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UNITED STATES SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 20549 
FORM 8-K 
CURRENT REPORT 
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) April 2, 2004 
NATIONAL VISION, INC. 
(Exact name of registrant as specified in its charter)
Commission File No: 0-20001 
 	 	 	
Georgia 	 	58-1910859	
(State or other jurisdiction of 	 	(I.R.S. employer identification	
incorporation or organization) 	 	number)	
296 Grayson Highway
Lawrenceville, Georgia 30045 
(770)-822-3600
(Registrant’s telephone number, including area code) 
Not applicable
(Former name or former address, if changed since last report) 

TABLE OF CONTENTS
									
SIGNATURES	
Exhibit Index	
EX-99.1 PRESS RELEASE DATED APRIL 2, 2004	

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ITEM 12. 	RESULTS OF OPERATIONS AND FINANCIAL CONDITION.	
     On April 2, 2004, the Company issued a press release, attached as Exhibit 99.1 hereto, regarding its results of operations for fiscal 2004. 
SIGNATURES 
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
 	 	 	 	 	
 	 	NATIONAL VISION, INC.	
 	 	 	 	 	
Date: April 2, 2004	 	By: 	 	/s/ Paul A. Criscillis, Jr.

Paul A. Criscillis, Jr.
Senior Vice President,
Chief Financial Officer	
2 

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Exhibit Index 
 	 	 	 	 	
Description
	 	Number
	
Press Release 	 	 	99.1	 	
3 

                                                                    EXHIBIT 99.1

                             [NATIONAL VISION LOGO]

                                  NEWS RELEASE

CONTACT:
Paul A. Criscillis, Jr.
Senior Vice President and CFO
770-822-4262

FOR IMMEDIATE RELEASE

                NATIONAL VISION REPORTS OPERATING RESULTS FOR THE
              FOURTH QUARTER AND FISCAL YEAR ENDED JANUARY 3, 2004

Lawrenceville, Georgia, April 1, 2004 - National Vision, Inc. (AMEX:NVI) today
announced operating results for its fourth quarter and fiscal year ended January
3, 2004 ("fiscal 2003"). Fiscal 2003 was a 53-week fiscal year, with the
additional week being contained in the fourth quarter. Fiscal 2002 was a more
traditional 52-week year.

Current year fourth quarter total net revenue from continuing operations of
$62.6 million yielded gross profit of $34.1 million. The prior year's fourth
quarter total net revenue from continuing operations of $55.8 million yielded
gross profit of $28.5 million. Year-over-year domestic comparable store sales
growth was +5.1% for the quarter, excluding sales generated in the fourteenth
week of the current year quarter. Net income for the quarter was $539,000
compared with a loss of $2.5 million in the comparable period last year. The
current year's fourth quarter results include a gain on Note repurchases of $2.3
million, offset by additional expense of $550,000 resulting from the impairment
of long-lived assets. Last year's fourth quarter results included $1.0 million
in gains on Note repurchases. EBITDA, as defined in the Company's bond
indenture, was $6.1 million in the current year quarter versus $3.8 million in
the comparable period last year.

Fiscal 2003 total net revenue from continuing operations was $243.3 million,
yielding gross profit of $132.4 million. Prior year total net revenue from
continuing operations was $224.2 million, yielding gross profit of $123.5
million. Domestic comparable store sales growth for the year was +5.0%,
excluding sales generated in the 53rd week of the current fiscal year. The
Company's net loss for 2003 was $3.9 million, a $2.3 million improvement in
comparison to last year's $6.2 million net loss. Current year results include a
gain on Note repurchases of $2.3 million, offset by additional expense of
$564,000 relating to the cumulative effect of a change in accounting principle,
$550,000 in impairment losses and $484,000 in restructuring charges. In the
prior fiscal year, gains of $1.6 million were realized from Note repurchases.
Current year EBITDA was $23.9 million versus EBITDA of $24.9 million achieved in
the prior year.

