One Meridian Crossings, Suite 850, Minneapolis, Minnesota 55423
(Address of Principal Executive Offices) (Zip Code)

Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days.

BMC Industries, Inc. has outstanding 27,074,850 share of common stock as of August 9, 2002. There is no other class of stock outstanding.

BMC INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)

BMC INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

BMC INDUSTRIES, INC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except per share amounts)

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of the Company as of June 30, 2002, and the results of operations and the cash flows for the six-month period ended June 30, 2002 and 2001. Such adjustments are of a normal recurring nature. Certain items in the financial statements for the periods ended June 30, 2001 have been reclassified to conform to the presentation for the periods ended June 30, 2002. The results of operations for the three and six-month periods ended June 30, 2002 are not necessarily indicative of the results to be expected for the full year. The balance sheet as of December 31, 2001 is derived from the audited balance sheet as of that date. For further information, refer to the financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2001.

In February 2002, the Company announced its plans to close the Optical Products segment's Azusa, California facility, sell the buildings and consolidate the operations into the Company's existing plants in Ramsey, Minnesota and Jakarta, Indonesia. The total restructuring-related costs recorded were $2,800 of which $2,216 has been utilized during the second quarter of 2002. The following table details the restructuring reserve charges and account balance for the quarter.

		Severance & Related Costs			Property, Plant & Equipment			Contractual Obligations and Other			Total
Charged to operations and balance at March 31, 2002	$	426		$	1,517		$	857		$	2,800
Utilized second quarter 2002		(136	)		(1,517	)		(563	)		(2,216	)
Balance, June 30, 2002	$	290		$	-		$	294		$	584

In fourth quarter 2001, the Company announced restructuring initiatives in both of its business groups. These restructuring initiatives resulted in the recording of total pre-tax, restructuring-related charges of $12,165. The charges included $6,218 classified as restructuring, with $1,180 utilized in 2001, and $5,947 of inventory and other asset write-downs classified as cost of sales. Through June 30, 2002, the Company has utilized $1,655 of the $5,038 restructuring reserve remaining at December 31, 2001, all of which is attributable to the Buckbee-Mears business segment. The Company anticipates that substantially all of the remaining restructuring reserve will be utilized by year-end 2002.

The activity of the restructuring reserve for the first six months of 2002 was as follows:

		Severance and Related Costs			Contractual Obligations and Other		Total
Restructuring reserve, December 31, 2001		3,309			1,729		5,038
Utilized first quarter 2002		(135	)		-		(135	)
Utilized second quarter 2002		(1,520	)		-		(1,520	)
Restructuring reserve, June 30, 2002	$	1,654		$	1,729	$	3,383

The Company does not expect to record any additional restructuring charges related to the initiatives discussed above.

3. Goodwill and Other Intangible Assets

In July 2001, the FASB issued Statement of Financial Accounting Standard (SFAS) No. 142, Goodwill and Other Intangible Assets, which eliminated the systematic amortization of goodwill. The Company adopted SFAS No. 142, effective January 1, 2002 and ceased amortization of its goodwill balances. However, intangible assets with finite lives continue to be amortized over their estimated useful lives.

SFAS No. 142 also required the Company to complete an impairment review of its goodwill assets. During the first quarter 2002, the Company completed its transitional impairment test using a discounted cash flow model required by SFAS No. 142 and determined that the goodwill in its Optical Products segment was impaired. As such, the Company recorded as a cumulative effect of change in accounting principle a write-off of its goodwill balance in the amount of $52,704 on which the Company recognized no tax benefit. The remaining intangible assets recorded on the accompanying condensed consolidated balance sheet at June 30, 2002 include patent costs and other intangible assets with finite lives.

A reconciliation of reported net loss adjusted to reflect the adoption of SFAS 142 as if it had been effective January 1, 2001 is provided below.

	Three Months Ended						Six Months Ended
	June 30						June 30
		2002			2001			2002			2001
Reported net loss	$	(2,302	)	$	(7,451	)	$	(57,187	)	$	(5,405	)
Add-back adjustment for accounting change		-			-			52,704
Add-back goodwill amortization, net of tax		-			304			-			609
Adjusted net loss		(2,302	)		(7,147	)		(4,483	)		(4,796	)

Reported basic and diluted loss per share		(0.09	)		(0.27	)		(2.13	)		(0.20)
Add-back adjustment for accounting change		-			-			1.96			-
Add-back goodwill amortization, net of tax		-			0.01			-			0.02
Adjusted loss per share	$	(0.09	)	$	(0.26	)	$	(0.17	)	$	(0.18	)

4. Inventories

	June 30, 2002			December 31, 2001

Raw materials		$	13,202		$	16,857
Work in process			4,034			7,445
Finished goods			38,561			47,332
		$	55,797		$	71,634

5. Derivative Financial Instruments

Derivative financial instruments are used by the Company to reduce foreign exchange and interest rate risks.

Interest Rate Swap Agreement - At various dates during 2001 and 2000, the Company entered into multiple interest rate swap agreements, which provide for the Company to swap a variable interest rate for fixed interest rates ranging from 6.7% to 7.1%. At June 30, 2002, $50,000 of these swaps remained outstanding with the swaps expiring in May and June 2003. At June 30, 2002, $2,147 of deferred net losses on the interest rate swap agreements was included in Accumulated Other Comprehensive Loss.

6. Comprehensive Income

The components of comprehensive income (loss), net of related tax, for the three and six-month periods ended June 30, 2002 and 2001 are as follows:

	Three Months Ended						Six Months Ended
	June 30						June 30
		2002			2001			2002			2001
Net loss	$	(2,302	)	$	(7,451	)	$	(57,187	)	$	(5,405	)
Foreign currency translation adjustments		2,775			(933	)		2,164			(2,722	)
Gain (loss) on derivative instruments		(28	)		(326	)		707			(1,586	)
Comprehensive income (loss)	$	445		$	(8,710	)	$	(54,316	)	$	(9,713	)

Foreign currency translation adjustment for 2002 is primarily due to the change in cumulative translation adjustment resulting from the strengthening of the Euro against the U.S. dollar during the six-month period ended June 30, 2002.

7. Valuation Reserve for Deferred Tax Asset

At June 30, 2002, the deferred tax valuation reserve is comprised of the following balances.

Carryforward reserve recorded in 2^nd quarter 2001	$	10,000
Carryforward reserve recorded in 4^th quarter 2001		4,500
Carryforward reserve recorded in 2002		3,495
Tax benefit of temporary difference from accounting change recorded in 1^st quarter 2002		18,849
	$	36,844

The need for the valuation reserve was driven by projections for future U.S. taxable income, which impacts the potential for realizing the benefits of the Company's carryovers. The statutory time period for using the carryovers on its income tax returns extends beyond the period the Company used to assess whether the carryovers may be realized for accounting purposes. If, at some time in the future, it is determined that all or a portion of the existing carryovers may be realized, the valuation reserve will be reduced accordingly.

8. Segment Information

The Company has two operating segments that manufacture and sell a variety of products: Buckbee-Mears and Optical Products (operating under the Vision-Ease trade name.) Buckbee-Mears, made up of Mask Operations and Non-Mask Operations, manufactures high-volume precision products for the entertainment, optical, high-tech, medical, defense and aerospace industries. Mask Operations produces aperture masks, which are critical components of color television picture tubes. Non-Mask Operations produces precision photo-etched metal and electroformed components that require fine features and tight tolerances. Optical Products designs, manufactures and distributes polycarbonate, glass and hard-resin plastic eyeglass lenses.

