LARGO, Fla., Feb. 26 /PRNewswire-FirstCall/ -- Unilens Vision Inc. (OTC Bulletin Board: UVICF) (TSX Venture Exchange: UVI), which develops, licenses, manufactures, distributes and markets specialty contact lenses, today reported its operating results for the second quarter and first half of FY2008.
Net sales, excluding royalty income, for the quarter ended December 31, 2007 increased to $1,512,361 compared with $1,438,153 in the quarter ending December 31, 2006, an increase of 5.2%. The increase was primarily the result of continued growth of the Company's C-Vue multifocal contact lenses, which increased approximately 12% in the current quarter, which was partially offset by sales of our replacement products lines that declined as expected.
Net Income for the quarter increased 70.2% to a record second quarter of $375,915, or $0.08 per diluted share, compared with $220,850, or $0.05 per diluted share in the prior-year period.
Royalty income for the quarter increased 20.3% to a record second quarter of $646,849 compared with $537,653 in the prior-year quarter. Sales of licensed products by our licensee Bausch & Lomb continue to accelerate, resulting in the record quarterly royalty payment.
Income before taxes for the quarter ended December 31, 2007 increased 51.1% to $542,257, compared with $358,891 in the prior-year quarter. After recording income tax expense of $166,342, Unilens reported net income of $375,915, or $0.08 per diluted share. In the second quarter of FY2007, the Company reported net income of $220,850, or $0.05 per diluted share, after recording income tax expense of $138,041.
"We are pleased with our second quarter operating results, and based on
currently available information, we anticipate a continuation of favorable
revenue and profitability trends for the second half of the 2008 fiscal
year," stated Michael J. Pecora, Chief Executive Officer of Unilens Vision
Inc. "Sales of our C-Vue brand disposable multi
|SOURCE Unilens Vision Inc.|
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