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
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)
Royalty income 628,993 545,293 1,888,641 1,559,496
Other (expense) income 1,845 (703) (47,071) (390)
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
Basic $ 0.08 $ 0.08 $ 0.25 $ 0.20
Diluted $ 0.08 $ 0.08 $ 0.25 $ 0.20
Provided (used) by:
activities $ 893,412 $ 739,395 $ 1,848,658 $1,517,749
activities (33,699) (51,187) (63,458) (141,141)
Financing activities (409,564) (326,491) (2,563,136) (1,774,879)
in cash $ 450,149 $ 361,717 $ (777,936) $ (398,271)
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
|SOURCE Unilens Vision Inc.|
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