LARGO, Fla., Nov. 21 /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 ended September 30, 2008 (FY2009).
Net sales, excluding royalty income, increased 5.3% to $1,761,526 in FY2009 first quarter, compared with $1,673,361 in the previous year first quarter (FY2008). The increase was primarily a result of continued growth of the Company's C-Vue brand of specialty contact lenses, sold exclusively to licensed eye care professionals.
FY2009 first quarter net income increased 23.6% to a record first quarter of $466,367, or $.10 per diluted share, compared with $377,296 or $0.08 per diluted share in the previous year quarter.
Royalty income for the FY2009 first quarter increased 16.4% to a record first quarter of $713,397 compared with $612,799 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.
FY2009 first quarter income before taxes increased 24.6% to a record first quarter $768,259 compared with $616,501 in the prior-year quarter. After recording net income tax expense of $301,892, Unilens reported net income of $466,367 for the quarter, or $0.10 per diluted share. In the FY2008 first quarter, the Company reported net income of $377,296, or $0.08 per diluted share, which included income tax expense of $239,205.
"We are pleased to report record first quarter sales, royalties and income for our FY2009 first quarter," stated Michael J. Pecora, Chief Executive Officer of Unilens Vision Inc. "Strong double-digit growth for our C-Vue brand of lenses sold exclusively to independent practitioners, combined with a 16% growth in royalty revenue derived from Bausch & Lomb's sales of multifocal lenses that use our key technologies, was responsible for this outstanding performance."
"I am also pleased to report that the Unilens' Board of Directors declared its regular quarterly dividend of US $0.09 per common share, payable next Friday November 28, 2008. "This decision was based on the Company's strong balance sheet, and projected operating cash flows and is consistent with the Board's commitment that shareholders should share directly in the earnings achieved by management while continuing to execute our growth strategy," concluded Mr. Pecora.
About Unilens Vision Inc. - "The Independent Eye Care Professionals 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 contact lenses primarily under the C-Vue(R) brand directly to Independent Eye Care Professionals. Additional information on the Company may be accessed on the Internet at 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 2009 CONDENSED CONSOLIDATED FINANCIAL INFORMATION (All figures in U.S. Dollars) RESULTS OF OPERATIONS Three Months Three Months Ended Ended Sept. 30, 2008 Sept. 30, 2007 Sales $1,761,526 $1,673,361 Cost of sales 935,132 904,397 826,394 768,964 Expenses 771,961 754,952 Income from operations 54,433 14,012 Other items: Royalty income 713,397 612,799 Other income (expense) 2,585 (27,141) Remeasurement (loss) income (4,427) 2,541 Interest income 2,271 14,290 713,826 602,489 Income before income tax 768,259 616,501 Income tax expense 301,892 239,205 Net income for the period $466,367 $377,296 Net income per common share: Basic $0.10 $0.08 Diluted $0.10 $0.08 CASH FLOWS Provided (used) by: Operating activities $706,683 $689,258 Investing activities (32,600) (28,123) Financing activities (1,774,779) (1,744,008) Decrease in cash $(1,100,696) $(1,082,873) BALANCE SHEET Sept. 30, 2008 June 30, 2008 Cash $498,353 $1,603,476 Total assets 5,432,149 6,784,128 Current liabilities 913,867 957,434 Total liabilities 913,867 957,434 Stockholders' equity $4,518,282 $5,826,694
|SOURCE Unilens Vision Inc.|
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