OTHER NEWS - March 17, 1992

Optical Radiation to Split in Two: The Azusa-based firm will create a new publicly traded company by spinning off its consumer optical group, which makes contact lens and prescription eye-wear. The division accounted for $82 million worth of Optical Radiation’s $146 million in revenue last year. Shareholders will receive 1.5 shares of the new company for each Optical Radiation share held, if the Internal Revenue Service OKs the plan as a tax-free distribution. Chief Executive Richard D. Wood said the 23-year-old company--which has had an erratic earnings history--is splitting in two to compete more effectively. The businesses remaining in the parent: ophthalmic surgical products (lens implants for cataract patients) and a scientific/industrial division. Optical Radiation’s stock closed at $27.625 on the NASDAQ market, off 62.5 cents. The news was released after the close.