Eye Care Centers of America Inc.: 4th Quarter Ended Dec. 29, 2001

Business Wire, March 26, 2002

Business Editors

SAN ANTONIO--(BUSINESS WIRE)--March 26, 2002

Eye Care Centers of America Inc., a Texas corporation, today announced that for the thirteen weeks ended Dec. 29, 2001, net revenues were $74.8 million, a 6.0% increase over last year's fourth quarter of $70.6 million.

Comparable store sales increased 5.4% for the quarter ended Dec. 29, 2001.

For the full year 2001, net revenues were $336.0 million compared to $338.5 million in fiscal 2000. Comparable store sales for fiscal year ended Dec. 29, 2001 declined 1.4%.

EBITDA (earnings before interest, taxes, depreciation, amortization) for the fourth quarter ended Dec. 29, 2001 was $7.9 million compared to $6.4 million for the fourth quarter 2000. EBITDA for the fiscal year ended Dec. 29, 2001 was $48.8 million, compared to $47.1 million for fiscal year 2000.

David McComas, President and Chief Executive Officer, commented, "We were very pleased with our fourth quarter 2001 comparable stores sales performance. Our new promotional offer, introduced in the fourth quarter, drove additional transactions and offered superior value to our customers. Improved product assortment and inventory position contributed, as well, to our sales increase. As a result, the sales momentum and continued emphasis on expense management enabled us to produce increased EBITDA for the quarter and the full year 2001. The Company was in compliance with all financial covenants at the end of fiscal year 2001."

Eye Care Centers of America Inc. operates or manages 360 stores, in 32 states under the trade names "EyeMasters," "Binyon's," "Visionworks," "Hour Eyes," "Dr. Bizer's VisionWorld," "Dr. Bizer's ValuVision," "Stein Optical," "Vision World," "EYE DRx" and "Doctor's VisionWorks".

This press release contains information which may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in forward-looking statements as a result of various factors as set forth from time to time in the Company's previous filings with the SEC including its recent Form 10-K. The Company undertakes no obligation to publicly update or revise the forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect occurrences of unanticipated events.