National Vision Reports Third Quarter and Nine Month Results for the Period Ended September 27, 2003

National Vision Reports Third Quarter and Nine Month Results for the Period
Ended September 27, 2003 


LAWRENCEVILLE, Ga., Nov. 18  /PRNewswire-FirstCall/ -- National Vision, Inc. , a
national retail optical company, today announced results for the third quarter
and nine months ended September 27, 2003.

For the quarter, the Company recorded net sales of $65.1 million and gross
profit of $34.6 million, versus net sales of $57.9 million and gross profit of
$32.3 million, recorded in the comparable period last year from the Company's
continuing operations. Comparable store sales for the domestic businesses that
are part of continuing operations increased 11.0% from levels recorded in the
comparable period last year.  The Company recorded a net income of $356,000 in
the current period versus a net loss of $753,000 in the comparable period last
year.  Earnings before interest, taxes, depreciation, and amortization (EBITDA)
in the current period were $7.4 million versus EBITDA of $7.0 million achieved
in the comparable period last year.

For the nine months ended September 27, 2003, the Company recorded net sales of
$185.6 million and gross profit of $100.6 million, versus net sales of $173.2
million and gross profit of $97.2 million, recorded in the comparable period
last year from the Company's continuing operations.  Sales from domestic stores
that are part of continuing operations increased 4.5% from levels recorded in
the comparable period last year.  The Company recorded a net loss of $4.4
million in the current period versus a $3.7 million net loss in the comparable
period last year.  The current nine-month period includes a net loss of $564,000
relating to a cumulative effect of a change in accounting principle.  Earnings
before interest, taxes, depreciation, and amortization (EBITDA) in the current
nine-month period were $17.9 million, versus EBITDA of $21.0 million achieved in
the comparable period last year.

At the end of the third quarter, the Company operated 481 vision centers, versus
518 vision centers at the end of the third quarter a year ago. Of the Company's
vision centers open and operating at September 27, 2003, 373 are in domestic
Wal-Mart stores, 37 are in Wal-Mart de Mexico stores, 47 are located in Fred
Meyer stores, and 24 are in military bases throughout the United States.

In conjunction with the third quarter results, the Company will hold an Investor
Relations Conference Call on November 19, 2003 at 11:00 a.m. EDT. The general
public can access this conference call via the Company's web site at
http://www.nationalvision.com/ .  At the conclusion of the prepared remarks by
management, the Company will accept and address questions from institutional
investors.

The general public can access the Company's 10-Q for the period ended September
27, 2003 and the Company's 10-K financial reports and press releases via the
Company's web site.  Additionally, the general public can access all of the
Company's public documents filed with the Securities and Exchange Commission
("SEC") via their web site at http://www.sec.gov/ .  The Company's common stock
and senior notes are listed on the American Stock Exchange.  The common stock of
the Company trades under the symbol "NVI" and the senior notes trade under the
symbol "NVI.A".

In addition, on November 7, 2003 the Company resolved the final outstanding
claim in its Chapter 11 proceeding.  Pursuant to its plan of reorganization, the
Company had deposited common stock and senior secured notes in a disputed claim
reserve.  As of November 10, 2003, approximately 325,000 shares of common stock
and $12.2 million in notes remained in the reserve.  The plan of reorganization
provides that, upon resolution of all outstanding claims, these securities will
be distributed on a pro rata basis to the holders of claims in the Chapter 11
case.  The Company is in the process of calculating the distribution amounts and
expects that the final distribution will take place later in the fourth quarter.
 The distribution of these securities could have an adverse impact on the
trading prices of the securities of the Company.

We frequently refer to EBITDA because it is the basis for the calculation of the
excess cash flow principal repayment under our senior notes; and it is a widely
accepted financial indicator of a company's ability to service or incur
indebtedness.  EBITDA is calculated as net earnings before interest, taxes,
depreciation and amortization, extraordinary items, and cumulative effect of a
change in accounting principle, as defined in the terms of our Senior
Subordinated Debt agreement.  A reconciliation of net earnings to EBITDA is
presented in the attached financial tables.

This release includes statements concerning the Company's plans, beliefs and
expectations for future periods.  These "forward-looking statements" may be
identified by the use of words such as "intends," "contemplates," "believes,"
"anticipates," "expects," "should," "could," "would" and words of similar
import.  These forward-looking statements involve known and unknown risks and
uncertainties that could cause actual results to differ materially from the
expectations expressed or implied in such statements.  With respect to such
forward-looking statements and others that may be made by, or on behalf of, the
Company, the factors described as "Risk Factors" in the Company's Reports
previously filed with the SEC, could materially affect the Company's actual
results.

