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Unilens Vision Reports Increased Royalty Income
Date:5/28/2008

21st Consecutive Profitable Quarter Earns $.08 Per Diluted Share

LARGO, Fla., May 28 /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 third quarter and first nine months of FY2008.

Net sales, excluding royalty income, for the quarter ended March 31, 2008 increased to $1,668,397 compared with $1,634,429 in the prior-year quarter ending March 31, 2007 an increase of 2.1%. The increase was primarily the result of continued growth of the Company's C-Vue multifocal contact lenses, which increased approximately 11% in the current quarter, which was partially offset by sales of our replacement products lines that declined as expected.

Royalty income for the quarter increased 15.3% to $628,993 compared with $545,293 in the prior-year quarter. Sales of licensed products by our licensee Bausch & Lomb continue to increase, resulting in continued double digit royalty income growth.

For the quarter, the Company reported net income of $368,730, or $0.08 per diluted share, compared with net income of $372,355 or $0.08 per diluted share in the prior-year quarter.

For the nine months ended March 31, 2008, net sales excluding royalty income, increased 3.8% to $4,854,119 as compared to $4,677,358 for the prior- year period. Net sales of the Company's C-Vue multifocal contact lenses increased approximately 12% during the first nine months of fiscal year 2008, while sales of replacement products lines declined, as expected.

Net Income for the nine months increased 24.2% to $1,121,941, or $0.25 per diluted share, compared with $903,697, or $0.20 per diluted share in the prior-year period.

Royalty income for the nine months ended March 31, 2008 increased 21.1% to a record $1,888,641, compared with $1,559,496 in the prior-year period, demonstrating continued increased demand for sales of licensed products by our licensee Bausch & Lomb.

"We are pleased to report our 21st consecutive quarter of profitability driven by increased royalty income from Bausch and Lomb's multifocal sales utilizing our patented licensed technology," stated Michael J. Pecora, Chief Executive Officer of Unilens Vision Inc. "Sales of our C-Vue brand disposable multifocal and single vision lenses also continue to steadily increase, achieving double digit growth."

"Earlier this month, we added to our C-Vue brand with the launch of the C- Vue 1DAY daily disposable single vision lens. This new offering expands the Company's portfolio of soft lens products, serving the rapidly growing one- time use daily disposable single vision market," concluded Mr. Pecora. The Company will market the lens under the C-Vue brand exclusively to licensed eye care professionals.

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.

THIRD QUARTER AND NINE MONTHS - FISCAL 2008

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(All figures in U.S. Dollars)

RESULTS OF OPERATIONS

Three Three

Months Months Nine Months Nine Months

Ended Ended Ended Ended

March 31, March 31, March 31, March 31,

2008 2007 2008 2007

Sales $ 1,668,397 $ 1,634,429 $ 4,854,119 $4,677,358

Cost of sales 964,952 855,443 2,754,802 2,569,902

703,445 778,986 2,099,317 2,107,456

Expenses 706,041 698,067 2,176,183 2,186,419

(Loss) income from

operations (2,596) 80,919 (76,866) (78,963)

Other items:

Royalty income 628,993 545,293 1,888,641 1,559,496

Other (expense) income 1,845 (703) (47,071) (390)

Remeasurement

income (loss) (1,044) 212 1,968 (1,717)

Interest income 3,995 9,476 23,279 30,845

633,789 554,278 1,866,817 1,588,234

Income before tax 631,193 635,197 1,789,951 1,509,271

Income tax expense 262,463 262,842 668,010 605,574

Net income for the

period $ 368,730 $ 372,355 $ 1,121,941 $ 903,697

Net income per common

share:

Basic $ 0.08 $ 0.08 $ 0.25 $ 0.20

Diluted $ 0.08 $ 0.08 $ 0.25 $ 0.20

CASH FLOWS

Provided (used) by:

Operating

activities $ 893,412 $ 739,395 $ 1,848,658 $1,517,749

Investing

activities (33,699) (51,187) (63,458) (141,141)

Financing activities (409,564) (326,491) (2,563,136) (1,774,879)

(Decrease) increase

in cash $ 450,149 $ 361,717 $ (777,936) $ (398,271)

BALANCE SHEET

June 30, March 31, March 31,

2007 2008 2007

Cash $ 1,961,712 $ 1,185,744 $ 1,795,645

Total assets 7,987,808 6,489,924 7,956,755

Current liabilities 819,005 762,316 855,725

Total liabilities 819,005 762,316 855,725

Stockholders' equity $ 7,168,803 $ 5,727,608 $ 7,101,030


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SOURCE Unilens Vision Inc.
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