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.,
|SOURCE Unilens Vision Inc.|
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