The following is a summary of certain financial information relating to the two segments for the three-month period ended June 30, 2002:

	Three Months Ended June 30
	Buckbee-Mears						Optical Products						Consolidated
		2002			2001			2002			2001			2002			2001

Revenues	$	37,383		$	44,067		$	29,781		$	34,653		$	67,164		$	78,720
Cost of products sold		33,671			37,768			27,904			28,995			61,575			66,763
Gross margin		3,712			6,299			1,877			5,658			5,589			11,957
Gross margin %		9.9	%		14.3	%		6.3	%		16.3	%		8.3	%		15.2	%
Selling expense		1,023			1,246			2,377			3,259			3,400			4,505
Unallocated corporate
administration		-			-			-			-			1,897			1,418
Income (loss) from operations	$	2,689		$	5,053		$	(500	)	$	2,399			292			6,034

Operating income (loss) %		7.2	%		11.5	%		(1.7	)%		6.9	%		0.4	%		7.7	%

Interest and other
expense, net														(3,607	)		(2,229	)

Income (loss) before
income taxes													$	(3,315	)	$	3,805

The following is a summary of certain financial information relating to the two segments for the six-month period ended June 30, 2002:

	Six Months Ended June 30
	Buckbee-Mears						Optical Products						Consolidated
		2002			2001			2002			2001			2002			2001

Revenues	$	72,930		$	95,297		$	62,860		$	69,183		$	135,790		$	164,480
Cost of products sold		66,776			82,954			58,132			58,113			124,908			141,067
Gross margin		6,154			12,343			4,728			11,070			10,882			23,413
Gross margin %		8.4	%		13.0	%		7.5	%		16.0	%		8.0	%		14.2	%
Selling expense		2,083			3,031			4,915			6,336			6,998			9,367
Non-recurring charges		-			-			2,800			-			2,800			-
Unallocated corporate
administration		-			-			-			-			3,252			2,756
Income (loss) from operations	$	4,071		$	9,312		$	(2,987	)	$	4,734			(2,168	)		11,290

Operating income (loss) %		5.6	%		9.8	%		(4.8	)%		6.8	%		(1.6	)%		6.9	%

Interest and other
expense, net														(2,450	)		(4,431	)

Income (loss) before
income taxes													$	(4,618	)	$	6,859

9. Legal Matters

During 2002, the Company's Optical Products group filed a patent infringement lawsuit against Younger Mfg. Co., which operates under the name "Younger Optics", in the United States Court for the District of Minnesota. We are seeking an injunction prohibiting manufacture, use, sale or offer for sale of polycarbonate polarizing lenses and an unspecified amount of damages. In June 2002, Ricardo Nunziatti, a shareholder of BMC, filed a shareholder derivative suit against the Company, Paul B. Burke, the Company's former Chairman of the Board and CEO, and the Company's independent directors. Mr. Nunziatti's complaint asserts breach of fiduciary duty, abuse of control and waste of corporate assets. In the complaint, Mr. Nunziatti demands the unwinding of a stock transaction between the Company and Mr. Burke, as well as payment of his attorney fees and other costs of bringing the suit. In July 2002, the Company and the other defendants removed the case from Hennepin County District Court to the United States District Court for the District of Minnesota. The Company has submitted the case to its insurance carrier for coverage under its Director and Officer Liability Policy. Although this case is in the early stages of litigation, we do not anticipate that the Company will incur any material liability in connection with the lawsuit.

No other material legal proceedings or environmental matters arose during the quarter and there were no material changes in the status of the legal proceedings or environmental matters described in the Company's Annual Report on Form 10-K for the year ended December 31, 2001.

Reserves are established for estimated loss contingencies when it is determined that a loss is probable and the amount of the loss can be reasonably estimated. Reserves for contingent liabilities are based upon management's assumptions and estimates, as well as advice of legal counsel or other third parties regarding the probable outcome of the matter. If circumstances change, different facts or information become known or the actual outcome differs from the assumptions, revision to the estimated reserves would be recorded and reflected in income in the period in which these changes occur.

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations

BMC INDUSTRIES, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

Comparison of three months ended June 30, 2002 and 2001

Total revenues for the second quarter of 2002 decreased by $11.6 million or 15% from the second quarter of 2001. Revenues of the Buckbee-Mears group for the second quarter decreased $6.7 million, or 15%, from $44.1 million in 2001 to $37.4 million in 2002. Total mask sales were down for the quarter compared to the prior year's quarter due to the Company's exit from the computer monitor mask business segment. Sales of computer monitor masks decreased $7.2 million year over year. Sales of entertainment masks increased $0.7 million, or 2%, in second quarter 2002 as compared to second quarter 2001. The television market appears to have stabilized during the quarter and this trend is expected to continue in the balance of the year.

The Optical Products group reported sales of $29.8 million in the second quarter of 2002, down 14%, or $4.9 million, over the prior year quarter. Optical Products sales were negatively impacted by polycarbonate manufacturing issues, exacerbated by the closing of the Azusa, California facility, which hampered the ability to fully meet customer demand, constraining sales and increasing backorders. Sales of the group's high-end, value-added products (including polycarbonate progressive and polarizing sun lenses) decreased 9% from second quarter 2001 and accounted for 69% of total second quarter 2002 revenues, as compared to 66% of total second quarter revenues in 2001. While overall polycarbonate sales declined, sales growth was experienced in some key premium polycarbonate product categories, such as a 16% increase in Tegra-coated polycarbonate lenses and a 9% increase in sales of photochromic polycarbonate lenses. In addition, plastic and glass lens sales were down 36% and 21%, respectively in second quarter 2002 as compared to the prior year quarter. The decrease in plastic lens sales resulted from short-term supply issues with our overseas manufacturing partner. Glass lens sales are expected to continue to decline as the market for this lens material contracts.

Cost of products sold were 92% of net sales for the second quarter of 2002, compared to 85% in the same period of 2001. The Buckbee-Mears margins were impacted by the shutdown of the computer mask lines as the Company implements its strategic decision to exit the computer monitor mask market. The Optical Products gross margin percentage was impacted by the manufacturing issues discussed earlier and the decline in sales of higher margin polycarbonate and glass products.

Selling expenses were $3.4 million or 5% of revenues and $4.5 million or 6% of revenues for the second quarter of 2002 and 2001, respectively. Selling expenses decreased as a result of cost reduction and restructuring efforts in both business segments.

Interest expense in the second quarter of 2002 was slightly lower than second quarter 2001. The favorable impact from decreases in the debt level was offset by increases in the interest rate.

Other income (expense) in the second quarter of 2002 is primarily foreign exchange loss of $1 million. This loss is from foreign exchange adjustments on receivables of U.S. dollar denominated sales in Europe and foreign exchange losses on certain transfers of funds for operating expenses.

The provision for income taxes was 1% and 33% of pre-tax income in the second quarter of 2002 and 2001, respectively, excluding the adjustment to the tax valuation reserve, as discussed further in footnote 7. The tax rate is a function of the Company's domestic and foreign earnings mix and can fluctuate from quarter to quarter.

