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 & Lo
|SOURCE Unilens Vision Inc.|
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