Revenue for the quarter was a record $32.7 million, an increase of $5.4 million or 20% from the same period in 2007. Gross profit was a record $9.0 million, an increase of 19% over the same period in 2007. Adjusted EBITDA during the quarter was $1.3 million versus $1.1 million in the third quarter of 2007. Net income for the quarter was $0.2 million or $0.00 per share, versus net income of $0.4 million or $0.01 per share for the same period in 2007. The Company ended the quarter with $20.0 million in cash and cash equivalents.

"Coastal achieved another quarter of record results and further strengthened our position as the world's leading direct to consumer retailer of vision care products. The Company experienced growth in all key markets, demonstrating a balanced and sustainable multi-market strategy, unique to Coastal Contacts. There are several key factors aligning in our markets which give us confidence in the Company's prospects going forward," said Roger Hardy, Coastal Contacts' President and CEO.

"First, from an available market perspective an increasing number of adults around the world now require vision correction, owing to an aging population and growing computer usage. In markets such as the United States, market research now indicates that more than 86% of the adult population use some form of corrective or non-corrective eyewear.

Second, the market for contact lenses continues to show strong growth worldwide at approximately 9% compounded annually. Advances in contact lens technology now allow users as young as 10 years old and have enhanced the market for users between the ages of 35 and 49. As well, improving economic status of consumers in markets such as Asia have created a new customer base seeking traditionally "Western" consumer products like contact lenses.

Third, eCommerce usage continues to grow at a rate faster than traditional "brick and mortar" channels as consumers seek convenience and value when buying personal consumable items such as vision care products. In the US between 2001 and 2006 retail e-sales increased at an average annual growth rate of 25.4% compared with 4.8% for total retail sales."

Hardy continued, "By combining these factors with our leadership position in multiple markets around the world, we are encouraged by our results and the potential that lies ahead. Our estimates indicate that approximately 10% of the $5 billion contact lens market is purchased using the direct to consumer channel. We estimate that some markets may have grown to more than 40% penetration, which gives us significant opportunity to expand our business globally. Further expansion of our product offering to include eyeglasses provides our customers with another opportunity to take advantage of Coastal's value proposition. We are the only direct-to-consumer retailer of vision care products to be executing an international multi market strategy and are ideally positioned to take advantage of this exciting opportunity.

We continue to believe that Coastal shares are significantly undervalued in the current stock market environment. In the interest of enhancing future shareholder value, the Company executed a further buyback of common shares on August 1, 2008, acquiring and cancelling 5 million common shares for $5 million, representing approximately 8% of the outstanding shares immediately prior to purchase." -- www.cnxmarketlink.com