintains  inventory of approximately 1,000 eyeglass frames and 550 pairs of contact  lenses, along with sunglasses and other optical accessories.  Our two  optical laboratories deliver prescription eyewear to all our vision  centers.  The vision centers located in Wal-Mart typically have a  finishing laboratory, which allows for the vision center to provide one hour  service for most single vision prescription lenses.  These vision centers  carry inventory of approximately 725 pairs of spectacle lenses.

**MARKETING**

We are a value provider of optical  goods and stress that theme in our marketing.  We offer everyday low  prices at our vision centers. National Vision also has a satisfaction  guaranteed customer policy.  We are vigilant about ways to lower our own  costs so we may pass savings on to our customers.

**MANAGED VISION CARE**

We expect that retail optical sales  through numerous managed vision care programs will increase over the next  several years as a percentage of overall retail optical sales.  Under  managed vision care plans, members fulfill their eyecare and eyewear needs at  specific locations designated by the plan sponsor.  We believe our  network of vision centers combined with the convenience of their locations and  our ability to offer low prices should enable us to make competitive bids for  managed care contracts.

**MARKS**

Our vision centers in Wal-Mart are  identified as the Vision Center located in Wal-Mart.  We use the Vista  Optical name to identify our vision centers operating in Fred Meyer  locations.  As part of our agreement to sell the freestanding vision  centers, we have agreed to phase out our use of the Vista name.  During  2002, we will change the name of our vision centers in Fred Meyer locations to  “The Optical Shoppe inside Fred Meyer.”

**EMPLOYEES**

We employ 2,180 associates on a  full-time basis and 840 associates on a part-time basis.  We have 2,550  associates engaged in retail sales, 240 in laboratory and distribution  operations, and 230 in management and administration.  Apart from our  retail employees in Mexico, none of our employees are governed by any  collective bargaining agreements.  We believe that our employment  relations are generally good.

**OPTOMETRISTS**

Optometrists are important to the  success of our vision centers.  We strive to have an optometrist on a  full-time time basis at most of our locations.  These optometrists are  typically independent from National Vision and lease a portion of our  locations for an eye examination facility.  We typically charge rent to  these optometrists, in exchange for the premises and the equipment which we  provide.  Our agreement with Wal-Mart contemplates that we generally will  have an optometrist on duty at least 48 hours each week.  Our  relationships with optometrists are subject to extensive regulation. (See Item  1, Government Regulation.)

**MANUFACTURING AND DISTRIBUTION**

National Vision operates two  manufacturing and distribution facilities that supply substantially all  merchandise requirements of our vision centers.  The facilities are  located in Lawrenceville, Georgia (this facility also includes the central  administrative offices of National Vision) and St. Cloud, Minnesota.   Each vision center located in Wal-Mart stores has its own finishing  laboratory, which manufactures lenses for approximately half of all customers  purchasing spectacle lenses.

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Our distribution centers provide lens  blanks, frames, contact lenses, and sunglasses to our vision centers.  We  use an overnight delivery service to ship completed orders and replenishment  items to the vision centers.  The distribution centers and the  manufacturing facilities are interfaced with National Vision’s management  information system.

**MANAGEMENT INFORMATION SYSTEM**

In 2000, National Vision completed  the development of a new point of sale system.  We began installing the  system in our vision centers in the fall of 2000 and expect to complete the  installation in all of our units by the first quarter of 2002.  The  system is working substantially as planned.  The system was designed to  upgrade data processing, broaden capabilities at the retail level, and improve  the processing of managed care transactions.

**LEASED DEPARTMENT AGREEMENTS**

We have agreements governing our  operations in host environments, such as Wal-Mart.  Typically, each  agreement is for a base term, followed by an option to renew for a specified  length of time.  The agreements provide for payments of minimum and  percentage rent, and also contain customary provisions for leased department  operations.  The table below sets forth key data about each of these  agreements:

| Vision          Centers          Located In | No. of Units          as of          December 29,2001 | Length of Base          Term (in years) | Length of          Option          Term (in years) | No. of Options          Exercisable in          Fiscal 2002 |
|---------------------------------------------|-------------------------------------------------------|-----------------------------------------|----------------------------------------------------|-------------------------------------------------------------|
| Wal-Mart                                    | 400                                                   | 9                                       | 3                                                  | 45                                                          |
| Fred Meyer                                  | 55                                                    | 5                                       | 5                                                  | __                                                          |
| Wal-Mart Mexico                             | 35                                                    | 5                                       | 2 or 1                                             | __                                                          |
| Military Bases                              | 24                                                    | 2 or 5                                  | __                                                 | __                                                          |

**Other Terms**

Our agreement with Wal-Mart gives us  the right to open at least 400 vision centers, which has been accomplished in  2001.  Our agreement with Wal-Mart also provides that, if Wal-Mart  converts its own store to a supercenter (a store which contains a grocery  department in addition to the traditional Wal-Mart store offering) and  relocates our vision center as part of the conversion, the term of our lease  begins again.  During 2001, twelve locations were relocated, effectively  renewing these leases.  We believe that Wal-Mart may in the future  convert many of its stores and thereby cause many of our leases to start  again.  We have received no assurances from Wal-Mart as to how many of  their locations will ultimately be converted.  At this time, we have no  assurances that we will be able to renew our current Master Lease Agreements,  including the Wal-Mart agreement.

Our agreement with Wal-Mart Mexico  provides that each party will not deal with other parties to operate leased  department vision centers in Mexico.  This agreement also permits each  party to terminate the lease for each vision center which fails to meet  minimum sales requirements specified in the agreement.

**Options to Renew**

**Wal-Mart Vision  Centers**

We exercised our option to renew the  leases for the three year extension period for 46 Wal-Mart vision centers in  2001.  The base term for 45 vision centers expires in 2002, and we will  need to determine which leases to extend.  We expect to renew the leases  for the vast majority of these vision centers.  These decisions will be  based on various factors, including sales levels, anticipated future  profitability, increased rental fees in the option period, and market share.

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**Other Vision  Centers**

Our agreement with Fred Meyer  obligates us to exercise our renewal option as to all or none of these  locations with the exception of five stores, which are covered by a separate  agreement.  This option must be exercised in 2003.  Under our  agreement with Wal-Mart Mexico, we have two options for two year renewals, and  one option for an additional one year renewal, for each vision center.

**Lease Expiration**

The following table sets forth the  number of leases for domestic Wal-Mart and Fred Meyer vision centers that  expire each year, assuming the Company exercises all available options to  extend the terms of the leases.  This table does not include any future  Wal-Mart superstore conversions which are unknown at this time.

**LEASES        EXPIRING IN**

> 
**HOST        COMPANY**

**2002(a)**

**2003**

**2004**

**2005**

**2006**

**2007**

**2008 AND        THEREAFTER**

Wal-Mart

6

36

44

43

53

62

156

Fred Meyer

–

–

–

–

–

–

55

Totals

6

36

44

43

53

62

211

(a)  The number of leases  expiring in 2002 includes 1 location that will be closed at the end of the  original lease term. 

##### **No Assurances of Expansion**

We have no assurances or guarantees  that we will be able to expand our operations in any of our host  environments.  However, we periodically discuss such opportunities with  our host companies.

# **GOVERNMENT REGULATION**

Our business is heavily regulated by  federal, state, and local law.  We must comply with federal laws such as  the Social Security Act (which applies to our participation in Medicare  programs), the Health Insurance Portability Act of 1996 (which governs our  participation in managed care programs), and the Food and Drug Administration  Act (which regulates medical devices such as contact lenses).  In  addition, all states have passed laws that govern or affect our arrangements  with the optometrists who practice in our vision centers.  Some states,  such as California, Texas, North Carolina, and Kansas, have particularly  extensive and burdensome requirements that affect the way we do  business.  In California, optometrists who practice adjacent to our  retail locations are providers to and subtenants of a subsidiary, which is  licensed as a single-source HMO.  This subsidiary is regulated by the  Department of Managed Health Care.  This agency has recently required  that we change our way of doing business.  This new way of doing business  will increase our costs in California.  There is no assurance that the  Department will find our new way of business satisfactory.  Our costs of  compliance could continue to increase as a result.  Depending on its  views, this Department could also seek to revoke our HMO license.  Such a  revocation would have a material adverse impact on our business.

Many of these states also have  adopted laws that mirror the federal laws described above.  Local  ordinances (such as zoning requirements) can also impose significant burdens  and costs of compliance.  Frequently, our competitors sit on state and  local boards.  Our risks and costs of compliance are often increased as a  result.

We believe that we substantially  comply with material regulations that apply to our business.

**COMPETITION**

The retail eyecare industry is  extremely competitive.  We compete with national companies such as  Lenscrafters and Cole; we also compete with numerous regional and local  firms.  In addition, optometrists, ophthalmologists, and opticians  provide many of the same goods and services we provide.  The level and  intensity of competition can vary dramatically depending on the particular  market.  We believe that we have numerous competitive advantages, such as  our everyday low pricing, product selection, and quality and consistency of  service.

We also compete for managed care  business.  Our competition for this business is principally the larger  national and regional optical firms.  Competition for this business is  driven by size of provider network, quality and consistency of service, and by  pricing of vision care services.  We have one of the largest networks in  the country and believe that the size of the network gives us a competitive  advantage.

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Several of our competitors have  significantly greater financial resources than we do.  As a result, they  may be able to engage in extensive and prolonged price promotions that may  adversely affect our business.  They may also be able spend more than we  do for advertising.

**MEXICO OPERATIONS**

We operate 35 vision centers in  Mexico under a master license agreement with Wal-Mart.  Our operations in  Mexico face unique risks, such as currency devaluations, inflation,  difficulties in cross-cultural marketing, and similar factors.

**ITEM  2.  PROPERTIES**

Our 514 vision centers in operation  as of December 29, 2001 are located as follows:

| **Location**  | **Total** |   | **Location**   | **Total** |
|---------------|-----------|--------|----------------|-----------|
|               |
|               |           |   |                |           |
| Alabama       | 8         |   | Nevada         | 7         |
| Alaska        | 12        |   | New Hampshire  | 4         |
| Arizona       | 14        |   | New Jersey     | 13        |
| California    | 98        |   | New Mexico     | 10        |
| Colorado      | 8         |   | New York       | 26        |
| Connecticut   | 10        |   | North Carolina | 60        |
| Florida       | 5         |   | North Dakota   | 4         |
| Georgia       | 37        |   | Oregon         | 32        |
| Hawaii        | 4         |   | Pennsylvania   | 18        |
| Idaho         | 3         |   | Puerto Rico    | 1         |
| Kansas        | 10        |   | South Carolina | 11        |
| Kentucky      | 1         |   | South Dakota   | 1         |
| Louisiana     | 1         |   | Tennessee      | 2         |
| Maine         | 1         |   | Texas          | 7         |
| Maryland      | 3         |   | Virginia       | 23        |
| Massachusetts | 5         |   | Washington     | 29        |
| Minnesota     | 1         |   | West Virginia  | 7         |
| Montana       | 2         |   | Wyoming        | 1         |
|          |      |   |           |      |
|               |      | Mexico | 35             |

Our headquarters in Lawrenceville,  Georgia are located in a 66,000 square foot building that includes a  distribution center and lens laboratory.  The building is subleased from  Wal-Mart through January 2009.

The Company also has a regional  facility located in St. Cloud, Minnesota.  The 20,000 square foot St.  Cloud facility is subject to a lease that expires in October 2007.  The  facility contains an optical laboratory.

 

**ITEM  3.  LEGAL PROCEEDINGS**

On April 5, 2000, the Company and ten  of its subsidiaries (collectively, the “Debtors”) filed voluntary  petitions with the United States Bankruptcy Court for the Northern District of  Georgia for reorganization under Chapter 11 (the “Chapter 11 Cases”).   In March 2001, the Debtors filed a plan of reorganization (the  "Plan") for the Chapter 11 Cases.  The Plan was confirmed by  the bankruptcy court on May 18, 2001.  On May 31, 2001, after securing a  new revolving credit facility with Fleet Capital Corporation, the Company  emerged from bankruptcy.

Under the Plan, the Company’s  pre-petition unsecured claims were converted into new secured notes and common  stock.  The secured notes have a face value of $120 million, provide for  the payment of interest of 12% twice a year at the end of March and September  and are subordinated to debt under the Company’s credit facility.  The  notes are payable over eight years with principal repayments based on excess  cash flow for the prior six month period, adjusted, if necessary, to ensure  the Company has at least $3 million in cash, measured as of the end of June  and December of each year, with the first measurement date occurring at the  end of 2001.  The

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principal repayments are made by the  end of the second month subsequent to the measurement date.  On February  28, 2002, the Company made its first principal redemption in the amount of  $1.6 million.  The Company can provide no assurance as to whether it will  generate sufficient cash to make future principal repayments or as to the  amount of any such repayments.  Five million shares of new common stock,  par value $0.01, were issued, based on the Company’s reorganization  value.  Under the Plan, former shareholders received no value for their  interests, consequently, all common stock issued prior to emergence from  bankruptcy was cancelled.

The Company’s reorganization value  was developed by the Company, the Official Committee of Unsecured Creditors  and their respective financial advisors.  The reorganization value was  based on a calculation of the present value of the free cash flows under the  Company’s financial projections, including an assumption of a terminal  value. Such projections were necessarily based on a variety of estimates and  assumptions which might not be realized and are inherently subject to  significant uncertainties and contingencies.  Some assumptions inevitably  will not materialize.  The projections therefore should not be considered  as a guarantee or other assurance of actual results. 

As part of the bankruptcy  proceedings, Myrel Neumann, a Director of the Company, has approximately $1.0  million of outstanding claims against the Company, which are included in the  Company’s disputed claims reserve.  These claims originated with NVI’s  1997 purchase of a company owned by Mr. Neumann.

**ITEM  4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

No matters were submitted to a vote  of security holders during the last quarter of fiscal 2001.

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**PART II**

 

**ITEM  5.  MARKET FOR REGISTRANT’S COMMON STOCK AND RELATED STOCKHOLDER  MATTERS**

On May 31, 2001, the Company’s Plan  of Reorganization became effective, resulting in the cancellation of  21,169,103 shares of Common Stock and the issuance of 5,000,000 shares of  Common Stock, par value $0.01, to the Company’s creditors.

The Company’s Common Stock was  traded on the NASDAQ Small Cap Market under the symbol “VSTA” from October  1999 until May 17, 2000, when it began trading on the OTC Bulletin  Board.  Upon issuance of Common Stock after emergence from bankruptcy,  the Company’s Common Stock was listed on the American Stock Exchange in  August of 2001 under the symbol “NVI”.  The following table sets  forth for the periods indicated the high and low prices of the Company’s  Common Stock in the various market systems as noted above.

Pre-emergence

|        | Quarter Ended      | High   | Low    |
|-------------|--------------------|--------|--------|
|        |
| Fiscal 2000 | April 1, 2000      | $2.500 | $0.844 |
|        | July 1, 2000       | $0.875 | $0.203 |
|        | September 30, 2000 | $0.359 | $0.125 |
|        | December 30, 2000  | $0.219 | $0.031 |
|        |
| Fiscal 2001 | March 31, 2001     | $0.250 | $0.016 |
|        | June 2, 2001       | $0.050 | $0.010 |

Post-emergence

|        | Quarter Ended      | High   | Low    |
|-------------|--------------------|--------|--------|
|        |
| Fiscal 2001 | September 29, 2001 | $5.000 | $0.900 |
|        | December 29, 2001  | $1.090 | $0.300 |

font size="3">**FISCAL 2001**

As of December 29, 2001, there were  approximately 320 holders of record of the Company’s Common Stock.

The Company’s plan of  reorganization in the Chapter 11 Cases provides that, as claims of creditors  are resolved, the Company will make periodic distributions of its new common  stock and notes.  As of March 1, 2002, the Company has made 5 such  distributions, for a total of 4,190,216 shares of new common stock and $100.9  million face amount of new notes.  The balance of 809,784 shares of new  common stock and $19.1 million face amount of new notes are part of a disputed  claim reserve maintained by third-party trustees and will be distributed as  and when disputed claims are resolved.  Such distributions could have an  adverse impact on any trading price for the Company’s securities.

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It is the Company’s intent to use  cash resources only for its operations and, ultimately, for payment of  interest expense and repayment of principal on the Company’s new secured  notes.  The Company’s bond indenture and credit facility agreement  restrict the Company’s ability to pay dividends.

 

**ITEM  6.  SELECTED FINANCIAL DATA**

The following selected financial data  of the Company with respect to the consolidated financial statements for the  years ended December 29, 2001, December 30, 2000, January 1, 2000, January 2,  1999 and January 3, 1998, is derived from the Company’s Consolidated  Financial Statements.  The selected financial data set forth below should  be read in conjunction with the Consolidated Financial Statements and Notes  thereto included elsewhere in this Report. 

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| **National        Vision, Inc.**                                          |
|---------------------------------------------------------------------------|
| **Consolidated        Statements of Operations**                          |
| **(In thousands        except vision center store count)**                |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   | **2001** |   | **2000** |   | **1999** |   | **1998** |   | **1997** |
|                                                                           |  |  |  | font> |  | font> |  | font> |  | font> |
|                                                                      |   | (1) (2) (6) |   | (2) (5) |   | (2) (4) |   | (2) |   | (2) (3) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| Net sales                                                                 | $ | 256,100  | $ | 307,694  | $ | 329,055  | $ | 245,331  | $ | 186,354  |
| Cost of goods sold                                                        |   | 116,249  |   | 143,458  |   | 147,768  |   | 112,929  |   | 86,363  |
|                                                                           |  |  |  | font> |  | font> |  | font> |  | font> |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                                              |   | 139,851  |   | 164,236  |   | 181,287  |   | 132,402  |   | 99,991  |
| Gross profit percentage                                                   |   | 54.6% |   | 53.4% |   | 55.1% |   | 54.0% |   | 53.7% |
|                                                                           |  |  |  | font> |  | font> |  | font> |  | font> |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| Selling, general &        administrative expense                      |   | 136,503  |   | 166,364  |   | 177,162  |   | 121,413  |   | 89,156  |
| Impairment of long-lived assets                                           |   | –  |   | 2,684  |   | 1,952  |   | –  |   | –  |
| Restructuring expense                                                     |   | –  |   | 1,601  |   | –  |   | –  |   | –  |
|                                                                           |  |  |  | font> |  | font> |  | font> |  | font> |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| Operating income / (loss)                                                 |   | 3,348  |   | (6,413) |   | 2,173  |   | 10,989  |   | 10,835  |
| Interest expense, net                                                     |   | 9,539  |   | 7,723  |   | 19,329  |   | 5,538  |   | 1,554  |
|                                                                           |  |  |  | font> |  | font> |  | font> |  | font> |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| Earnings / (loss) before        reorganization items and taxes            |   | (6,191) |   | (14,136) |   | (17,156) |   | 5,451  |   | 9,281  |
| Reorganization expense / (gain)                                           |   | (96,472) |   | 121,539  |   | –  |   | –  |   | –  |
|                                                                           |  |  |  | font> |  | font> |  | font> |  | font> |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| Earnings / (loss) before taxes,        extraordinary items and            |   |   |   |   |   |   |   |   |   |   |
|    cumulative effect        of a change in accounting principle |   | 90,281  |   | (135,675) |   | (17,156) |   | 5,451  |   | 9,281  |
| Income tax expense                                                        |   | –  |   | –  |   | –  |   | 2,037  |   | 3,708  |
|                                                                           |  |  |  | font> |  | font> |  | font> |  | font> |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| Earnings / (loss) before        extraordinary items and                   |   |   |   |   |   |   |   |   |   |   |
|    cumulative effect        of a change in accounting principle |   | 90,281  |   | (135,675) |   | (17,156) |   | 3,414  |   | 5,573  |
| Extraordinary gain / (loss),        net                                   |   | 17,182  |   | (827) |   | (406) |   | –  |   | –  |
| Cumulative effect, net                                                    |   | –  |   | (3,378) |   | –  |   | –  |   | –  |
|                                                                           |  |  |  | font> |  | font> |  | font> |  | font> |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| Net earnings / (loss)                                                     | $ | 107,463  | $ | (139,880) | $ | (17,562) | $ | 3,414  | $ | 5,573  |
|                                                                           |  |  |  | font> |  | font> |  | font> |  | font> |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| STATISTICAL DATA (UNAUDITED):                                             |   |   |   |   |   |   |   |   |   |   |
| Domestic vision centers open at        end of period:                     |   |   |   |   |   |   |   |   |   |   |
|      Leased        department vision centers          |   | 479  |   | 472  |   | 577  |   | 562  |   | 364  |
|             Freestanding vision centers               |   | 0  |   | 226  |   | 322  |   | 331  |   | 50  |
| Average annual sales per Wal*Mart        leased                           |   |   |   |   |   |   |   |   |   |   |
|             department vision center                  | $ | 535  | $ | 540  | $ | 527  | $ | 522  | $ | 522  |
| Average annual sales per other        host                                |   |   |   |   |   |   |   |   |   |   |
|             department vision center                  |   | 245  |   | 248  |   | 242  |   | 176  |   | 146  |
| Average annual rent per Wal*Mart        leased                            |   |   |   |   |   |   |   |   |   |   |
|             department vision center                  |   | 71  |   | 68  |   | 66  |   | 63  |   | 64  |
| Wal*Mart leased department        vision centers                          |   |   |   |   |   |   |   |   |   |   |
|             converted to supercenters                 |   | 12  |   | 13  |   | 5  |   | 5  |   | 2  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                                      | $ | 4,834  | $ | 5,379  | $ | 12,704  | $ | 9,183  | $ | 8,049  |
| Depreciation and amortization                                             |   | 16,233  |   | 17,526  |   | 18,602  |   | 14,177  |   | 11,035  |
| EBITDA (7)                                                                |   | 19,581  |   | 11,113  |   | 20,775  |   | 25,166  |   | 21,870  |
| EBITDA prior to significant        provisions (7)                         |   | 23,781  |   | 17,009  |   | 25,427  |   | 25,166  |   | 21,870  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |
| BALANCE SHEET DATA:                                                       |   |   |   |   |   |   |   |   |   |   |
| Total assets                                                              | $ | 168,916  | $ | 90,888  | $ | 220,219  | $ | 229,097  | $ | 83,250  |
| Current and long-term        obligations                                  |   | 120,012  |   | 183,735  |   | 151,902  |   | 139,608  |   | 24,973  |
| Shareholders’ font>          equity / (deficit)                 |   | 19,274  |   | (113,323) |   | 26,557  |   | 43,927  |   | 35,598  |

 

10

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(1) The Company emerged from Chapter  11 on May 31, 2001 and implemented “fresh start” accounting as of June 2,  2001.  Results of operations for the 3-day period from May 31, 2001  through June 2, 2001 were not material.  In accordance with fresh start  accounting, all assets and liabilities were restated to reflect their  respective fair values.  The consolidated financial statements after that  date are those of a new reporting entity and are not comparable to the  pre-confirmation periods.  However, for purposes of this discussion, the  Successor results for the seven months ended December 29, 2001 have been  combined with the Predecessor results of five months ended June 2, 2001.

(2) Financial information for all  years presented includes results of international operations for the 12 months  ended November 30. (See Note 2 to Consolidated Financial Statements.)

(3) The Company uses a 52/53 week  retail calendar.  (See Note 2 to Consolidated Financial  Statements.)  Fiscal 1997 consisted of 53 weeks ended January 3, 1998.  Sales for the 53rd week approximated $3.0 million in fiscal 1997.

(4) In 1999, the Company recorded a  $2.7 million provision for the write-off of certain receivables and an  impairment of $1.9 million in connection with 36 under-performing vision  centers. The receivables provision was included in SG&A expense.

(5) In 2000, the Company recorded an  impairment provision for inventory and receivables at the freestanding  locations totaling $1.1 million and $518,000, respectively. These items were  included in Cost of goods sold and SG&A expense, as appropriate.

(6) In 2001, the Predecessor Company  recorded a $3.9 million provision for uncollectible receivables. Of this  amount, $2.9 million related to the ongoing host businesses.  This  expense was included in SG&A.

(7) EBITDA is calculated as operating  income before interest, taxes, depreciation and amortization.  EBITDA is  presented because it is a widely accepted financial indicator of a company’s  ability to service or incur indebtedness.  However, EBITDA does not  represent cash flow from operations as defined by generally accepted  accounting principles (GAAP), is not necessarily indicative of cash available  to fund all cash flow needs, should not be considered an alternative to net  income or to cash flow from operations (as determined in accordance with GAAP)  and should not be considered an indication of the Company’s operating  performance or as a measure of liquidity.  EBITDA is not necessarily  comparable to similarly titled measures for other companies. EBITDA prior to  significant provisions is calculated as EBITDA prior to Restructuring Expense,  Reorganization Items, Extraordinary Items, Cumulative Effect and provisions  described in Footnotes 4, 5 and 6 above.  The following is a  reconciliation of operating income to EBITDA and EBITDA prior to significant  provisions:

|                                                     | **font>2001**                                      | **font>2000**                                      | **font>1999**                            | **font>1998**                                                                       | **font>1997**                                                           |
|----------------------------------------------------------|----------------------------------------------------|----------------------------------------------------|------------------------------------------|-------------------------------------------------------------------------------------|-------------------------------------------------------------------------|
|                                                          |
|                                                     |                                               |                                               |                                     |                                                                                |                                                                    |   |
| font>Operating income / (loss)                           | font>$         3,348                     | font>$ (6,413)                                     | font>$  2,173                       | font>$ 10,989                                                                       | font>$ 10,835                                                           |
| font>Add back depreciation and        amortization       | font>  16,233                            | font>  17,526                       | font>  18,602                  | font>  14,177                                                             | font>  11,035                                                 |
| font size="1">        |                                                    | font>                                              | font>                                    | font>                                                                               | font>                                                                   |
|                                                     |                                               |                                               |                                     |                                                                                |                                                                    |   |
|                                                     | font>EBITDA                                        | font>  19,581                            | font>  11,113             | font>  20,775                                                             | font>  25,166                                                 | font>  21,870 |
| font size="1">        |                                                    | font>                                              | font>                                    | font>                                                                               | font>                                                                   |
|                                                     |                                               |                                               |                                     |                                                                                |                                                                    |   |
| font>Add back significant        provisions:             |                                               |                                               |                                     |                                                                                |                                                                    |
|                                                     |                                               |                                               |                                     |                                                                                |                                                                    |   |
|                                                     | font>Impairment of long-lived assets               | font>–                                        | font>2,684                          | font>1,952                                                                          | font>–                                                             | font>– |
|                                                     | font>Restructuring expense                         | font>–                                        | font>1,601                          | font>–                                                                         | font>–                                                             | font>– |
| font>                                               | font>Provision for receivables                     | font>3,900                                         | font>  518                     | font>2,700                                                                          | font>–                                                             | font>– |
|                                                     | font>Provision for inventory                       | font>       300 | font>    1,093  | font>            – | font>          – | font>    font>– |
| font size="1">        |                                                    | font>                                              | font>                                    | font>                                                                               | font>                                                                   |
|                                                     |                                               |                                               |                                     |                                                                                |                                                                    |   |
|                                                     | font>EBITDA prior to significant        provisions | font>$ 23,781                                      | font>$ 17,009                            | font>$ 25,427                                                                       | font>$ 25,166                                                           | font>$ 21,870 |
|                                                     |                                               |                                               | font>                                    | font>                                                                               | font>                                                                   | font> | font> |

 

11

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font size="3">**PRO FORMA RESULTS**

On April 20, 2001, the Predecessor  Company completed the sale of its freestanding retail operations to Vista  Acquisition LLC (the “Buyer”).  We received consideration of  approximately $7.0 million, consisting of $5.7 million in cash and a $1.3  million note receivable.  The note receivable was fully reserved at the  time of the sale, due to the low probability of collection.  The assets  sold consisted primarily of furniture, fixtures and inventory at approximately  200 freestanding locations and inventory and equipment at the Fullerton,  California laboratory/distribution center.