Comparison of six months ended June 30, 2002 and 2001

Total revenues for the first six months of 2002 decreased by $28.7 million, or 17%, from the first six months of 2001. Revenues of the Buckbee-Mears group for the six-month period decreased 23% from the prior year period. Sales of computer monitor masks decreased $15.3 million year over year due to the Company's exit from the computer monitor mask business. Sales of entertainment masks declined $6.3 million from 2001 as a result of the economic downturn and a general softening of the television mask market. Non-mask sales were $1.2 million lower year over year because of the decrease in customer base. Revenues of the Optical Products group were down $6.3 million, or 9% due mainly to manufacturing issues constraining sales, which were discussed above. In addition, sales in the SunSport product line declined 62% from 2001 as a result of the Company's decision to exit certain segments of this business.

Cost of products sold were 92% and 86% of net sales for the first six months of 2002 and 2001, respectively. The Buckbee-Mears margins were impacted by the shutdown of the computer mask lines as the Company implements its strategic decision to exit the computer monitor mask market. Optical Products manufacturing issues also increased the cost of products sold percentage.

Selling expenses were $7.0 million, or 5%, of revenues and $9.4 million, or 6%, of revenues for the first six months of 2002 and 2001, respectively. Selling expenses decreased as a result of cost reduction and restructuring efforts in both business segments.

Interest expense in the first six months of 2002 was $5.2 million compared to $5.8 million in the first six months of 2001. This decrease is due to lower debt levels in 2002, offset somewhat by higher interest rates in the second quarter.

Other income for the first six months of 2002 includes a $3.5 million gain related to the sale of the Optical Products segment's Optifacts software unit, partially offset by foreign exchange losses on European receivables and funds transfers and discussed previously.

The provision for income taxes was 79% and 33% of pre-tax income for the first six months of 2002 and 2001, respectively, excluding the adjustment to the tax valuation reserves, as discussed further in footnote 7. The tax rate is a function of the Company's domestic and foreign earnings mix and can fluctuate from quarter to quarter.

RESTRUCTURING

In February 2002, the Company announced its plans to close the Optical Products segment's Azusa, California facility. As a result, restructuring related costs of $2.8 million were recorded in first quarter 2002. The restructuring is discussed more fully in footnote 2.

GOODWILL AND OTHER INTANGIBLE ASSETS

Effective January 1, 2002, the Company adopted SFAS No. 142 and ceased amortization of goodwill balances. The Company also completed its transitional impairment test on goodwill and recorded a write-off of its goodwill balances in the amount of $52.7 million. The adoption of SFAS No. 142 is discussed more fully in footnote 3.

MARKET RISK

There were no significant changes in market risks from those disclosed in the Company's Form 10-K for the year ended December 31, 2001.

FOREIGN CURRENCY

A portion of the Company's operations consists of manufacturing and sales activities in foreign jurisdictions. The Company manufactures its products in the United States, Germany, Hungary and Indonesia and purchases products from Asian, as well as other foreign suppliers. The Company sells its products in the United States and into various foreign markets. The Company's sales are typically denominated in either the U.S. dollar or the European Union euro. Buckbee-Mears also has an indirect exposure to the Japanese yen and the Korean won because its most significant competitors are Japanese and Korean. As a result, the Company's financial results could be significantly affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets. In addition, sales of products overseas are affected by the value of the U.S. dollar relative to other currencies. Long-term strengthening of the U.S. dollar may have an adverse effect on these sales and competitive conditions in the Company's markets and may limit the Company's ability to increase product pricing in times of adverse currency movements.

To manage the volatility relating to these exposures, the Company utilizes from time to time various derivative instruments, including foreign currency forward-exchange contracts. These derivative instruments are discussed more fully in footnote 3.

INTEREST RATE SWAPS

At various dates during 2001 and 2000, the Company entered into multiple interest rate swap agreements that provide for the Company to swap a variable interest rate for fixed interest rates ranging from 6.7% to 7.1%. At June 30, 2002, $50 million of these swaps remained outstanding with the swaps expiring in May and June 2003. These swaps are discussed more fully in footnote 5.

FINANCIAL POSITION AND LIQUIDITY

Debt decreased $31.1 million from $142.2 million to $111.1 million during the first six months of 2002 from working capital reduction initiatives and sales of non-strategic assets. Working capital was a negative $57.9 million at June 30, 2002 compared to $70.3 million at December 31, 2001. The decrease in working capital is the result of reclassification of $110 million of long-term debt to current liabilities at the end of the quarter. The Company's credit facilities are discussed below. The current ratio was 0.6 and 2.3 at June 30, 2002 and December 31, 2001, respectively. The ratio of debt to capitalization was 64% at June 30, 2002 compared to 55% at December 31, 2001.

At June 30, 2002, the majority of the Company's long-term debt was reclassified to short-term borrowings, as a result of the debt being due within one year's time (May 15, 2003.) The Company is currently in discussions with its lenders on an amendment to extend its existing senior credit facilities. If and when an agreement is finalized, a majority of these short-term borrowings will be reclassified back to long-term debt. The Company was in compliance with all covenants related to credit facilities as of June 30, 2002. The Company expects that its financing requirements will be met for the next 12 months and beyond. However, management cannot be certain that the Company will be able to amend the existing credit agreement, obtain additional financing on acceptable terms, or at all. If the Company is unable to obtain sufficient funds on acceptable terms when they are needed, it could have a material adverse effect on our financial condition.

ENVIRONMENTAL

There were no material changes in the status of the legal proceedings and environmental matters described in the Company's Annual Report on Form 10-K for the year ended December 31, 2001.

OTHER

As announced on May 15, 2002, Paul B. Burke resigned as Chairman and CEO of BMC Industries, Inc. Mr. Burke will continue employment at the Company in a more limited advisory capacity through December 31, 2002. Salary and benefits for Mr. Burke are expensed as paid each month through December 31, 2002.

CAUTIONARY STATEMENTS

Certain statements included in this Management's Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this Form 10-Q by the Company or its representatives, as well as other communications, including reports to shareholders, news releases and presentations to securities analysts or investors, contain forward-looking statements made in good faith by the Company pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements relate to non-historical information and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements. The Company wishes to caution the reader not to place undue reliance on any such forward-looking statements, which reflect our opinion as of the date of this Form 10-Q. These statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from those presently anticipated or projected and include, among others, ability to manage working capital and align costs with market conditions; further aperture mask price declines; slowdown in growth of, or price reductions in, high-end lens products; fluctuations in currency exchange rates; rising raw material costs; ability to improve operating and manufacturing efficiencies through consolidation of facilities. These and other risks and uncertainties are more particularly described in "Item 1 - Business" of the Company's Form 10-K for the year ended December 31, 2001, which in some cases have affected and in the future could adversely affect the Company's actual results and could cause the Company's actual financial performance to differ materially from that expressed in any forward-looking statement. These factors should not, however, be considered an exhaustive list. The Company does not undertake the responsibility to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

Item 3. Quantitative and Qualitative Disclosure About Market Risk.

See "Management's Discussion and Analysis of Financial Condition and Results of Operations" on page 11.

Part II: OTHER INFORMATION

Item 1. Legal Proceedings.

