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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) August 16, 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) 

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SIGNATURES	
Exhibit Index	
EX-99.1 PRESS RELEASE DATED AUGUST 16, 2004	

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ITEM 12. 	RESULTS OF OPERATIONS AND FINANCIAL CONDITION.	
On August 16, 2004, the Company issued a press release, attached as Exhibit 99.1 hereto, regarding its results of operations for  the second quarter of 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: August 17, 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 
 
NEWS RELEASE 
CONTACT: 
Paul A. Criscillis, Jr.
Senior Vice President and CFO
770-822-4262 
FOR IMMEDIATE RELEASE
NATIONAL VISION REPORTS SECOND QUARTER OPERATING RESULTS
Lawrenceville, Georgia, August 16, 2004 -- National Vision, Inc. (AMEX:NVI) today announced operating results for its fiscal second quarter and the year-to-date period ended July 3, 2004. 
Total net revenue from continuing operations for the second quarter of 2004 was $61.3 million versus $55.1 million in last year’s second quarter. This reflects a comparable store sales increase of +10%. Current year net revenues included sales generated during the Company’s annual summer contact lens promotional event. Revenues from last year’s corresponding event were recorded in the third fiscal quarter. This year’s event was responsible for $4.4 million of the quarter’s $6.2 million year-over-year sales gain; if these sales were excluded from 2004 revenue, comparable store sales increased +2% in the second quarter. 
Current year second quarter net income was $4.8 million versus a net loss of $2.7 million in the second quarter last year. This year’s net income included an after-tax gain of $2.8 million on repurchases of the Company’s Senior Subordinated Notes at prices below par value. Excluding the impact of the bond repurchases, net income rose $4.7 million for the quarter in spite a decline in store count of more than 50 stores versus Q2 last year.
Fully diluted earnings per share were $0.86 in the current year second quarter versus a loss of $0.54 in the prior year period. EBITDA for the current year quarter was $8.2 million compared to EBITDA of $4.5 million in the prior year quarter. 
“Our stores delivered another strong quarter,” stated Reade Fahs, CEO and President. “The programs we put in place last year are continuing to work well for us as we continue to make significantly more money on fewer stores. Because of this, we were able to significantly reduce the balance of our Senior Subordinated Notes. By the end of August our debt will have declined $16.7 million since the beginning of the year to $78.8 million.  Additionally, our Board has approved ongoing repurchases of the Notes based on availability of cash and compliance with the requirements of our credit agreement with Fleet Retail Group This approval will allow us to continue to opportunistically reduce our debt even further over time.” 
For the six-month year-to-date period, total net revenue from continuing operations of $123.9 million was 12% higher than the prior year’s net revenue from continuing operations of $110.8 million. The actual year-over-year comparable store sales increase was +11%.  The comparable store sales increase would have been +7% excluding the sales from the June contact lens promotional event. Net income for the first half of 2004 was $7.9 million (including the $2.8 million after-tax gain on Note repurchases) versus a net loss of $4.8 million (including a $564,000 charge against earnings from the cumulative effect of a change in accounting principle) during the first six months of 2003.

“We’ve had a great first half, with EBITDA climbing to $17.9 million versus $10.4 million a year ago,” Mr. Fahs commented. “We continue to be encouraged by the progress of the business and impressed with what our store teams are able to achieve.” 
The Company will hold an Investor Relations Conference Call on Tuesday, August 17, 2004, at 11:00 a.m. EDT to discuss its second quarter results. The general public can access this conference call via the Company’s website at www.nationalvision.com. Following the conclusion of the prepared remarks by management, the Company will accept and address questions. 
The Company’s financial disclosures refer to EBITDA because it is the basis for calculating excess cash flow principal repayments required under the Company’s Senior Subordinated Note 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, the cumulative effect of a change in accounting principle and other non-cash items as defined under the 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 August 16, 2004, the Company operated a total of 437 vision centers, of which 326 were located inside domestic Wal-Mart stores, 37 were located within Wal-Mart de Mexico stores, 47 were located inside Fred Meyer stores and 27 were located on military bases within the United States. In 2004, through August 16, the Company has closed 35 stores (including 33 domestic Wal-Mart stores) and opened four stores on military bases. As of August 16, 2004, the Company also operated two home medical equipment stores inside domestic Wal-Mart stores. The Company depends on its domestic Wal-Mart vision centers for substantially all of its revenues and cash flow. The Company’s agreement with Wal-Mart gave it the right to open 400 vision centers, the last of which opened in 2001. The Company does not currently expect Wal-Mart to renew any of the Company’s vision center leases upon their expirations (other than automatic renewals occurring upon relocation of current Company locations in connection with conversions to supercenters). For the remainder of 2004, the Company expects an additional 22 leases for domestic Wal-Mart vision centers to expire. In addition, the Company expects to close six underperforming Mexican Wal-Mart vision centers. 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, impaired relationships with the Company’s vendors or customers as a result of 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.