In a related transaction, the Company  agreed to sell to the Buyer its interest in a subsidiary for a $1.0 million  note receivable.  This subsidiary owns a portion of the equipment in  approximately half of the freestanding locations sold.  The net book  value of the assets of this subsidiary were fully impaired at the sale of the  freestanding operations to reflect their net realizable value.  In the  fourth quarter of 2001, the Company determined that this related transaction  would not be completed due to denial by the regulators of the buyors.   The Company is working to close this subsidiary and does not anticipate  material future operating income or expenses related to this subsidiary.   For purposes of the unaudited pro forma financial information, these  transactions have been combined.

Pro forma unaudited financial results  of the Company are presented below, as if the freestanding operations were  disposed of at the beginning of the periods presented.  The freestanding  operations were disposed of  in April of 2001 prior to the Company’s  emergence from bankruptcy.  Accordingly, no pro forma information is  provided for the Successor Company.  The pro forma results presented  include certain adjustments and estimates by management.  The pro forma  information does not necessarily reflect actual results that would have  occurred nor is it necessarily indicative of future results of operations of  the Company without the freestanding operations.

|                            |   |   |           | Five        months ended June 2, 2001 |            | Twelve        months ended December 30, 2000 |
|---------------------------------|--------|--------|----------------|---------------------------------------|-----------------|----------------------------------------------|
|                                 |        |        |                |                                       |                 | font>                                        |
|                            |   |   |           | As        reported                    | Adjustments     | Pro        forma                             |   | As        reported | Adjustments | Pro        forma |
|                            |   |   |           |                                  |            |                                         |   |   |   |   |   |   |   |   |
| Net sales                       |   |   | $ 120,557 |                                  | $ (18,215) |                                         | $ 102,342          |   | $ 307,694   |   | $ (60,779) |   | $ 246,915 |
| Gross profit                    |   |   | 65,796         |                                  | (9,051)         |                                         | 56,745          |   | 164,236   |   | (30,755) |   | 133,481 |
| Operating income        /(loss) |   | 819    |           | 4,026                            |            | 4,845                                   |       | (6,413)  |   | 19,906  |   | 13,493 |
|                            |   |   |           |                                  |            |                                         |   |   |   |   |   |   |

The above pro forma information is  intended to represent the Company’s consolidated operations excluding the  freestanding operations sold or closed over the past two years.  It does  not exclude other operations that we actually closed and disposed of during  the bankruptcy proceedings, including the Sam’s Club stores and Meijer  Thrifty Acres stores.  As such, the pro forma information is not  necessarily indicative of the future financial results of the Company’s  ongoing operations.  Historical pro forma results of operations for the  Company’s ongoing businesses are presented in Item 7, Management’s  Discussion and Analysis of Financial Condition and Results of Operations in  this Form 10-K.

**font size="3">ITEM  7.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND  RESULTS OF OPERATIONS**

***Proceedings Under Chapter 11 of the  Bankruptcy Code***

On April 5, 2000, the Company and ten  of its subsidiaries (collectively, the “Debtors”) filed voluntary  petitions with the United States Bankruptcy Court for the Northern District of  Georgia for reorganization under Chapter 11 (the “Chapter 11 Cases”).   In March 2001, the Debtors filed a plan of reorganization (the “Plan”) for  the Chapter 11 Cases.  The Plan was confirmed by the bankruptcy court on  May 18, 2001.  On May 31, 2001, after securing a new revolving credit  facility with Fleet Capital Corporation, the Company emerged from bankruptcy.

Under the Plan, the Company’s  pre-petition unsecured claims were converted into new secured notes and common  stock.  The secured notes have a face value of $120 million, will provide  for the payment of interest of 12% twice a year at the end of March and  September and are subordinated to debt under the Company’s credit  facility.  The notes are payable over eight years with principal  repayments based on excess cash flow for the prior six month period, adjusted,  if necessary, to ensure the Company has at least $3 million in cash, measured  as of the end of June and December of each year, with the first measurement  date occurring at the end of 2001.  The principal repayments are made by  the end of the second month subsequent to the measurement date.  On  February 28, 2002, the Company made its first principal redemption in the  amount of $1.6 million.  The Company can provide no assurance as to  whether it will generate sufficient cash to make future principal repayments  or as to the amount of any such repayments.  Five million shares of new  common stock, par value $0.01, were issued, based on the Company’s  reorganization value.  Under the Plan, former shareholders received no  value for their interests, consequently, all common stock issued prior to  emergence from bankruptcy was cancelled.

 

12

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The Company’s reorganization value  was developed by the Company, the Official Committee of Unsecured Creditors  and their respective financial advisors.  The reorganization value was  based on a calculation of the present value of the free cash flows under the  Company’s financial projections, including an assumption of a terminal  value. Such projections were necessarily based on a variety of estimates and  assumptions which might not be realized and are inherently subject to  significant uncertainties and contingencies.  Some assumptions inevitably  will not materialize.  The projections therefore should not be considered  as a guarantee or other assurance of actual results. 

The allocation of the Company’s  reorganization value is shown below:

| Reorganized value:   |       |
|----------------------|------------|
|                 | New Debt   | $120,000 |
|                 | New Equity |              25,000 |
|                      |            |  |
| Reorganization value | $145,000   |
|                      |            |

                 No assurances can be given as to the price at which the securities of the  Company may trade (See Part II, Item 5, “Market for Registrant’s Common  Stock and Related Stockholder Matters”), and such prices may be materially  different from the reorganization value prepared in connection with the Plan.

***Results Of Operations***

                 The Company emerged from Chapter 11 on May 31, 2001 and implemented “fresh  start” accounting as of June 2, 2001.  Results of operations for the 3  day period from May 31, 2001 through June 2, 2001 were not material.  In  accordance with fresh start accounting, all assets and liabilities were  restated to reflect their respective fair values.  The consolidated  financial statements after that date are those of a new reporting entity and  are not comparable to the periods prior to emergence.  However, for  purposes of this discussion, the Successor results for the seven months ended  December 29, 2001 have been combined with the Predecessor results of five  months ended June 2, 2001 and then compared to the Predecessor results for the  fiscal year ended December 30, 2000.  Differences between periods due to  fresh start accounting are explained when necessary.  EBITDA, prior to  significant provisions, represents earnings before interest, taxes,  depreciation and amortization, as well as, restructuring expenses,  reorganization items and other bankruptcy and store closing charges.   Results for these periods are summarized in the following tables:

 

13

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| **National        Vision, Inc.**                                                |
|---------------------------------------------------------------------------------|
| **Consolidated        Statements of Operations**                                |
| **(In        thousands)**                                                       |
|                                                                            |   |   |   |   |
|                                                                            |   | **Fiscal Year** |   | **Fiscal Year** |
|                                                                            |   | **Ended** |   | **Ended** |
|                                                                            |   | **December 29,        2001 (A)** |   | **December 30,        2000** |
|                                                                                 |  |  |  | font> |
|                                                                            |   |   |   |   |
| Net sales                                                                       | $ | 256,100  | $ | 307,694  |
| Cost of goods sold                                                              |   | 116,249  |   | 143,458  |
|                                                                                 |  |  |  | font> |
|                                                                            |   |   |   |   |
| Gross profit                                                                    |   | 139,851  |   | 164,236  |
| Selling, general &        administrative expense                            |   | 136,503  |   | 166,364  |
| Impairment of long-lived assets                                                 |   | –  |   | 2,684  |
| Restructuring expense                                                           |   | –  |   | 1,601  |
|                                                                                 |  |  |  | font> |
|                                                                            |   |   |   |   |
| Earnings / (loss) before        reorganization items and taxes                  |   | 3,348  |   | (6,413) |
| Interest expense, net                                                           |   | 9,539  |   | 7,723  |
|                                                                                 |  |  |  | font> |
|                                                                            |   |   |   |   |
| Loss before reorganization        items and taxes                               |   | (6,191) |   | (14,136) |
| Reorganization expense / (gain)                                                 |   | (96,472) |   | 121,539  |
|                                                                            |   |   |   |   |
| Earnings / (loss) before taxes,        extraordinary item and cumulative effect |   | 90,281  |   | (135,675) |
| Income tax expense                                                              |   | –  |   | –  |
|                                                                                 |  |  |  | font> |
|                                                                            |   |   |   |   |
| Net earnings / (loss) before        extraordinary item and cumulative effect    |   | 90,281  |   | (135,675) |
| Extraordinary gain / (loss),        net                                         |   | 17,182  |   | (827) |
| Cumulative effect, net                                                          |   | –  |   | (3,378) |
|                                                                                 |  |  |  | font> |
|                                                                            |   |   |   |   |
| Net earnings / (loss)                                                           | $ | 107,463  | $ | (139,880) |
|                                                                                 |  | font> |  | font> |

(A)    Represents the combined results of  the Successor for the seven months ended December 29, 2001 and the results          of the Predecessor for the five months ended June 2, 2001.

The Company’s results of operations  in any period are significantly affected by the number and mix of vision  centers opened and operating during the period.  At December 29, 2001,  the Company operated 514 vision centers, versus 724 vision centers at December  30, 2000, summarized as follows:

|                                                                                                                      | December          29, 2001 | December          30, 2000 |
|---------------------------------------------------------------------------------------------------------------------------|----------------------------|----------------------------|
| Wal-Mart vision centers in US                                                                                             | 400                        | 397                        |
| Wal-Mart vision centers in          Mexico                                                                                | 35                         | 27                         |
| Fred Meyer vision centers                                                                                                 | 55                         | 56                         |
| Military base vision          centers               | 24                         | 19                         |
| Freestanding stores                                                                                                       | –                     | 226                        |
|                                                                                                                           |                            | font>                      |
|                                                                                                                      | 514                        | 725                        |
|                                                                                                                      |                            |                            |

** **

14

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**YEAR ENDED DECEMBER 29, 2001  COMPARED TO YEAR ENDED DECEMBER 30, 2000**

***Net Sales***.  The Company recorded net sales of $256.1 million in fiscal 2001, a decrease of  16.8% from sales of $307.7 million in fiscal 2000.  Sales decreased due  to the following reasons:

- In April 2001, the Company disposed of the  remainder of its freestanding stores.  These stores had sales of  approximately $61 million in 2000 versus sales of $18 million in 2001.
- The Company closed all of its Sam’s Club  operations in the third quarter of 2000.  These locations had sales of  approximately $12 million in fiscal 2000.

Comparable store sales in the Company’s  Wal-Mart business declined 0.5% from levels recorded in the prior fiscal  year.  This decrease was partially offset by sales from 5 new stores  opened in 2001.

***Gross Profit. *** In  the Current Year, gross profit decreased to $139.9 million from $164.2 million  in the prior year.  This decrease in gross profit was primarily driven by  a reduction in sales caused by the closure of the freestanding locations and  the Sam’s Club locations.  Gross margin, as a percent of sales,  increased to 54.6% from 53.4% in the Prior Year.  Gross margin percentage  was positively impacted by an increase in eyeglass margins, resulting from the  introduction and repositioning of certain eyeglass lens items and additional  price-point options placed on the frame boards.  Also, in the Prior Year,  the Company recorded a charge of approximately $1.1 million to adjust  inventory of the freestanding locations to its net realizable value.

The current year improvement was  partially offset by increases in rent expense (which is a component of gross  profit) as a percent of sales for the Wal-Mart division.  This was due to  approximately 46 vision centers entering the three-year option period of the  Wal-Mart lease since the end of the Prior Year.  The option period  effectively increases each location’s minimum rent requirement. We expect  this trend of increased rent to continue as additional Wal-Mart locations  enter the option period of their lease. The Company believes that, on the  basis of comparable store sales growth it has historically achieved over the  five year period prior to 2001, occupancy expense under the Wal-Mart agreement  as a percent of sales should not, in the foreseeable future, increase by more  than one percentage point over levels recorded in 2001. During 2001, the  Company’s effective rent percentage on the Wal-Mart store revenues was  approximately 13.5%.   The Company cannot give any assurances that  it will be able to continue to record comparable sales increases at these  historical levels.  Any significant shortfall in comparable store sales  would have a negative impact on occupancy expense as a percent of sales. 

***Selling, General, And  Administrative Expense*** (“SG&A  expense”).  SG&A expense (which includes both store operating  expenses and home office overhead) decreased to $136.5 million in the Current  Year from $166.4 million for the Prior Year.  The dollar decrease was  primarily the result of lower payroll, depreciation and other expenses due to  the above-mentioned store dispositions and closures.  SG&A expense  also decreased as a percent of sales from 54.1% in the Prior Year to 53.3% in  the Current Year.

The percentage decrease in SG&A  was the result of

- a 1.7% decrease in retail and field  supervision payroll costs as a percent of sales primarily due to the closure  of the freestanding stores that had higher payroll costs as a percent of  sales;
- a charge of approximately $0.5  million in the Prior Year to adjust accounts receivable in the Company’s  freestanding stores to net realizable value; and
- a reduction in total advertising  expenditures in the Current Year due to the disposal of the Company’s  freestanding locations.  Historically the Company’s advertising  expenditures for the freestanding locations have been in excess of 10% of  sales, well in excess of expenditures as a percentage of sales for the  domestic host businesses.  Advertising for the Company’s domestic host  businesses in 2001 is up slightly from historical levels.

This decrease was partially offset by

-   the amortization of the newly  established intangible value of contractual rights of approximately $4.4  million for the seven months ended December 29, 2001;
- a $3.9 million non-cash charge for  uncollectible managed care receivables in the Predecessor Company ($2.9  million of which related to ongoing businesses); and
- an increase in third party  processing costs as a result of increased managed care sales and  receipts.  Third party processing costs as a percentage of sales are  expected to increase as sales under managed care programs increase.

***Impairment Loss and  Restructuring Expense***.  In the first  quarter of 2000, the Company recorded a non-cash pre-tax charge of  approximately $2.7 million, primarily related to the impairment of leasehold  improvements and furniture and fixtures of 91 stores which were closed prior  to the Company’s Chapter 11 filing.  Also, the Company recorded a $1.6  million reserve for anticipated closing costs which was comprised of $1.4  million of lease termination costs and $0.2 million of severance and other  closing costs.

***Operating Income / (loss)***.   Operating income for the Current Year increased to $3.3 million from a loss of  $6.4 million in the Prior Year.  Operating income as a percentage of  sales prior to the restructuring reserve and the impairment loss was 1.3% in  the Current Year, compared to a loss of 0.7% in the Prior Year.  This  improvement was primarily due to the closure of the freestanding locations and  the Sam’s Club locations.

 

15

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***Interest Expense***.   Interest expense increased to $9.5 million compared to $7.7 million in the  Prior Year.  In the Prior Year, the Company stopped accruing interest on  unsecured debt.  The Company emerged from bankruptcy on May 31, 2001, and  new senior notes in the amount of $120 million and bearing interest of 12%  were issued and the previous notes were cancelled.  The new notes were  outstanding for seven months in the current period and interest of  approximately $8.4 million was accrued.  Contractual interest for the  Prior Year was $20.7 million.

***Reorganization Items***.   The Company recorded all transactions incurred as a result of the Chapter 11  filing separately as reorganization items.  There were no reorganization  items recorded after June 2, 2001, as the Company emerged from  bankruptcy.  The table below summarizes the items incurred by the  Predecessor Company (amounts in thousands):

|                                                              |   | Five Months          Ended                                      |   | Twelve Months          Ended                                    |
|-------------------------------------------------------------------|--------|-----------------------------------------------------------------|--------|-----------------------------------------------------------------|
|                                                              |   | June 2, 2001                                                    |   | December 30,          2000                                      |
|                                                                   |        |                                                                 |        | font>                                                           |
|                                                              |   |                                                            |
| Fresh start adjustments (a)                                       | $      | (114,263)                                             | $      | –                                           |
| Impairment of goodwill                                            |   | –                                      |   | 100,805                                          |
| Impairment of fixed assets                                        |   | 33                                               |   | 12,000                                           |
| Provision for rejected leases                                     |   | 1,592                                            |   | 1,920                                            |
| Loss on disposal of          freestanding division                |   | 9,688                                            |   | –                                           |
| Other store closing costs                                         |   | 532                                              |   | 670                                              |
| Retention plan                                                    |   | 3,231                                            |   | 2,173                                            |
| Professional fees                                                 |   | 2,008                                            |   | 3,421                                            |
| Letter of credit reserve on          DIP Facility                 |   | 197                                              |   | –                                           |
| Interest income on          accumulated cash                      |   | (127)                                                 |   | (144)                                                 |
| Other reorganization costs                                        |   |        637    |   |        694    |
|                                                                   |        |                                                                 |        | font>                                                           |
|               Reorganization (gain) / expense | $      | (96,472)                                              | $      | 121,539                                          |
|                                                                   |        |                                                                 |        | font>                                                           |

 

| (a) | The adjustments represent the        elimination of Predecessor Company equity and the fair value adjustments        that were made as part of fresh-start accounting. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Benefit For Income Taxes***.   The Company recorded a pre-tax operating loss in the Current Year.  A tax  benefit of $21.5 million was recorded.  However, due to the uncertainty  of realizability, the Company recorded a valuation allowance for the full  amount.

***Extraordinary Items***.   In 2001, as part of the Company’s emergence from bankruptcy, the Predecessor  Company recognized an extraordinary gain of $17.2 million related to the  extinguishment of debt.  The gain was calculated as follows:

| Liabilities subject to        compromise                                                           | $      | 169,245       |
|----------------------------------------------------------------------------------------------------|--------|---------------|
| Deferred financing costs        related to            cancelled        senior notes |   | (7,063)       |
|                                                                                                    |        |               |
| Net liabilities extinguished                                                                       |   | 162,182       |
| Less: Reorganized value                                                                            |   | 145,000       |
|                                                                                                    |        |               |
| Gain on extinguishment of debt                                                                     | $      |   17,182 |
|                                                                                                    |        | font>         |

The 2000 results also include an  extraordinary loss of $827,000 associated with the write-off of the  capitalized costs of the Company’s previous Foothill credit facility.

***Net Income / (loss)****.*   The Company posted net income of $107.5 million in the Current Year versus a  net loss of $139.9 million in the Prior Year.  Of the 2001 net income of  $107.5 million, $96.5 million results from a reorganization gain, as noted  above.

***EBITDA Prior to Significant  Provisions***. EBITDA is calculated as operating  income before interest, taxes, depreciation and amortization. EBITDA prior to  significant provisions is calculated as EBITDA prior to restructuring expense,  impairment on long-lived assets, reorganization items, extraordinary items,  the cumulative effect of a change in accounting principle, and significant  non-cash charges.  EBITDA increased in the Current Year due to the  disposal of the freestanding operations in April 2001.  These stores had  lower average sales and higher expenses as a percent of total sales than the  domestic host businesses.

16

----

The following is a reconciliation of  operating income to EBITDA and EBITDA prior to significant provisions:

> 
 

2001

2000

Operating income / (loss)

$          3,348 

$  (6,413)

Add back depreciation and        amortization

   16,233 

   17,526 
font>  
 

 

EBITDA

   19,581 

   11,113 
font>      font>  
 

Add back significant        provisions:

 

 

 

 

Impairment of long-lived assets

– 

2,684 

 

Restructuring expense

– 

1,601 

 

Provision for receivables

3,900 

518 

 

Provision for inventory

         300 

      1,093 
font>      font>  
 

 

 

 

 

EBITDA prior to significant        provisions

$         23,781 

$         17,009 
font>  

***Historical Pro Forma Results of  Ongoing Operations***.  The following pro  forma information presents the Company’s results of operations for the  retail store operations retained by the Company upon emergence from  bankruptcy.  Accordingly, such pro forma data is presented as if the  freestanding operations, the Sam’s Club operations and other disposed  operations, were closed or disposed of as of the beginning of the periods  presented.  Costs related to the bankruptcy, reorganization and  restructuring costs, as well as large non-cash provisions, are excluded.

| font>                                           | font>  | font>Fiscal Year          Ended |
|------------------------------------------------------|-------------|---------------------------------|
| font>                                           | font>  | font>December 29,          2001 | font>  | font>December 30,          2000 |
| font>                                           | font>  | font>                      | font>  | font>  |
| font>Net sales                                       | font>  | font>$                          | font>237,885 | font>  | font>$ | font>234,449 |
| font>Gross profit                                    | font>  | font>$                          | font>130,800 | font>  | font>$ | font>127,600 |
| font>Operating income                                | font>  | font>$                          | font>10,274 | font>  | font>$ | font>17,255 |
| font>EBITDA prior to significant          provisions | font>  | font>$                          | font>26,423 | font>  | font>$ | font>28,644 |

Pro forma net sales and gross profit  have increased over the prior year primarily due to 18 new host vision centers  opened in 2001 and 21 new vision centers opened during fiscal 2000, which  operated for all of fiscal 2001 versus only a portion of fiscal 2000.

Comparable store sales include stores  which were open for all of fiscal 2001.  The quarterly comparable store  sales trends for the Company’s domestic ongoing businesses are as follows:

| font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | font>-1.0%         | font>1.0%           | font>-0.5%         | font>-1.5%          | font>-0.5%            |
| font> 
font> 

font> 

font> 

font> 

font> 

font>  
font>First Quarter

font>Second Quarter

font>Third Quarter

font>Fourth Quarter

font>Fiscal Year 2000

font>Fiscal 2000

font>5.0%

font>1.5%

font>0.0%

font>0.5%

font>2.0%
font>  
Pro forma operating income declined  in fiscal 2001 for the following reasons:
- amortization of Intangible Value of Contractual  Rights and depreciation of revalued fixed assets, both of which were  established during fresh start accounting, totaling approximately $4.4 million  and $1.0 million, respectively
- increases in payroll costs of $0.9 million  resulting from new store openings
- increases in benefit costs in 2001 of  approximately $600,000 due to an increase in rates and increased claims  experience
- increases in third party processing costs  resulting from an increase in managed care sales as a percentage of total  sales
- a $2.9 million non-cash charge for uncollectible  accounts receivable incurred by the Predecessor Company’s host vision  centers in 2001
font>
17
   
EBITDA prior to significant  provisions decreased from the prior year for the reasons mentioned above,  excluding the impact of the intangible amortization.  EBITDA prior to  significant provisions is calculated as operating income before restructuring  expense, impairment loss and the $2.9 million non-cash charge in the second  quarter of 2001, plus depreciation and amortization.

The following table provides  quarterly pro forma results of ongoing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**2001**

 

**First**

 

**Second**

 

**Third**

 

**Fourth**

 

**Fiscal**

 

 

 

**Quarter**

 

**Quarter**

 

**Quarter**

 

**Quarter**

 

**2001**
font>  font>  font>  font>  
 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

font>$font>        
                  60,906

 font>$

                  60,042

 font>$

                  59,741

 font>$

                  57,196

 font>$

                   237,885

Gross profit

 
font>$
                  33,357

 font>$

                  33,699

 font>$

                  33,644

 font>$

                  30,100

font>$

                   130,800

Operating income

 
font>$
                    4,428

 font>$

                    3,689

 font>$

                    2,204

 font>$

                       (48)

font>$

                     10,274

EBITDA prior to significant

 

 

 

 

 

 

 

 

 

provisions

 
font>$
                    7,245

 font>$

                    7,132

 font>$

                    7,183

 font>$

                    4,862

font>$

                     26,423

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures
font>$
                    1,200

 font>$

                    1,100

 font>$

                       970

 font>$

                    1,445

font>$

                       4,715

Depreciation and amortization
font>$
                    2,817

 font>$

                    3,443

 font>$

                    4,979

 font>$

                    4,910

 font>$

                     16,149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**2000**

 

**First**

 

**Second**

 

**Third**

 

**Fourth**

 

**Fiscal**

 

 

 

**Quarter**

 

**Quarter**

 

**Quarter**

 

**Quarter**

 

**2000**
font>        font>  font>  font>  font>  
 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 
font>$
                  59,727

 font>$

                  59,038

 font>$

                  58,781

 font>$

                  56,902

 font>$

                   234,449

Gross profit

 
font>$
                  33,729

 font>$

                  32,229

 font>$

                  31,990

 font>$

                  29,653

 font>$

                   127,600

Operating income

 
font>$
                    5,680

 font>$

                    4,411

 font>$

                    4,350

 font>$

                    2,815

 font>$

  17,255

EBITDA prior to significant

 

 

 

 

 

 

 

 

 

 

provisions

 
font>$
                    8,499

 font>$

                    7,228

 font>$

                    7,460

 font>$

                    5,457

 font>$

                     28,644

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures
font>$
                    2,100

 font>$

                       700

 font>$

                       900

 font>$

                       800

 font>$

                       4,500

Depreciation and amortization
font>$
                    2,819

 font>$

                    2,817

 font>$

                    3,110

 font>$

                    2,639

 font>$

                     11,389

The following is a reconciliation of  reported results to the historical pro forma results as if the freestanding  operations, the Sam’s Club operations, and other disposed operations were  closed or disposed of as of the beginning of the periods presented.

 

 

 

Twelve Months          Ending

 

 

December 29,          2001

2001

 

As Reported          (A)

 

Adjustments

 

Pro Forma
font>  font>  font>  
 

 

 

 

 

 

 

 

Net Sales

$

256,100 

$

18,215 (B)

$

237,885 

Cost of goods sold

 

116,249 

 

  9,164 (B)

 

107,085 
font>          font>          font>          
 

 

 

 

 

 

 

Gross profit

 

139,851 

 

9,051      

 

130,800 

Selling, general &          administrative

 

136,503 

 

 15,977 (B)

 

120,526 
font>        font>          font>          font>          
 

 

 

 

 

 

 

**Operating income / (loss)**

$

    3,348 

$

  (6,926)     

$

  10,274 
font>        font>          font>          font>          
 

 

 

 

 

 

 

 

 

 

 

Twelve Months          Ending

 

 

December          30,2000

2000

 

As Reported

 

Adjustments

 

Pro Forma
font>        font>  font>  font>  
 

 

 

 

 

 

 

Net Sales

$

307,694 

$

73,245 (B)

$

234,449 

Cost of goods sold

 

143,458 

 

 36,609 (B)

 

106,849 
font>        font>          font>          font>          
 

 

 

 

 

 

 

Gross profit

 

164,236 

 

36,636      

 

127,600 

Selling, general &          administrative

 

166,364 

 

56,019 (B)

 

110,345 

Impairment of long-lived          assets

 

2,684 

 

2,684 (C)

 

–  

Restructuring expense

 

   1,601 

 

    1,601 (D)

 

                  –  
font>        font>          font>          font>          
 

 

 

 

 

 

 

**Operating income / (loss)**

$

  (6,413)

$

 (23,668)     

$

  17,255 
font>        font>          font>          font>                  
(A)     Represents the combination of the Predecessor  Company’s financial results for the five months ended June 2, 2001 and
font>
18
      font>  
         the Successor Company’s financial results for the seven months ending  December 29, 2001.