With regard to legal proceedings and certain environmental matters, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" which begins on page 11 and Note 9 of the "Notes to Condensed Consolidated Financial Statements" on page 10.

Item 4. Submission of Matters to a Vote of Securities Holders.

The Company's 2002 Annual Meeting of Stockholders was held on May 9, 2002. One matter was submitted to a vote of stockholders: Election of certain members of the Company's Board of Directors.

The nominees for election to the Company's Board of Directors, as listed in the Company's Proxy Statement dated March 29, 2002 were elected for two-year terms at that meeting. Voting for the individual nominees was as follows:

Nominee	Votes For	Votes Withheld or Against

Mr. Paul B. Burke	23,874,911	1,540,608
Dr. H. Ted Davis	24,245,225	1,170,294
Mr. Harry A. Hammerly	24,244,806	1,170,713

The following directors did not stand for election this year because their terms of office continued after the meeting: Mr. John H. Castro and Mr. Joe E. Davis.

Item 6. Exhibits and Reports on Form 8-K.

(a) Exhibits

99.1		News Release, dated July 30, 2002, announcing second quarter 2002 results (filed herein).

99.2		News Release, dated July 16, 2002, announcing BMC Industries to report second quarter 2002 results and host conference call on Tuesday, July 30, 2002 (filed herein).

99.3		News Release, dated July 15, 2002, Vision-Ease Lens announces licensing of its polycarbonate polarizing lens technology (filed herein).

99.4		News Release, dated June 20, 2002 announcing BMC Industries, Inc. completes sale of portions of its Micro-Technology business (filed herein).

99.5		News Release, dated June 11, 2002, announcing Vision-Ease Tegra® polycarbonate lenses offer multiple advantages for kids (filed herein).

99.6		News Release, dated June 4, 2002, announcing Vision-Ease Lens earns "best selling polycarbonate lens" honors (filed herein).

99.7		News Release, dated May 15, 2002, announcing BMC Industries change of leadership (filed herein).

(b) Reports on Form 8-K.

The Company filed a Form 8-K on June 12, 2002, reporting the employee agreement between BMC Industries, Inc. and Douglas Hepper as of May 15, 2002.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BMC INDUSTRIES, INC.
Dated: August 14, 2002	/s/ Richard G. Faber Richard G. Faber Corporate Controller (Principal Accounting Officer)

Certification

Each of the undersigned hereby certifies in his capacity as an officer of BMC Industries, Inc. (the "Company") that the Quarterly Report of the Company on Form 10-Q for the period ended June 30, 2002 fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition of the Company at the end of such period and the results of operations of the Company for such period.

	/s/ Douglas C. Hepper Douglas C. Hepper Chairman and Chief Executive Officer
	/s/ Curtis E. Petersen Curtis E. Petersen Senior Vice President and Chief Financial Officer
Dated: August 14, 2002

EX-99.1 3 exhibit_99-1.htm exhibit_99-1

BMC

BMC Industries, Inc.
One Meridian Crossings, Suite 850
Minneapolis, MN 55423
Web site www.bmcind.com

NEWS RELEASE

CONTACT:	CURT PETERSON	(NYSE: BMM)
	(952) 851-6030	FOR IMMEDIATE RELEASE

BMC Industries, Inc. Reports Second-Quarter and Six-Month 2002 Results


	- *Second-Quarter Financial Results Consistent With Previous Guidance*
	- *Restructuring Initiatives Announced Earlier Near Completion*
	- *Total Debt Reduced by $17 Million to $111 Million in Quarter*

July 30, 2002 - Minneapolis, Minnesota, USA - BMC Industries, Inc. (NYSE: BMM) today announced financial results for the second quarter and six-months ended June 30, 2002. Results are consistent with guidance provided on the company's first-quarter conference call on April 30, 2002.

For the second quarter 2002, the company reported consolidated revenues of $67.2 million, down 15 percent from the $78.7 million in second quarter 2001. The company incurred a net loss of $2.3 million, or $0.09 per diluted share, compared to a net loss of $7.5 million, or $0.27 per diluted share, in the second quarter one year ago.

Second-quarter 2001 results included goodwill amortization expense (which has been eliminated as a result of the company adopting FAS 142) and a deferred tax asset valuation reserve, the effect of which increased income tax expense. For comparative purposes and adjusting second-quarter 2001 results for these charges, second-quarter 2001 pro forma net income was $2.9 million, or $0.10 per diluted share.

For the six months ended June 30, 2002, consolidated revenues were $135.8 million, a decrease of 17 percent from the $164.5 million reported for the same period in 2001. Including the effects of several non-recurring items, recognized in the first quarter, the company incurred a net loss of $57.2 million, or $2.13 per share for the first six months of 2002. This compares to a net loss of $5.4 million, or $0.20 per share for the same period in 2001.

Excluding these non-recurring items, the company reported a pro forma net loss of $4.9 million, or $0.18 per share, for the first six months of 2002. This compares to pro forma net earnings, adjusted for comparative purposes, of $4.6 million, or $0.17 per share, in the first six months of 2001.

BMC's total debt outstanding at June 30, 2002 was $111.1 million, a reduction of $17.4 million, as compared to total debt outstanding of $128.5 million at March 31, 2002. Total debt has been reduced $31.1 million since December 31, 2001. At June 30, 2002, the majority of the company's long-term debt was reclassified to short-term borrowings, the result of the debt being due within one year's time (May 15, 2003). The company is currently in discussions with its lenders on an amendment to extend its existing senior credit facilities. When, and if, an agreement is finalized, a majority of these short-term borrowings would be reclassified back to long-term debt.

"I am pleased with the progress the company has made in regards to the significant number of restructurings announced earlier this year. We are beginning to see light at the end of the tunnel," stated Douglas C. Hepper, chairman and chief executive officer of BMC Industries. "The focus at this point is to build profitably our global polycarbonate lens franchise, to manage our core mask operations for maximum cash flow, to stabilize our earnings stream, and to increase our financial flexibility using our strong cash flow to reduce debt."

"Longer term, I believe that BMC possesses a number of unique core manufacturing technologies that can be more effectively leveraged," Hepper continued. "An example, would be our plans to partner with a major global healthcare company to produce a new cardiovascular stent."

"Our restructuring efforts are proceeding on pace and according to plan," Hepper added. "In May, we closed our Azusa polycarbonate manufacturing plant and transferred production to our Minnesota and Indonesian facilities. In March, we ceased manufacturing low-margin computer monitor masks and to date have extracted most of the working capital from this business segment. Finally, in June we completed the sale of a portion of our low-volume, non-mask sheet etching business. We expect to see tangible results from these efforts through reduced product and operating costs in the quarters to come."

"In the quarter, our cash generating ability exceeded our expectations," commented Hepper. "Since the end of last year, overall debt levels have been reduced by over $31 million. Although not at the pace achieved in the first six months of 2002, we expect to reduce debt further over the balance of the year--through continued aggressive working capital management and disposal of some remaining non-strategic assets, such as our Azusa real estate."

Buckbee-Mears Group

Second-quarter 2002 revenues for the Buckbee-Mears group were $37.4 million, a decrease of $6.7 million, or 15 percent, from $44.1 million in the second quarter of 2001. Overall group sales were down versus last year's second quarter due to the exit of the computer monitor mask business segment. Computer monitor mask sales made up $7.2 million of the sales change.

