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 & L
|SOURCE Unilens Vision Inc.|
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