"We are quite proud of what the NVI team was able to accomplish in such a
transitional year. Last year we changed almost every aspect of our operational
mix--including product selection and display, store scheduling, training and
incentives. In addition, we tested two new business concepts and laid the
groundwork for several other new tests," commented Reade Fahs, CEO and
President. "It is pretty remarkable in a year of so much operational change and
new product development (not to mention the closure of 40 strong Wal-Mart
stores) that the team managed to deliver such healthy sales growth and bottom
line improvement."

At the end of the fiscal year, the Company operated 468 vision centers, versus
518 vision centers at the end of fiscal 2002. Of the Company's vision centers
open and operating at January 3, 2004, 359 were in domestic Wal-Mart stores, 37
were in Wal-Mart de Mexico stores, 47 were located in Fred Meyer stores, and 25
were on military bases throughout the United States.

The Company will hold an Investor Relations Conference Call on Friday, April 2,
2004, at 11:00 a.m. EST to discuss these quarterly and annual results. The
general public can access this conference call via the Company's website at
www.nationalvision.com. At the conclusion of the prepared remarks by management,
the Company will accept and address questions from institutional investors.

                                   Page 1 of 2

National Vision, Inc.
April 1, 2004
Page 2

We frequently refer to EBITDA because it is the basis for the calculation of the
excess cash flow principal repayment under our senior notes and it is a widely
accepted financial indicator of a company's ability to service or incur
indebtedness. EBITDA is calculated as net earnings before interest, taxes,
depreciation, amortization, cumulative effect of a change in accounting
principle, non-cash items and reorganization items as defined under our Senior
Subordinated Debt Indenture. A reconciliation of net earnings (loss) to EBITDA
is presented in the attached financial tables.

National Vision, Inc. is a retail optical company that operates vision centers
within host environments in the United States and Mexico. Our vision centers
sell a wide range of optical products including eyeglasses, contact lenses and
sunglasses. As of April 1, 2004, the Company operated 451 vision centers,
including 341 located inside domestic Wal-Mart stores. In 2004, through April 1,
the Company has closed 19 stores (including 18 domestic Wal-Mart stores) and
opened two stores on military bases. We depend on our domestic Wal-Mart
locations for substantially all of our revenues and cash flow. Investments in
the debt and equity securities of National Vision, Inc. are subject to
substantial risks as described in the Company's public filings with the
Securities and Exchange Commission.

                         - 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 filed
with the SEC, could materially affect the Company's actual results.

These risks and uncertainties include, among others, 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.

                                   Page 2 of 2

NATIONAL VISION, INC.
RECONCILIATION OF NET EARNINGS (LOSS) TO EBITDA
(in thousands)

                                                 QUARTER ENDED                        FISCAL YEAR ENDED
                                        ------------------------------         ------------------------------
                                        January 3,        December 28,         January 3,        December 28,
                                           2004               2002                2004               2002
                                        (14 weeks)         (13 weeks)          (53 weeks)         (52 weeks)
                                        ----------        ------------         ----------        ------------
                                                                                     
Net earnings (loss)                       $    539           $ (2,475)          $ (3,868)          $ (6,204)
Adjustments:
 Interest expense, net of
   interest income                           3,119              2,946             12,863             13,952
 Income taxes                                  198                                   198
 Depreciation and amortization               3,969              4,387             15,962             18,999
 Cumulative effect of a
  change in accounting principle                                                    564
 Non-cash items                             (1,771)            (1,019)            (1,771)            (1,889)
                                          --------           --------           --------           --------
EBITDA                                    $  6,054           $  3,839           $ 23,948           $ 24,858
                                          ========           ========           ========           ========

NATIONAL VISION, INC.
SUMMARIZED BALANCE SHEETS
(in thousands)

                                                                 AS OF
                                                       -----------------------------
                                                       January 3,       December 28,
                                                          2004              2002
                                                       ----------       ------------
                                                                  
ASSETS
Current Assets:
Cash and cash equivalents                               $  3,545          $  9,020
Accounts receivable, net                                   3,078             2,164
Inventories                                               17,387            17,928
Other current assets                                       1,278             1,305
Deferred income tax asset                                  7,305             3,428
                                                        --------          --------
Total current assets                                      32,593            33,845
Property and equipment, net                               13,619            17,992
Other assets and deferred costs                              806             1,004
Intangible value of contractual rights                    93,279           100,960
                                                        --------          --------
Total Assets                                            $140,297          $153,801
                                                        ========          ========