Sales of television masks in second quarter 2002 increased 2 percent as compared to second quarter 2001. We have seen, and expect to continue to see, some stabilization in the television market in the balance of the year.

The Buckbee-Mears group reported operating earnings of $2.7 million during second quarter 2002, as compared to operating earnings of $5.1 million in the second quarter of 2001. This decrease was primarily due to lower computer monitor mask sales and overall lower mask prices.

During the second quarter, the company obtained a favorable settlement of claims related to its intellectual property infringement lawsuit in Germany against a German company. BMC initially filed suit against DMT Demminer Maschinen Technik GmbH ("DMT") in February 1996 claiming unlawful use of the company's proprietary technology and trade secrets. The terms of the settlement awarded monetary damages to BMC and prohibited DMT from using BMC's proprietary technology and information. Any incident of future violation would result in an automatic award of damages payable to BMC.

Revenues from non-mask operations were down $0.4 million quarter-over-quarter with this business segment posting a slight operating loss. Non-mask operations, which include a number of important research and development projects, are being consolidated in Cortland, New York and Mullheim, Germany. We expect this business segment to return to profitability when these restructuring efforts are complete.

Optical Products Group

Total Optical Products group second-quarter 2002 revenues were $29.8 million, down $4.9 million, or 14 percent, as compared to revenues in second quarter 2001. Total polycarbonate lens sales declined $1.0 million, or 5 percent, as compared to second quarter 2001. Polycarbonate manufacturing issues, exacerbated by the closing of the Azusa facility, hampered the group's ability to fully meet customer demand, constraining sales and increasing backorders. Lower-margin, plastic lens sales also declined $2.5 million, or 36 percent, as a result of unrelated short-term supply issues. Glass lens sales declined $1.3 million, or 21 percent, as the market for this lens material continues to contract.

Despite the overall sales weakness, Vision-Ease experienced sales growth in several key premium polycarbonate product categories, including strong demand for its Tegra-coated and photochromic polycarbonate lenses, which increased 16 percent and 9 percent, respectively, over second quarter 2001. The company's sales in the second quarter also benefited somewhat from the recent introduction of two film-based products in association with a major retail customer. These products include a new anti-reflective, mirror-coated polycarbonate lens (introduced to the market last quarter) and a new proprietary, polycarbonate polarized product utilizing a unique melanin-based film. Vision-Ease expects the positive trends for these products to continue in coming quarters.

The Optical Products group reported a second-quarter 2002 operating loss of $0.5 million versus an operating profit of $2.4 million in second quarter 2001. The decline was primarily due to lower sales of higher-margin polycarbonate and glass lenses, and increased domestic manufacturing costs. Partially offsetting these items was continued strong performance from the group's Indonesian manufacturing facility, which continues to show improvements in both polycarbonate volume and in lower product costs.

During the quarter the company announced that it had filed a patent infringement action against Younger Mfg. Co. in connection with Vision-Ease's portfolio of patents and pending patent applications covering intellectual property in the molding of polycarbonate and other thermoplastic materials against a functional layer, such as film. Vision-Ease uses this technology in the manufacturing of polycarbonate polarizing sun lenses, as well as polycarbonate photochromic lenses to be launched later this year. Subsequent to the lawsuit against Younger, Vision-Ease announced that it had granted a license to Wintec International Japan, Inc. and Optical Ventures, Inc. for rights to its portfolio of patent rights for the manufacture of non-prescription polycarbonate polarizing sun lenses.

"The Buckbee-Mears group's favorable settlement of claims against DMT and Vision-Ease's new license agreements with Wintec International and Optical Ventures serve as examples of BMC's commitment to protect its intellectual assets and to leverage its solid base of technologies," commented Hepper. "The DMT settlement, we feel, will provide a legal precedent in the mask marketplace that we believe serves as a foundation for the protection of our intellectual property against unauthorized use by competitors who might seek to profit from our investments into research and development. The agreements with Wintec and OVI not only show our desire in growing the overall market for polarized polycarbonate lenses, but the benefits associated with investments we have made in these technologies."

Business Outlook

The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially from those projected in this news release.

For full year 2002, BMC expects overall consolidated revenues to be down 15-20 percent versus 2001, primarily as a result of the company exiting the computer monitor mask business, exiting segments of its non-mask business, isolated polycarbonate manufacturing issues and product shortages and overall restructuring efforts in both businesses. The company expects to report a consolidated net loss for the year of between $2.30 and $2.40 per diluted share. Excluding non-recurring items and before the cumulative effect of an accounting change, the company expects to incur a pro forma net loss of between $0.30 and $0.40 per diluted share.

Completion of the company's various restructuring efforts should decrease product and operating costs throughout the organization and allow the company to regain profitability in 2003.

BMC has significantly reduced debt in the first six months of this year. Although not at the pace achieved in the first six months of 2002, the company expects to reduce debt further over the balance of the year.

Business Description

BMC Industries, founded in 1907, is comprised of two business segments: Buckbee-Mears and Optical Products. The Buckbee-Mears group offers a range of services and manufacturing capabilities to meet the most demanding precision metal manufacturing needs. The group is a leading producer of a variety of precision photo-etched and electroformed components that require fine features and tight tolerances. The group is also the only North American manufacturer of aperture masks, a key component in color television picture tubes.

The Optical Products group, operating under the Vision-Ease trade name, is a leading designer, manufacturer and distributor of polycarbonate, glass and plastic eyewear lenses. Vision-Ease is a technology and market share leader in the polycarbonate lens segment of the market. Polycarbonate lenses are thinner and lighter than lenses made of other materials, while providing inherent ultraviolet (UV) filtering and impact resistant characteristics.

BMC Industries, Inc. is traded on the New York Stock Exchange under the ticker symbol "BMM." For more information about BMC Industries, Inc., visit the Company's Web site at www.bmcind.com.

Safe Harbor for Forward-Looking Statements

Investor Conference Call Information
Tuesday, July 30, 2002
10:00 a.m. Central Time (11:00 a.m. Eastern Time)
Call-in Number: 800-288-8974 (U.S.) or 612-332-0418 (International)
Replay Number: 800-475-6701 (U.S.) or 320-365-3844 (International)
Replay Access Code: 645093
The rebroadcast of the conference call will be available starting at 1:30 p.m. Central Time, July 30, 2002 through 11:59 p.m. Central Time, August 7, 2002.

The conference call will also be offered live, through a simulcast offered by CCBN.com and StreetEvents.com. To access this Webcast, go to the "Investor Relations" portion of the Company's Web site, www.bmcind.com, click on "Conference Calls" and then click on the CCBN icon.

