COOPERVISION &lt;EYE> DELAYS ANNUAL MEETING

  CooperVision Inc said it has
  delayed its annual meeting to June 22 from May 14 to allow its
  board to review possible recapitalization options before the
  meeting.
      CooperVision today reported first quarter net income of
  64.6 mln dlrs, after a 175.2 mln dlr pretax gain from the sale
  of its ophthalmic business to Johnson and Johnson &lt;JNJ> for 260
  mln dlrs in cash and a 17.9 mln dlr posttax charge from a debt
  repurchase.  Sales were 94.4 mln dlrs.  A year earlier it
  earned 7,300,000 dlrs after a 120,000 dlr loss from
  discontinued operations, on sales of 85.4 mln dlrs.
      The company said an aggressive program of investment
  spending to maintain or increase market shares its its two core
  businesses will accelerate sales growth this year but hold back
  increases in operating income in the near future.
      CooperVision said "Furthermore, until the entire net cash
  proceeds from the recent sales of several of our businesses are
  employed to reduce indebtedness, make strategic acquisitions
  and/or are otherwise employed in relation to a possible
  recapitalization of the company, recovery of net income will be
  held back by the loss, particularly of the tax income, of the
  (ophthalmic) pharmaceutical business sold to Johnson and
  Johnson."
  

