First Quarter Net Income Increases 22% and Royalty Income Increases 29%
From Prior Year
LARGO, Fla., Nov. 29 /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 first quarter of FY2008.
Net sales, excluding royalty income, for the quarter ended September 30, 2007 increased to $1,673,361 compared with $1,604,776 in the quarter ending September 30, 2006, an increase of 4.3%. 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.
Net Income for the quarter increased 22% to a record first quarter of $377,296, or $0.08 per diluted share, compared with $310,492, or $0.07 per diluted share in the prior-year period.
Royalty income for the quarter increased 28.6% to a record first quarter of $612,799 compared with $476,550 in the prior-year quarter. Sales of licensed products by our licensee Bausch & Lomb continue to accelerate, resulting in the record quarterly royalty.
Income before taxes for the quarter ended September 30, 2007 increased 20% to $616,501, compared with $515,183 in the prior-year quarter. After recording income tax expense of $239,205, Unilens reported net income of $377,296, or $0.08 per diluted share. In the first quarter of FY2007, the Company reported net income of $310,492, or $0.07 per diluted share, after recording income tax expense of $204,691.
"We are pleased with our first quarter operating results and are optimistic regarding the outlook for our operating results for the remainder of the current fiscal year," stated Michael J. Pecora, Chief Executive Officer of Unilens Vision Inc., "Sales of our C-Vue disposable multifocal lenses continues to increase as well as the license royalties from Bausch and Lomb which provides a healthy stream of profitable revenues."
"I am also pleased to report that we recently paid our 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 was paid on November 28, 2007 to shareholders of record at the close of business on November 14, 2007.
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.
FIRST QUARTER - FISCAL 2008
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(All figures in U.S. Dollars)
RESULTS OF OPERATIONS
Three Months Ended Three Months Ended
September 30, 2007 September 30, 2006
Sales $1,673,361 $1,604,776
Cost of sales 904,397 830,630
Expenses 754,952 752,707
Income from operations 14,012 21,439
Royalty income 612,799 476,550
Other (expense) income (27,141) 990
Remeasurement income 2,541 3,377
Interest income 14,290 12,827
Income before tax 616,501 515,183
Income tax expense 239,205 204,691
Net income for the period $377,296 $310,492
Net income per common share:
Basic $0.08 $ 0.07
Diluted $0.08 $ 0.07
Provided (used) by:
Operating activities $689,258 $330,684
Investing activities (28,123) (38,125)
Financing activities (1,744,008) (1,113,918)
Decrease in cash $(1,082,873) $(821,359)
September 30, 2007 June 30, 2007
Cash $881,380 $1,961,712
Total assets 6,611,857 7,987,808
Current liabilities 809,766 819,005
Total liabilities 809,766 819,005
Stockholders' equity $5,802,091 $7,168,803
|SOURCE Unilens Vision Inc.|
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