BMC INDUSTRIES, INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30						June 30
		2002			2001			2002			2001
Revenues	$	67,164		$	78,720		$	135,790		$	164,480
Cost of products sold		61,575			66,763			124,908			141,067
Gross margin		5,589			11,957			10,882			23,413
Selling		3,400			4,505			6,998			9,367
Administrative		1,897			1,418			3,252			2,756
Non-recurring charges		-			-			2,800			-
Income (loss) from operations		292			6,034			(2,168	)		11,290
Other income and (expense)
Interest expense		(2,567	)		(2,749	)		(5,199	)		(5,790	)
Interest income		58			269			105			325
Other income (expense)		(1,098	)		251			2,644			1,034
Earnings (loss) before income taxes and accounting change		(3,315	)		3,805			(4,618	)		6,859
Income tax expense (benefit)		(1,013	)		11,256			(135	)		12,264
Earnings (loss) before accounting change		(2,302	)		(7,451	)		(4,483	)		(5,405	)
Accounting change		-			-			52,704			-
Net earnings (loss)	$	(2,302	)	$	(7,451	)	$	(57,187	)	$	(5,405	)
Basic and diluted earnings (loss) per share: Before cumulative effect of accounting change Cumulative effect of accounting change Net earnings (loss)	$	(0.09 - (0.09	) )	$	(0.27 - (0.27	) )	$	(0.17 (1.96 (2.13	) ) )	$	(0.20 - (0.20	) )
Number of shares included in per share computation: Basic and diluted		26,920			27,393			26,916			27,395
Dividends declared per share	$	0.0025		$	0.0150		$	0.0050		$	0.0300

-more-

BMC INDUSTRIES, INC.
PRO FORMA NET EARNINGS/(LOSS) CALCULATION
(Unaudited)
(in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30						June 30
		2002			2001			2002			2001
Reported net earnings (loss)	$	(2,302	)	$	(7,451	)	$	(57,187	)	$	(5,405	)
Adoption of FAS 142 (a)		-			304			52,704			609
Gain on sale of non-core assets (a)		-			-			(2,205	)		(630	)
Non-recurring charges (a)		-			-			1,764			-
Tax valuation reserve adjustment		-			10,000			-			10,000
Pro forma net earnings (loss)		(2,302	)		2,853			(4,924	)		4,574

Number of shares used in diluted EPS		26,920			27,642			26,916			27,644
Pro forma diluted EPS	$	(0.09	)	$	0.10		$	(0.18	)	$	0.17

(a) Assumes tax at the Company's estimated incremental tax rate of 37%, rather than the financial statement effective tax rate, except for the $52,704 FAS 142 accounting change for which no tax benefit was assumed.

-more-

BMC INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

		(Unaudited)
		June 30			December 31
ASSETS		2002			2001
Current assets
Cash and cash equivalents	$	3,024		$	1,941
Trade accounts receivable, net		33,812			35,024
Inventories		55,797			71,634
Deferred income taxes		10,421			10,250
Other current assets		3,910			4,197
Total current assets		106,964			123,046

Property, plant and equipment		269,975			281,916
Less accumulated depreciation		146,061			150,375
Property, plant and equipment, net		123,914			131,541
Deferred income taxes		4,233			7,166
Intangibles assets, net		8,398			62,069
Other assets		6,282			7,924
Total assets	$	249,791		$	331,746
LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
Short-term borrowings	$	110,854		$	854
Accounts payable		23,150			19,707
Income taxes payable		6,224			7,532
Accrued expenses and other current liabilities		24,595			24,700
Total current liabilities		164,823			52,793

Long-term debt		250			141,314
Other liabilities		21,091			19,526
Deferred income taxes		1,462			1,602

Stockholders' equity
Common stock		46,886			46,786
Retained earnings		24,657			81,979
Accumulated other comprehensive income (loss)		(9,309	)		(12,180	)
Other		(69	)		(74	)
Total stockholders' equity		62,165			116,511

Total liabilities and stockholders' equity	$	249,791		$	331,746

-more-

BMC INDUSTRIES, INC.
SEGMENT INFORMATION
(Unaudited)
(in thousands, except percentages)

	Three Months Ended June 30
	Buckbee-Mears							Optical Products						Consolidated
		2002			2001			2002			2001			2002			2001

Revenues	$	37,383		$	44,067		$	29,781		$	34,653		$	67,164		$	78,720
Cost of products sold		33,671			37,768			27,904			28,995			61,575			66,763
Gross margin		3,712			6,299			1,877			5,658			5,589			11,957
Gross margin %		9.9	%		14.3	%		6.3	%		16.3	%		8.3	%		15.2	%
Selling		1,023			1,246			2,377			3,259			3,400			4,505
Unallocated corporate
administration		-			-			-			-			1,897			1,418
Income (loss) from operations	$	2,689		$	5,053		$	(500	)	$	2,399		$	292		$	6,034

Operating income %		7.2	%		11.5	%		(1.7	)%		6.9	%		0.4	%		7.7	%

Capital spending													$	1,603		$	4,979

Depreciation and
amortization													$	5,186		$	5,914

EBITDA													$	4,380		$	12,199

EBITDA %														6.5	%		15.5	%

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EX-99.2 4 exhibit_99-2.htm Exhibit 99.2

BMC

BMC Industries, Inc.
One Meridian Crossings, Suite 850
Minneapolis, MN 55423
Web site www.bmcind.com

NEWS RELEASE

CONTACT:	BRAD CARLSON	(NYSE: BMM)
	(952) 851-6020	FOR IMMEDIATE RELEASE

BMC Industries To Report Second Quarter 2002 Results and
Host Conference Call on Tuesday, July 30, 2002

July 16, 2002 -- BMC Industries, Inc. is scheduled to release its financial results for the second quarter on Tuesday, July 30, 2002.

The Company will host a conference call to discuss the financial results later that morning at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). The conference call is available to interested parties by dialing 800-288-8974 (U.S.) or 612-332-0418 (International). A replay of the call will be available beginning at 1:30 p.m. Central Time on July 30, 2002 by dialing 800-475-6701 (U.S.) or 320-365-3844 (International) and using Access Code: 645093. The conference call will be available for replay until August 7, 2002 at 11:59 p.m. Central Time.

BMC Industries, Inc. is traded on the New York Stock Exchange under the ticker symbol "BMM". For more information about BMC Industries, Inc., visit the Company's Web site at www.bmcind.com.

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EX-99.3 5 exhibit_99-3.htm Exhibit 99.3

BMC

BMC Industries, Inc.
One Meridian Crossings, Suite 850
Minneapolis, MN 55423
Web site www.bmcind.com

NEWS RELEASE

CONTACT:	BRAD CARLSON	(NYSE: BMM)
	(952) 851-6020	FOR IMMEDIATE RELEASE

VISION-EASE LENS ANNOUNCES LICENSE OF
ITS POLYCARBONATE POLARIZING LENS TECHNOLOGY

July 15, 2002 -- Minneapolis, Minnesota, USA -- BMC Industries, Inc. (NYSE: BMM) today announced that its Vision-Ease Lens, Inc. subsidiary ("Vision-Ease Lens") has reached agreement with Wintec International Japan, Inc. ("Wintec"), and Optical Ventures, Inc. ("OVI") to license Vision-Ease's proprietary technology for the manufacture of polycarbonate polarized lenses.

Polycarbonate polarized lenses are exceptionally light and impact resistant with the greatest comfort and safety for sports and other outdoors activities. These lenses have a patented design that enables the lenses to be made extra thin without fear of damaging the filter or compromising optical performance.

Under the terms of the agreement, Wintec and OVI are granted the non-exclusive rights to use the technology in the manufacture of non-prescription, polycarbonate polarized lenses in return for a royalty payment to Vision-Ease Lens.