(B)

font>Represents        the results of the freestanding operations, the Sam’s Club operations,        and the Meijer Thrifty Acres locations that were either sold or closed        during the restructuring of the Company.

(C)

font>Represents        the impairment of fixed assets for the freestanding locations that were        scheduled for closure prior to the Company’s Chapter 11 filing.

(D)

font>Represents        the severance and other closing costs incurred related to the closure of        certain freestanding locations prior to the Company’s Chapter 11        filing.

 
font>
19
   
**YEAR  ENDED DECEMBER 30, 2000 COMPARED TO YEAR ENDED JANUARY 1, 2000**

***Net Sales***.  The Company recorded net sales of $307.7 million in fiscal 2000, a decrease of  6.5% over sales of $329.1 million in fiscal 1999. Sales decreased due to the  following reasons:
- The Company closed 91 freestanding      stores in April 2000. Theses stores had sales of $3.1 million in 2000      versus $13.0 million in 1999, a reduction of $9.9 million.
- The remaining freestanding stores      generated negative comparable store sales of 15.5% resulting in a decrease      of $10.6 million in sales.
- During 2000, the Company closed      117 Sam’s Club locations, 72 of which were terminated prior to the end      of their lease term.  These closings resulted in a sales decrease of      $12.2 million in 2000.

These decreases were partially offset  by:
- Favorable comparable store sales      at the Wal-Mart and Military divisions of 2.0% and 6.5%,      respectively.  This resulted in a $4.7 million sales increase.
- New store openings at the Wal-Mart      and Military divisions resulted in sales increases of $6.9 million over      the prior year.

In addition, the Company’s adoption  of SAB 101 deferred the recognition of approximately $300,000 of net sales in  fiscal 2000.  (See Note 2 of Consolidated Financial Statements.)

***Gross Profit***.  In 2000, gross profit decreased to $164.2 million versus $181.3 million in  1999.  This decrease was due to the following:
- A reduction in sales caused by the      closure of all of the Company’s Sam’s Club locations, as well as the      operation of approximately 97 fewer freestanding locations and the      negative comparable store sales registered by the remaining freestanding      vision centers acquired by the Company ($11.8 million).
- A charge of approximately $1.1      million to adjust inventory at the Company’s freestanding stores to net      realizable value (See Reorganization Items, Restructuring Expenses and      Impairment of Long-lived Assets).
- A reduction in vendor promotional      monies and independent optometrist revenue from the amounts received a      year ago.

Gross profit as a percentage of sales  decreased from 55.1% in 1999 to 53.4% in 2000. In addition to the reasons  described above, the decrease can also be attributed to the following:
- A loss of efficiency in the      Fullerton Lab caused by the decrease in volume as a result of declining      sales levels in the Company’s freestanding vision centers as well as      lower volume resulting from closed stores.
- A sales shift from eyeglasses to      contact lenses caused by contact lens promotions in the freestanding      vision centers. Eyeglasses have a higher margin than do contact      lenses.  Additionally, contact lens margins decreased due to      competitive price pressure.
- A decline in average sales per      store recorded by the freestanding operations caused rent as a percentage      of net sales to increase and thereby reduced margin as a percent of net      sales.

***Selling, General, and  Administrative Expense***. This category of expense  includes both retail operating expense and corporate office administrative  costs. SG&A expense decreased from $177.2 million in 1999 to $166.4  million in 2000.  The decrease was due primarily to the following:
- Payroll savings of $6.7 million      from the closure of the Sam’s Club locations and approximately 97      freestanding locations.
- Home office savings of $2.2      million related to the elimination of amortization of goodwill from the      Frame-n-Lens, New West and Midwest acquisitions, which was impaired in the      third quarter of 2000, and a reduction in payroll, recruiting and      relocation expenses.

***Operating Income/(Loss)***.  Operating results for 2000, prior to reorganization and restructuring items  and impairment of long-lived assets, decreased to an operating loss of $2.1  million versus operating income of $4.1 million in 1999.
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20
   
***Interest Expense***.  Interest expense decreased from $19.3 million in 1999 to $7.7 million in  2000.  Because of the filing of the Chapter 11 Cases, we have stopped  accruing for interest on unsecured debt until the Company emerges from Chapter  11 of the Bankruptcy Code, or it becomes probable that the Company will pay  these amounts as part of a plan of reorganization.  Contractual interest  expense for 2000 was $20.7 million. In addition, interest expense excludes  $144,000 of interest income which has been reflected as a reorganization item.

***Benefit for Income Taxes***.  We recorded a pre-tax operating loss of $135.7 million in 2000 versus  a  loss of $17.2 million in 1999. The resulting income tax benefit was  approximately $1.7 million.  We have established a valuation allowance  equal to the amount of the tax benefit.

***Extraordinary Loss***.  Results also include an extraordinary loss of $827,000 in 2000 associated with  the write-off of the capitalized costs of the Company’s previous Foothill  Credit Facility.

***Cumulative  Effect of a Change in an Accounting Principle***.  In December 1999, the SEC issued Staff Accounting Bulletin No. 101, Revenue  Recognition in Financial Statements. SAB 101 summarizes the SEC’s view in  applying generally accepted accounting principles to selected revenue  recognition issues.  Prior to the adoption of SAB 101, the Company  recognized revenues and the related costs from retail sales when at least 50%  of the payment was received. In response to SAB 101, the Company is required  to recognize revenue upon delivery of the product.  The cumulative effect  of this change in accounting principle was a $3.4 million reduction in net  earnings of 2000.

***Net Income / (loss)***.   The Company recorded a net loss of $139.9 million in 2000, or a loss of $6.61  per basic and diluted share versus a loss of $17.6 million in 1999 or $0.83  per basic and diluted share.

**REORGANIZATION ITEMS,  RESTRUCTURING EXPENSES AND IMPAIRMENT OF LONG-LIVED ASSETS.**

**General**

In the last quarter of 1999 and in  fiscal 2000, we recorded charges relating to store closings, the impairment of  long-lived assets and the expenses incurred in the Chapter 11 Cases. Generally  accepted accounting principles require different presentations depending on  whether we incurred the cost before or after the filing of the Chapter 11  Cases.

**Impairment of Fixed Assets and  Restructuring Expenses**

We have recorded charges for  impairment of fixed assets and restructuring expenses in connection with  stores closed before the filing of the Chapter 11 Cases. Emerging Issues Task  Force Issue 94-03, Liability Recognition for Certain Employee Termination  Benefits to Exit an Activity (Including Certain Costs Incurred in a  Restructuring), requires that we present these charges as components of  operating income.

In connection with stores closed  after the filing of the Chapter 11 Cases, we have recorded charges for  impairment of fixed assets and for restructuring expenses. All expenses of  this nature incurred after the first quarter of 2000 have been presented as  reorganization items, below operating income.

**Summary of Restructuring Charges**

The table below summarizes charges  for impairment of fixed assets and restructuring expenses incurred in the  first quarter 2000 before the Company began the Chapter 11 proceedings  (amounts in thousands):

Impairment of fixed assets

$

   2,684

 

 

 

Restructuring expense:

 

 

              Provision for rejected leases

$

1,362

              Other store closing costs

 

       239
font>      
 

$

    1,601
font>  
Impairment and restructuring charges  incurred after the first quarter of 2000 are considered reorganization items  and are presented below operating income.

**Summary of Reorganization Items**

Results for fiscal 2000 include  charges of $121.5 million, which were incurred after the Company filed the  Chapter 11 Cases.
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21
   
**Impairment of Long-Lived Assets**

Due to continuing negative cash  flows, coupled with the possible sale or disposition of certain Company  assets, we recorded a non-cash charge of $100.8 million for the impairment of  goodwill associated with the acquisition of Frame-n-Lens Optical, Inc., New  West Eyeworks, Inc. and Midwest Vision, Inc. in the third quarter of  2000.  In addition, we recorded a non-cash charge of $10.6 million to  reflect the impairment of fixed assets associated with these acquired  entities.

The Company terminated ten leases  governing all of the Company’s units located in Meijer Thrifty Acre  locations.  The Company recorded a non-cash pre-tax charge of $987,000 in  2000 related to the impairment of leasehold improvements and furniture and  fixtures in the Meijer locations.

In the second quarter of 2000, the  Company reached an agreement with Wal-Mart Stores, Inc. to terminate its 72  leases governing all of the Company’s units located in Sam’s Club  locations.  Pursuant to this agreement, the Company turned over all such  locations to Wal-Mart Stores by September 1, 2000.  The Company received  no proceeds from Wal-Mart for the early termination, and Wal-Mart waived all  claims for rent under the leases for the balance of the original lease  term.  The Company recorded a non-cash pre-tax charge of $367,000 related  to the impairment of leasehold improvements and furniture and fixtures in the  Sam’s Club locations.

A summary of the impairment charges  recorded in 2000 follows (amounts in thousands):

Impairment of goodwill:

 

Frame-n-Lens

$

38,318

 

New West Eyeworks

 

60,610

 

Midwest Vision

 

    1,877

Total goodwill impairment

$

100,805
font>        
 

 

 

 

Impairment of fixed assets:

 

 

Frame-n-Lens

$

4,792

 

New West Eyeworks

 

5,186

 

Midwest Vision

 

668

 

Meijer Thrifty Acre

 

987

 

Sam’s Club

 

      367
font>        
 

 

 

 

Total fixed asset impairment

$

  12,000
font>  
In addition to the impairment of  goodwill and fixed assets, the Company recorded adjustments to inventory of  $1.1 million and to accounts receivable of $0.5 million to adjust the carrying  value to net realizable value. These charges were included in cost of goods  sold and SG&A expense, as appropriate.
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22
   
**Inflation**

Although the Company cannot determine  the precise effects of inflation, it does not believe inflation has had a  material effect on its domestic sales or results of operations. The Company  cannot determine whether inflation will have a material long-term effect on  its sales or results of operations.

As a result of inflation in prior  years, the Company has in the past adjusted its retail pricing. Further  pricing adjustments are contingent upon competitive pricing levels in the  marketplace. Management is monitoring the continuing impact of these  inflationary trends.

**LIQUIDITY  AND CAPITAL RESOURCES**

Our capital needs have been for  operating expenses, capital expenditures and interest expense.  Our  sources of capital have been cash flow from operations and proceeds from the  sale of the freestanding operations. The Company made its first principal  payment on the Senior Notes of $1.6 million on February 28, 2002.

The Company emerged from bankruptcy  on May 31, 2001.  Upon emergence, all of the Company’s pre-petition  unsecured liabilities, including the previous senior notes, and all former  equity interests were cancelled.  Liabilities Subject to Compromise were  $169 million and were converted at approximately 85% of face value into a  combination of new secured notes and common stock.  The notes have a face  value of $120 million, provide for payment of interest twice a year at the end  of March and September and are subordinated to debt under the Company’s  credit facility.  The notes are payable over eight years with principal  repayments based on excess cash flow.  Excess cash flow is defined as  EBITDA plus or minus working capital changes less the sum of capital  expenditures, cash interest payments and cash tax payments, and is subject to  a $3 million cash reserve.  The obligation to prepay principal will have  an adverse impact on the ability of the Company to accumulate cash.  We  can make no assurance as to whether our operations will generate sufficient  cash for us to make principal repayments based on excess cash flow.  A  decrease in sales levels, coupled with the potential impact of the slowing  economy on retail sales overall, could have a negative impact on our cash  balances and on the amount of any excess cash principal payments due in 2002  and beyond.  If this trend of flat sales continues, our ability to make  our excess cash flow payments under our indenture will be significantly  impaired.  In addition, a prolongation of this trend, coupled with the  potential loss of vision centers under our Wal-Mart Master Lease, would  substantially impair our ability to pay off or refinance the notes.

In May 2001, the Company’s secured  revolving credit facility with Foothill Capital expired and was replaced with  a secured revolving Credit Facility (the “Exit Facility”) from Fleet  Financial Corporation.  The Exit Facility has a term of three years,  bears interest at the prime rate plus 0.25% per annum or at LIBOR plus 2.5%,  and provides availability of an estimated $9.4 million, subject to borrowing  base limitations and inclusive of letter of credit requirements.  We  believe that the Exit Facility will provide the Company with adequate  liquidity during 2002.

As of March 1, 2002 and subsequent to  the Company’s emergence from bankruptcy in May 2001, we have made cash  payments related to the Predecessor Company and to the completion of the  bankruptcy process.  These cash payments approximate $8 million and  include:
font>  -  Reclamation payments,        convenience claims and assumed contract cure amounts; 
-  Cash payments related to the        disposition of the freestanding stores; 
-  Cash payments to formalize the        Exit Facility; 
-  Cash payments to professional        advisors; and 
-  Cash payments in accordance        with the retention plan. 

A majority of these costs were  accrued in the Successor Company’s opening balance sheet.  Until the  claims distribution process is complete, the Company will continue to make  cash payments for 1) the settlement of landlord and other disputed cash  claims, and 2) professional costs related to the settlement of claims and the  distribution of stocks and bonds.

It is the Company’s intent to use  excess cash for its ongoing operations, for payment of interest expense and  repayment of  principal on the Company’s outstanding debt. 

As of December 29, 2001, the Company’s  remaining unused availability under the Exit Facility, after being reduced for  letter of credit requirements, has decreased to approximately $1.7 million, as  inventory and receivable levels (borrowing base components) have  declined.  At December 29, 2001 and at March 1, 2002, the Company had no  borrowings under the Exit Facility, and had letters of credit of $3.5 million  outstanding.  The Company believes that cash generated from operations  and funds available under the Exit Facility will be sufficient to satisfy its  cash requirements through 2002.
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23
   
In April 2001, the Company finalized  the sale of its freestanding operations and received cash proceeds of $5.7  million related to this transaction.  The Company anticipates that cash  flow from operations will improve with the disposition of the freestanding  operations.

The Company opened 5 Wal-Mart vision  centers in 2001.  We have opened 400 Wal-Mart vision centers, as provided  for in our Master Lease Agreement.  We may open between 5 and 10  additional vision centers in 2002 in other host environments dependent upon  liquidity, construction schedules and other constraints.  For each of our  new vision centers, we typically spend between $100,000 and $140,000 for fixed  assets and approximately $25,000 for inventory.

During 2001, we converted 12 Wal-Mart  vision centers to supercenters.  In 2002, we expect to convert between 11  and 14 of our existing Wal-Mart vision centers to supercenters.  Each  supercenter conversion requires expenditures of approximately $60,000 to  $80,000.

In conjunction with our historical  results from operations, emergence from Chapter 11 and the disposition of our  freestanding operations, the Company incurred significant net operating  losses.  These losses are expected to result in significant tax net  operating loss carry-forwards.

**Summary of Master Lease Agreements**

The following table sets forth the  number of leases for domestic Wal-Mart and Fred Meyer vision centers that  expire each year, assuming the Company exercises all available options to  extend the terms of the leases.  This table does not include any future  Wal-Mart superstore conversions which are unknown at this time.

**LEASES        EXPIRING IN**

**HOST COMPANY**

**2002(a)**

**2003**

**2004**

**2005**

**2006**

**2007**

**2008 ANDTHEREAFTER**

**|        |        |        |**font>  
Wal-Mart

6

36

44

43

53

62

156

Fred Meyer

–

–

–

–

–

–

55
font>  
Totals

6

36

44

43

53

62

211

(a)  The number of leases  expiring in 2002 includes 1 location that will be closed at the end of the  original lease term. 

**CRITICAL ACCOUNTING POLICIES AND  ESTIMATES**

Management’s Discussion and  Analysis of Financial Condition and Results of Operations discuss the  consolidated financial statements of National Vision, which have been prepared  in accordance with accounting principles generally accepted in the United  States.  The preparation of these  financial statements requires management to make estimates and assumptions  that affect the reported amounts of assets and liabilities and the disclosure  of contingent assets and liabilities at the date of the financial statements  and the reported amounts of revenues and expenses during the reporting period.

On an ongoing basis, management  evaluates its estimates and judgments and incorporates any changes in such  estimates and judgments into the accounting records underlying the Company’s  consolidated financial statements.  Management bases its estimates and  judgments on historical experience and on various other factors that are  believed to be reasonable under the circumstances, the results of which form  the basis for making judgments about the carrying values of assets and  liabilities that are not readily apparent from other sources.  Actual  results may differ from these estimates under different assumptions or  conditions. 

We have identified the policies below  as critical to our business operations and the understanding of our results of  operations.  The impact and any associated risks related to these  policies on our business operations is discussed throughout Management’s  Discussion and Analysis of Financial Condition and Results of Operations where  such policies affect our reported and expected financial results.  For a  detailed discussion on the application of these and other accounting policies,  see Note 2 in the Notes to the Consolidated Financial Statements beginning on  page F-1.

**Revenue Recognition**

In December 1999, the SEC issued  Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial  Statements”.  SAB 101 summarizes the SEC’s view in applying generally  accepted accounting principles to selected revenue recognition issues.   Prior to the adoption of SAB 101, the Company recognized revenues and the  related costs from retail sales when at least 50% of the payment was  received.  In response to SAB 101, the Company is required to recognize  revenue upon delivery of the product.  The amount of cash
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24
   
received at the  time the customer’s order is placed is recorded as a deposit liability and  is presented within accrued liabilities.  The effect of this change in  accounting principle was applied cumulatively as of the beginning of 2000 and  totaled $3.4 million.

Management must make estimates of  potential returns and replacements of all or part of the eyewear sold to a  customer.  We analyze historical remake and warranty activity, consider  current economic trends and changes in customer demand and acceptance of our  products when evaluating the adequacy of our estimate of these costs.   Differences may result in the amount and timing of revenue and related costs  for any period if management made different judgements or utilized different  estimates.

**Allowance for Uncollectible  Receivables under Reimbursement Plans**

Managed care accounts receivable are  reduced by an allowance for amounts that may become uncollectible in the  future.  Substantially all of the Company’s receivables are due from  health care plans or third-party administrators located throughout the United  States.  Approximately 12% of the Company net sales from ongoing  businesses relate to products sold to customers that ultimately will be funded  in full or in part through private insurance plans, third party insurance  administration programs or government reimbursement programs such as Medicare  and Medicaid.  Failure by the Company to accurately file for  reimbursement on a timely basis with these programs can have an adverse affect  on the Company’s collection results which, in turn, will have an adverse  affect on liquidity and profitability.

Estimates of our allowance for  uncollectible receivables are based on our historical collection experience,  historical and current operating, billing and collection trends and a  percentage of our receivables by aging category.  Changes in our billing  and collection processes, changes in funding policies by insurance plans and  changes in our sales mix within insurance plans may have a material affect on  the amount and timing of our estimated expense requirements.

**Valuation of long-lived and  intangible assets**

We assess the impairment of  identifiable intangibles and long-lived assets on an annual basis and whenever  events or changes in circumstances indicate that the carrying value may not be  recoverable.  Factors we consider important, which could trigger an  impairment review include (1) a significant underperformance of vision center  operations relative to expected historical or projected future operating  results; (2) significant changes in the manner of our use of Company assets or  the strategy for our overall retail optical business; (3) significant negative  industry or economic trends; and (4) a permanent adverse change in cash flows  generated by an operation.

If we determine that the carrying  value of intangibles or long-lived assets may not be recoverable based upon  the existence of one or more of the above indicators of impairment, we measure  any impairment based on a projected cash flow model.  If the projected  cash flows are not in excess of the book value of the related asset, we  measure the impairment based on a projected undiscounted cash flow  method.  Significant management judgement is required regarding the  existence of impairment indicators as discussed above.  Future events  could cause us to conclude that impairment indicators exist and that  long-lived assets or intangible assets are impaired.  Any resulting  impairment loss could have a material adverse impact on our financial  condition and results of operations.

**Accounting for Stock Options**

At a meeting held on October 25,  2001, the Compensation Committee of the Board of Directors awarded stock  options and performance shares to approximately 530 employees and outside  directors.  Stock options covering 348,750 shares were awarded, at a  strike price of $0.40 per share, the price at which common stock of the  Company closed on October 25, 2001.  The options vest on the seventh  anniversary of the grant date; however, vesting may be accelerated in the  event the Company attains defined performance goals set by the Board of  Directors.  Because the number of shares and the per share strike price  are not subject to uncertainty, the option plan qualifies for fixed accounting  treatment.  As a result, the Company does not record compensation expense  in connection with the granting of the stock options.  If accounting  standards change, and the stock options were to receive variable accounting  treatment, the Company would periodically record compensation expense over the  vesting period of the stock options equal to the spread between the strike  price and the trading price of the common stock.  Note 14 to the  financial statements sets forth information regarding the Pro Forma impact of  stock options on net income and basic and diluted earnings per share.

**Accounting for income taxes**

As part of the process of preparing  our consolidated financial statements we are required to estimate our income  taxes in each of the jurisdictions in which we operate.  This process  involves estimating our actual current tax exposure together with assessing  temporary differences resulting from differing treatment of items, such as  equipment depreciation, for tax and accounting purposes.  These  differences result in deferred tax assets and liabilities, which are included  within our consolidated balance sheet.  We must then assess the  likelihood that our deferred tax assets will be recovered from future taxable  income and to the extent we believe that recovery is not likely, we must  establish a valuation allowance.  To the extent we establish a valuation  allowance or increase this allowance in a period, we must include an expense  within the tax provision in the statement of operations. 
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The Company emerged from Chapter 11  Bankruptcy on May 31, 2001.  As part of the emergence Plan, the Company’s  capital structure was highly leveraged with $120 million of senior notes with  interest payable at 12% per annum.  Before, during and after the  bankruptcy process, the Company incurred significant net operating losses (“NOL”)  that result in tax loss carry-forwards.  A portion of these  carry-forwards are subject to limitations under section 382 of the Internal  Revenue Code.

Generally accepted accounting  principles require that we record a valuation allowance against the deferred  tax asset associated with this NOL if it is “more likely than not” that we  will not be able to utilize it to offset future taxes.  Due to the size  of the NOL carry-forward in relation to our history of unprofitable operations  and the continuing uncertainties surrounding the profitability of our ongoing  retail businesses taking into consideration the highly leveraged capital  structure within which we operate as discussed above, we have not recognized  any of this net deferred tax asset.  We currently provide for income  taxes only to the extent that we expect to pay cash taxes for current income.

It is possible, however, that we  could be profitable in the future at levels which cause management to conclude  that it is more likely than not that we will realize all or a portion of the  NOL carry forward.  Upon reaching such a conclusion, we would immediately  record the estimated net realizable value of rate equal to our combined  federal and state effective rates.  Subsequent revisions to the estimated  net realizable value of the deferred tax asset could cause our provision for  income taxes to vary significantly from period to period, although our cash  tax payments would remain unaffected until the benefit of the NOL is utilized.

**Other Accounting Policies**

The above listing is not intended to  be a comprehensive list of all of our accounting policies.  In many  cases, the accounting treatment of a particular transaction is specifically  dictated by generally accepted accounting principles, with no need for  management’s judgment in selecting any available alternative would not  produce a materially different result.  See our audited consolidated  financial statements and notes thereto which begin on page F-1 of this Annual  Report on Form 10-K which contain accounting policies and other disclosures  required by generally accepted accounting principles.

 

**RISK FACTORS**

This Form 10-K contains a number of  statements about the future. It also contains statements which involve  assumptions about the future.  All these statements are forward looking  statements within the meaning of the Private Securities Litigation Reform Act  of 1995.  Forward-looking statements represent our expectations or belief  concerning future events, including the following:

any statements regarding future sales  levels, the continuation of historical trends, and the Company’s  liquidity.  Without limiting the foregoing, the words believes,  anticipates, plans, expects, and similar expressions are intended to identify  forward-looking statements.

We do not know whether the  forward-looking statements made in this Form 10-K will prove to be  correct.  We have tried to identify factors which may cause these  statements to be incorrect, but we may not have identified all of them.   These factors could also have a negative impact on our results.  The  following is our non-exclusive list of these factors:

**Our recent emergence from  bankruptcy may adversely affect our relationships with our vendors and  customers.**

On May 31, 2001, we emerged from  bankruptcy.  Our various relationships with our vendors and our customers  may be adversely affected by our past reliance on the protections afforded by  Chapter 11.  In addition, we continue to go through the process of  resolving some claims by potential unsecured creditors pursuant to our rights  under the bankruptcy plan.  The process may divert the time and resources  of our management that could otherwise be used in running our business.

**Our substantial indebtedness could  adversely affect our financial health and prevent us from fulfilling our  obligations under our notes.**

As a result of the issuance of our  notes, we are highly leveraged. The notes are subordinated to our credit  facility. Assuming the issuance of all of our notes and after giving effect to  the establishment of our credit facility, we had:
- total indebtedness of $120 million      represented by the notes, and
- total availability, as of March 1,      2002, of $1.8 million under our credit facility, after letter of credit      requirements.

Our ability to pay or refinance our  indebtedness, including our ability to repay the notes, or to fund capital  expenditures will depend on our future performance. This, to a certain extent,  is subject to general economic, financial, competitive, legislative,  regulatory and other factors that are beyond our control.

Based upon our current level of  operations, we believe that our cash flow from operations, available cash, and  available borrowings under our credit facility, will be adequate to meet our  future liquidity needs for at least the next two years. A decrease in  revenues, coupled with the borrowing base limitation contained in our credit  facility, could require us to postpone capital expenditures.
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26
   
We cannot assure you that our  business will generate sufficient cash flow from operations, that revenue  growth will be realized or that future borrowings will be available under our  credit facility in an amount sufficient to enable us to pay our indebtedness,  including the notes, or to fund our other liquidity needs.

Our substantial indebtedness could  have important consequences to you. For example, it could:
- make it more difficult for us to      satisfy our obligations under the notes,
- increase our vulnerability to      general adverse economic and industry conditions,
- limit our ability to obtain      additional financing to fund future working capital, capital expenditures      and other general corporate requirements,
- require us to dedicate a      substantial portion of our cash flow from operations to the payment of our      indebtedness, thereby reducing the availability of our cash flow to fund      working capital, capital expenditures or other general corporate purposes,
- limit our flexibility in planning      for, or reacting to, changes in our business and our industry,
- place us at a competitive      disadvantage compared to competitors that have less debt, and
- limit, along with the financial      and other restrictive covenants in our indebtedness, our ability to borrow      additional funds. Our failure to comply with the covenants in the      indenture under which our notes were issued or our credit facility would      result in an event of default which, if not cured or waived, could have a      material adverse effect on us.

