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Unilens Vision Reports Record Third Quarter Revenue, and Royalty Income
Date:5/27/2009

EARNINGS ESCALATE 21% TO $.10 PER DILUTED SHARE

LARGO, Fla., May 27 /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 third quarter ended March 31, 2009 (FY2009).

Net sales, excluding royalty income, increased 2% to $1,701,043 in the FY2009 third quarter, compared with $1,668,397 in the previous year third 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 third quarter net income was $446,850, compared with $368,730 in the previous year third quarter, an increase of 21%.

Royalty income for the FY2009 third quarter increased 16.7% to a record third quarter of $734,249 compared with $628,993 in the prior-year quarter. Sales of licensed products by our licensee Bausch & Lomb continue to increase, resulting in continued royalty income growth.

FY2009 third quarter income before taxes increased 18.1% to a record third quarter of $745,249 compared with $631,193 in the prior-year quarter. After recording net income tax expense of $298,399, Unilens reported net income of $446,850 for the quarter, or $0.10 per diluted share. In the FY2008 third quarter, the Company reported net income of $368,730, or $0.08 per diluted share, which included income tax expense of $262,463.

"We are very pleased with our third quarter results, considering the current economic environment," stated Michael J. Pecora, Chief Executive Officer of Unilens Vision Inc. "Double-digit growth from our C-Vue brand of lenses sold exclusively to independent practitioners, combined with a 17% growth in royalty revenue derived from Bausch & Lomb's sales of multifocal lenses that use our key technologies, was responsible for our record 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 tomorrow, May 28, 2009. "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.

For the nine months ended March 31, 2009, net sales excluding royalty income, increased 2.9% to $4,992,811, as compared to $4,854,119 for the prior-year nine months. Net sales of the Company's C-Vue brand disposable contact lenses increased approximately 11% during the first nine months of fiscal year 2009, while sales of replacement products lines declined, as expected.

Net Income for the nine months increased 13.4% to $1,272,162, or $0.28 per diluted share, compared with $1,121,941, or $0.25 per diluted share in the prior-year 9 months.

Royalty income for the nine months ended March 31, 2009 increased 11.9% to a record $2,114,215, compared with $1,888,641 in the prior-year 9 months, demonstrating continued demand for sales of licensed products by our licensee Bausch & Lomb.

Income before taxes for the nine months ended March 31, 2009 increased 18.5% to $2,120,225, compared with $1,789,951 in the prior-year 9 months. After recording net income tax expense of $848,063, Unilens reported net income of $1,272,162, or $0.28 per diluted share, for the nine months ended March 31, 2009. This compared with net income of $1,121,941, or $0.25 per diluted share, in the prior-year 9 months of fiscal year 2008, which included net income tax expense of $668,010.

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 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.
                        THIRD QUARTER - FISCAL 2009
              CONDENSED CONSOLIDATED FINANCIAL INFORMATION

    (All figures in U.S. Dollars)
    RESULTS OF OPERATIONS

                       Three Months  Three Months   Nine Months  Nine Months
                           Ended         Ended         Ended        Ended
                          March 31,     March 31,    March 31,    March 31,
                            2009          2008         2009         2008

      Sales               $1,701,043  $1,668,397  $   4,992,811   $4,854,119
      Cost of sales          943,931     964,952      2,752,561    2,754,802
                             757,112     703,445      2,240,250    2,099,317
      Expenses               731,093     706,041      2,206,395    2,176,183
      Income (loss)
       from operations        26,019      (2,596)        33,855      (76,866)
      Other items:
      Royalty income         734,249     628,993      2,114,215    1,888,641
      Other (expense)
       income                (12,917)      1,845        (19,406)     (47,071)
      Remeasurement
       (expense) income       (2,479)     (1,044)       (11,463)       1,968
      Interest income            377       3,995          3,024       23,279
                             719,230     633,789      2,086,370    1,866,817
      Income before
       income tax expense    745,249     631,193      2,120,225    1,789,951
      Income tax expense     298,399     262,463        848,063      668,010
      Net income for
       the period           $446,850    $368,730     $1,272,162   $1,121,941
      Net income per
       common share:
        Basic                  $0.10       $0.08          $0.28        $0.25
        Diluted                $0.10       $0.08          $0.28        $0.25
    CASH FLOWS
       Provided (used) by:
       Operating
        activities          $960,719    $893,412     $2,255,774   $1,848,658
       Investing
        activities          (264,083)    (33,699)      (329,144)     (63,458)
       Financing
        activities          (409,565)   (409,564)    (2,593,908)  (2,563,136)
      Decrease in cash      $287,071    $450,149      $(667,278)   $(777,936)

    BALANCE SHEET
                                        June 30,      March 31,    March 31,
                                          2008          2009         2008
      Cash and certificate
       of deposit                     $1,603,476     $1,174,735   $1,185,744
      Total assets                     6,784,128      5,529,389    6,489,924
      Current liabilities                957,434      1,024,441      762,316
      Total liabilities                  957,434      1,024,441      762,316
      Stockholders' equity            $5,826,694     $4,504,948   $5,727,608


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SOURCE Unilens Vision Inc.
Copyright©2009 PR Newswire.
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