NATIONAL VISION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share information)
(Unaudited)
 	 	 	 	 	 	 	 	
 	Three Months Ended		Six Months Ended	
 	 July 3, 2004 	     	June 28, 2003	          	July 3, 2004	     	June 28, 2003	
Retail sales, net	$	59,049 	 	$	53,047 	 	$	119,276 	 	$	107,223 	
Premium revenue	1,824 	 	1,639  	 	3,720 	 	2,986 	
Other revenue	448 	 	397  	 	874 	 	615 	
 	 	 	 	 	 	 	 	
Total net revenue	61,321 	 	55,083 	 	123,870 	 	110,824 	
Cost of goods sold	27,725 	 	24,758 	 	53,699 	 	49,346 	

Gross profit	33,596 	 	30,325 	 	70,171 	 	61,478 	
Selling, general & administrative expense	28,757 	 	29,547 	 	59,308 	 	58,915 	
Operating income	4,839 	 	778 	 	10,863 	 	2,563 	
Other income (expense), net:	 	 	 	 	 	 	 	
     Interest expense	(2,842)	 	(3,280)	 	(5,748)	 	(6,623)	
     Gain on repurchase of	 	 	 	 	 	 	 	
          Senior Subordinated Notes	2,902 	 	 	 	2,902 	 	 	
      Other income, net	30 	 	41 	 	64 	 	78 	
  	  	   	   	   	   	   	  	
Earnings (loss) before taxes, discontinued	 	 	 	 	 	 	 	
     operations and cumulative effect of a 	 	 	 	 	 	 	 	
     change in accounting principle	4,929 	 	(2,461)	 	8,081 	 	(3,982)	
Income tax expense	233 	 	 	 	418 	 	 	
 	 	 	 	 	 	 	 	
Net earnings (loss) before discontinued 	 	 	 	 	 	 	 	
     operations and cumulative effect of a 	 	 	 	 	 	 	 	
     change in accounting principle	4,696 	 	(2,461)	 	7,663 	 	(3,982)	
 	 	 	 	 	 	 	 	
Discontinued operations:	 	 	 	 	 	 	 	
     Operating income (loss) from 	 	 	 	 	 	 	 	
     discontinued operations	68 	 	(182)	 	220 	 	(97)	
     Gain (loss) on disposal	14 	 	  (78)	 	(14)	 	(126)	
Earning (loss) from discontinued operations	82 	 	(260)	 	206 	 	(223)	
 	 	 	 	 	 	 	 	
Earnings (loss) before cumulative effect	 	 	 	 	 	 	 	
     of a change in accounting principle	4,778 	 	 (2,721)	 	7,869 	 	 (4,205)	
Cumulative effect of a change in	 	 	 	 	 	 	 	
     accounting principle	 	 	 	 	 	 	(564)	
 	 	 	 	 	 	 	 	
Net earnings (loss)	$	 4,778 	 	$	(2,721) 	 	$	 7,869 	 	$	(4,769)	
 	 	 	 	 	 	 	
Earnings (loss) per common share:	 	 	 	 	 	 	
  	 	 	 	 	 	 	 	
     Basic 	$	  0.94 	 	$	(0.54)	 	$	1.55 	 	$	(0.94)	
 	 	 	 	 	 	 	 	
     Diluted 	$	0.86 	 	$	(0.54)	 	$	1.42 	 	$	(0.94)	