**A substantial number of our vision  centers are located in Wal-Mart stores. Our ability to continue to generate  revenue depends on our continued relationship with Wal-Mart.**

In connection with our emergence from  Chapter 11 reorganization, we have sold all of our free standing vision  centers.  We are substantially dependent on Wal-Mart and its affiliates  for our current operations. The following chart shows, as of December 29,  2001, the number of our vision centers that are in Wal-Mart stores and the  total number of our vision centers:

Category           

Number

Total Vision Centers

514

Wal-Mart Locations  

400

Wal-Mart Mexico  

35

In addition, vision centers located  in Wal-Mart stores accounted for substantially all of the earnings before  interest, taxes, depreciation and amortization of the vision centers that we  continue to own after the sale of our free standing vision centers for the  fiscal year ended December 29, 2001. Vision centers in Wal-Mart stores rely  largely on customer traffic generated by the Wal-Mart host store. Our  agreement with Wal-Mart does not require Wal-Mart to maintain any existing  Wal-Mart store or to open new ones.

Our agreement with Wal-Mart gives us  the right to open at least 400 vision centers, including those already open.  We have reached that number. Wal-Mart is under no obligation to provide us  with additional vision center leases. However, our agreement with Wal-Mart  also provides that, if Wal-Mart converts its own store to a “supercenter,”  which is a store that contains a grocery department in addition to the  traditional Wal-Mart store offering, and relocates our vision center as part  of the conversion, the term of our lease begins again. We believe that  Wal-Mart may in the future convert many of its stores and thereby cause many  of our leases to start again. There were 12 conversions of Wal-Mart stores in  which we run vision centers into “supercenters” in the year 2001, and 32  of these conversions prior to 2001. We have received no assurances from  Wal-Mart as to how many of their locations will ultimately be converted.

Our agreement with Wal-Mart provides  for a nine-year base term at each vision center that begins at opening and  gives us a three-year extension option. Wal-Mart is under no obligation to  provide us with any further extensions. Forty-six vision centers have base  terms that expired in 2001 under our Wal-Mart agreement, all of which have  been extended, and another forty-five have base terms that expire in 2002,  which we have the option to extend. More base terms will expire in subsequent  years. As each base term expires, we determine whether to exercise our  three-year extension options for our Wal-Mart vision centers. We make those  decisions based upon various factors, including, for example:
- the sales levels of each vision      center,
- the estimated future profitability      of each vision center, and
- the increased minimum license fees      charged by Wal-Mart during the option period.

We must exercise our extension option  for any Wal-Mart vision center at least six months before its initial license  expires. We expect to extend the licenses for a substantial majority of these  vision centers. We cannot assure you, however, how many licenses we will  actually extend.

In each of the next several years,  increasing numbers of vision centers under our Wal-Mart agreement will have  their base terms expire. Our rental obligations to Wal-Mart will increase in  the three-year option period. We will need to continue to improve sales at
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these vision centers. If we do not, our rent as a percent of sales will  increase significantly during the option period. Alternatively, we may choose  not to exercise the extension options.

We cannot control our expansion in  our host stores, including Wal-Mart, beyond those currently under contract.  Although we periodically discuss expansion opportunities with each host, we  cannot assure you that any host will offer to extend our current agreements or  offer us additional vision centers. Nor can we assure you that any renewal or  new store offer will be on terms similar to those in our current agreements.  Wal-Mart operates its own optical division.  Wal-Mart may, in the future,  allocate its future vision centers entirely to its own optical division.

**Our lack of growth could make it  difficult for us to make payments on our notes, and could adversely affect the  price of our common stock.**

Average revenues in our Wal-Mart  vision centers are approximately $540,000 per center per year. Average  revenues in the other vision centers that we continue to own after the sale of  our free standing vision centers are less than $300,000 per center per year.  The expiration of our leases with Wal-Mart will cause a reduction in our  revenues, which we may not be able to replace with revenues generated by other  vision centers.

Our sales revenues could decrease in  the future as Wal-Mart leases expire. It is unlikely that we will be able to  open enough new vision centers under our Fred Meyer and military contracts to  compensate for the loss of the revenues generated by Wal-Mart vision centers  for which our leases expire. We expect that our expenses, however, will  increase over time. A combination of lower sales and higher expenses would  adversely affect our ability to repay or refinance our notes, which could have  an adverse effect on the price of our common stock.  A continuation of  the 2001 flat sales levels would also have an adverse impact.

**The use of net operating loss  carry-forwards may be subject to limitations.**

In conjunction with our historical  results from operations, emergence from Chapter 11 and the disposition of our  free standing operations, we incurred significant net operating losses. These  losses are expected to result in significant net operating loss  carry-forwards, the amount of which has not yet been finally determined.  Our  net operating losses that were realized prior to our emergence from  Chapter 11 are subject to substantial limitation under Section 382 of the  Internal Revenue Code of 1986.   If our  net operating losses  realized after our emergence from Chapter 11 are subject to substantial  limitation because of a future change of control of the company or for other  reasons, our cash tax costs  would increase and have an adverse effect on  our ability to repay the notes.

**Your right to receive payments on  our notes will be junior to our borrowings under our credit facility, which  could adversely affect our ability to pay off the notes.**

Our indebtedness under our credit  facility is secured by liens against substantially all of our assets. In the  event of a default on our secured indebtedness, or a bankruptcy, liquidation  or reorganization of the company and our subsidiaries, these assets will be  available to satisfy obligations with respect to the secured indebtedness  before they can be used to satisfy our obligations under our notes.   Therefore, there may be insufficient assets remaining for us to pay off the  notes in full.

**The terms of our credit facility  and the indenture under which our notes were issued restrict our corporate  activities.**

Our credit facility contains various  restrictive covenants and requires us to maintain specified financial ratios  and satisfy financial tests, such as:
- minimum requirements of earnings      before interest, taxes, depreciation and amortization in our credit      facility of (1) $6 million for the fiscal quarter ending September 29,      2001, (2) $11 million for the two fiscal quarters ending December 29,      2001, (3) $17 million for the three fiscal quarters ending March 30, 2002,      and (4) $19.6 million for the four fiscal quarters ending June 29, 2002      and for each four quarter period ending on the last day of each fiscal      quarter for the remainder of the term of our credit facility, and
- minimum fixed charge coverage      ratios of 1.0 to 1.0.

Our ability to meet these financial  ratios and tests may be affected by events beyond our control, and we cannot  assure you we will meet these tests. In addition, our credit facility and our  indenture limit our ability to take action with respect to:
- capital expenditures,
- investments,
- indebtedness,
- liens,
- dividends,
- loans,
- prepayments of other indebtedness,
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   - mergers, acquisitions or sales of      assets,
- changes in business activities,
- transactions with affiliates, and
- issuance of equity.

Our breach of any of these covenants  could result in an event of default under our credit facility. If a default  occurs, our lender can declare our indebtedness, both principal and interest,  immediately due and payable, and could terminate its commitment to make future  advances. In addition, a default under the indenture could cause the principal  and accrued interest on the notes to become due and payable. The restrictions  in the indenture and the credit facility will likely restrict our ability to  obtain additional financing for working capital, capital expenditures or  general corporate purposes. Our indebtedness requires substantial debt service  payments and, with respect to the indenture, mandatory redemptions of  principal, which may restrict our ability to use our operating cash flow for  capital expenditures and other working capital requirements. We have pledged  substantially all of our assets under our credit facility and under the  indenture. If we fail to repay all amounts declared due and payable, our  lender and then the holders of our notes could proceed against the collateral  granted to it to satisfy our obligations. It is likely that our assets would  be insufficient to repay in full that indebtedness and our other indebtedness,  including the notes.

**We are required by our indenture  to make mandatory redemptions of principal owing on our notes if we generate  excess cash flow, which may have an adverse impact on our common stock.**

The indenture requires mandatory  redemptions of principal out of the excess cash flow that we may generate  biannually.   There can be no assurances that we will generate  enough excess cash flow to make any mandatory redemptions. Prepayments of  principal on the notes, if any, will prevent us from having excess cash to  reinvest in our business, and could adversely affect the price of our common  stock.

**Further issuances of our common  stock and our notes could adversely affect their trading prices.**

We issued a total of 5,000,000 shares  of our common stock and $120,000,000 aggregate principal amount of our notes  to creditors pursuant to the Plan. As of the March 1, 2002, less than all of  the shares of common stock and the notes have been distributed to creditors  who can trade them on The American Stock Exchange. Some of the shares of  common stock and notes have been held in reserve for distribution to creditors  upon the resolution of claims that we have disputed in the bankruptcy court.  Although no issuances of securities other than pursuant to the Plan are  currently contemplated (except grants of stock options or other stock awards  pursuant to employee benefit plans that are in place) further issuances of our  common stock and notes in the future could take place. These issuances could  cause adverse changes in the trading prices of the common stock and the notes.

**The holders of our common stock  may exercise significant control over us.**

Former holders of our old Senior  Notes due 2005 held a large majority of our unsecured debt in bankruptcy, and  thus are the initial holders of a majority of our common stock. If holders of  significant numbers of shares of our common stock act as a group, these  holders could be in a position to control the outcome of corporate actions  requiring shareholder approval, including the election of directors.

**Holders of our common stock and  our notes may elect to sell large blocks of common stock or notes, which may  have an adverse effect on the price of our common stock and our notes.**

Our former unsecured creditors  received our common stock and our notes in exchange for their claims against  us. Some or all of the holders of our common stock and notes may prefer to  liquidate their investment rather than hold the securities on a long-term  basis. The possibility that one or more of the holders of significant numbers  of shares of our common stock or a large principal amount of our notes may  determine to sell all or a large portion of their shares of our common stock  or their notes in a short period of time may adversely affect the market price  of the common stock or notes. Partially for that reason, there can be no  assurance as to the degree of price volatility in any trading market that may  develop for the common stock and the notes. As a result, no assurance can be  given that any holder of our common stock or our notes will be able to sell  them or at what price any sale may occur. No assurance can be given as to the  market price, if any, that will prevail for our common stock in the future. If  a market were to exist for our notes, they may trade at prices higher or lower  than their face value, depending upon many factors, including, without  limitation, the prevailing interest rates, markets for similar securities,  industry conditions and the performance of, and investor expectations for us.

Our common stock and our notes have  all been issued but not distributed. Further distributions will be made  pursuant to the bankruptcy plan as disputed claims are resolved. Distributions  of our common stock and our notes to people that decide to sell them  immediately could cause sudden adverse changes in the trading prices of our  common stock and our notes.
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**The public market for our  securities has existed for a limited period of time.**

Our common stock was previously  listed on the NASDAQ Small Cap Market under the ticker symbol “VSTA.” It  was delisted on May 9, 2000 because its price dropped below $1.00 for a period  of 30 days. Pursuant to the bankruptcy plan, the old shares of our stock were  deemed cancelled, terminated, and of no further force and effect as of May 31,  2001. 5,000,000 shares of our common stock were issued in accordance with the  terms of the Plan. The public market for our common stock was initiated by  listing on the AMEX on August 27, 2001, and the public market for our notes  was initiated by listing on the AMEX on August 27, 2001. The price of our  common stock has declined very significantly since its original listing date.  There can be no assurance that an active trading market for our common stock  or our notes will develop or be sustained or that the market price of our  common stock or our notes will not further decline.

**Our common stock may be delisted  from The American Stock Exchange, referred to as the AMEX, if it does not  maintain certain listing standards.**

Our recent operating history,  including our filing of and emergence from Chapter 11, has caused the price of  our securities to be depressed. In addition, the general market for securities  has been severely depressed in recent quarters. The price of our common stock  has declined very significantly since its original listing date. The rules of  the AMEX allow the exchange to delist securities if the AMEX determines that a  company’s securities fail to meet guidelines with respect to corporate net  worth, public float, number of shareholders, the aggregate market value of  shares, or price per share. In light of our recent operating history  specifically, and the market conditions for stocks in general, we cannot  assure purchasers of our common stock or notes that we will continue to meet  the requirements of the AMEX. If we are unable to continue to satisfy these  criteria, the AMEX may begin procedures to remove our common stock or notes  from the exchange. If our common stock or notes are delisted, a trading market  may no longer exist, and the ability of shareholders to buy and sell common  stock or notes may be materially impaired.

**We have not declared dividends in  the past, and do not anticipate doing so in the near future, which may  adversely affect the price of our common stock.**

Our credit facility and our indenture  prohibit the payment of cash dividends without the consent of the lender and  the holders of the notes, respectively. We have never declared or paid any  dividend on our capital stock. We currently anticipate that all of our  earnings, if any, will be retained for payment of the principal amount of the  notes, and then for development of our business, and do not anticipate paying  any cash dividends in the foreseeable future. 

**A change in interest rates could  adversely affect us.**

We have historically borrowed  long-term debt under our credit facility at variable interest rates. We  therefore incur the risk of increased interest costs if interest rates rise.

**The retail eyecare industry is  extremely competitive. Failure to attract customers will depress our earning  and may adversely affect our ability to repay the notes and the price of our  common stock.**

 

The retail eyecare industry is  extremely competitive. We compete with national companies such as Lenscrafters  and Cole; we also compete with numerous regional and local firms. In addition,  optometrists, ophthalmologists, and opticians provide many of the same goods  and services we provide. The level and intensity of competition can vary  dramatically depending on the particular market. We believe that we have  numerous competitive advantages, such as our everyday low pricing, product  selection, and quality and consistency of service.

We also compete for managed care  business. Our competition for this business is principally the larger national  and regional optical firms. Competition for this business is driven by size of  provider network, quality and consistency of service, and by pricing of vision  care services.  Successful renewals of certain existing third-party  contracts are integral to maintaining sales revenues. 

Several of our competitors have  significantly greater financial resources than we do. As a result, they may be  able to engage in extensive and prolonged price promotions which may adversely  affect our business. They may also be able spend more than we do for  advertising. If we are not able to maintain our market share of the retail  optical industry, our business will suffer. A decline in our earnings could  adversely affect the price of our common stock and the notes, and our ability  to repay the notes

**Federal and state governments  extensively regulate the health care and insurance industries. A finding that  we have violated existing regulations, or future adverse changes in those  regulations, could negatively affect our business and its prospects, our  ability to repay the notes, and the price of our common stock and our notes.**

Both federal and state governments  extensively regulate the delivery of health care, including relationships  among health care providers such as optometrists and eyewear providers like  us. Many states prohibit business corporations from practicing medicine or  controlling the medical judgments or decisions of physicians. States often  also prohibit various financial arrangements, such as
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splitting fees with  physicians. The legality of our relationships with opticians and independent  optometrists has been and may continue to be challenged from time to time.  Regulations vary from state to state and are enforced by both courts and  regulatory authorities, each with broad discretion. A ruling that we have  violated these laws could, for example, result in:
- censure,
- delicensing of optometrists,
- civil or criminal penalties,      including large civil monetary penalties,
- invalidation or modification of      our agreements with optometrists and opticians, or
- an order requiring us to change      our business practices.

These consequences could have an  adverse effect on our business, which could impact the price of our common  stock and notes and impact our ability to repay the notes. Also, changes in  our relationships with independent optometrists and opticians could adversely  affect our relationship with Wal-Mart or our other host stores. Local  ordinances (such as zoning requirements) can also impose significant burdens  and costs of compliance. Frequently, our competitors sit on state and local  boards. Our risks and costs of compliance are often increased as a result. All  of these matters could cause our business to suffer, our ability to repay the  notes to be adversely affected, and the trading price of our common stock and  notes to decline.

In California, optometrists who  practice adjacent to our retail locations are providers to and subtenants of a  subsidiary, which is licensed as a single-source HMO.  This subsidiary is  regulated by the Department of Managed Health Care.  This agency has  recently required that we change our way of doing business.  This new way  of doing business will increase our costs in California.  There is no  assurance that the Department will find our new way of business  satisfactory.  Our costs of compliance could continue to increase as a  result.  Depending on its views, this Department could also seek to  revoke our HMO license.  Such a revocation would have a material adverse  impact on our business.  On a general basis, the regulatory environment  in California has become more difficult, and future actions of regulatory  agencies or private parties could worsen this trend.  Such actions could  force us to change the way we do business, to incur significant expense in  litigation and compliance efforts, and could have a material adverse impact on  us.

The fraud and abuse provisions of the  Social Security Act and anti-kickback laws and regulations adopted in many  states prohibit soliciting, paying, receiving or offering any compensation for  making, or causing someone to make, referrals of patients, items or services  in some circumstances. The Social Security Act also imposes significant  penalties for false or improper Medicare and Medicaid billings. Many states  have adopted similar laws applicable to any payor of health care services. We  must also comply with federal laws such as the Health Insurance Portability  Act of 1996 (which governs our participation in managed care programs) and the  Food and Drug Administration Act (which regulates medical devices such as  contact lenses). In addition, the Stark Self-Referral Law restricts referrals  for Medicare or Medicaid covered services where the referring physician has a  financial relationship with the service provider. In some cases, the rental of  space constitutes a financial relationship under this law. Many states have  adopted similar self-referral laws which are not limited to Medicare or  Medicaid reimbursed services. Violations of these laws may result in  substantial civil or criminal penalties, including double and treble civil  monetary penalties, and in the case of federal laws, exclusion from the  Medicare and Medicaid programs. These kinds of exclusions and penalties, if  applied to us, could have a material adverse effect on our business, which  could adversely affect the price of our common stock and our notes, and our  ability to repay the notes.

**We do not have employment  agreements with key management. The departure of key executives could  adversely affect our business.**

We depend on the continuing efforts  of our executive officers and senior management. The departure of these  individuals in significant numbers could adversely affect our business and  prospects if we are unable to attract and retain qualified replacements. We do  not currently have employment agreements with any personnel, including key  executive officers and management. However, we offer our executives and  management bonus and stock-based incentives related to our performance.

**Failure to have independent vision  care professionals available in or near our vision centers would adversely  affect our ability to win managed care and host store contracts, and could  prevent us from operating in some states.**

Our business and marketing strategies  emphasize the availability of independent optometrists in close proximity to  our vision centers. Typically, we contract with at least one licensed  optometrist to occupy a space in or adjacent to each of our stores.  Additionally, our agreement with Wal-Mart contemplates that we will make  optometrists available at least 48 hours per week if permitted by law. Some  states require that licensed opticians be present when eyeglasses or contact  lenses are fitted or dispensed. In some markets it may be difficult for us to  attract and retain optometrists if our vision centers generate low sales. Any  difficulties or delays in securing the services of vision care professionals  could adversely affect our business and our relationship with our host stores.  Consequences of difficulty or delay could include termination of our host  store licenses for those vision centers, and imposition of legal sanctions  against us, including closure of vision centers without licensed  professionals.

**Our retail business may suffer if  we fail to keep sufficient licensed optometrists available in our vision  centers, which may adversely affect our ability to repay our notes and the  price of our common stock and notes.**

Historically, if there is no licensed  optometrist available to give eye exams, our retail business has suffered. In  some markets, it can be difficult to hire or keep vision care professionals on  staff in our vision centers. Failure to maintain a staff of qualified vision  care
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professionals may cause our customers to go elsewhere to provide for  their optical needs, which would have an adverse effect on our business.

**Our success increasingly depends  on our ability to develop and maintain relationships with managed vision care  companies.**

An increasing percentage of patients  receive health care coverage through managed care payors. As this trend  continues, our success will increasingly depend on our ability to negotiate  contracts with health maintenance organizations referred to as HMOs, employer  groups and other private third party payors. We cannot assure you that we will  be able to establish or maintain satisfactory relationships with managed care  and other third party payors. Many managed care payors have existing provider  structures in place that they may be unable or unwilling to change. Our  inability to enter into arrangements with managed care payors in the future  could have a material adverse affect on our business.

We have established a network of  optometrists and other providers located in or adjacent to our stores in order  to enhance our ability to contract with managed care payors for both  professional services and retail eyewear supplies. Currently, approximately  12% of our revenues are received from managed care payors. We expect this  percentage to increase in the future. Managed care contracts include a variety  of reimbursement methods, such as capitation and fee for service or discounts.  Our contracts with managed care companies on the one hand, and with networks  of optometrists and other providers on the other, are subject to federal and  state regulations, for example:

*Insurance Licensure.*Most  states impose strict licensure requirements on companies that engage in the  business of insurance, including health insurance companies and HMOs. Many  licensing laws mandate strict financial and other requirements which we may  not be able to meet, were we deemed to be an engaging in the business of  insurance. Additionally, the licensure process can be lengthy and time  consuming.

*Any Willing Provider Laws.*Some  states require managed care payors to include any provider who is willing to  abide by the terms of the payor’s contracts. Some states also prohibit  termination of providers without cause. Other states are considering  similar requirements. These kinds of laws limit our ability to develop  effective managed care provider networks.

*Antitrust Laws.*A  range of antitrust laws apply to us and our provider network. These laws  prohibit anti-competitive conduct, including price-fixing, concerted refusals  to deal, and divisions of markets. We cannot assure you that our operations  will not be challenged on antitrust grounds in the future.

**Proposed reforms may affect our  earnings and may adversely affect our business.**

There have been numerous reform  initiatives at the federal and state levels relating to the payment for and  availability of healthcare services. We believe that these initiatives will  continue for the foreseeable future. If adopted, some of these reforms could  adversely affect our earnings, and may adversely affect our business.

**We rely on third parties to pay  many of our customers’ costs.**

A significant portion of medical care  in the United States is funded by government and private insurance programs,  such as Medicare, Medicaid and corporate health insurance plans. According to  government projections, more medical beneficiaries who are significant  consumers of eye care services will enroll in managed care organizations.  Governmental and private third party payors are trying to
- contain medical costs by:
- lowering reimbursements,
- imposing use restrictions and      risk-based compensation arrangements,
- redesigning benefits, and
- exploring more cost-effective      methods of health care delivery.

These cost containment efforts may  lead to limitations or reductions in reimbursement for eye care services,  which would adversely affect our future sales. Additionally, some  reimbursement programs require us to collect payment from third party payors.   Our inability to fully collect reimbursable amounts could adversely affect  cash flow generated from operations.

We depend on reliable and timely  reimbursement of claims we submit to third party payors. There are risks we  may not be paid on a timely basis, or that we will be paid at all. Some plans  have complex forms to complete. Sometimes our staff may incorrectly complete  forms, delaying our reimbursement. These delays can hurt our cash flow and  also force us to write-off more of these accounts receivable.
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**New advances may reduce the need  for our products or allow other manufacturers to produce eyewear at lower cost  than we can.**

Technological advances in the eyecare  industry, such as new surgical procedures or medical devices, could reduce the  demand for our products. Corneal refractive surgery procedures such as laser  surgery, radial-keratotomy and photo-refractive keratectomy may change the  demand for our products. The development of new drugs may have a similar  effect. Technological advances such as wafer technology and lens casting may  make our current lens manufacturing method uncompetitive or obsolete. The  number of individuals electing Lasik and similar surgical procedures has  dramatically increased each year, which could significantly decrease demand  for our goods and services. These and other medical and technological advances  may have a material adverse effect on our operations.

**We have begun to roll out a new  point of sale system, which may cause us to lose sales.**

We have begun to roll out a new point  of sale system. Although we have not experienced any problems to date, there  are risks that the new system will not function as planned. In addition, we  could lose sales because employees are unfamiliar with the system or because  they have difficulty using it.

**A prolonged economic downturn  could have an adverse impact on us.**

We believe that a weakening economy  may cause an increase in the period of time between repurchases of our retail  products by the average consumer, since customers may see replacement  purchases of eyeglasses and contact lenses as non-essential. An extension of  the repurchase cycle for our retail products would reduce the number of sales  of our retail products. Lower sales of our retail products would reduce our  revenues, which could adversely affect both our ability to pay off the notes  and the price of our common stock and notes.

**Operating in other countries  presents special risks that may affect our results of operations.**

Our Mexican operations face risks  substantially similar to those we face in our Wal-Mart stores, including  dependence on the host store and limits on expansion. We cannot assure you  that our Mexican operations will be able to attain profitability.

Our foreign operations expose us to  all of the risks of investing and operating in foreign countries generally,  including:
- differing regulatory, political      and governmental environments,
- currency fluctuations,
- high inflation,
- price controls,
- restrictions on profit      repatriation,
- generally lower per capita income      and spending levels,
- import duties and value-added      taxes, and
- difficulties of cross-cultural      marketing.

**Our Articles of Incorporation,  By-Laws and shareholder rights agreement contain provisions that make it more  difficult to effect a change in control of the company, which may adversely  affect the price of our common stock.**

Provisions of our Articles of  Incorporation and By-Laws could discourage tender offers or other transactions  that would result in shareholders receiving a premium over the market price  for our common stock. These include provisions:
- authorizing the issuance of      preferred stock without shareholder approval,
- requiring a supermajority      shareholder vote in various circumstances,
- restricting who may call a special      meeting of shareholders,
- permitting our board of directors      to consider constituencies in addition to the shareholders, and
- requiring shareholders to comply      with various procedures in connection with any shareholder proposals or      director nominations.

Our shareholder rights agreement  provides us with a defensive mechanism that decreases the risk that a hostile  acquirer will attempt to take control of us without negotiating directly with  our board of directors. It is meant to prevent an acquirer from gaining  control of us by paying an inadequate price or by using coercive techniques.  The shareholder rights agreement may discourage acquirers from attempting to  purchase us, which may adversely affect the price of our common stock.
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**We may not have the ability to  raise the funds necessary to finance the change of control repurchase  contemplated by our indenture.**

Upon some changes of control of the  company, holders of our notes have the right to require us to repurchase all  or a portion of the notes. If a change of control occurs, we cannot assure you  that we will have sufficient funds to repurchase all of the notes tendered.

Our failure to repurchase tendered  notes would be an event of default under our indenture. Changes of control are  also restricted by, and constitute a default under, our credit facility. If  the lender under our credit facility were to accelerate our obligations due to  a default, it would have a priority claim to the proceeds from the sale of our  assets that secure the credit facility.

**Our adoption of “Fresh Start”  accounting may make evaluating our financial position and results of  operations, as compared to prior periods, more difficult.**

Due to our emergence from bankruptcy  pursuant to the Plan, we implemented “fresh start” accounting as of  June 2, 2001. In accordance with fresh start accounting, all assets and  liabilities were restated to reflect their respective fair values.  As a  result, the consolidated financial statements for our reorganized company  starting on and going forward from June 2, 2001 will not be comparable to our  consolidated financial statements for the periods prior to June 2, 2001. The  change in our accounting principles may make it more difficult to compare our  operations to prior periods.

