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 multifocal and single vision lenses continued to achieve double digit growth as did Bausch & Lomb's sales of their multifocal lenses that utilize our proprietary licensed technology, resulting in record royalty income for the Company in the second quarter."
"I am also pleased to report that we will pay our sixth consecutive regular quarterly cash dividend of $0.09 per share, in accordance with a dividend policy adopted by our Board of Directors that is intended to allow our shareholders to share directly in the Company's future earnings growth," concluded Mr. Pecora. The Company's regular quarterly cash dividend will be paid on February 28, 2008 to shareholders of record at the close of business on February 14, 2008.
For the six months ended December 31, 2007, net sales excluding royalty income, increased 4.7% to $3,185,722, as compared to $3,042,929 for the prior- year period. Net sales of the Company's C-Vue multifocal contact lenses increased approximately 11.5% during the first half of fiscal year 2008, while sales of replacement products lines declined, as expected.
Net Income for the six months increased 41.8% to $753,211, or $0.17 per diluted share, compared with $531,342, or $0.12 per diluted share in the prior-year period.
Royalty income for the six months ended December 31, 2007 increased 24.2% to a record $1,259,648, compared with $1,014,203 in the prior-year period, demonstrating accelerated demand for sales of licensed products by our licensee Bausch & Lomb.
Income before taxes for the six months ended December 31, 2007 increased 32.6% to $1,158,758, compared with $874,074 in the prior-year period. After recording net income tax expense of $405,457, Unilens reported net income of $753,211, or $0.17 per diluted share, for the six months ended December 31, 2007. This compared with net income of $531,342, or $0.12 per diluted share, in the prior-year period of fiscal year 2007, which included net income tax expense of $342,732.
About Unilens Vision Inc. - "The Eye Care Professionals Specialty Contact Lens Company"
Established in 1989, Unilens Vision Inc., through its wholly owned subsidiary Unilens Corp., USA, located in Largo, Florida, develops, licenses, manufactures, distributes and markets specialty contact lenses under the C- Vue, Unilens, Sof-Form, Aquaflex, SoftCon, Lombart, and LifeStyle brands. Additional information on the Company may be accessed on the Internet at http://www.unilens.com. The Company's common stock is listed on the OTC Bulletin Board under the symbol "UVICF" as well as the Canadian TSX Venture Exchange under the symbol "UVI".
(Note: All financial information in this release is stated in U.S. Dollars.)
The information contained in this news release, other than historical
information, consists of forward-looking statements that involve risk and
uncertainties that could cause actual results to differ materially from
those described in such statements. For a discussion of certain factors
that could cause actual results to differ materially from those described
in the forward- looking statements, please refer to the Company's most
recent filings with the SEC and the TSX Venture Exchange. The TSX Venture
Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For more information, please contact:
Leonard F. Barker, CFO, Unilens Vision Inc. at (727) 544-2531
UNILENS VISION INC.
SECOND QUARTER AND SIX MONTHS - FISCAL 2008
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(All figures in U.S. Dollars)
RESULTS OF OPERATIONS
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
2007 2006 2007 2006
Sales $1,512,361 $1,438,153 $3,185,722 $3,042,929
Cost of sales 885,453 883,829 1,789,850 1,714,459
626,908 554,324 1,395,872 1,328,470
Expenses 715,190 735,645 1,470,142 1,488,352
Loss from operations (88,282) (181,321) (74,270) (159,882)
Royalty income 646,849 537,653 1,259,648 1,014,203
Other (expense) income (21,775) (677) (48,916) 313
(loss) 471 (5,306) 3,012 (1,929)
Interest income 4,994 8,542 19,284 21,369
630,539 540,212 1,233,028 1,033,956
Income before tax 542,257 358,891 1,158,758 874,074
Income tax expense 166,342 138,041 405,547 342,732
Net income for the
period $375,915 $220,850 $753,211 $531,342
Net income per common
Basic $0.08 $0.05 $0.17 $0.12
Diluted $0.08 $0.05 $0.17 $0.12
Provided (used) by:
Operating activities $265,988 $447,670 $955,246 $778,354
Investing activities (1,636) (51,829) (29,759) (89,954)
Financing activities (409,564) (334,470) (2,153,572) (1,448,388)
in cash $(145,212) $61,371 $(1,228,085) $(759,988)
June 30, December 31, December 31,
2007 2007 2006
Cash 1,961,712 $736,639 $1,433,716
Total assets 7,987,808 6,331,743 7,849,747
Current liabilities 819,005 563,301 794,581
Total liabilities 819,005 563,301 794,581
Stockholders' equity 7,168,803 $5,768,442 $7,055,166
|SOURCE Unilens Vision Inc.|
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