NATIONAL VISION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
July 3, 2004 and January 3, 2004
(In thousands)
 	 	July 3, 2004	        	 	
 	 	 (unaudited) 	 	January 3, 2004	
 	ASSETS	 	 	 	
 	CURRENT ASSETS:	 	 	 	
 	     Cash and cash equivalents	$	5,006 	 	$	3,545 	
 	     Accounts receivable	 	 	 	
 	          (net of allowance: 2004 - $554; 2003 - $769)	3,274 	 	3,078 	
 	     Inventories	15,781 	   	17,387 	
 	     Other current assets	1,441 	 	1,278 	
 	     Deferred income tax asset	8,031 	 	7,305 	
 	          Total current assets	33,533 	 	32,593 	
 	PROPERTY AND EQUIPMENT, net	12,146 	 	13,619 	
 	INTANGIBLE VALUE OF CONTRACTUAL RIGHTS	 	 	 	
 	     (net of accumulated amortization: 2004 - $23,220;	 	 	 	
 	            2003 - $19,466)	89,525 	 	93,279 	
 	OTHER ASSETS AND DEFERRED COSTS	 	 	 	
 	     (net of accumulated amortization: 2004 - $1,077;	 	 	 	
 	            2003 - $964)	724 	 	806 	
 		$	135,928 	 	$	140,297 	
 		 	 	 	
 	LIABILITIES AND SHAREHOLDERS' EQUITY	 	 	 	
 	CURRENT LIABILITIES:	 	 	 	
 	     Accounts payable	$	 3,286 	 	$	3,506 	
 	     Accrued expenses and other current liabilities	27,012 	 	25,132 	
 	        Senior Subordinated Notes - current portion	2,006  	 	545 	
 	          Total current liabilities	32,304 	 	29,183 	
 	DEFERRED INCOME TAX LIABILITY	8,031 	 	7,305 	
 	SENIOR SUBORDINATED NOTES	78,816 	 	94,939 	
 	COMMITMENTS AND CONTINGENCIES	  	 	 	
 	SHAREHOLDERS' EQUITY:	  	 	 	
 	     Preferred stock, $1 par value; 5,000,000 shares	  	 	 	
 	          authorized, none issued	 	 	 	
 	     Common stock,  $0.01 par value; 10,000,000 shares authorized,	 	 	
 	          5,347,341 and 5,243,047 shares issued and outstanding	 	 	 	
 	          at July 3, 2004 and January 3, 2004, respectively	53 	 	52 	
 	     Additional paid-in capital	25,385 	 	25,129 	
  	     Deferred stock compensation	 (300)	 	(108)	
  	     Retained deficit	(8,063)	 	(15,932)	
 	     Accumulated other comprehensive loss	(298)	 	(271)	
 	          Total shareholders' equity	16,777 	 	8,870 	
 	 	$	135,928 	 	$	140,297 	

 
NATIONAL  VISION,  INC.
COMPUTATION  OF  CONSOLIDATED  EBITDA
Three  and  Six  Month  Periods  Ended  July 3,  2004  and  June  28,  2003
(In  thousands)
  	Three  Months  Ended	       	Six  Months  Ended	
  	July  3,  2004	     	June  28,  2003	  	July  3,  2004	  	June  28,  2003	
  	  	  	  	  	  	      	  	
Net  earnings  (loss)	$	4,778	 	$	(2,721)	 	$	7,869	  	$	  (4,769)	
Adjustment  to  net  earnings  (loss):	  	 	  	 	 	  	  	
     Interest  expense,  net	2,812  	 	3,241  	 	5,682  	  	6,545 	
     Income  tax  expense	233  	 	  	 	418  	  	 	
     Gain  on  repurchase  of  Notes	(2,902)	 	  	  	  (2,902)	  	 	
     Cumulative  effect  of  a  change  in  	  	 	  	  	 	  	 	
          accounting  principle	  	 	  	  	 	  	564  	
      Depreciation  and  amortization	3,309  	 	4,019  	  	6,850  	  	8,105  	
 	  	 	 	  	  	  	  	
EBITDA	$	8,230  	 	$	4,539 	  	$	  17,917	  	$	10,445