**Our operating history since our  emergence from bankruptcy may be insufficient to evaluate our financial  condition based on our financial statements.**

Our operating history since we  emerged from bankruptcy is limited.  Our financial statements since the  implementation of “fresh start” accounting may be insufficient to draw  proper conclusions about our future ability to generate profits and to make  payments on the notes.

**RECENT ACCOUNTING PRONOUNCEMENTS**

In July 2001,the Financial Accounting  Standards Board (“FASB”) issued Statement of Financial Accounting  Standards (“SFAS”) No. 141, “Business Combinations” and SFAS No. 142,  “Goodwill and Other Intangible Assets.”  SFAS No. 141 requires  business combinations initiated after June 30, 2001 to be accounted for using  the purchase method of accounting, and broadens the criteria for recording  intangible assets separate from goodwill.  SFAS No. 142 requires the use  of a non-amortization approach to account for purchased goodwill and certain  intangibles, effective January 1, 2002.  We do not believe that the  adoption of these pronouncements will have a material impact on our financial  statements.  The FASB also recently issued SFAS No. 143, “Accounting  for the Impairment or Disposal of Long-Lived Assets.”  Statement No.  143 requires the recognition of a liability for the estimated cost of disposal  as part of the initial cost of a long-lived asset.  Statement No. 144  supersedes Statement No. 121 to supply a single accounting approach for  measuring impairment of long-lived assets, including segment of a business  accounted for as a discontinued operation or those to be sold or disposed of  other than by sale.  We must adopt Statement No. 143 in 2003 and  Statement No. 144 in 2002.  We believe that adopting these pronouncements  will not have a material impact on our financial statements. 

In December 1999, the SEC issued  Staff Accounting Bulletin No. 101, Revenue Recognition in Financial  Statements. SAB 101 summarizes the SEC’s view in applying generally accepted  accounting principles to selected revenue recognition issues. We applied the  guidance in SAB 101 to our financial statements in 2000. The impact has been  reflected as a cumulative effect adjustment to our consolidated financial  statements resulting from a change in accounting principles.

In 1998, the FASB issued SFAS No. 133  (SFAS No. 133), Accounting for Derivative Instruments and Hedging Activities.  SFAS No. 133 is effective in fiscal 2001. The Company has no derivatives.

**ITEM  7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Market Risk**

Market risk is the potential change  in an instrument’s value caused by, for example, fluctuations in interest  and currency exchange rates. The Company’s primary market risk exposures are  interest rate risk and the risk of unfavorable movements in exchange rates  between the U.S. dollar and the Mexican peso. Monitoring and managing these  risks is a continual process carried out by senior management, which reviews  and approves the Company’s risk management policies. We manage market risk  on the basis of an ongoing assessment of trends in interest rates, foreign  exchange rates, and economic developments, giving consideration to possible  effects on both total return and reported earnings. The Company’s financial  advisors, both internal and external, provide ongoing advice regarding trends  that affect management’s assessment.
font>
34
   
**Interest Rate Risk**

The Company borrows long-term debt  under our credit facility at variable interest rates. (See Note 8 to  Consolidated Financial Statements.) We therefore incur the risk of increased  interest costs if interest rates rise.  At December 29, 2001, the Company  had no outstanding borrowings under its credit facility.

**ITEM  8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

The Consolidated Financial Statements  of the Company are included as a separate section of this Report commencing on  page F-1.

**ITEM 9. DISAGREEMENTS ON  ACCOUNTING AND FINANCIAL DISCLOSURE**

None.
font>
35
   
PART III

**ITEM 10. DIRECTORS AND EXECUTIVE  OFFICERS OF THE REGISTRANT**

The Company incorporates by reference  herein the section entitled “Election of Directors”  in the Company’s Proxy Statement to be mailed to shareholders in connection  with the Company’s 2002 annual meeting.

 

**font size="2">ITEM 11. EXECUTIVE COMPENSATION**
font>  
The Company incorporates by reference  herein the section entitled “Compensation of Executive Officers” in the Company’s Proxy Statement  to be mailed to shareholders in connection with the Company’s 2002 annual  meeting.

 

**ITEM 12. SECURITY OWNERSHIP OF  CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

The Company incorporates by reference  herein the section entitled “Common Stock Ownership of Certain Beneficial Owners  and Management” in the Company’s Proxy Statement to be mailed to  shareholders in connection with the Company’s 2002 annual meeting.

 

**ITEM  13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

The Company made rent payments of  approximately $80,000 for the St. Cloud laboratory/distribution facility,  which is owned by Myrel Neumann, a current director of the Company.  The  Company paid insurance premiums of approximately $443,000 in 2000 for  insurance policies purchased through an agency in which J. Smith Lanier, II, a  director of the Predecessor Company during 2000, has a substantial ownership  interest. The Audit Committee (which has ratified the purchase of insurance by  the Company from this insurance agency) and management of the Company believe  that these premiums and rent payments are comparable to those which could have  been obtained from unaffiliated companies.

 

**ITEM  14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K**

(a) (1) and (2) The Consolidated  Financial Statements and Schedule of the Company and its subsidiaries are  filed as a separate section of this Report commencing on page F-1.

(3) We have filed or incorporated by  reference the following exhibits:

ExhibitNumber      Description

2.1 – First Amended Joint Plan of  Reorganization Under Chapter 11, Title 11, United States Code, filed by Vista  Eyecare, Inc. and Certain of its Debtor Subsidiaries, dated April 13, 2001,  incorporated by reference to exhibit 2.1 to the Company’s Current Report on  Form 8-K filed with the SEC on June 1, 2001.
font>
36
   
2.2 – Modification  to First Amended Joint Plan of Reorganization Under Chapter 11, Title 11,  United States Code, filed by Vista Eyecare, Inc. and Certain of its Debtor  Subsidiaries and First Amended Joint Plan of Reorganization Under Chapter 11,  Title 11, United States Code, Filed by Frame-N-Lens Optical, Inc.; Midwest  Vision, Inc.; New West Eyeworks, Inc., and Certain of Their Debtor  Subsidiaries, dated May 17, 2001, incorporated by reference to Exhibit 2.2 to  the Company’s Current Report on Form 8-K filed with the SEC on June 1, 2001.

3.1 – Amended and Restated Articles  of Incorporation of the Company, dated April 8, 1992, as amended, incorporated  by reference to Exhibit 3.1 to the Company’s Registration Statement on Form  8-A filed with the SEC on August 9, 2001.

3.2  – Amended and Restated  By-Laws of the Company, incorporated by reference to the Company’s  Registration Statement on Form S-1, registration number 33-46645, filed with  the Commission on March 25, 1992, and amendments thereto.

4.1  – Form  of Common Stock Certificate, incorporated by reference to Exhibit 4.1 to the  Company’s Registration Statement on Form 8-A filed with the SEC on August 9,  2001.

4.2  – Rights Agreement dated  as of January 17, 1997 between the Company and Wachovia Bank of North  Carolina, N.A., incorporated by reference to the Company’s Registration  Statement on Form 8-A filed with the Commission on January 17, 1997.

4.3 – Amendment  to Rights Agreement, dated as of March 1, 1998, between the Company and  Wachovia Bank of North Carolina, N.A., incorporated by reference to Exhibit  10.2 to the Company’s Registration Statement on Form 8-A filed with the SEC  on March 24, 1998.

4.4 – Indenture,  dated as of June 15, 2001, between the Company and State Street Bank and Trust  Company, as trustee, incorporated by reference to Exhibit TC3 to the Company’s  Application for Qualification of Indenture on Form T-3 filed with the SEC on  May 31, 2001.

4.5 – First  Amendment of Indenture, dated as of July 6, 2001, between the Company and  State Street Bank and Trust Company, as trustee, incorporated by reference to  Exhibit 4.2 to the Company’s Registration Statement on Form 8-A filed with  the SEC on August 9, 2001.

4.6 – Registration  Rights Agreement, dated as of May 31, 2001, among the Company and the Holders  (as defined therein) of registrable securities, incorporated by reference to  Exhibit 4.8 to the Company’s Amendment to Quarterly Report on Form 10-Q/A  filed with the SEC on August 22, 2001.

4.7 – Amendment to Registration  Rights Agreement, dated as of August 7, 2001, among the Company and the  Holders (as defined therein) of registrable securities, incorporated by  reference to Exhibit 4.9 the Company’s Amendment to Quarterly Report on Form  10-Q/A filed with the SEC on August 22, 2001.

4.8 – Lock-Up Agreement, dated May  31, 2001, between Scudder High Yield Series – Scudder High Yield Fund and  the Company.*

4.9 – Lock-Up Agreement, dated May  31, 2001, between U.S. Bancorp Investments, Inc. and the Company.*

4.10 – Second Amendment of  Indenture, dated as of December 7, 2001, between the Company and State Street  Bank and Trust Company, as trustee.

10.1 – Sublease Agreement, dated  December 16, 1991, by and between Wal-Mart Stores, Inc. and the Company,  incorporated by reference to the Company’s Registration Statement on Form  S-1, registration number 33-46645, filed with the Commission on March 25,  1992, and amendments thereto.

10.2 – Form indemnification  agreement for directors and executive officers of the Company, incorporated by  reference to the Company’s Form 10-Q for the quarterly period ended June 30,  2001.

10.3 – Vision Center Master License  Agreement, dated as of June 16, 1994, by and between Wal-Mart Stores, Inc. and  the Company, incorporated by reference to the Company’s Form 10-Q for the  quarterly period ended September 30, 1994. [Portions of Exhibit 10.3 have been  omitted pursuant to an order for confidential treatment granted by the  Commission. The omitted portions have been filed separately with the  Commission.]

10.4++ – Split Dollar Life Insurance  Agreement, dated as of November 3, 1994, among the Company, A. Kimbrough  Davis, as Trustee, and James W. Krause, incorporated by reference to the  Company’s Form 10-K for the fiscal year ended December 31, 1994.

10.5++ – Level IV Management  Incentive Plan, incorporated by reference to the Company’s Form 10-K for the  fiscal year ended December 31, 1994.
font>
37
   
10.6 – Agreement dated as of  November 23, 1995 by and between Mexican Vision Associates Operadora, S. de  R.L. de C.V. and Wal-Mart de Mexico, S.A. de C.V. in original Spanish and an  uncertified English translation, incorporated by reference to the Company’s  Form 10-K for the fiscal year ended December 30, 1995. [Portions of Exhibit  10.6 have been omitted pursuant to a request for confidential treatment filed  with the Commission. The omitted portions have been filed separately with the  Commission.]

10.7++ – Executive Relocation  Policy, incorporated by reference to the Company’s Form 10-Q for the  quarterly period ended March 30, 1996.

10.8++ – Restated Stock Option and  Incentive Award Plan, incorporated by reference to the Company’s Form 10-Q  for the quarterly period ended June 29, 1996.

10.9++ – First Amendment to Restated  Stock Option and Incentive Award Plan, incorporated by reference to the  Company’s Form 10-Q for the quarterly period ended March 29, 1997.

10.11++ – Form Restricted Stock  Award, incorporated by reference to the Company’s Form 10-Q for the  quarterly period ended March 29, 1997.

10.12++ – Restated Non-Employee  Director Stock Option Plan, incorporated by reference to the Company’s Form  10-Q filed on June 28, 1997.

10.18 – Loan and Security Agreement  dated as of May 30, 2001, between the Company and Fleet Capital Corporation,  incorporated by reference to the Company’s Form 10-Q for the quarterly  period ended June 30, 2001.

21 – Subsidiaries of the Registrant,  incorporated by reference to the Company’s Form 10-K for the fiscal year  ended January 1, 2000.

23.1** – Consent by Arthur Andersen  LLP.

99** – Letter Pursuant to Temporary Note 3T.

** Filed with this Form 10-K.

++ Management contract or  compensatory plan or arrangement in which a director or named executive  officer participates.

(b) No reports on Form 8-K have been  filed during the last quarter of the period covered by this report.
font>
38
   
****

** **

**NATIONAL VISION,  INC. AND SUBSIDIARIES**

**CONSOLIDATED  FINANCIAL STATEMENTS AND SCHEDULE  FOR THE SEVEN MONTHS ENDED DECEMBER 29, 2001,  THE FIVE MONTHS ENDED JUNE 2, 2001, AND  FOR THE YEARS ENDED DECEMBER 30, 2000 AND JANUARY 1, 2000  TOGETHER WITH AUDITORS’ REPORT**

**INDEX TO  CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE**

The following consolidated financial  statements and schedule of the registrant and its subsidiaries are submitted  herewith in response to Item 8 and Item 14(a)1 and to Item 14(a)2,  respectively.

 

 
**Page**
 

 

 

Report of Independent Public          Accountants

**F-2**

 

 

 

Consolidated Balance Sheets          as of December 29, 2001 and

 

 

December 30, 2000

**F-3**

 

 

 

Consolidated Statements of          Operations for the Seven Months ended

 

 

December 29, 2001, the Five          Months ended June 2, 2001, and the

 

 

Years Ended December 30, 2000          and January 1, 2000

**F-4**

 

 

 

Consolidated Statements of          Shareholders’ Equity / (Deficit)

 

 

for the Seven Months Ended          December 29, 2001, the Five Months

 

 

Ended June 2, 2001, and the          Years Ended December 30, 2000 and

 

 

January 1, 2000

**F-5**

 

 

 

Consolidated           Statements  of Cash  Flows for the Seven Months Ended

 

 

December 29, 2001, the Five          Months Ended June 2, 2001, and the

 

 

Years Ended December 30, 2000          and January 1, 2000

**F-6**

 

 

 

Notes to Consolidated          Financial Statements

**F-7**

 

 

 

Schedule II, Valuation and          Qualifying Accounts

**F-31**

 

All other schedules for which  provision is made in the applicable accounting regulations of the Securities  and Exchange Commission are not required under the related instructions, are  inapplicable, or have been disclosed in the notes to consolidated financial  statements and, therefore, have been omitted.

F-1
       
**REPORT OF  INDEPENDENT PUBLIC ACCOUNTANTS**

 

**To National Vision, Inc. and  Subsidiaries:**

We have audited the accompanying  balance sheets of NATIONAL VISION, INC. (a Georgia corporation) AND  SUBSIDIARIES as of December 29, 2001 (Successor Company) and Vista Eyecare,  Inc. as of December 30, 2000 (Predecessor Company) and the related  consolidated statements of operations, shareholders’ equity/(deficit) and  cash flows for the seven months ended December 29, 2001 (Successor Company),  the five months ended June 2, 2001 (Predecessor Company), and for the years  ended December 30, 2000 and January 1, 2000 (Predecessor Company).  These  financial statements and schedule referred to below are the responsibility of  the Company’s management.  Our responsibility is to express an opinion  on these financial statements based on our audits.

We conducted our audits in accordance  with auditing standards generally accepted in the United States. Those  standards require that we plan and perform the audit to obtain reasonable  assurance about whether the financial statements are free of material  misstatement. An audit includes examining, on a test basis, evidence  supporting the amounts and disclosures in the financial statements. An audit  also includes assessing the accounting principles used and significant  estimates made by management, as well as evaluating the overall financial  statement presentation. We believe that our audits provide a reasonable basis  for our opinion.

As discussed in Note 3, effective May  31, 2001, the Company was reorganized under a plan confirmed by the United  States Bankruptcy Court for the Northern District of Georgia and adopted a new  basis of accounting whereby all remaining assets and liabilities were adjusted  to their estimated fair values.  Accordingly, the consolidated financial  statements for periods subsequent to the reorganization are not comparable to  the consolidated financial statements presented for prior periods.

In our opinion, the financial  statements referred to above present fairly, in all material respects, the  financial position of National Vision, Inc. and subsidiaries as of December  29, 2001 and of Vista Eyecare, Inc. and subsidiaries as of December 30, 2000,  and the results of their operations and their cash flows for the seven months  ended December 29, 2001, the five months ended June 2, 2001, and for the years  ended December 30, 2000 and January 1, 2000 in conformity with accounting  principles generally accepted in the United States.

Our audits were made for the purpose  of forming an opinion on the basic financial statements taken as a  whole.  The schedule of valuation and qualifying accounts listed in the  index to consolidated financial statements is presented for purposes of  complying with the Securities and Exchange Commission’s rules and is not  part of the basic financial statements.  This schedule has been subjected  to the auditing procedures applied in the audit of the basic financial  statements and, in our opinion, fairly states in all material respects the  financial data required to be set forth therein in relation to the basic  financial statements taken as a whole.

 

 ***/s/ Arthur Andersen LLP***

ARTHUR ANDERSEN LLP

 

Atlanta, Georgia  February 25, 2002

 

F-2
       
**NATIONAL VISION,  INC.  CONSOLIDATED BALANCE SHEETS  December 29, 2001 and December 30, 2000  (In thousands, except share information)**

 

 

 

**Successor**

** **

 

**Predecessor**

 

 

 

**2001**

** **

 

**2000**

**CURRENT ASSETS:**

 

 

**|**

 

 

 

Cash and cash equivalents

$

9,846 

** |**

$

8,066 

 

Accounts receivable (net of          allowance: 2001 - $2,377; 2000 - $5,744)

 

3,939 

**|**

 

10,119 

 

Inventories

 

18,621 

**|**

 

31,478 

 

Other current assets

 

        636 

**|**

 

      1,590 

**|**

Total current assets

 

    33,042 

**|**

 

    51,253 

**|**

 

 

 

**|**

 

 

**PROPERTY AND EQUIPMENT:**

 

 

**|**

 

 

 

Equipment

 

17,731 

**|**

 

47,187 

 

Furniture and fixtures

 

6,878 

**|**

 

23,272 

 

Leasehold improvements

 

6,008 

**|**

 

18,664 

 

Construction in progress

 

      1,061 

**|**

 

         540 

**|**

 

 

 

31,678 

**|**

 

89,663 

 

Less accumulated depreciation

 

     (6,996)

**|**

 

   (60,092)

**|**

 

Net property and equipment

 

    24,682 

**|**

 

    29,571 

**|**

 

 

 

 

**|**

 

 

**OTHER ASSETS AND DEFERRED          COSTS**

 

 

**|**

 

 

 

(net of accumulated          amortization:  2001 - $2,286; 2000 - $4,833)

 

1,561 

**|**

 

9,679 

**DEFERRED INCOME TAX ASSET**

 

385 

**|**

 

385 

**INTANGIBLE VALUE OF          CONTRACTUAL RIGHTS**

 

 

**|**

 

 

 

(net of accumulated          amortization:  2001 - $4,370)

 

  109,246 

**|**

 

             – 

**|**

 

 

$

  168,916 

**|**

$

     90,888 

**|**

 

 

 

 

**|**

 

 

**LIABILITIES AND          SHAREHOLDERS’ EQUITY / (DEFICIT)**

 

 

**|**

 

 

 

 

 

**|**

 

 

**LIABILITIES NOT SUBJECT TO          COMPROMISE:**

 

 

**|**

 

 

 

 

 

**|**

 

 

**CURRENT LIABILITIES:**

 

 

**|**

 

 

 

Accounts payable

$

3,935 

**|**

$

783 

 

Accrued expenses and other          current liabilities

 

25,695 

**|**

 

19,693 

 

Current portion of other          long-term debt and capital lease obligations

 

12 

**|**

 

– 

 

Revolving credit facility and          term loan

 

            – 

**|**

 

      12,911 

**|**

Total current liabilities

 

    29,642 

**|**

 

      33,387 

**|**

 

 

 

**|**

 

 

**SENIOR NOTES**

 

120,000 

**|**

 

– 

 

 

 

**|**

 

 

**LIABILITIES SUBJECT TO          COMPROMISE (See Note 4)**

 

– 

**|**

 

170,824 

 

 

 

**|**

 

 

**COMMITMENTS AND          CONTINGENCIES (See Note 10)**

 

– 

**|**

 

–

 

 

 

**|**

 

 

**SHAREHOLDERS’ EQUITY /          (DEFICIT):**

 

 

**|**

 

 

 

Preferred stock, $1 par          value; 5,000,000 shares authorized; none issued

 

– 

**|**

 

– 

 

Common stock, $0.01 par          value, 100,000,000 shares authorized; 21,169,103

 

 

**|**

 

 

 

 

shares issued and outstanding          as of December 30, 2000 (Predecessor)

 

– 

**|**

 

211 

 

Common stock, $0.01 par          value; 10,000,000 shares authorized, 5,000,000

 

 

**|**

 

 

 

 

shares issued and outstanding          (Successor)

 

50 

**|**

 

– 

 

Additional paid-in capital

 

24,940 

**|**

 

47,387 

 

Retained deficit

 

(5,860)

**|**

 

(156,848)

 

Accumulated other          comprehensive income / (loss)

 

           144 

**|**

 

          (4,073)

**|**

Total shareholders’ equity          / (deficit)

 

      19,274 

**|**

 

      (113,323)

**|**

 

 

$

    168,916 

**|**

$

          90,888

**|**

The accompanying notes are an  integral part of these consolidated financial statements.

F-3
       
**National Vision,  Inc.  CONSOLIDATED STATEMENTS OF OPERATIONS  For the seven months ended December 29, 2001,  the five months ended June 2, 2001, and for  the years ended December 30, 2000 and January 1, 2000**(In thousands, except per  share information)

**Successor**
|
**Predecessor**
||
**Years        Ended**
**Seven Months        ending        December 29, 2001**
|        |
**Five Months        ending        June 2, 2001 **
**December 30,           2000    **
**January 1,            2000    **
||
Net sales

$

135,543 

|

  $

120,557 

$

307,694 

$

329,055    

Cost of goods sold

 

        61,488 

|

   

  54,761 

 

143,458 

 

147,768    
|
 

 

 

 

 

|

   

 

 

 

 

 

Gross profit

 

74,055 

|

   

65,796 

 

164,236 

 

181,287    

Selling, general &        administrative expense

 

71,526 

|

   

64,977 

 

166,364 

 

177,162    

Impairment of long-lived assets

 

– 

|

   

– 

 

2,684 

 

1,952    

Restructuring expense

 

                – 

|

   

          – 

 

    1,601 

 

          –    
|
 

 

 

|

 

 

 

 

 

 

Operating income / (loss)

 

2,529 

|

 

819 

 

(6,413)

 

2,173    

Interest expense, net

 

          8,389 

|

 

    1,150 

 

    7,723 

 

 19,329    
|
 

 

 

|

 

 

 

 

 

 

Loss before reorganization        items and taxes

 

(5,860)

|

 

(331)

 

(14,136)

 

(17,156)   

Reorganization expense/ (gain)        (See Note 4)

 

                 – 

|

 

 (96,472)

 

121,539 

 

          –    
|
 

 

 

|

   

 

 

 

 

 

(Loss) / earnings before taxes,        extraordinary item and 

 

 

|

   

 

 

 

 

 

 

cumulative effect of a change        in accounting principle

 

(5,860)

|

   

96,141 

 

(135,675)

 

(17,156)   

Income tax expense

 

                 – 

|

 

          – 

 

          – 

 

          –    
|
 

 

 

|

 

 

 

 

 

 

Net earnings / (loss) before        extraordinary item and

 

 

|

 

 

 

 

 

 

 

cumulative effect of a change        in accounting principle

 

(5,860)

|

 

96,141 

 

(135,675)

 

(17,156)   

 

 

 

 

|

 

 

 

 

 

 

Extraordinary (loss) / gain,        net (See Note 9)

 

– 

|

 

17,182 

 

(827)

 

(406)   

Cumulative effect, net (See        Note 2)

 

                 – 

|

 

          – 

 

   (3,378)

 

          –    
|
 

 

 

|

 

 

 

 

 

 

Net earnings / (loss)

$

         (5,860**)**

|

$

113,323 

$

(139,880)

$

 (17,562)   
|
 

 

 

|

 

 

 

 

 

 

Basic and diluted earnings /        (loss) per share:

 

 

|

 

 

 

 

 

 

 

Earnings / (loss) before        extraordinary item

 

 

|

 

 

 

 

 

 

 

 

and cumulative effect

$

(1.17)

|

$

4.54 

$

(6.41)

 

(0.81)   

 

Extraordinary (loss) / gain,        net

 

– 

|

 

0.81 

 

(0.04)

 

(0.02)   

 

Cumulative effect, net

 

                 – 

|

 

           – 

 

(0.16)

 

           –    
|
 

 

 

 

|

 

 

 

 

 

 

 

Net earnings / (loss) per share

$

           (1.17)

|

$

        5.35

$

     (6.61)

$

     (0.83)   
|
**Pro Forma amounts  as if the new revenue recognition policy was applied retroactively (See Note  2):**

Net loss before extraordinary        item

$

(17,239)          

Net loss

$

(17,645)          

 

 

 

Net loss per share – basic        and diluted:

 

 

Net loss before extraordinary        item

$

(0.82)          

 

Net loss

$

(0.84)          

The accompanying notes are an  integral part of these consolidated financial statements.

F-4
       
**National Vision,  Inc.  CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY / (DEFICIT)  For the seven months ended December 29, 2001,  the five months ended June 2, 2001, and for  the years ended December 30, 2000 and January 1, 2000**(In thousands, except share  information)

 

 

Common Stock
 

Additional        Paid-in

 

Retained        Earnings/

 

Accumulated        Other        Comprehensive

 

Comprehensive

 

 

 

 

Shares

 

Amount

 

Capital

 

(Deficit)

 

Income / (loss)

 

Income

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Predecessor        Company:            **
 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, January 2, 1999

21,166,612 

$

211 

$

47,195 

$

594 

$

(4,073)

 

 

$

43,927 

Restricted stock

 

 

 

 

136 

 

 

 

 

 

 

 

136 

Exercise of stock options

12,491 

 

 

 

56 

 

 

 

 

 

 

 

56 

Net loss

 

 

 

 

 

 

(17,562)

 

 

$

(17,562)

 

(17,562)

Comprehensive income

 

 

 

 

 

 

 

 

 

$

(17,562)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, January 1, 2000

21,179,103 

 

211 

 

47,387 

 

(16,968)

 

(4,073)

 

 

 

26,557 

Cancellation of shares

(10,000)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

(139,880)

 

 

$
(139,880)

 

(139,880)

Comprehensive income

 

 

 

 

 

 

 

 

 

$

(139,880)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, December 30, 2000

21,169,103 

 

211 

 

47,387 

 

(156,848)

 

(4,073)

 

 

 

(113,323)

Net income through June 2, 2001

 

 

 

 

 

 

113,323 

 

 

$

113,323 

 

113,323 

Comprehensive income

 

 

 

 

 

 

 

 

 

$

113,323 

 

 

Elimination of prior equity

(21,169,103)

 

(211)

 

(47,387)

 

43,525 

 

4,073 

 

 

– 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, June 2, 2001

0 

$

– 

$

– 

$

– 

$

– 

 

 

$

– 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Successor        Company:          **
 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution of new common

 

 

 

 

 

 

 

 

 

 

 

 

 

      shares        – June 2, 2001

5,000 

$

50

$

24,950 

$

– 

$

– 

 

 

$

25,000 

Stock issuance costs

 

 

 

 

(10)

 

 

 

 

 

 

 

(10)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

      June        3 – December 29, 2001

 

 

 

 

 

 

(5,860)

 

 

$

(5,860)

 

(5,860)

Cumulative translation        adjustment

 

 

 

 

 

 

 

 

144 

 

144 

 

144 

Comprehensive income

 

 

 

 

 

 

 

 

 

$

(5,716)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, December 29, 2001

5,000 

$

50 

$

24,940 

$

(5,860)

$

144 

 

 

$

19,274

 

 

 

 

 

 

The accompanying notes are an  integral part of these consolidated financial statements.

