OptiCare Health Systems, Inc. Announces Third Quarter Earnings

WATERBURY, Conn., Nov. 14  /PRNewswire-FirstCall/ -- OptiCare Health Systems, Inc. (AMEX:OPT) announced today that third quarter 2005 net income from continuing operations increased to $270,000 from a loss from continuing operations of $850,000 in the third quarter 2004. For the nine months of 2005, net income from continuing operations increased to $998,000 from a loss from continuing operations of $248,000 in the comparable 2004 period. Net revenue for the third quarter 2005 increased approximately $0.7 million to $14.9 million from $14.2 million in the third quarter 2004. For the nine months of 2005, net revenues declined approximately $0.3 million to $44.2 million from $44.5 million in the comparable 2004 period. The third quarter and nine month results of 2004 reflect results from continuing operations and exclude the results of the Company's discontinued operations CC System's Inc., which was sold in September 2004 and the Distribution Segment, which was sold on January 12, 2005.

"We are pleased to report our third consecutive profitable quarter from continuing operations," commented Christopher J. Walls, OptiCare's President and Chief Executive Officer, who also noted "The Company continues to focus on operating its core businesses efficiently which has enabled it to deliver improved results in 2005."

The Company also stated that its merger with Refac, which it announced on August 22, 2005, is now expected to close on or before April 30, 2006.

About OptiCare Health Systems, Inc.

OptiCare Health Systems, Inc. is an integrated eye care services company focused on vision benefits management and consumer vision services, including medical, surgical and optometric services and optical retail.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This News Release includes certain statements of the Company that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and which are made pursuant to the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include statements concerning the financial performance of the Company, as well as plans, objectives, goals, strategies, future events, or performance, and any underlying assumptions and statements that are not statements of historical fact. When used in this News Release, the words "expects," "anticipates," "estimates," "plans," "intends," "projects," "predicts," "believes," "may" or "should," and similar expressions, are intended to identify forward-looking statements.  These forward-looking statements based upon the beliefs of management and assumptions made by and information currently available to the Company.  These statements reflect the current view of the Company's management with respect to future events.  Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements.  Investors are cautioned that all forward-looking statements involve those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2004.  Forward-looking statements speak only as of the date they are made and the Company undertakes no duty or obligation to update any forward-looking statements in light of new information or future events. 

DATASOURCE: OptiCare Health Systems, Inc.



CONTACT:  Vincent S. Miceli, Corporate Controller of OptiCare Health

Systems, Inc., [phone]

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