24th Consecutive Profitable Quarter Earns $.08 Per Diluted Share
LARGO, Fla., Feb. 26 /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 second quarter ended December 31, 2008 (FY2009).
Net sales, excluding royalty income, increased 1.2% to $1,530,242 in FY2009 second quarter, compared with $1,512,361 in the previous year second quarter (FY2008). The increase was primarily a result of continued growth of the Company's C-Vue brand disposable specialty contact lenses, sold exclusively to licensed eye care professionals.
FY2009 second quarter net income was $358,945, compared with $375,915 in the previous year second quarter. Excluding a one-time favorable tax adjustment of $44,422 in the previous year second quarter, FY2009 second quarter net income increased 8.3%.
Royalty income for the FY2009 second quarter increased 3.0% to a record second quarter of $666,569 compared with $646,849 in the prior-year quarter. Sales of licensed products by our licensee Bausch & Lomb continue to increase, resulting in continued royalty income growth.
FY2009 second quarter income before taxes increased 11.9% to a record second quarter of $606,717 compared with $542,257 in the prior-year quarter. After recording net income tax expense of $247,772, Unilens reported net income of $358,945 for the quarter, or $0.08 per diluted share. In the FY2008 second quarter, the Company reported net income of $375,915, or $0.08 per diluted share, which included income tax expense of $166,342.
"We are very pleased with our second quarter results, considering the current economic environment," stated Michael J. Pecora, Chief Executive Officer of Unilens Vision Inc. "Double-digit growth from ou
|SOURCE Unilens Vision Inc.|
Copyright©2009 PR Newswire.
All rights reserved