F-5
       
**National Vision,  Inc.  CONSOLIDATED STATEMENTS OF CASH FLOWS  For the seven months ended December 29, 2001,  the five months ended June 2, 2001, and for  the years ended December 30, 2000 and January 1, 2000**(In thousands)

** **

**Successor**|
**Predecessor**|
**Seven Months        ended        December 29, 2001**|        |        |
**Five Months        endedJune 2, 2001**
**Year endedDecember 30, 2000**
**Year endedJanuary 1, 2000**
Cash flow from operating        activities:

 

 
|
 

 

 

 

 

   

Net income / (loss)

$

(5,860)
|
  $

113,323 

$

(139,880)

$

(17,562)

Adjustments to reconcile cash        to net income / (loss):

 

 
|
 

 

 

 

 

 

 

Depreciation & amortization

 

11,425 
|
 

4,808 

 

17,526 

 

18,602 

 

Impairment of long-lived assets

 

– 
|
 

– 

 

2,684 

 

1,952 

 

Restructuring reserve

 

– 
|
 

– 

 

1,601 

 

– 

 

Reorganization items

 

– 
|
 

17,791 

 

121,539 

 

– 

 

Cumulative effect

 

– 
|
 

– 

 

3,378 

 

– 

 

Fresh start adjustments

 

– 
|
 

(114,263)

 

– 

 

– 

 

Extraordinary item

 

– 
|
 

(17,182)

 

827 

 

406 

 

Other

 

379 
|
 

(84)

 

1,181 

 

(459)

Changes in operating assets        & liabilities

 

 
|
 

 

 

 

 

 

 

Accounts Receivable

 

636 
|
 

2,777 

 

(1,480)

 

(281)

 

Inventories

 

1,245 
|
 

1,440 

 

5,026 

 

(2,703)

 

Other current assets

 

142 
|
 

597 

 

1,171 

 

138 

 

Accounts payable

 

2,187 
|
 

1,210 

 

9,351 

 

(1,733)

 

Accrued expenses and other        current           liabilities

 

(5,341)
|        |
 

(853)

 

(4,335)

 

(2,069)
  |   
Total adjustments

 

10,673 
|
 

(103,760)

 

158,469 

 

13,853 
  |   
Net cash provided by / (used        in) operating activities

 

4,813 
|
 

9,564 

 

18,589 

 

(3,709)
  |   
 

 

 

 
|
 

 

 

 

 

 

Cash flow from investing        activities:

 

 
|
 

 

 

 

 

 

 

Proceeds from sale of property        & equipment

 

– 
|
 

5,656 

 

– 

 

955 

 

Purchase of property &        equipment

 

(2,750)
|
 

(2,084)

 

(5,379)

 

(12,704)
  |   
Net cash (used in) / provided        by investing activities

 

(2,750)
|
 

3,572 

 

(5,379)

 

(11,749)

 

 

 

 
|
 

 

 

 

 

 

Cash flow from financing        activities:

 

 
|
 

 

 

 

 

 

 

Advances on revolver

 

112,855 
|
 

125,063 

 

305,751 

 

79,238 

 

Payments on revolver

 

(115,855)
|
 

(134,975)

 

(312,132)

 

(65,946)

 

Deferred financing costs

 

(286)
|
 

(125)

 

(715)

 

(811)

 

Stock issuance costs

 

(10)
|
 

– 

 

– 

 

– 

 

Proceeds from exercise of stock        options

 

– 
|
 

– 

 

– 

 

56 

 

Principal payments on other        long-term debt

 

(86)
|
 

– 

 

(934)

 

(1,265)
  |   
Net cash (used in) / provided        by financing activities

 

(3,382)
|
 

(10,037)

 

(8,030)

 

11,272 
  |   
 

 

 

 
|
 

 

 

 

 

 

Net (decrease) / increase cash

 

(1,319)
|
 

3,099 

 

5,180 

 

(4,186)

Cash, beginning of period

 

11,165 
|
 

8,066 

 

2,886 

 

7,072 
  |   
 

 

 

 
|
 

 

 

 

 

 

Cash, end of period

$

9,846 
|
$

11,165 

$

8,066 

$

2,886 
  |   
The accompanying notes are an  integral part of these consolidated financial statements.

F-6
       
**NATIONAL VISION,  INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND OPERATIONS**

National Vision, Inc. formerly known  as Vista Eyecare, Inc. (the Company) is engaged in the retail sale of optical  goods and services. The Company is largely dependent on Wal-Mart Stores, Inc.  (Wal-Mart) for continued operation of vision centers which generate a  significant portion of the Company’s revenues (See Note 6).

 **2.  SIGNIFICANT ACCOUNTING POLICIES**

**Principles of Consolidation**

The consolidated financial statements  include the accounts of the Company and its subsidiaries. All significant  intercompany balances and transactions have been eliminated in consolidation.  The Company operates on a 52/53 week retail calendar with the fiscal year  ending on the Saturday closest to December 31.  Pursuant to such  calendar, financial information for fiscal 2001, 2000 and 1999 is presented  for the respective 52-week periods.  Due to various statutory and other  considerations, international operations do not operate on this 52/53 week  calendar. To allow for more timely consolidation and reporting, international  operations are reported using a fiscal year ending November 30.

Certain amounts in the financial  statements have been reclassified to conform to the current year presentation.
**Fresh Start Accounting**
 Upon emergence from bankruptcy,  the Company adopted “fresh start” accounting.  As a result, all  assets and liabilities were restated to reflect their respective fair  values.  The consolidated financial statements after emergence are those  of a new reporting entity (the “Successor”) and are not comparable to the  financial statements of the pre-confirmation company (the “Predecessor”).   A black line has been drawn in the financial statements to distinguish  Predecessor and Successor Company results. (See Note 3 – “Bankruptcy  Proceedings and Fresh Start Adjustments.”)

The Company’s plan of  reorganization in the Chapter 11 Cases provides that, as claims of creditors  are resolved, the Company will make periodic distributions of its new common  stock and notes.  As of March 1, 2002, the Company has made 5 such  distributions, for a total of 4,190,216 shares of new common stock and $100.9  million face amount of new notes.  The balance of 809,784 shares of new  common stock and $19.1 million face amount of new notes are part of a disputed  claim reserve with the Company’s outside trustees and will be distributed as  and when disputed claims are resolved.  Because the disputed claim  reserve resides with third-party trustees, the common stock and senior notes  remaining in the disputed claim reserve are considered issued and outstanding  for accounting purposes.  Interest expense on the senior notes remaining  in the claim reserve are accrued for and paid to the trustee for ultimate  distribution to claimholders when disputed claims are resolved.

**Revenue Recognition**

In December 1999, the SEC issued  Staff Accounting Bulletin No. 101, Revenue Recognition in Financial  Statements. SAB 101 summarizes the SEC’s view in applying generally accepted  accounting principles to selected revenue recognition issues. Prior to the  adoption of SAB 101, the Company recognized revenues and the related costs  from retail sales when at least 50% of the payment was received. In response  to SAB 101, the Company is required to recognize revenue upon delivery of the  product. The amount of cash received at the time the customer’s order is  placed is recorded as a customer deposit liability and is presented within  accrued liabilities. The effect of this change in accounting principle was  applied cumulatively as of the beginning of 2000 and totaled $3.4 million, net  of taxes.

**Cash and Cash Equivalents**

The Company considers cash on hand  and short-term cash investments to be cash and cash equivalents. The Company’s  policy is to maintain uninvested cash at minimal levels. Cash includes cash  equivalents which represent highly liquid investments with a maturity of one  month or less. The Company restricts investment of temporary cash investments  to financial institutions with high credit standings.

F-7
          **Receivables Under Reimbursement  Plans**
Managed care accounts receivable are  reduced by an allowance for amounts that may become uncollectible in the  future.  Substantially all of the Company’s receivables are due from  health care plans and programs located throughout the United States.   Estimates of our allowance for uncollectible receivables are based on our  historical collection experience, historical and current operating, billing  and collection trends and a percentage of our receivables by aging category.

**Inventories**

Inventories are valued at the lower  of weighted average cost or market. Market represents the net realizable  value.

**Property and Equipment**

Property and equipment are stated at  cost. For financial reporting purposes, depreciation is computed using the  straight-line method over the assets’ estimated useful lives or terms of the  related leases, whichever is shorter. Accelerated depreciation methods are  used for income tax reporting purposes. For financial reporting purposes, the  useful lives used for computation of depreciation range from five to ten years  for equipment, from three to nine years for furniture and fixtures, from three  to six years for hardware and software related to information systems  processing, and from five to nine years which approximate the remaining lease  term for leasehold improvements. At the time property and equipment are  retired, the cost and related accumulated depreciation are removed from the  accounts and any gain or loss is credited or charged to income. Periodically,  the Company evaluates the net book value of property and equipment for  impairment. This evaluation is performed for retail locations and compares  management’s best estimate of future cash flows with the net book value of  the property and equipment.  Maintenance and repairs are charged to  expense as incurred. Replacements and improvements are capitalized.

**Balance Sheet Financial  Instruments: Fair Values**

The carrying amounts reported in the  consolidated balance sheets for cash and cash equivalents, accounts  receivable, accounts payable and current portion of long-term debt approximate  fair value because of the immediate or short-term maturity of these financial  instruments. The carrying amount reported for revolving credit facility and  term loan approximates fair value because the underlying instruments have  variable rates that reprice frequently.

Liabilities subject to compromise  refers to liabilities incurred prior to the commencement of the Chapter 11  Cases (See Note 4). The settlement of these liabilities was determined in a  court-approved plan of reorganization. In May 2001, the Company’s plan of  reorganization became effective, resulting in the settlement of these  liabilities at less than 100% of face value. No adjustment to these  liabilities was made in the December 30, 2000 consolidated financial  statements as the plan of reorganization had yet to be approved.

The Company is party to letters of  credit totaling $3.5 million and $4.5 million at December 29, 2001 and  December 30, 2000, respectively. In the Company’s past experience, virtually  no claims have been made against these financial instruments. Management does  not expect any material losses to result from these off-balance-sheet  instruments because performance is not expected to be required. Therefore,  management is of the opinion that the fair value of these instruments is zero.

Financial instruments which  potentially subject the Company to concentrations of credit risk consist  principally of trade accounts receivable. The risk is limited due to the large  number of individuals and entities comprising the Company’s customer base.

**Intangible Value of Contractual  Rights**

In the allocation of the  reorganization value, the Company’s tangible and intangible assets were  recorded at their assumed fair value.  Intangible value of contractual  rights, approximately $113.6 million, was established as part of fresh start  accounting and will be amortized over 15 years using the straight-line  method.  This intangible asset represents the value of the Company’s  lease agreement and the business relationship developed with Wal-Mart.   (See Fresh Start Accounting at Note 3.)

 

 

F-8
       
**Income Taxes**

Deferred income taxes are recorded  using enacted tax rates in effect for the year in which the differences are  expected to reverse. Deferred income taxes are provided for depreciation,  inventory basis differences, and accrued expenses where there is a temporary  difference in recording such items for financial reporting and income tax  reporting purposes.  Before, during and after the bankruptcy process, the  Company incurred significant net operating losses (“NOL”) that result in  tax loss carry-forwards.  A portion of these carry-forwards are subject  to limitations under section 382 of the Internal Revenue Code.

We record a valuation allowance  against the deferred tax asset associated with this NOL if it is “more  likely than not” that we will not be able to utilize it to offset future  taxes.  Due to the size of the NOL carry-forward in relation to our  history of unprofitable operations and the continuing uncertainties  surrounding the profitability of our ongoing retail businesses, we have not  recognized any of this net deferred tax asset.  We currently provide for  income taxes only to the extent that we expect to pay cash taxes for current  income.
**Accounting for Stock Options**
The Company applies the disclosure  provisions of Statement of Financial Accounting Standards No. 123, Accounting  for Stock-Based Compensation.  Stock Option awards continue to be  accounted for in accordance with APB Opinion No. 25.  In October 2001,  the Company granted stock options to eligible employees.  Because the  number of shares to be issued and the per share strike price are not subject  to uncertainty, this stock option plan qualifies for fixed accounting  treatment.  As a result, the Company does not record compensation expense  in connection with the granting of stock options.

**Other Assets and Deferred Costs**

Other assets and deferred costs  include capitalized financing costs which are being amortized on a straight  line basis over periods from one to seven years to correspond with the terms  of the underlying debt. In addition, certain capitalized assets resulting from  contractual obligations are included and are being amortized on a straight  line basis over periods of up to five years.

**Advertising and Promotion Expense**

Production costs of future media  advertising and related promotion campaigns are deferred until the advertising  events occur. All other advertising and promotion costs are expensed over the  course of the year in which they are incurred.

**Interest Expense, Net**

Interest expense includes interest on  debt and capital lease obligations, purchase discounts on invoice payments,  the amortization of finance fees, and the amortization of the discount on the  senior notes.

**Foreign Currency Translation**

The financial statements of foreign  subsidiaries are translated into U.S. dollars in accordance with Statement of  Financial Accounting Standards No. 52 (SFAS 52).  Assets and liabilities  of our foreign operations are translated into U.S. dollars using year-end  exchange rates; income and expenses are translated using the average exchange  rates for the reporting period.  Translation gains or losses are deferred  in accumulated other comprehensive income, a separate component of  shareholders’ equity.  Transaction gains and losses have been  immaterial in the periods presented.

**Derivative Instruments and Hedging  Activities**

In 1998, the Financial Accounting  Standards Board issued Statement of Financial Accounting Standards No. 133 (SFAS  133), Accounting for Derivative Instruments and Hedging Activities. The  Company’s adoption of SFAS No. 133 in 2001 had no impact on the Company’s  financial statements as the Company did not hold derivative instruments, nor  participate in hedging activities during the reporting period.

**Other Comprehensive Income**

Other comprehensive income is defined  as net income and other changes in stockholders’ equity from transactions  other than those involving stockholders and net income.  The Company’s  only source of other comprehensive income is the cumulative translation  adjustment from its operations in Mexico.  The Predecessor Company’s  other comprehensive income was eliminated as part of fresh-start accounting on  June 2, 2001.  The Successor Company’s total comprehensive income for  the seven months ended December 29, 2001 totalled a loss of $5.7 million,  including $144,000 of cumulative translation gains.  The Company has  recorded a valuation allowance against the tax benefit, thus there is no tax  effect on other comprehensive income.

F-9
       
**Use of Estimates**

The preparation of these financial  statements requires management to make estimates and assumptions that affect  the reported amounts of assets and liabilities and the disclosure of  contingent assets and liabilities at the date of the financial statements and  the reported amounts of revenues and expenses during the reporting period.

On an ongoing basis, management  evaluates its estimates and judgments and incorporates any changes in such  estimates and judgments into the accounting records underlying the Company’s  consolidated financial statements.  Management bases its estimates and  judgments on historical experience and on various other factors that are  believed to be reasonable under the circumstances, the results of which form  the basis for making judgments about the carrying values of assets and  liabilities that are not readily apparent from other sources.  Actual  results may differ from these estimates under different assumptions or  conditions. 

 

**3. BANKRUPTCY PROCEEDINGS AND  FRESH START ADJUSTMENTS**

On April 5, 2000, the Company and ten  of its subsidiaries (collectively, the “Debtors”) filed voluntary  petitions with the United States Bankruptcy Court for the Northern District of  Georgia for reorganization under Chapter 11 (the “Chapter 11 Cases”).   In March 2001, the Debtors filed a plan of reorganization (the “Plan”) for  the Chapter 11 Cases.  The Plan was subsequently accepted by the required  percentage of creditors entitled to vote on the Plan and was confirmed by the  bankruptcy court by its order entered on May 18, 2001.  On May 31, 2001,  after securing a new revolving credit facility with Fleet Capital Corporation,  the Company emerged from bankruptcy.

The Plan provided for the conversion  of the Company’s pre-petition unsecured claims into new secured notes and  common stock.  The secured notes have a face value of $120 million,  provide for the payment of interest of 12% twice a year at the end of March  and September, and are subordinated to debt under the Company’s credit  facility.  The notes are payable over eight years with principal  repayments based on excess cash flow for the prior six month period, adjusted  for existing cash balances, measured as of the end of June and December of  each year, with the first measurement date occurring at the end of 2001.   The principal repayments are to be made by the end of the second month  subsequent to the measurement date.  Five million shares of new common  stock, par value $0.01, were issued based on the Company’s reorganization  value .  Under the Plan, former shareholders received no value for their  interests.  Consequently, all Predecessor common stock securities were  cancelled.

The gain on cancellation of  indebtedness aggregated $17.2 million and has been treated as an extraordinary  item in the accompanying Condensed Consolidated Statements of Operations for  the period ended June 2, 2001.

At December 29, 2001, $19.1 million  of the new notes and approximately 810,000 shares of new common stock were not  distributed to creditors whose claims were disputed.  The interests of  creditors whose claims were not resolved upon the Company’s emergence from  Chapter 11, were provided for in the Company’s disputed claim reserve.   In accordance with the Plan, the notes and equity are effectively held in  trust for the benefit of the creditors, and will be appropriately distributed  upon resolution of disputed claims.  Any balance remaining in the  disputed claims reserve, upon resolution of all claims, will be distributed  pro rata to all creditors.

In accounting for the effects of the  reorganization, the Company adopted “fresh start” accounting principles as  contained in the American Institute of Certified Public Accountant’s  Statement of Position 90-7, Financial Reporting by Entities in Reorganization  Under the Bankruptcy Code (SOP 90-7).  SOP 90-7 was applicable because  pre-reorganization shareholders received none of the Company’s new common  stock and the reorganization value of the assets of the Successor company was  less than the total pre-petition liabilities allowed plus post-petition  liabilities.

“Fresh Start” accounting  principles require that we determine the reorganization value of the  reorganized Company.  The Company’s reorganization value was developed  by the Company, the Official Committee of Unsecured Creditors and their  respective financial advisors.  The reorganization value was based on a  calculation of the present value of the free cash flows under the Company’s  financial projections, including an assumption of a terminal value. Such  projections were submitted to the bankruptcy court and to creditors for review  and objection as part of the Company’s disclosure statement accompanying the  Plan.

In the allocation of the  reorganization value, the Company’s tangible and intangible assets were  recorded at their assumed fair value.  Intangible Value of Contractual  Rights, approximating $113.6 million, was established as part of fresh start  accounting and will be amortized over 15 years using the straight-line  method.  This intangible asset represents the value of the Company’s  lease agreement and the business relationship developed with Wal-Mart.

Changes to the fair value of the  Company’s identifiable assets totaled $114.3 million.  This amount was  recognized as a gain in the Predecessor’s statement of operations and is  detailed below: (amounts in thousands)

F-10
       
 

Increase          /(Decrease)
 Inventory     
$       (700)Property, plant          and equipment, net     1,942Other assets        (586)Intangible value          of contractual rights 113,607Total fair value          adjustments  
$114,263
 

 

F-11
       
The application of fresh start  accounting on the Predecessor company’s June 2, 2001 balance sheet is as  follows: (amounts in thousands)

 

 

 

 

Predecessor

 

 

 

 

 

 

 

Successor

 

 

 

Before          Fresh Start          June 2, 2001

 

Extinguish-          ment          of debt

 

New          issuance          Notes /           Stock

 

Fair          value          adjustments

 

Reorganized          Balance Sheet          June 2, 2001

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash          &  cash equivalents

 

$             11,165 

 

 

 

 

 

 

 

$            11,165

Accounts        receivable

 

4,575 

 

 

 

 

 

 

 

4,575

Inventory

 

 

20,566 

 

 

 

 

 

(700)

(e)

19,866

Other current        assets

 

778 

 

 

 

 

 

 

 

778

 

Total current        assets

 

37,084 

 

– 

 

–

 

(700)

 

36,384

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and        equipment

 

 

 

 

 

 

 

 

 

 

 

Gross property        and equipment

89,599 

 

 

 

 

 

(60,914)

 

28,685

 

Accumulated        depreciation

 

(62,856)

 

 

 

 

 

62,856 

 

–

 

Property and        equipment, net

26,743 

 

– 

 

–

 

1,942 

(f)

28,685

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets and        deferred costs

 

9,551 

 

(7,063)

(a)

 

 

(586)

(g)

1,902

Deferred tax        asset

 

385 

 

 

 

 

 

 

 

385

Intangible value        of contractual             rights

 

– 

 

 

 

 

 

113,607 

(h)

113,607

 

  Total        assets

 

$             73,763 

 

(7,063)

 

–

 

114,263 

 

$          180,963

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities not        subject to compromise:

 

 

 

 

 

 

 

 

 

Current        liabilities

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$               1,858 

 

         

 

 

 

 

 

$              1,858

 

Accrued expenses

 

28,708 

 

 2,300 

(b)

 

 

 

 

31,008

 

  Total        current liabilities

 

30,566 

 

         2,300 

 

–

 

– 

 

32,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit        facility

 

3,000 

 

 

 

 

 

 

 

3,000

 

Senior notes

 

            – 

 

                

 

120,000

(d)

 

 

120,000

 

Other debt

 

            – 

 

           97 

(b)

 

 

 

 

97

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities        subject to compromise

171,642 

 

(171,642)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’        equity / (deficit)

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

211 

 

 

 

50

(d)

(211)

(i)

50

 

Additional        paid-in            capital

 

 

47,387 

 

 

 

24,950

(d)

(47,387)

(i)

24,950

 

Retained earnings        / (deficit)

 

(174,970)

 

17,182 

(c)

 

 

157,788 

(i)

–

 

Cumulative        translation            adjustment

 

(4,073)

 

 

 

 

 

4,073 

(i)

–

 

Total        shareholders’ equity / (loss)

(131,445)

 

17,182 

 

25,000

 

114,263 

 

25,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities        and shareholders’ equity

$            73,763 

 

(152,063)

 

145,000

 

114,263 

 

$          180,963

(a)      Elimination of deferred financing costs associated with the senior notes being  cancelled as part of the plan of            reorganization.

(b)      Elimination of pre-petition liabilities.  Cash claims of $2.3 million  were accrued as well as assumed capital leases totaling            $97,000.

(c)     Gain on  extinguishment of debt is calculated as follows: (amounts in thousands)
Liabilities          subject to compromise$169,245Deferred financing          costs related                                   to cancelled senior notes           (7,063)Net liabilities          extinguished162,182Less: Reorganized          value 145,000Gain on          extinguishment of debt $17,182
F-12
       
(d)     Issuance  of new senior notes, totaling $120 million, and the issuance of 5,000,000  shares of new common stock with            par value of  $0.01.  The reorganization value was derived from a recovery analysis  filed in the bankruptcy court in            connection with the  Plan.  The components of the reorganized value are shown below: (amounts  in thousands)
Reorganized value:                  New          Debt$120,000                New          Equity25,000Reorganization          value $145,000
(e)

Reduction of inventory for a        change in accounting policy related to the capitalization of freight        costs and certain business supplies.

(f)

Net increase in fixed assets is        the result of fair value adjustments increasing equipment by        approximately $3.4 million and decreasing certain leaseholds and        furniture and fixtures by $1.5 million.

(g)

Elimination of all intangibles        with the exception of the California HMO licenses.

(h)

Establishment of Intangible        value of contractual rights to be amortized over 15 years using the        straight-line method. This intangible asset represents the value of the        Company’s lease agreement and the business relationship developed with        Wal-Mart.

(i)

Elimination of Predecessor        Company equity.

**4. LIABILITIES SUBJECT TO  COMPROMISE AND REORGANIZATION EXPENSE / (GAIN)**

As part of fresh start accounting,  liabilities subject to compromise in the amount of $169 million were exchanged  for new notes and common stock as part of the discharge of debt in the  bankruptcy.  These liabilities are identified below: (amounts in  thousands)
June          2, 2001 December          30, 2000Accounts payable
$27,830     $25,856           Accrued expenses          and               provision for rejected contracts
2,359(a)
5,859           Senior notes net          of discount,              including accrued interest 131,356     131,266           Other long-term          debt and             capital lease obligations 
7,700(b)
7,843           
$
169,245     
$
170,824           
(a)    This amount is  net of an accrual for claims to be paid in cash of approximately $2.3 million.

(b)    This amount is  net of $97,000 worth of capital leases assumed to continue after emergence  from bankruptcy.

 

F-13
          
In accordance with SOP 90-7, the  Predecessor Company recorded all transactions incurred as a result of the  Chapter 11 Cases as reorganization items.  The table below summarizes  these items: (amounts in thousands)

Five Months        Ended        June 2, 2001
Twelve Months        Ended        December 30, 2000
Fresh start adjustments

$ (114,263)     

$                   --         

Impairment of goodwill

                      --      

           100,805         

Impairment of fixed assets

                     33      

             12,000         

Provision for rejected leases

                1,592      

               1,920         

Loss on sale of freestanding division

                9,688      

                     --         

Other store closing costs

                   532      

                  670         

Professional fees

                2,008      

               3,421         

Retention plan

                3,231      

               2,173         

Interest income

                 (127)     

                 (144)        

Letter of credit reserve on DIP Facility (see Note 8)

                  197      

                     --         

Other reorganization items

                  637      

                  694         

 

 

 

                    Total        reorganization (gain) / expense

$  (96,472)     

$         121,539         

                      The loss on sale of the freestanding division of  $9.7 million was due to:
- impairments of certain assets        not acquired by the buyer,
- accrued costs for freestanding        employees for severance and health care costs for periods after the        sale, and
- other contracted expenses for        which the Company will receive no future benefit.

The following represents activity in  the restructuring and reorganization provisions during 2001.  This amount  includes an estimate for disputed claims that are expected to be paid in cash  in 2002 (amounts in thousands).

 

 

 

 

Other        adjustments,

 

 

Balance at

Charged to

 

including

Accrued at

 

December 30, 2000

      Expense       

       Paid       

Fresh-start        accounting

December 29,        2001

Restructuring and

 

 

 

 

 

 

reorganization items

$

4,727

 

$

9,889

 

$

(9,726)

 

$

(2,670)

 

$

2,220

 

 

 

 

F-14
       
**5. DISPOSITION OF FREESTANDING  OPERATIONS**

On April 20, 2001, the Predecessor  Company completed the sale of its freestanding retail operations to Vista  Acquisition LLC (the “Buyer”).  We received consideration of  approximately $7.0 million, consisting of $5.7 million in cash and a $1.3  million note receivable.  The note receivable was fully reserved at the  time of the sale, due to the low probability of collection.  The assets  sold consisted primarily of furniture, fixtures and inventory at approximately  200 freestanding locations and inventory and equipment at the Fullerton,  California laboratory/distribution center.