These risks and uncertainties include, among others, impaired relationships with
the Company's vendors or customers as a result of the Company's recent emergence
from bankruptcy, the Company's high leverage and its potential inability to
repay its debt, an adverse change in the Company's relationship with Wal*Mart,
changes in economic conditions (including an increase in interest rates),
financial markets or customer demand, the level of competition in the retail
eyecare industry, federal and state regulation of the healthcare and insurance
industries (particularly in California), the Company's financial condition and
other risks and uncertainties set forth in the Company's filings with the
Securities and Exchange Commission.

All forward-looking statements included in this release are based upon
management's present expectations and the information available at this time.
The Company does not undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or other factors.

                          National Vision, Inc.
             Condensed Consolidated Statements of Operations
                               (unaudited)

                                     Three Months Ended   Nine Months Ended
                                     Sept. 27, Sept. 28, Sept. 27, Sept. 28,
                                        2003     2002      2003      2002

  Retail sales, net                    $63,434  $57,254  $180,919  $171,903
  Premium revenue                        1,681      637     4,670     1,290

  Total net sales                       65,115   57,891   185,589   173,193
  Cost of goods sold                    30,479   25,548    84,997    75,978

  Total gross profit                    34,636   32,343   100,592    97,215
  Selling, general & administrative
   expense                              30,535   30,415    93,683    91,893
  Restructuring expense                    484        -       484         -

  Operating income                       3,617    1,928     6,425     5,322
  Interest expense, net (a)              3,199    2,992     9,745    10,136

  Income / (loss) from continuing
   operations before income taxes          418   (1,064)   (3,320)   (4,814)
  Income tax expense                         -        -         -         -

  Income / (loss) from continuing
   operations                              418   (1,064)   (3,320)   (4,814)

  Discontinued operations:
           Operating income / (loss)
            from discontinued
            operations                     (98)     311      (479)    1,085
           Gain / (loss) on disposal        36        -       (50)        -
  Income / (loss) from discontinued
   operations, net of income taxes         (62)     311      (529)    1,085

  Income / (loss) before cumulative
   effect                                  356     (753)   (3,849)   (3,729)
  Cumulative effect of a change in
   accounting principle                      -        -      (564)        -

           Net income / (loss)            $356    $(753)  $(4,413)  $(3,729)

  Reconciliation of Net Income/(loss)
   to EBITDA
  Addback:
           Interest expense, net        $3,199   $2,992    $9,745   $10,136
           Income taxes                      -        -         -         -
           Cumulative effect of a
            change in accounting
            principle                        -        -       564         -
           Depreciation and
            amortization expense -
            continuing operations        3,861    4,685    11,725    14,322
           Depreciation and
            amortization expense -
            discontinued operations         27      106       268       290

  EBITDA (b)                            $7,443   $7,030   $17,888   $21,019

  Capital expenditures                    $834     $825    $2,425    $2,978

   (a)  As a result of the adoption of Financial Accounting Standards Board
        Statement No. 145, the Company has reclassified the prior period
        gain on the repurchase of debt from extraordinary income to income
        from continuing operations as a component of the "Interest expense"
        line item included in the Condensed Consolidated Statement of
        Operations.  The Company realized a gain of $547,000 during the
        third quarter of 2002 related to the repurchase of bonds.

   (b)  EBITDA is calculated as net earnings before interest, taxes,
        depreciation and amortization, extraordinary items, cumulative
        effect of a change in accounting principle, and reorganization items
        as defined in the terms of our Senior Subordinated Debt agreement.
        We refer to EBITDA because:
         -  it is the basis for the calculation of the excess cash flow
            principal repayment under our senior notes; and
         -  it is a widely accepted financial indicator of a company's
            ability to service or incur indebtedness.
       EBITDA does not represent cash flow from operations as defined by
       generally accepted accounting principles, 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 our operating performance or as a measure
       of liquidity.  EBITDA is not necessarily comparable to similarly
       titled measures for other companies.


                          National Vision, Inc.
                  Condensed Consolidated Balance Sheets
                              (in thousands)

                                               As of            As of
                                          Sept. 28, 2003    Dec. 28, 2002
                                            (unaudited)
  Assets:
  Cash                                         $4,750           $9,020
  Accounts receivable, net                      2,711            2,164
  Inventories                                  18,544           17,928
  Other current assets                            727              979
  Current deferred income tax asset                 -              975
  Net property and equipment                   13,982           17,992
  Other assets and deferred costs, net            761            1,004
  Intangible value of contractual
   rights, net                                 95,425          100,960
                                             $136,900         $151,022

  Liabilities and Shareholders' Equity:
  Accounts payable                             $5,994           $3,445
  Accrued expenses and other current
   liabilities                                 21,093           24,067
  Current portion of long-term debt                 -            3,824
  Deferred income tax liability                     -              975
  Senior subordinated notes                   101,546          105,882
  Total shareholders' equity                    8,267           12,829
                                             $136,900         $151,022


DATASOURCE: National Vision, Inc.



CONTACT: Angus Morrison, Sr. VP & Chief Financial Officer of National

Vision, Inc., [phone]



Web site:  http://www.nationalvision.com/

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