EXHIBIT 99.1

CONTACTS:
Angus C. Morrison
Sr. VP & Chief Financial Officer
(770) 822-4295

FOR IMMEDIATE RELEASE
June 4, 2003

NATIONAL VISION ANNOUNCES 2002 FINANCIAL RESULTS,
RESTATEMENT OF 2001 FINANCIAL STATEMENTS
and
FILING OF 2001 AND 2002 ANNUAL REPORTS ON FORM 10-K
WITH THE SECURITIES AND EXCHANGE COMMISSION

LAWRENCEVILLE, GEORGIA – National Vision, Inc., (Amex:  NVI) the nation’s fifth largest optical company, today announced that it had filed with the Securities and Exchange Commission its amended Form 10-K for 2001 and its Form 10-K for 2002.  In April 2003, the Company indicated that it would restate its 2001 financial statements in order to adjust certain balance sheet accounts.  The 2001 financial statements were originally audited by Arthur Andersen LLP, which has ceased operations.  As a result, it was necessary to re-audit the 2001 financial statements.  The Company engaged Deloitte & Touche LLP, its current auditors, to perform the re-audit.  The Company was unable to file its Form 10-K for 2002 until the restatement of 2001 results was completed.  The amended Form 10-K for 2001 contains the restated financial statements for 2001.

Four principal revisions have been made.  These revisions have no effect on the previously reported net loss for the seven months ended December 29, 2001 or the previously reported net income for the five months ended June 2, 2001.  The revisions did not affect the Company’s earnings before interest, taxes, depreciation and amortization and extraordinary items (EBITDA) related to the Company’s ongoing businesses in Wal*Mart and other host locations.  The revisions did, however, have an impact on the 2002 excess cash flow payments under the Company’s indenture (see “Excess Cash Flow Payment”, below).

Regarding the effect of the 2001 re-audit, the revisions to the 2001 financial statements may be summarized as follows:

• Reclassification of the balance sheet to reflect a current deferred tax asset and a non-current net deferred tax liability as of December 29, 2001, and restatement of the 2001 income tax footnote which details the Company’s deferred tax assets and liabilities to correctly reflect the deferred tax assets, liabilities, and valuation allowance of the Company as of December 29, 2001, due mainly to 1) an unrecorded deferred tax asset related to the disposition of the Company's freestanding store locations and 2) an unrecorded deferred tax liability for the intangible value of contract rights recorded upon fresh start accounting. 

• Reclassification of the balance sheet presentation for senior notes to reflect the current portion of the senior note liability as of December 29, 2001 for a senior note principal payment made in February 2002.

• Reclassification of certain reserves for equipment and other assets from accrued expenses and other current liabilities to property and equipment and other assets and deferred costs as of December 29, 2001.

• Reclassification of certain expenses, which were previously reported as reorganization expenses, in the five month predecessor period ended June 2, 2001, to cost of goods sold and selling, general & administrative expense.

1

The consolidated financial statements for the year ended December 29, 2001 have been restated to incorporate all of these adjustments and reclassifications.  These revisions have no effect on the previously reported net loss for the seven months ended December 29, 2001 or the previously reported net income for the five months ended June 2, 2001.  The revisions did not affect the Company’s earnings before interest, taxes, depreciation and amortization and extraordinary items (EBITDA) related to the Company’s ongoing businesses in Wal*Mart and other host locations.  A summary of the significant effects of the restatements is as follows ($ in 000s):

Historical Pro Forma Results of Ongoing Operations

For the twelve months ended December 28, 2002, net sales were $247.0 million and gross profit was $134.6 million, versus pro forma net sales and gross profit of $237.9 million and $130.8 million, respectively, recorded in the comparable period last year from the Company’s continuing operations.  Comparable store sales for our domestic stores were up +2.0% from levels recorded in the comparable period last year.  Operating income for the current year was $5.9 million, a decrease of approximately $1.5 million compared to the pro forma prior year amount of $7.4 million.  Earnings before interest, taxes, depreciation, and amortization and extraordinary items (EBITDA) increased by 5.7% in the current period to $24.9 million from pro forma EBITDA of $23.5 million in the comparable period a year ago.  Pro forma EBITDA for 2001 includes a significant provision for managed care receivables of $2.9 million.  At the end of the year, the Company operated 518 vision centers, versus 514 vision centers at the end of the fourth quarter a year ago.  Of the Company’s vision centers open at December 28, 2002, 399 are in domestic Wal*Mart stores, 37 are in Wal*Mart de Mexico stores, 58 are located in Fred Meyer stores, and 24 are on military bases throughout the United States.  Subsequent to year-end and as of March 31, 2003, the Company has closed thirteen Wal*Mart vision centers in accordance with the Wal*Mart master license agreement.

All references to pro forma results in this release refer to results of the Company’s host vision centers after giving effect to the dispositions made during the Company’s reorganization process as if they had occurred at the beginning of the periods indicated.  Additionally, pro forma results are prior to restructuring and reorganization costs incurred during the bankruptcy proceedings.  A reconciliation between pro forma results and historical results is set forth in the attached financial tables.

The Company adopted “fresh start” accounting on June 2, 2001.  The attached Pro Forma Condensed Consolidated Statements of Operations present pro forma information for the continuing businesses.  Due to the fresh start accounting and the disposition of unprofitable store operations, the results since June 2, 2001 are generally not comparable to periods prior to this date.

2

First Quarter 2003

The Company anticipates filing its first quarter 2003 financial statements on Form 10-Q within the next 10 business days.  Concurrent with the 10-Q filing, the Company will issue a press release summarizing complete financial results for the first quarter.  In the first quarter, comparable store sales for our domestic stores were up +2.5% from levels recorded in the comparable period last year, with March sales growth achieving higher levels than January and February.  All three National Vision divisions (Wal*Mart, Fred Meyer and military) reported positive comparable store trends well ahead of industry sales trends, which were predominantly negative for the quarter.

Excess Cash Flow Payment

An effect of the restatement was to adjust the calculation of working capital under the indenture for purposes of determining the excess cash flow payment for the cumulative period from June 2, 2001 through December 28, 2002. The effect of these adjustments was to increase the cumulative payments of excess cash flow during this same period by approximately $950,000. Our indenture expressly provides that, in the event of a restatement which affects a previously made excess cash flow payment, the next payment of excess cash flow otherwise due is appropriately adjusted so that the under or over payment is corrected. The Company accordingly expects that, subject to the minimum cash requirements and other provisions of the indenture, it will increase its next cash flow payment by approximately $950,000.  The next principal payment is scheduled for August 30, 2003.  The Company can provide no assurances that such a payment will in fact be made.

Letter from Trustee

The Company had previously disclosed that it had received a letter from the trustee under the indenture governing its senior notes, stating that the Company was in default for failing to timely file its Form 10-K for fiscal 2002, and that the Company had 30 days to cure the alleged default.  The Company announced that it had received a letter from the trustee, revoking the previous letter.  In addition, the filing today of the Form 10-K has taken place within the 30-day cure period.

The general public can access the Company’s 10-K financial reports and press releases via the Company’s web site at www.nationalvision.com.  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 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”.

-- FINANCIAL TABLES TO FOLLOW --

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.