Douglas C. Hepper, Chairman and Chief Executive Officer of BMC stated, "We are pleased to have partners such as Wintec and OVI join us in supplying the market with polycarbonate polarized lenses. Partners of this stature will allow Vision-Ease Lens to participate in new distribution channels and grow the usage of polarized polycarbonate lenses."

The Wintec and OVI license is the first granted by Vision-Ease Lens to its family of patents covering the manufacture of polycarbonate polarized lenses. Vision-Ease Lens will continue to vigorously pursue and protect all rights granted by those patents. Mr. Hepper added, "We will look to expand our partner and technology portfolio to capitalize on one of the fastest growing market segments."

Vision-Ease Lens has been producing and selling polarized lenses under the SunRx® brand name since the early 1990's. Polycarbonate polarized lenses eliminate 99 percent of horizontal glare and block 100 percent of the sun's ultraviolet (UV) rays.

Safe Harbor for Forward-Looking Statements

This news release contains various "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are intended to be covered by the safe harbors created thereby. Statements made in this news release that are not statements of historical facts, including statements regarding future performance, are Forward-Looking Statements. Forward-Looking Statements may be identified by the use of words such as "anticipates", "estimates", "expects", "forecasts", "projects", "intends", "plans", "predicts", and similar expressions. Forward-Looking Statements are subject to a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those projected, including, among others, the Optical Products group's ability to improve operating performance in film-based and other products; BMC's ability to manage working capital and align costs with market conditions; the Company's ability to obtain license terms within its expectations; slowdown in sales growth of high-end lens products; rising raw material costs; Optical Products' ability to complete the sale of assets from discontinued operations, including property in Azusa, California and Irwindale, California, as well as its ability to ramp up production at its Ramsey, Minnesota and Jakarta, Indonesia operations within profitable yields; competition with alternative technologies and products, including laser surgery for the correction of visual impairment; ability to source volume requirements of plastic lenses from third parties; ability to grow market share of polycarbonate products both domestically and abroad, including growth in European sales through the operation of processing laboratories; new product development, introduction and acceptance; the effect of regional or global economic slowdowns; the impact of domestic or global terrorism on consumer spending choices; adjustments to inventory valuations; liability and other claims asserted against BMC, its officers and directors; negative foreign currency fluctuations; and ability to recruit and retain key personnel. Certain of these and other risks and uncertainties are discussed in further detail in BMC's Annual Report and Form 10-K for the year ended December 31, 2001 and other documents filed and to be filed with the Securities and Exchange Commission.

BMC Industries, Inc. is traded on the New York Stock Exchange under the ticker symbol "BMM." For more information about BMC Industries, Inc., visit the Company's Web site at www.bmcind.com.

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EX-99.4 6 exhibit_99-4.htm Exhibit 99.4

BMC

BMC Industries, Inc.
One Meridian Crossings, Suite 850
Minneapolis, MN 55423
Web site www.bmcind.com

NEWS RELEASE

CONTACT:	BRAD CARLSON	(NYSE: BMM)
	(952) 851-6020	FOR IMMEDIATE RELEASE

BMC Industries Completes Sale of Portions of Its
Micro-Technology Business

June 20, 2002 - Minneapolis, Minnesota, USA -- BMC Industries, Inc. (NYSE: BMM) announced today it has completed the sale of certain assets of the Buckbee-Mears group's Micro-Technology Operations to Tech Etch, Inc. of Plymouth, Massachusetts. The sale includes assets associated with the group's lower-volume, sheet-etching business currently located in St. Paul, Minnesota and includes its trade name Micro-Technology Operations. BMC's Buckbee-Mears group will continue to manufacture aperture masks and a variety of other higher-volume, photochemical machined products at its remaining production facilities in Cortland, New York and Mullheim, Germany.

"The sale of this segment of our St. Paul operation represents the next step in our overall business rationalization strategy," said Gary Nelson, President of BMC's Buckbee-Mears Group. "The sale allows us to redirect our capital and human resources toward more strategic revenue generating opportunities going forward."

BMC did not disclose details of the transaction, but said it will use the proceeds from the sale to reduce debt.

BMC Industries, founded in 1907, is comprised of two business segments: Buckbee-Mears and Optical Products. The Buckbee-Mears group, through its Mask Operations, is the only North American manufacturer of aperture masks. The Buckbee-Mears group, through its Micro-Technology Operations, is also a leading producer of a variety of precision photo-etched and electroformed components that require fine features and tight tolerances.

BMC Industries, Inc. is traded on the New York Stock Exchange under the ticker symbol "BMM." For more information about BMC Industries, Inc., visit the Company's web site at www.bmcind.com.

Tech Etch is a manufacturer of precision photo-tooled components in small to mid-volumes. Tech Etch also provides flexible printed circuits and RFI/EMI shielding gaskets.

Safe Harbor for Forward-Looking Statements

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EX-99.5 7 exhibit_99-5.htm Exhibit 99.5

BMC

BMC Industries, Inc.
One Meridian Crossings, Suite 850
Minneapolis, MN 55423
Web site www.bmcind.com

NEWS RELEASE

CONTACT:	BRAD CARLSON	(NYSE: BMM)
	(952) 851-6020	FOR IMMEDIATE RELEASE

VISION-EASE TEGRA^®POLYCARBONATE LENSES OFFER MULTIPLE ADVANTAGES FOR KIDS

June 11, 2002 -- Minneapolis, Minnesota, USA - Vision-Ease Lens, Inc., a leading U.S. manufacturer of premium polycarbonate lenses and a subsidiary of BMC Industries, Inc. (NYSE: BMM), is placing special emphasis on children's vision. At Vision Expo East, an optical industry trade show earlier this year, Vision-Ease highlighted the advantages of Tegra^® aspheric polycarbonate lenses for kids.

"Children from infancy to age fourteen represent a growing segment of the optical market," says Mike Vierzba, Executive Vice President of Sales & Marketing. "Currently, approximately 20 percent of patients seen by independent eyecare providers are children, and this number has grown over the past two years. Tegra^® lenses from Vision-Ease offer superior features and benefits compared to regular polycarbonate lenses, making them the perfect choice for kids of all ages."

Tegra^® lenses are made from ultra-pure polycarbonate resin for a crystal-clear appearance and are produced using the latest manufacturing processes to further improve optical performance, according to the Company.

In addition to offering the superior impact-resistance of polycarbonate, Tegra^® lenses feature Vision-Ease's exclusive ActualEyes™ aspheric design, which makes the lenses flatter, thinner and lighter than other polycarbonate lenses. Tegra^®'s aspheric design also reduces undesired magnification of the wearer's eyes by plus power lenses. For superior durability, Tegra^® lenses feature an ultra-hard scratch resistant coating. Independent laboratory tests show Tegra^® lenses have the best scratch resistance of any polycarbonate lens currently available, according to the Company.

BMC Industries, founded in 1907, is comprised of two business segments: Buckbee-Mears and Optical Products. The Buckbee-Mears group, through its Mask Operations, is the only independent North American manufacturer of aperture masks. The Buckbee-Mears group, through its Micro-Technology Operations, is also a leading producer of a variety of precision photo-etched and electroformed components that require fine features and tight tolerances.