In a related transaction, the Company  agreed to sell to the Buyer its interest in a subsidiary for a $1.0 million  note receivable.  This subsidiary owns a portion of the equipment in  approximately half of the freestanding locations sold.  The net book  value of the assets of this subsidiary were fully impaired at the sale of the  freestanding operations to reflect their net realizable value.  For  purposes of the unaudited pro forma financial information, these transactions  have been combined.

Pro forma unaudited financial results  of the Predecessor Company are presented below, as if the freestanding  operations were disposed of at the beginning of the periods presented.   The freestanding operations were disposed of in April of 2001 prior to the  Company’s emergence from bankruptcy.  Accordingly, no pro forma  information is provided for the Successor Company.  The pro forma results  presented include certain adjustments and estimates by management.  The  pro forma information does not necessarily reflect actual results that would  have occurred nor is it necessarily indicative of future results of operations  of the Company without the freestanding operations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Five        months ended June 2, 2001

 

Twelve        months ended December 30, 2000

 

 

 

 

As        reported

Adjustments

Pro        forma

 

As        reported

Adjustments

Pro        forma

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

120,557

$

(18,215)

$

102,342 

$

307,694 

$

(60,779)

$

246,915

Gross profit

 

 

65,796

 

(9,051)

 

56,745 

 

164,236 

 

(30,755)

 

133,481

Operating income        /(loss)

 

         819

 

4,026 

 

4,845 

 

(6,413)

 

19,906

 

13,493

The above pro forma information is  intended to represent the Company’s consolidated operations excluding the  freestanding operations sold or closed during the bankruptcy  proceedings.  It does not exclude other operations that we actually  closed and disposed of during the bankruptcy proceedings, including the Sam’s  Club stores and Meijer Thrifty Acres stores.  As such, the pro forma  information is not necessarily indicative of the future financial results of  the Company’s ongoing operations.  Historical pro forma results of  operations for the Company’s ongoing businesses are presented in Item 2,  Management’s Discussion and Analysis of Financial Condition and Results of  Operations in this Form 10-K.

**6. WAL-MART MASTER LICENSE  AGREEMENT AND OTHER AGREEMENTS**
**Wal-Mart Agreement**
We operate 400 vision centers in  domestic Wal-Mart stores, all of which operate pursuant to a master license  agreement.  These units generated approximately 83% of our revenue in  2001 and represent the most profitable of the Company’s host retail  operations measured as a percent of sales.  In 1994, the Company and  Wal-Mart replaced their original agreement with a new master license agreement  (the Wal-Mart Agreement), which increased minimum and percentage license fees  payable by the Company and also granted the Company the opportunity to operate  up to 400 vision centers in existing and future Wal-Mart stores (400 vision  centers were in operation under the Wal-Mart Agreement at fiscal year end  2001). In January 1995, the Company made a lump sum payment in exchange for  such opportunity. The payment is being amortized over the initial term of the  vision centers opened subsequent to January 1, 1995. Each vision center  covered by the Wal-Mart Agreement has a separate license. Pursuant to the  Wal-Mart Agreement, the term of each such license is nine years with a  renewable option for one additional three-year term. Percentage license fees  remain the same over the nine-year base term and three- year option term,  whereas minimum license fees increase during the three-year option term.
**Mexico Agreement**
In 1994, the Company opened 8 vision  centers in stores owned and operated by Wal-Mart de Mexico, S.A. de C.V.  (Wal-Mart de Mexico). In 1995, the Company completed the negotiation of a  master license agreement governing these vision centers. Pursuant to this  agreement, each vision center has an individual base term of five years from  the date of opening, followed by two options (each for two years), and one  option for one year. Each party has the right to terminate a location which  fails to meet specified sales levels. The agreement provides for annual fees  based on a minimum and percentage of sales. The agreement also gives the  Company a right of first refusal to open vision centers in all stores in  Mexico owned by Wal-Mart de Mexico. As of December 29, 2001, the Company  operated 35 vision centers in Wal-Mart de Mexico stores.

F-15
       **Fred Meyer**
The Company operates 55 leased vision  centers in stores owned by Fred Meyer pursuant to a master license agreement.  The agreement provides for minimum and percentage rent and other customary  terms and conditions. The term of the agreement is for five years (expiring  December 31, 2003), with a five-year option.

 

**7. INVENTORY**

The Company classifies inventory as  finished goods if such inventory is readily available for sale to customers  without assembly or value added processing. Finished goods include contact  lenses, over the counter sunglasses and accessories. The Company classifies  inventory as raw materials if such inventory requires assembly or value added  processing. This would include grinding a lens blank, cutting the lens in  accordance with a prescription from an optometrist, and fitting the lens in a  frame. Frames and uncut lens are considered raw materials. A majority of the  Company’s sales represent custom orders; consequently, the majority of the  Company’s inventory is classified as raw materials.

Inventory balances, by  classification, may be summarized as follows: (amounts in thousands)

 

 

Successor
|
 

Predecessor

 

 

2001
|
 

2000
|
 

 

 
|
 

 

Raw materials

$

12,262
|
$

22,175

Finished goods

 

5,868
|
 

8,153

Supplies

 

491
|
 

1,150
|
 

$

18,621
|
$

31,478
|
 

**8. LONG-TERM DEBT**
**Exit Facility**
In May 2001, the Company’s secured  revolving credit facility with Foothill Capital expired and was replaced with  a senior secured revolving Credit Facility (the “Exit Facility”) from  Fleet Capital Corporation.  The Exit Facility has a term of three years,  bears interest at the prime rate plus 0.25% per annum or at LIBOR plus 2.5%,  and provides availability of an estimated $9.4 million, subject to borrowing  base limitations and inclusive of letter of credit requirements. The Exit  Facility contains various restrictive covenants and requires us to maintain  minimum EBITDA standards and a minimum fixed charge coverage ratio of 1.0 to  1.0.  The Company paid $275,000 in commitment fees related to the Exit  Facility in 2001.  At December 29, 2001, the Company had no outstanding  borrowings under the Exit Facility and $1.7 million of unused  availability.  The Company believes that the Exit Facility should provide  it with adequate liquidity to conduct its operations during 2002.

**Debtor-in-Possession Financing**

On May 9, 2000, the Bankruptcy Court  approved an order permitting the Company to enter into a $25 million  debtor-in-possession credit facility with Foothill Capital Corporation (the  DIP Facility). The DIP Facility (which replaced the Company’s prior secured  credit facility with Foothill Capital Corporation) consisted of a $12.5  million term loan and $12.5 million revolving credit facility. The Company  paid professional fees, organization fees and waiver fees of $500,000 to  convert the previous Foothill Credit Facility to the DIP Facility.  The  DIP Facility expired on May 31, 2001.

 

 

F-16
       
**Senior Notes**

As part of the Company’s Plan of  Reorganization, the Predecessor Company’s $125 million unsecured notes were  converted into new Successor Company secured notes and common stock.  The  Successor Company notes have a face value of $120 million, provide for the  payment of interest of 12% twice a year at the end of March and September, and  are subordinated to debt under the Company’s credit facility.  These  notes are payable over eight years with principal repayments (“Excess Cash  Repayments”) based on excess cash flow for the prior six month period,  adjusted for existing cash balances, and measured at the end of June and  December, beginning with December 2001.  The principal repayments are to  be made by the end of the second month subsequent to the measurement  date.  The Company made an Excess Cash Repayment of $1.6 million on  February 28, 2002 to bondholders of record on February 13, 2002.  The  following table shows the initial Excess Cash Repayment for the measurement  period ending in December 2001 (amounts in millions):

 

 

**Seven              months**

 

 

**ended**

 

 

**December              29,**

 

 

**2001              (a)**

 

 

 

Consolidated EBITDA (b)

$

14.0

 

 

 

Less:

 

 

                    Increase in working capital (d)

 

1.2

 

 

 

Less:

 

 

                    Taxes

 

–

                    Interest expense

 

8.4

                    Capital expenditures

 

2.8

                    Payments of principal on notes

 

–

**Excess Cash Repayment              (c)**

$

1.6

 

(a)

The initial measurement period        is from the date of the Company’s emergence from Chapter 11 (June 2,        2001) through December 29, 2001.  Subsequent measurement periods        will be six-month periods.

(b)

EBITDA is calculated as        operating income before interest, taxes, depreciation and amortization        expense. 

(c)

This Excess Cash Repayment was        made on February 28, 2002 to bondholders of record on February 13, 2002.

(d)

For purposes of this        calculation, working capital is defined as the sum of accounts        receivable, inventory and other current assets minus the sum of accounts        payable and accrued expenses.  Increases in working capital reduce        the Excess Cash Repayment.  Decreases in working capital increase        the Excess Cash Repayment.  The change in working capital is shown        below (in millions):

 

 

Balance at          December 29, 2001

Balance at          June 2, 2001

 

Change

Accounts receivable

$                      3.9

$              4.6

 

$ (0.7)  

Inventory

                      18.6

                19.8

 

            (1.2)  

Other current assets

                        0.6

                 0.8

 

            (0.2)  

 

Increase / (decrease) in          current assets

 

 

 

$ (2.1)  

 

 

 

 

 

 

 

 

 

Accounts payable

$                     3.9

$                1.9

 

$  (2.0)  

Accrued expenses (1)

                     25.7

                31.0

 

              5.3   

 

(Increase) / decrease in          current liabilities

 

 

 

$            3.3   

 

 

 

 

 

 

 

 

 

Net increase in working          capital

 

 

 

$            1.2   

 

 

 

 

(1)

Accrued expenses at June 2, 2001 included            liabilities for payment of professional fees, retention plans, costs            associated with the disposition of the freestanding stores, and            other costs associated with the completion of the bankruptcy            process.

 

F-17
       
Long-Term Debt Balances

Long-term debt obligations, exclusive  of capital lease obligations, at December 29, 2001 and December 30, 2000  consisted of the following: (amounts in thousands)

 

 

Successor

 

 

Predecessor

 

 

2001

 

 

2000

 

 

 

 

 

 

12% Subordinated Notes due          2009

$

120,000

 

$

– 

12 3⁄4% Senior Notes Due 2005

 

–

 

 

125,000 

Discount on 12 3⁄4% Senior          Notes

 

–

 

 

(1,214)

Borrowings under DIP Facility

 

–

 

 

12,911 

Other promissory notes

 

–

 

 

6,808 

 

$

120,000

 

$

143,505 

 

 

 

 

 

 

Less: Borrowings not subject          to compromise

 

 

 

 

 

                classified as current

 

–

 

 

12,911 

 

 

 

 

 

 

Less: Long-term debt subject          to compromise

 

–

 

 

130,594 

 

 

 

 

 

 

Long-term debt not subject to          compromise

$

120,000

 

$

– 

 

 

 

 

 

 

F-18
       
**9. EXTRAORDINARY ITEM**

In 2001, as part of the Company’s  emergence from bankruptcy, the Predecessor Company recognized an extraordinary  gain of $17.2 million related to the extinguishment of debt.  The gain  was calculated as follows:

Liabilities subject to          compromise

$169,245 

Deferred financing costs          related

 

                   to          cancelled senior notes

    (7,063)
 
Net liabilities extinguished

  162,182 

Less: Reorganized value

  145,000 
 
Gain on extinguishment of          debt

$  17,182 

In 2000, the Company recorded an  extraordinary loss of $827,000 as a result of refinancing the Company’s  Foothill Credit Facility. In 1999, the Company recorded an extraordinary loss  of $406,000 as a result of refinancing the previous secured credit facility.  Both refinancings necessitated the write-off of capitalized costs associated  with the previous facilities. Because of the Company’s decision to fully  reserve for the Company’s 2001, 2000 and 1999 tax benefit, the net tax  effect on these extraordinary items is zero.

 

**10.  COMMITMENTS AND  CONTINGENCIES**
**Non-cancellable Operating  Lease and License Agreements**
As of December 30, 2000, the Company  is a lessee under non-cancellable operating lease agreements for certain  equipment which expire at various dates through 2003. Additionally, the  Company is required to pay minimum and percentage license fees pursuant to  certain commercial leases and pursuant to its agreements with its host store  companies.

Effective December 20, 1991, the  Company entered into a lease agreement with Wal-Mart for approximately 66,000  square feet of corporate office space. The term of the lease is ten years with  a renewal option of seven years. The Company paid Wal-Mart approximately  $215,000 annually in rental fees in 2001, 2000 and 1999.

In connection with its acquisition of  Midwest Vision, Inc., the Company entered into a ten-year lease for  administrative headquarters and an optical laboratory located in St. Cloud,  Minnesota. The facility is leased from the former owner of Midwest Vision.  Lease expense on the headquarters and laboratory is approximately $6,667  monthly which, in the opinion of management, represents a fair market lease  rate.

Aggregate future minimum payments  under the license and lease arrangements that will not be assigned or rejected  in the Bankruptcy proceedings are as follows: (amounts in thousands)

 Fiscal          Year

 

Capital           Leases

 

Operating          Leases

 

 

 

 

 

2002

 

13

$

26,019

2003

 

-

 

22,981

2004

 

-

 

11,141

2005

 

-

 

5,011

2006

 

-

 

2,947

Thereafter

 

-

 

3,504

 

 

 

 

 

Total minimum lease payments

 

13

$

71,603

Less amounts representing          interest

 

1

 

 

 

 

 

 

Present value of minimum          capital lease

 

 

 

 

    payments

 

12

 

 

Less current installments of          obligations

 

 

 

 

    under          capital leases

 

12

 

 

Obligations under capital          leases

 

 

 

 

    excluding          current installments

$

–

 

 

 

 

F-19
       
Total rental expenses related to  cancellable and non-cancellable operating leases were approximately $30.3  million, $41.0 million, and $43.1 million for the years ended December 29,  2001, December 30, 2000 and January 1, 2000, respectively.
**Guy Laroche and Gitano  Trademark Licenses**
The Company has a license agreement  with Guy Laroche of North America, Inc., giving the Company the right to use  the trademark Guy Laroche in its vision centers in North America. The  agreement requires the Company to pay minimum and percentage royalties on  retail and wholesale sales. The Guy Laroche agreement, as amended, expired on  December 31, 2001. Under the Guy Laroche agreement, the Company paid $233,000,  $310,000 and $310,000 in fees during 2001, 2000 and 1999, respectively.

In  2000 and 1999, the Company  paid $34,000 and $53,000, respectively, in fees to Gitano, Inc. and its  successors in connection with a license agreement which gave the Company the  right to use the Gitano trademark in its vision centers.
**Proceedings Under Chapter 11  of the Bankruptcy Code**
On April 5, 2000, the Company and ten  of its subsidiaries (collectively, the “Debtors”) filed voluntary  petitions with the United States Bankruptcy Court for the Northern District of  Georgia for reorganization under Chapter 11 (the “Chapter 11 Cases”).   In March 2001, the Debtors filed a plan of reorganization (the “Plan”) for  the Chapter 11 Cases.  The Plan was subsequently accepted by the required  percentage of creditors entitled to vote on the Plan and was confirmed by the  bankruptcy court by its order entered on May 18, 2001.  On May 31, 2001,  after securing a new revolving credit facility with Fleet Capital Corporation,  the Company emerged from bankruptcy.

The Plan provided for the conversion  of the Company’s pre-petition unsecured claims into new secured notes and  common stock.  The secured notes have a face value of $120 million,  provide for the payment of interest of 12% twice a year at the end of March  and September, and are subordinated to debt under the Company’s credit  facility.  The notes are payable over eight years with principal  repayments based on excess cash flow for the prior six month period, adjusted  for existing cash balances, measured as of the end of June and December of  each year, with the first measurement date occurring at the end of 2001.   The principal repayments are to be made by the end of the second month  subsequent to the measurement date.  Five million shares of new common  stock, par value $0.01, were issued based on the Company’s reorganization  value.  Under the Plan, former shareholders received no value for their  interests.  Consequently, all Predecessor common stock securities were  cancelled.

At December 29, 2001, $19.1 million  of the new notes and approximately 810,000 shares of new common stock were not  distributed to creditors whose claims were disputed.  The interests of  creditors whose claims were not resolved upon the Company’s emergence from  Chapter 11, were provided for in the Company’s disputed claim reserve.   In accordance with the Plan, the notes and equity are effectively held in  trust for the benefit of the creditors, and will be appropriately distributed  upon resolution of disputed claims.  Any balance remaining in the  disputed claims reserve, upon resolution of all claims, will be distributed  pro rata to all creditors.

**Receivables Under Reimbursement  Plans**

Managed care accounts receivable are  reduced by an allowance for amounts that may become uncollectible in the  future.  Substantially all of the Company’s receivables are due from  health care plans and programs located throughout the United States.   Approximately 12% of the Company’s net sales from ongoing businesses relate  to products sold to customers that ultimately will be funded through private  insurance plans, third party insurance administration programs or government  reimbursement programs such as Medicare and Medicaid.  Failure by the  Company to accurately file for reimbursement on a timely basis with these  programs can have an adverse affect on the Company’s collection results  which, in turn, will have an adverse affect on liquidity and  profitability. 

Estimates of our allowance for  uncollectible receivables are based on our historical collection experience,  historical and current operating, billing and collection trends and a  percentage of our receivables by aging category.  Changes in our billing  and collection processes, changes in funding policies by insurance plans and  changes in our sales mix within insurance plans may have a material affect on  the amount and timing of our estimated expense requirements.

**Government Regulations**

Our business is heavily regulated by  federal, state, and local law.  We must comply with federal laws such as  the Social Security Act (which applies to our participation in Medicare  programs), the Health Insurance Portability Act of 1996 (which governs our  participation in managed care programs), and the Food and Drug Administration  Act (which regulates medical devices such as contact lenses).  In  addition, all states have passed laws that govern or affect our arrangements  with the optometrists who practice in our vision centers.  Some states,  such as California, Texas, North Carolina, and Kansas, have particularly  extensive and burdensome

 F-20
       
requirements that affect the way we  do business.  In California, optometrists who practice adjacent to our  retail locations are providers to and subtenants of a subsidiary, which is  licensed as a single-source HMO.  This subsidiary is regulated by the  Department of Managed Health Care.  This agency has recently required  that we change our way of doing business.  This new way of doing business  will increase our costs in California.  There is no assurance that the  Department will find our new way of business satisfactory.  Our costs of  compliance could continue to increase as a result.  Depending on its  views, this Department could also seek to revoke our HMO license.  Such a  revocation would have a material adverse impact on our business.

Many of these states also have  adopted laws that mirror the federal laws described above.  Local  ordinances (such as zoning requirements) can also impose significant burdens  and costs of compliance.  Frequently, our competitors sit on state and  local boards.  Our risks and costs of compliance are often increased as a  result.

 

 

F-21
       
**11. INCOME TAXES**

The Company accounts for income taxes  under Statement of Financial Accounting Standards (SFAS 109) Accounting for  Income Taxes, which requires the use of the liability method of accounting for  deferred income taxes. The components of the net deferred tax assets are as  follows: (amounts in thousands)

 

 

Successor

** |**

 

Predecessor

 

 

December 29,

** |**

 

December 30,

 

 

2001

** |**

 

2000

 

 

** |**

 

 

 

 

** |**

 

 

Total deferred tax liabilities

$

(7,983)

** |**

$

(6,053)

Total deferred tax assets

 

29,890

** |**

 

23,773

Valuation allowance

 

(21,522)

** |**

 

(17,335)

 

 

** |**

 

 

 

 

** | **

 

 

Net deferred tax asset

$

        385

**|**

$

       385

**|**

The sources of the difference between  the financial accounting and tax basis of the Company’s liabilities and  assets which give rise to the deferred tax liabilities and deferred tax assets  and the tax effects of each are as follows: (amounts in thousands)

 

 

 

Successor

|

 

Predecessor

 

 

 

December 29,

|

 

December 30,

 

 

 

2001

|

 

2000

 

 

 

|

 

Deferred tax liabilities:

 

 

|

 

 

 

Depreciation

$

1,840

|

$

2,875

 

Reserve for foreign losses

 

2,218

|

 

2,218

 

Other

 

3,925

|

 

960

 

 

 

|

 

 

 

 

 

|

 

 

 

 

$

7,983

|

$

6,053

 

 

 

|

 

 

 

 

 

|

 

 

Deferred tax assets:

 

 

|

 

 

 

Accrued expenses and reserves

$

7,929

|

$

5,929

 

Inventory basis differences

 

579

|

 

334

 

Net operating loss        carry-forwards

 

18,183

|

 

14,222

 

Alternative minimum tax

 

2,062

|

 

2,062

 

Other

 

1,137

|

 

1,226

 

 

 

|

 

 

 

$

29,890

|

$

23,773

 

 

 

|

 

Due to tax operating losses that will  not be realized, no provision/benefit for income taxes has been recorded on  the accompanying statements of operations for all periods presented. 

 

 

 

F-22
       
The tax expense differs from the  amounts resulting from multiplying income before income taxes by the statutory  federal income tax rate for the following reasons: (amounts in thousands)

 

Successor
|
Predecessor
|
 

Seven         Months        Ended
|        |        |
Five Months        Ended

        Year Ended

 

 
|
 

December 29,
|
June 2,

December 30,

January 1,

 

2001
|
2001

2000

2000
|
Federal income tax/(benefit)        provision           at statutory rate

$           (1,992)          
|        |
           38,530      

$          (46,148)     

$           (5,971)      

State income taxes, net of        federal           income tax benefit

                (176)          
|        |
              3,400      

              (3,393)     

                (439)      

Gain on Fresh Start Accounting

                    –           
|
           (36,867)     

                     –      

                    –       

Gain on Extinguishment of Debt

                    –           
|
             (9,206)     

                     –      

                    –       

Amortization – Intangible        Value of           Contractual Rights

              1,661          
|        |
                    –      

                     –      

                    –       

Professional Fees

                    –          
|
                 508      

                     –      

                    –       

Change in valuation allowance        for U.S.           federal and state taxes

   458          
|        |
              3,729      

                8,782      

             5,182      

Nondeductible goodwill

                    –          
|
                   –      

             38,640      

             1,425     

Other, net

                   49          
|
                 (94)     

               2,119      

               (197)    

 

 
|
 

 

 
|
 

$                   0          
|
$                  0      

$                    0      

$                 0     
|
At December 29, 2001, the Company had  U.S. regular tax net operating loss carry-forwards of approximately $66  million that can reduce future federal income taxes. If not utilized, these  carry-forwards will expire beginning in 2007. The Company also has  non-expiring alternative minimum tax credit carry-forwards of $2.1 million  available to offset future regular taxes.

At December 29, 2001, the Company  recorded a valuation allowance of $21.5 million due to the uncertainty of the  realizability of the net operating losses and certain other defined tax  assets.

The Company’s net operating loss  carry-forwards of $66 million at December 29, 2001, could be limited in the  event of a greater than 50% change in stock ownership of the Company. The  limitation would be based on the stock value and the Federal Exempt Tax Rate  on the date of ownership change. These limitations could create a cap on the  amount of the NOLs that would be deductible each year going forward until the  amount is depleted or the time limitation on the NOLs expires.

In Mexico, the location of the  Company’s foreign operations, the Company pays the greater of its income tax  or an asset tax. Because the Company has operating losses in Mexico, the  Company pays no income tax, but it is subject to the asset tax. Therefore, no  provision for income taxes has been made on the Company’s books for its  operations in Mexico.

 

 

F-23
       
**12. EARNINGS PER COMMON SHARE**

Basic earnings per common share are  computed by dividing net income by the weighted average number of common  shares outstanding during the year. Diluted earnings per common share are  computed as basic earnings per common share, adjusted for outstanding stock  options that are dilutive. The computation for basic and diluted earnings per  share may be summarized as follows: (amounts in thousands except per share  information)

 

 

**Seven Months**

|
 

**Five Months**

 

**Fiscal**

 

**Fiscal**

 

 

**ending**

|
 

**ending**

 

**year**

 

**year**

 

 

**December 29,        2001**

|
 

**June 2, 2001**

 

**2000**

 

**1999**

 

 

|
 

 

 

Earnings / (loss) before        extraordinary items and               cumulative effect

$

(5,860)

|        |

$

96,141

$

(135,675)

$

(17,156)

Extraordinary gain / (loss),        net

 

- 

|
 

17,182

 

(827)

 

(406)

Cumulative effect, net

 

- 

|
 

- 

 

(3,378)

 

- 

 

 
|
 

 

 

Net earnings / (loss)

$

(5,860)

|
$

113,323

$

(139,880)

$

(17,562)

 

 
|
 

 

 

 

 

 

|
 

 

 

 

 

 

Weighted shares outstanding

 

5,000 

|
 

21,169

 

21,169 

 

21,068 

 

 

 

|
 

 

 

 

 

 

Basic earnings / (loss) per        share:

 

 

|
 

 

 

 

 

 

            Earnings / (loss) before extraordinary items and                  cumulative         effect

$

(1.17)

|        |
$

4.54

$

(6.41)

$

(0.81)

            Extraordinary gain / (loss)

 

- 

|
 

0.81

 

(0.04)

 

(0.02)

     Loss        from cumulative effect

 

- 

|
 

- 

 

(0.16)

 

- 

 

 
|
 

 

 

     Net        earnings / (loss) per basic share

$

(1.17)

|
$

5.35

$

(6.61)

$

(0.83)

 

 
|
 

 

 

 

 

 

|
 

 

 

 

 

 

Weighted shares outstanding

 

5,000 

|
 

21,169

 

21,169 

 

21,068 

Impact of dilutive options held        by employees

 

- 

|
 

- 

 

- 

 

- 

 

 
|
 

 

 

Aggregate shares outstanding

 

5,000 

|
 

21,169

 

21,169

 

21,068 

 

 

 

 |

 

 

 

 

 

 

Diluted earnings / (loss) per        share:

 

 

|
 

 

 

 

 

 

            Earnings / (loss) before extraordinary items and                   cumulative         effect

$

(1.17)

|        |
$

4.54

$

(6.41)

$

(0.81)

            Extraordinary gain / (loss)

 

- 

|
 

0.81

 

(0.04)

 

(0.02)

     Loss        from cumulative effect

 

- 

|
 

- 

 

(0.16)

 

- 

 

 
|
 

 

 

 

 

 

|
 

 

 

 

 

 

     Net        earnings / (loss) per diluted share

$

(1.17)

|
$

5.35

$

(6.61)

$

(0.83)

 

 
|
 

 

 

Outstanding options with an exercise  price below the average price of the Company’s common stock have been  included in the computation of diluted earnings per common share, using the  treasury stock method, as of the date of the grant. In all years presented,  these options have been excluded from the calculation due to their anti-dilutive  effect.