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable                                        $  3,506          $  3,445
Accrued expenses and other current liabilities            25,132            24,393
Current portion of long-term debt                            545             3,824
                                                        --------          --------
Total current liabilities                                 29,183            31,662
Deferred income tax liability                              7,305             3,428
Senior subordinated notes                                 94,939           105,882
Shareholders' equity                                       8,870            12,829
                                                        --------          --------
Total Liabilities and Shareholders' Equity              $140,297          $153,801
                                                        ========          ========

NATIONAL VISION, INC.
SUMMARIZED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share information)

                                                                     QUARTER ENDED                      FISCAL YEAR ENDED
                                                               ---------------------------        -----------------------------
                                                               January 3,      December 28,       January 3,       December 28,
                                                                  2004             2002              2004              2002
                                                               (14 weeks)       (13 weeks)         (53 weeks)       (52 weeks)
                                                               ----------      ------------       ------------     -----------
                                                                                                       
Revenue:
  Retail sales, net                                            $  60,630         $  55,070         $ 236,125         $ 222,156
  Premium revenue                                                  1,677               757             6,347             2,041
  Other revenue                                                      247                                 877
                                                               ---------         ---------         ---------         ---------
Total net revenue                                                 62,554            55,827           243,349           224,197

Cost of goods sold                                                28,478            27,365           110,907           100,699
                                                               ---------         ---------         ---------         ---------
Gross profit                                                      34,076            28,462           132,442           123,498
                                                               ---------         ---------         ---------         ---------

Operating expenses:
  Selling, general and administrative expense                     32,038            29,416           123,713           119,451
  Impairment of long-lived assets                                    550                                 550
  Restructuring expense                                                                                  484
                                                               ---------         ---------         ---------         ---------
Total operating expense                                           32,588            29,416           124,747           119,451
                                                               ---------         ---------         ---------         ---------

Operating income                                                   1,488              (954)            7,695             4,047

Other income (expense):
  Interest expense                                                (3,111)           (3,277)          (12,913)          (14,099)
  Gain on note repurchases                                         2,321             1,019             2,321             1,566
  Other, net                                                          (8)              331                50               470
                                                               ---------         ---------         ---------         ---------

Pre-tax income (loss) from continuing operations *                   690            (2,881)           (2,847)           (8,016)
Income taxes                                                         198                                 198
                                                               ---------         ---------         ---------         ---------

Income (loss) from continuing operations *                           492            (2,881)           (3,045)           (8,016)
Income (loss) from discontinued operations                            47               406              (259)            1,812
                                                               ---------         ---------         ---------         ---------

Income (loss) *                                                      539            (2,475)           (3,304)           (6,204)
Cumulative effect of a change in accounting principle                                                   (564)
                                                               ---------         ---------         ---------         ---------
Net income (loss)                                              $     539         $  (2,475)        $  (3,868)        $  (6,204)
                                                               =========         =========         =========         =========

Earnings (loss) per basic share:

  Earnings (loss) from continuing operations *                 $    0.10         $   (0.58)        $   (0.61)        $   (1.60)
  Earnings (loss) from discontinued operations                      0.01              0.07             (0.05)             0.36
  Cumulative effect of a change in accounting principle                                                (0.11)
                                                               ---------         ---------         ---------         ---------

Net earnings (loss) per basic share                            $    0.11         $   (0.51)        $   (0.77)        $   (1.24)
                                                               =========         =========         =========         =========

Earnings (loss) per diluted share:

  Earnings (loss) from continuing operations *                 $    0.09         $   (0.58)        $   (0.61)        $   (1.60)
  Earnings (loss) from discontinued operations                      0.01              0.07             (0.05)             0.36
  Cumulative effect of a change in accounting principle                                                (0.11)
                                                               ---------         ---------         ---------         ---------
Net earnings (loss) per diluted share                          $    0.10         $   (0.51)        $   (0.77)        $   (1.24)
                                                               =========         =========         =========         =========

    * Excluding the cumulative effect of a change in accounting principle.