The Optical Products group, operating under the Vision-Ease trade name, is a leading designer, manufacturer and distributor of polycarbonate, glass and hard-resin plastic eyewear lenses. Vision-Ease is a technology and market share leader in the polycarbonate lens segment of the market. Polycarbonate lenses are thinner and lighter than lenses made of other materials, while providing inherent ultraviolet (UV) filtering and impact resistant characteristics. BMC Industries, Inc. is traded on the New York Stock Exchange under the ticker symbol "BMM." For more information about BMC Industries, Inc., visit the Company's Web site at www.bmcind.com.

Certain statements in this news release may be deemed to be forward-looking statements as defined in the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from what is currently anticipated. Those risks include, among others, general competitive factors, the company's ability to successfully complete and integrate its acquisitions and to implement operational improvements in its acquired businesses, the episodic nature of the company's business and other risks and uncertainties detailed from time to time in the company's filings with the Securities and Exchange Commission.

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EX-99.6 8 exhibit_99-6.htm Exhibit 99.6

BMC

BMC Industries, Inc.
One Meridian Crossings, Suite 850
Minneapolis, MN 55423
Web site www.bmcind.com

NEWS RELEASE

CONTACT:	BRAD CARLSON	(NYSE: BMM)
	(952) 851-6020	FOR IMMEDIATE RELEASE

VISION-EASE LENS EARNS "BEST SELLING POLYCARBONATE LENS" HONORS

June 4, 2002 -- Minneapolis, Minnesota, USA - Vision-Ease Lens, Inc., a world leader in the design, manufacturing, and sale of premium-quality polycarbonate lenses and a subsidiary of BMC Industries, Inc. (NYSE: BMM), announced its product line has been recently named "Best Selling Polycarbonate Lens for 2001" by Jobson Publishing's 20/20 magazine. It is the third consecutive year that Vision-Ease has earned the honor.

"Winning this title for the last three years in a row demonstrates Vision-Ease Lens' continuing commitment to offering eye care professionals the best products and the best value in this growing segment of the ophthalmic lens market," says Mike Vierzba, Executive Vice President of Sales & Marketing. "In particular, our Tegra lenses have been outstanding performers for both our customers and end users."

Tegra lenses are made from ultra-pure polycarbonate resin using the latest manufacturing processes for a crystal-clear appearance and superior optics, according to the Company. Tegra's proprietary aspheric design, called ActualEyes, makes the lenses thinner and lighter than other polycarbonate lenses and further enhances the optical performance of the lenses. They also feature an ultra-tough hard coat for superior durability. Independent laboratory tests indicate Tegra lenses have the best scratch resistance in the industry, the Company says.

"In 2002, Vision-Ease Lens will continue its tradition of developing new lenses that provide the best possible vision, comfort, and style for wearers and the best value and profit potential for our customers," added Mr. Vierzba.

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EX-99.7 9 exhibit_99-7.htm Exhibit 99.7

BMC

BMC Industries, Inc.
One Meridian Crossings, Suite 850
Minneapolis, MN 55423
Web site www.bmcind.com

NEWS RELEASE

CONTACT:	BRAD CARLSON	(NYSE: BMM)
	(952) 851-6020	FOR IMMEDIATE RELEASE

BMC INDUSTRIES ANNOUNCES CHANGE OF LEADERSHIP;
BURKE TO RETIRE / HEPPER NAMED CHAIRMAN AND CEO

May 15, 2002 -- Minneapolis, Minnesota, USA -- BMC Industries, Inc. (NYSE: BMM) announced today that Paul B. Burke will retire as Chairman and Chief Executive Officer of the Company in the beginning of June 2002, and that the Board of Directors has elected Douglas C. Hepper to succeed Mr. Burke in those capacities.

In announcing the change, Mr. Burke stated, "After eleven challenging and rewarding years as CEO at BMC, it is time for me to move on to new personal and professional challenges. Moreover, with major restructuring initiatives nearing completion, cash flow strong and debt amortization accelerating, this is a good time for a leadership transition. I am confident that under Doug Hepper's leadership, BMC will realize the substantial value embedded in its core capabilities and the full potential of an outstanding team of people."

Mr. Hepper joins BMC following a 28-year career with PPG Industries, Inc., an $8 billion global manufacturer of coatings, glass and chemicals for industrial and consumer markets. Mr. Hepper most recently had responsibility for managing PPG's $1 billion + global automotive aftermarket paint business with 4,000 employees doing business in 150 countries. Previous to this assignment, he was responsible for PPG's automotive refinishing business outside of the U.S., headquartered in Paris, France. Other experience in his PPG career involved assignments in marketing, sales, planning and manufacturing.

Commenting on his new position at BMC, Mr. Hepper stated, "I was attracted to BMC by the unique assets and capabilities employed by the businesses. I have also been impressed by the quality of the BMC leadership and I look forward to working with the entire BMC team. I am excited about the opportunities available to this Company and the ability to grow value over the long-term."

The Company also announced that Mr. Burke would remain as a consultant to the Company for the balance of the year to assist in the transition.

BMC, founded in 1907, is comprised of two business segments: Buckbee-Mears and Optical Products.

The Buckbee-Mears group, through its Mask Operations, is the only North American manufacturer of aperture masks. The Buckbee-Mears group, through its Micro-Technology Operations, is also a leading producer of a variety of precision photo-etched and electroformed components that require fine features and tight tolerances.

BMC Industries, Inc. is traded on the New York Stock Exchange under the ticker symbol "BMM." For more information about BMC Industries, Inc., visit the Company's Web site at www.bmcind.com.

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	Six Months Ended
	June 30
		2002			2001
Net Cash Provided by Operating Activities
Net loss	$	(57,187	)	$	(5,405	)
Depreciation and amortization		10,760			11,887
Gain on sale of assets		(3,429	)		-
Deferred income taxes		2,565			11,909
Accounting change - goodwill write-down		52,704			-
Changes in operating assets and liabilities		23,848			(11,943	)
Total		29,261			6,448

Net Cash Provided by (Used in) Investing Activities
Additions to property, plant and equipment		(3,130	)		(8,431	)
Proceeds from sale of assets		6,034			-
Total		2,904			(8,431	)

Net Cash Provided by (Used in) Financing Activities
Decrease in short-term borrowings		(52	)		(95	)
Increase (decrease) in long-term debt		(31,064	)		1,662
Cash dividends paid		(136	)		(823	)
Other		105			193
Total		(31,147	)		937

Effect of exchange rate changes on cash and cash equivalents		65			(30	)

Net (decrease) increase in cash and cash equivalents		1,083			(1,076	)
Cash and cash equivalents at beginning of period		1,941			2,290

Cash and cash equivalents at end of period	$	3,024		$	1,214

X	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the Quarterly Period ended June 30, 2002.

	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition Period from ________ to________________.

BMC Industries, Inc. Reports Second-Quarter and Six-Month 2002 Results

BMC INDUSTRIES, INC. SEGMENT INFORMATION (Unaudited) (in thousands, except percentages)

BMC Industries To Report Second Quarter 2002 Results and Host Conference Call on Tuesday, July 30, 2002

BMC INDUSTRIES, INC.
SEGMENT INFORMATION
(Unaudited)
(in thousands, except percentages)

BMC Industries To Report Second Quarter 2002 Results and
Host Conference Call on Tuesday, July 30, 2002