**13. SUPPLEMENTAL DISCLOSURE  INFORMATION**

Supplemental disclosure information  is as follows: (amounts in thousands)

(i) Supplemental Cash Flow  Information

 
 

 

Successor

|

 

Predecessor

|

 

 

Seven Months

|

 

Five Months

 

 

 

 
 

 

Ended

|

 

Ended

 

 

Year Ended

Year Ended

 
 

 

December 29,        2001

|        |

 

June 2, 2001

 

 

December 30,        2000

January 1, 2000

 
|

 

 

 

|

 

 

 

 

 

 

 
Cash paid for

 

 

|

 

 

 

 

 

 

 
            Interest

 

$

4,906  

|

 

$

860  

 

 

$

2,729    

$

17,826    

 
     Income        taxes

 

$

433  

|

 

$

167  

 

 

$

–    

$

495    

 
 

 

F-24
       
(ii) Supplemental Balance Sheet  Information

Significant components of accrued  expenses and other current liabilities may be summarized as follows:

 

 

Successor

|

 

Predecessor

|

 

 

Balance at

|

 

Balance at

 

 

December 29,        2001

|

 

December 30,        2000

|

 

 

 

|

 

 

Accrued employee compensation        and benefits

$

6,452

|

$

5,859

Accrued rent expense

 

4,714

|

 

3,758

Accrued acquisition expenses

 

21

|

 

546

Accrued capital expenditures

 

584

|

 

–

Customer deposit liability (See        Note 2)

 

2,491

|

 

3,282

Accrued interest

 

3,691

|

 

77

(iii) Supplemental Income Statement  Information

The components of interest expense,  net, may be summarized as follows:

 

 

Successor

 |

 

Predecessor
 |
 

 

Seven Months

  |

 

Five Months

 

Fiscal

 

Fiscal

 

 

Ended

  |

 

Ended

 

year

 

year

 

 

December 29,        2001

  |

 

June 2, 2001

 

2000

 

1999
 |
 

 

 

  |

 

 

 

 

 

 

Interest expense on debt

 

 

 |

 

 

 

 

 

 

     and        capital leases

 

$

8,476 

  |

 

$

805 

 

$

6,902 

 

$

18,306 

Finance fees and amortization

 

 

  |

 

 

 

 

 

 

     of        deferred financing costs

 

139 

  |

 

349 

 

881 

 

1,158 

Interest income

 

(156)

  |

 

– 

 

– 

 

(73)

Other

 

(70)

  |

 

(4)

 

(60)

 

(62)
 |
 

 

$

8,389

  |

 

$

1,150 

 

$

7,723 

 

$

19,329 
 |
Contractual interest expense for the  five months ended June 2, 2001 and for the year ended December 30, 2000 was  $8.1 million and $20.7 million, respectively.

**14. EQUITY TRANSACTIONS**
**Employee Stock Options and  Incentive Award Plan**
In 1996, the Company adopted the  restated Stock Option and Incentive Award Plan (the Plan) pursuant to which  incentive stock options qualifying under Section 422A of the Internal Revenue  Code and nonqualified stock options may be granted to key employees.  The  Plan also provides for the issuance of other equity awards, such as awards of  restricted stock.  The Plan replaced and restated all the Company’s  prior employee stock option plans.  The Plan is administered by the  Compensation Committee of the Company’s Board of Directors.  The  Compensation Committee has the authority to determine the persons receiving  options, option prices, dates of grants and vesting periods, although no  option may have a term exceeding ten years.  All options outstanding at  the Company’s emergency from bankruptcy were cancelled.  The Plan was  amended in 1999 to increase the number of shares under the Plan from 3,350,000  to 4,350,000.  In October 2001, the Committee reduced the number of  shares available under the Plan to 720,000 and granted stock options and  performance stock grants to key managers.
**Directors’ Stock Option Plan**
In April 1997, the Company adopted  the Restated Non-Employee Director Stock Option Plan (the Directors’ Plan),  pursuant to which stock options for up to 500,000 shares of Common Stock may  be granted to non-employee directors.  The Directors’ Plan replaced and  restated the Company’s prior non-employee director stock option plan.   The Directors’ Plan provides for automatic grants of options to purchase  7,500 shares of the Company’s common stock to each non-employee director  serving on the date of each annual meeting of shareholders, beginning with the  1997 annual meeting.  No options were granted under this plan in  2000.  All options outstanding at

F-25
       
the Company’s  emergence from bankruptcy were cancelled.  In October 2001, the Committee  reduced the number of shares under the Plan to 180,000 and made a one-time  grant to eligible non-employee directors of options to purchase 15,000  shares.  Automatic grants of options to purchase 10,000 shares will  resume with the 2002 annual meeting.  Under the options granted, 50% of  the shares under each option are exercisable on the second anniversary of the  grant date, 75% in three years, and 100% in four years.  All option  grants are at exercise prices no less than the market value of a share of  Common Stock on the date of grant and are exercisable for a ten-year  period.  Options are exercisable for a ten-year period.

**All Stock Option Plans**

In 2001, 2000 and 1999, all exercise  prices represent the estimated fair value of the Common Stock on the date of  grant as determined by the Board of Directors. Of the options granted, 50% of  the shares under each option are exercisable after two years from the grant  date, 75% in three years, and 100% in four years.

Stock option transactions during the  three years ended December 29, 2001 were as follows:

 

 

Successor

| 

 

Predecessor

| 

 

 

Seven Months

| 

 

Five Months

 

 

 

 

 

 

Ended

| 

 

Ended

 

 

 

 

 

 

December 29,        2001

| 

 

June 2, 2001

 

2000

 

1999

| 

 

 

 

| 

 

 

 

 

 

 

Options outstanding beginning        of period

 

–

| 

 

2,739,642 

 

2,615,421 

 

2,582,380 

Options granted

 

348,750

| 

 

– 

 

431,200 

 

928,060 

Options exercised

 

–

| 

 

– 

 

– 

 

(12,491)

Options cancelled

 

–

| 

 

(2,739,642)

 

(306,979)

 

(882,528)

| 

 

 

 

| 

 

 

 

 

 

 

Options outstanding end of        period

 

348,750

| 

 

– 

 

2,739,642 

 

2,615,421 

| 

 

 

 

| 

 

 

 

 

 

 

Options exercisable end of        period

 

0

| 

 

– 

 

1,245,105 

 

760,162 

| 

 

 

 

| 

 

 

 

 

 

 

Weighted average option prices        per share:

 

 

| 

 

 

 

 

 

 

            Granted

 

$

0.400

| 

 

 

–

 

$

1.989 

 

$

4.893 

            Exercised

 

–

| 

 

–

 

– 

 

$

4.500 

            Cancelled

 

–

| 

 

$

4.409

 

$

4.611

 

$

5.044 

Outstanding at year end

 

$

0.400

| 

 

–

 

$

4.409

 

$

4.832 

 

 

 

| 

 

 

 

 

 

 

Options exercisable end of        period

 

–

| 

 

–

 

$

4.570 

 

$

4.369 

The Company applies the disclosure  provisions of Statement of Financial Accounting Standards No. 123, Accounting  for Stock-Based Compensation. The Company will continue to account for stock  option awards in accordance with APB Opinion No. 25. Had compensation cost for  the Plan been determined based on the fair value at the grant date for awards  in 2000, 1999 and 1998 consistent with the provisions of SFAS No. 123, the  Company’s net earnings and earnings per share would have been reduced to the  pro forma amounts indicated below: (amounts in thousands except per share  information)

 

 

Successor

|
 

Predecessor

|
 

 

Seven Months

|
 

Five Months

 

 

 

 

 

 

Ended

|
 

Ended

 

 

 

 

 

 

December 29,        2001

|
 

June 2, 2001

 

2000

 

1999

|
 

 

 

|
 

 

 

 

 

 

As reported:

 

 

|
 

 

 

 

 

 

 

 

 

|
 

 

 

 

 

 

               Net earnings / (loss)

$

(5,860)

|
$

113,323

$

(139,880)

$

(17,562)

 

 

|
 

 

 

               Earnings / (loss) per share

$

(1.17)

|
$

5.35

$

(6.61)

$

(0.83)

 

 

|
 

 

 

Pro Forma:

 

 

|
 

 

 

 

 

 

 

 

 

|
 

 

 

 

 

 

               Net earnings / (loss)

$

(5,864)

|
$

117,635

$

(141,792)

$

(19,266)

 

 

|
 

 

 

               Earnings / (loss) per share

$

(1.17)

|
$

5.56

$

(6.70)

$

(0.91)

|
Basic and diluted earnings per share  are the same for each period presented.

F-26
       
The fair value of each option grant  is estimated on the date of grant using the Black-Scholes option-pricing  model. The following weighted average assumptions were used in the model:

 

Successor
|
 

Predecessor
|
 

Seven Months
|
 

Five Months

 

 

 

 

 

Ended
|
 

Ended

 

 

 

 

 

December 29,        2001
|
 

June 2, 2001

 

2000

 

1999
|
 

 
|
 

 

 

 

 

 

Dividend yield

0.00%
|
 

(a)

 

0.00%

 

0.00%

 

 
|
 

 

 

 

 

 

Expected volatility

217%
|
 

(a)

 

142%

 

88%

 

 
|
 

 

 

 

 

 

Risk free interest rates

4.50%
|
 

(a)

 

5.1%

 

5.1%

 

 
|
 

 

 

 

 

 

Expected lives (years)

6.7
|
 

(a)

 

5.0

 

4.7

                                 (a)  No options were granted during this period.

The following table shows the options  outstanding and the options exercisable with pertinent data related to each:

 

Options        Outstanding

 

Options        Exercisable

 

 

 

Weighted

 

 

 

 

Number

Average

Weighted

Number

Weighted

 

Outstanding

Remaining

Average

Exercisable

Average

Range of

as of

Contractual

Exercise

As of

Exercise

Exercise Prices

12/29/01

Life

Price

12/29/01

Price

 

 

 

 

 

 

$0.40

348,750

9.82

$0.40

0

N/A

**Preferred Stock**

The Company is authorized to issue up  to 5,000,000 shares of preferred stock, par value $1 per share, with such  terms, characteristics and designations as may be determined by the Board of  Directors. No such shares are issued and outstanding.

**Shareholder Rights Plan**

In January of 1997, the Company’s  Board of Directors approved a Shareholders Rights Plan (the Rights Plan). The  Rights Plan provides for the distribution of one Right for each outstanding  share of the Company’s Common Stock held of record as of the close of  business on January 27, 1997 or that thereafter becomes outstanding prior to  the earlier of the final expiration date of the Rights or the first date upon  which the Rights become exercisable. Each Right entitles the registered holder  to purchase from the Company one one- hundredth of a share of Series A  Participating Cumulative Preferred Stock, par value $0.01 per share, at a  price of $40.00 (the Purchase Price), subject to adjustment. The Rights are  not exercisable until ten calendar days after a person or group (an Acquiring  Person) buys or announces a tender offer for 15% or more of the Company’s  Common Stock, or if any person or group has acquired such an interest, the  acquisition by that person or group of an additional 2% of the Company’s  Common Stock. In the event the Rights become exercisable, then each Right will  entitle the holder to receive that number of shares of Common Stock (or, under  certain circumstances, an economically equivalent security or securities of  the Company) having a market value equal to the Purchase Price. If, after any  person has become an Acquiring Person (other than through a tender offer  approved by qualifying members of the Board of Directors), the Company is  involved in a merger or other business combination where the Company is not  the surviving corporation, or the Company sells 50% or more of its assets,  operating income, or cash flow, then each Right will entitle the holder to  purchase, for the Purchase Price, that number of shares of common or other  capital stock of the acquiring entity which at the time of such transaction  have a market value of twice the Purchase Price. The Rights will expire on  January 26, 2007, unless extended, unless the Rights are earlier exchanged, or  unless the Rights are earlier redeemed by the Company in whole, but not in  part, at a price of $0.001 per Right. In February 1998, the Company’s Board  of Directors amended the Rights Plan effective March 1, 1998 to provide that  Rights under this plan can be redeemed and certain amendments to this plan can  be effected only with the approval of the Continuing Directors, which are  defined in the Rights Plan as the current directors and any future directors  that are approved or recommended by Continuing Directors.

In 2000, the Company cancelled 10,000  shares of the Predecessor Company’s Common Stock.

F-27
       
**16. SELECTED QUARTERLY FINANCIAL  DATA (Unaudited)**

Selected quarterly data for the  Company for the fiscal years ended December 29, 2001 and December 30, 2000 is  as follows: (amounts in thousands except per share information)

 

 

**Predecessor**

|

 

**Successor**

|

 

 

**Quarter**

 

**2 Months**

|

 

**1 Month**

 

**Quarter**

 

**Quarter**

 

 

**Ending**

 

**Ending**

|

 

**Ending**

 

**Ending**

 

**Ending**

**FISCAL 2001**

 

**March 31**

 

**June 2**

|

 

**June 30**

 

**September 29**

 

**December 29**

|

 

 

 

 

 

|

 

 

 

 

 

 

Net Sales

$

74,735 

$

45,822 

|

$

18,606 

$

59,741 

$

57,196 

Cost of goods sold

 

34,525 

 

20,236 

|

 

8,295 

 

26,097 

 

27,096 

|

 

 

 

 

 

|

 

 

 

 

 

 

Gross profit

 

40,210 

 

25,586 

|

 

10,311 

 

33,644 

 

30,100 

Gross profit percentage

 

53.8%

 

55.8%

|

 

55.4%

 

56.3%

 

52.6%

 

 

 

 

 

|

 

 

 

 

 

 

Selling, general &        administrative expense

 

39,071 

 

25,906 

|

 

9,938 

 

31,440 

 

30,148 

|

 

 

 

 

 

|

 

 

 

 

 

 

Operating income / (loss)

 

1,139 

 

(320)

|

 

373 

 

2,204 

 

(48)

Interest expense, net

 

739 

 

411 

|

 

1,109 

 

3,673 

 

3,607 

|

 

 

 

 

 

|

 

 

 

 

 

 

Earnings / (loss) before        reorganization items and           taxes

 

 400 

 

 (731)

|

 

 (736)

 

 (1,469)

 

 (3,655)

Reorganization expense / (gain)

 

1,789 

 

(98,261)

|

 

– 

 

– 

 

– 

|

 

 

 

 

 

|

 

 

 

 

 

 

Earnings / (loss) before taxes        and extraordinary gain

 

(1,389)

 

97,530 

|

 

(736)

 

(1,469)

 

(3,655)

Income tax expense

 

– 

 

– 

|

 

– 

 

– 

 

– 

|

 

 

 

 

 

|

 

 

 

 

 

 

Earnings / (loss) before        extraordinary gain

 

(1,389)

 

97,530 

|

 

(736)

 

(1,469)

 

(3,655)

Extraordinary gain, net

 

– 

 

17,182 

|

 

– 

 

– 

 

– 

|

 

 

 

 

 

|

 

 

 

 

 

 

Net earnings / (loss)

$

(1,389)

$

114,712 

|

$

(736)

$

(1,469)

 

(3,655)

|

 

 

 

 

 

|

 

 

 

 

 

 

 

 

 

 

 

|

 

 

 

 

 

 

Basic earnings / (loss) per        share:

 

 

 

 

|

 

 

 

 

 

 

   Earnings / (loss)        before extraordinary gain

$

(0.07)

$

4.61 

|

$

(0.15)

$

(0.29)

$

(0.73)

   Gain from        extraordinary item

 

– 

 

0.81 

|

 

– 

 

– 

 

– 

|

 

 

 

 

 

|

 

 

 

 

 

 

   Net earnings /        (loss) per basic share

$

(0.07)

$

5.42 

|

$

(0.15)

$

(0.29)

$

(0.73)

|

 

 

 

 

 

|

 

 

 

 

 

 

 

 

 

 

 

|

 

 

 

 

 

 

Diluted earnings / (loss) per        share:

 

 

 

 

|

 

 

 

 

 

 

   Earnings / (loss)        before extraordinary gain

$

(0.07)

$

4.61 

|

$

(0.15)

$

(0.29)

$

(0.73)

   Gain from        extraordinary item

 

– 

 

0.81 

|

 

– 

 

– 

 

– 

|

 

 

 

 

 

|

 

 

 

 

 

 

Net earnings / (loss) per        diluted share

$

(0.07)

$

5.42 

|

$

(0.15)

$

(0.29)

$

(0.73)

|

 

 

 

 

 

|

 

 

 

 

 

 

Supplemental information

 

 

 

 

|

 

 

 

 

 

 

             Capital expenditures

$

1,259

$

825

|

$

335

$

970

$

1,445

             Depreciation and amortization

$

2,867

$

1,941

|

$

1,536

$

4,979

$

4,910

 

F-28
          
**FISCAL 2000**

 

**Quarter Ended**

 

 

**April 1**

 

**July 1**

 

**September 30**

 

**December 30**

 

 

 

 

 

 

 

 

 

Net Sales

$

83,180 

$

78,783 

$

75,578 

$

70,153 

Cost of goods sold

 

36,745 

 

36,287 

 

36,338 

 

34,088 

 

 

 

 

 

 

 

 

 

Gross profit

 

46,435 

 

42,496 

 

39,240 

 

36,065 

Selling, general &        administrative expense

 

45,759 

 

42,424 

 

41,646 

 

36,535 

Impairment on long-lived assets

 

2,684 

 

0 

 

0 

 

0 

Restructuring expense, net

 

1,601 

 

0 

 

0 

 

0 

 

 

 

 

 

 

 

 

 

Operating income / (loss)

 

(3,609)

 

72 

 

(2,406)

 

(470)

Interest expense, net

 

5,330 

 

917 

 

721 

 

755 

 

 

 

 

 

 

 

 

 

Earnings / (loss) before        reorganization items and           taxes

 

 (8,939)

 

 (845)

 

 (3,127)

 

 (1,225)

Reorganization expense

 

0 

 

4,379 

 

114,521 

 

2,639 

 

 

 

 

 

 

 

 

 

(Loss) before taxes,        extraordinary loss

 

 

 

 

 

 

 

 

   and cumulative        effect

 

(8,939)

 

(5,224)

 

(117,648)

 

(3,864)

Income tax expense

 

0 

 

0 

 

0 

 

0 

 

 

 

 

 

 

 

 

 

Earnings / (loss) before        extraordinary loss

 

 

 

 

 

 

 

 

   and cumulative        effect

 

(8,939)

 

(5,224)

 

(117,648)

 

(3,864)

Extraordinary loss, net

 

0 

 

(827)

 

0 

 

0 

Cumulative effect, net

 

(3,378)

 

0 

 

0 

 

0 

 

 

 

 

 

 

 

 

 

Net loss

$

(12,317)

$

(6,051)

$

(117,648)

$

(3,864)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings / (loss) per        share:

 

 

 

 

 

 

 

 

   Earnings / (loss)        before extraordinary item and

 

 

 

 

 

 

 

 

              cumulative effect

$

(0.42)

$

(0.25)

$

(5.56)

$

(0.18)

   Loss from        extraordinary item

 

0.00 

 

(0.04)

 

0.00 

 

0.00 

   Loss from        cumulative effect

 

(0.16)

 

0.00 

 

0.00 

 

0.00 

 

 

 

 

 

 

 

 

 

   Net earnings /        (loss) per basic share

$

(0.58)

$

(0.29)

$

(5.56)

$

(0.18)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings / (loss) per        share:

 

 

 

 

 

 

 

 

   Earnings / (loss)        before extraordinary item

 

 

 

 

 

 

 

 

              and cumulative effect

$

(0.42)

$

(0.25)

$

(5.56)

$

(0.18)

   Loss from        extraordinary item

 

0.00 

 

(0.04)

 

0.00 

 

0.00 

   Loss from        cumulative effect

 

(0.16)

 

0.00 

 

0.00 

 

0.00 

 

 

 

 

 

 

 

 

 

Net earnings / (loss) per        diluted share

$

(0.58)

$

(0.29)

$

(5.56)

$

(0.18)

 

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

 

 

 

             Capital expenditures

$

2,445 

$

796 

$

1,038 

$

1,100 

             Depreciation and amortization

$

4,816 

$

4,682 

$

5,389 

$

2,639 

**17. REPORTABLE BUSINESS SEGMENTS**

The Company’s operating business  segments provide quality retail optical services and products that represent  high value and satisfaction to the customer. The separate businesses within  the Company use the same production processes for eyeglass lens manufacturing,  offer products and services to a broad range of customers and utilize the  Company’s central administrative offices to coordinate product purchases and  distribution to retail locations. A field organization provides management  support to individual store locations. The Mexico operation has a separate  laboratory and distribution center in Mexico and buys a majority of its  products from local vendors. However, market demands, customer requirements,  laboratory manufacturing and distribution processes, as well as product  offerings, are substantially the same for the domestic and Mexico business.  Consequently, the Company considers its domestic and Mexico businesses as one  reportable segment under the definitions required by SFAS No. 131 -  Disclosures about Segments of an Enterprise and Related Information.

Information relative to sales and  identifiable assets for the United States and Mexico for the seven months  ended December 29, 2001, the five months ended June 2, 2001, and for the years  ended December 30, 2000 and January 1, 2000 are summarized in the following  tables (amounts in thousands). Identifiable assets include all assets  associated with operations in the indicated reportable segment excluding  inter-company receivables and investments.

F-29
       
 

 

United States

 

Mexico

 

Other

 

Consolidated

**SUCCESSOR COMPANY:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Seven months ending        December 29, 2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               Sales

$

132,633

$

2,910

$

–

$

135,543

 

 

 

 

 

 

 

 

 

               Identifiable Assets

$

166,299

$

2,617

$

–

$

168,916

 

 

 

 

 

 

 

 

 

**PREDECESSOR COMPANY:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Five months ending June        2, 2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               Sales

$

118,407

$

2,150

$

–

$

120,557

 

 

 

 

 

 

 

 

 

               Identifiable Assets

$

178,309

$

2,654

$

–

$

180,963

 

 

 

 

 

 

 

 

 

  Fiscal year 2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               Sales

$

302,902

$

4,792

$

–

$

307,694

 

 

 

 

 

 

 

 

 

               Identifiable Assets

$

88,666

$

2,222

$

–

$

90,888

 

 

 

 

 

 

 

 

 

  Fiscal year 1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               Sales

$

325,101

$

3,954

$

–

$

329,055

 

 

 

 

 

 

 

 

 

               Identifiable Assets

$

217,690

$

2,328

$

201

$

220,219

**18.  RELATED PARTY  TRANSACTIONS**

The Company made rent payments of  approximately $80,000 for the St. Cloud laboratory/distribution facility,  which is owned by Myrel Neuman, a current director of the Company.  The  Company paid insurance premiums of approximately $443,000 in 2000 for  insurance policies purchased through an agency in which J. Smith Lanier, II, a  director of the Predecessor Company during 2000, has a substantial ownership  interest. The Audit Committee (which has ratified the purchase of insurance by  the Company from this insurance agency) and management of the Company believe  that these premiums and rent payments are comparable to those which could have  been obtained from unaffiliated companies.

 

 

 

 

 

F-30
          
SCHEDULE II

 

NATIONAL VISION,        INC.

VALUATION AND        QUALIFYING ACCOUNTS

December 29,        2001, December 30, 2000 and January 1, 2000

(In thousands)

 

 

 

 

 

Additions

 

 

 

 

 Description

 

Balance at        Beginning        of Period

 

Charged to        Cash and Expenses

 

Charged to        Other Accounts

 

 Deductions

 

Balance at        End of Period

 

 

 

 

 

 

 

 

 

 

 

Year ended

 

 

 

 

 

 

 

 

 

 

   January 1, 2000

 

 

 

 

 

 

 

 

 

 

              Allowance for

 

 

 

 

 

 

 

 

 

 

                Uncollectible

 

 

 

 

 

 

 

 

 

 

                Accounts Receivable

 

$1,516

 

$3,384

 

$   885

 

$1,382

 

$4,403

 

 

 

 

 

 

 

 

 

 

 

Year ended

 

 

 

 

 

 

 

 

 

 

   December 30, 2000

 

 

 

 

 

 

 

 

 

 

              Allowance for

 

 

 

 

 

 

 

 

 

 

                uncollectible

 

 

 

 

 

 

 

 

 

 

                accounts receivable

 

$4,403

 

$2,503

 

$1,373

 

$2,535

 

$5,744

 

 

 

 

 

 

 

 

 

 

 

              Provision for

 

 

 

 

 

 

 

 

 

 

                reorganization and

 

 

 

 

 

 

 

 

 

 

                restructuring items

 

$              –

 

$8,505

 

$              –

 

$3,778

 

$4,727

 

 

 

 

 

 

 

 

 

 

 

Year ended

 

 

 

 

 

 

 

 

 

 

   December 29, 2001

 

 

 

 

 

 

 

 

 

 

              Allowance for

 

 

 

 

 

 

 

 

 

 

                uncollectible

 

 

 

 

 

 

 

 

 

 

                accounts receivable

 

$5,744

 

$5,239  

 

$              –

 

$8,606

 

$2,377

 

 

 

 

 

 

 

 

 

 

 

              Provision for

 

 

 

 

 

 

 

 

 

 

                reorganization and

 

 

 

 

 

 

 

 

 

 

                restructuring items

 

$4,727

 

$9,889

 

$              –

 

$12,396

 

$2,220

 

 

 

 S-1

 
font>   
SIGNATURES

Pursuant to the requirements of  Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has  duly caused this report to be signed on its behalf by the undersigned,  thereunto duly authorized.

 

NATIONAL VISION, INC.

 

 

 

 

 

 

 

By:  /s/  James        W. Krause                                         

 

James W. Krause

 

Chairman of the Board &        Chief Executive Officer and Director

March 21, 2002

 

Pursuant to the requirements of the  Securities Exchange Act of 1934, this report has been signed below on March  21, 2002 by the following persons on behalf of the registrant, in the  capacities indicated.

**Signature**

**font size="3">Title**
font>    
 

 

 

 

 

 

 

 

By:  /s/  James        W. Krause                                         

 

James W. Krause

Chief Executive Officer,        President and Chairman of the Board

 

 

 

 

 

 

 

 

By:  /s/   Angus        C. Morrisonfont> font size="2">                                
font>      
 

Angus C. Morrison

Senior Vice President and Chief        Financial Officer

 

 

 

 

 

 

 

 

By:  /s/  S.        Lynn Butlerfont size="2">                                            
font>      
Principal Accounting Officer

S. Lynn Butler

 

 

 

 

 

 

 

 

 

By:  /s/  Robert        Floum     font>                                              font>                                              
font>      
 

Robert Floum

Director

 

 

 

 

 

 

 

 

By:  /s/  Myrel        Neumannfont size="2">                                    
font>      
 

Myrel Neumann

Director

 

 

 

 

 

 

 

 

By:  /s/  Jeffrey        Snowfont size="2">                                           
font>      
 

Jeffrey Snow

Director

 

 

 

 

 

 

 

 

By:  /s/  Peter        T. Sochafont size="2">                                       
font>      
 

Peter T. Socha

Director

 

 

 

 

 
    
**EXHIBIT INDEX**

 

23.1        Arthur Andersen LLP Consent.

99          Letter Pursuant to Temporary Note 3T. |