Shares of National Vision (NASDAQ: EYE) fell off a cliff Wednesday, cratering as much as 38.1%. As of 1:56 p.m. ET, the stock was still down 36.8%.

The company -- which offers eye exams, eyeglasses, and contact lenses through various retail locations -- reported its fourth-quarter financial results, and investors did not like what they saw, or didn't see.

For the fourth quarter, National Vision generated revenue that was marginally lower, decreasing 1.9% to $468.9 million. The results were hampered by the timing of unearned revenue, which negatively impacted revenue by 2.9%. The results went out of the frying pan and into the fire, as net income plunged 249%, resulting in a non-GAAP (adjusted) loss per share of $0.08, compared to earnings per share of $0.13 in the prior-year quarter. 

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Source Fool.com