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Young Innovations, Inc. Announces Record Earnings for the Quarter and Six-Months Ended June 30, 2009
Date:7/21/2009

ST. LOUIS, July 21 /PRNewswire-FirstCall/ -- Young Innovations, Inc. (Nasdaq: YDNT) today announced record earnings for the second quarter and for the first six-months ended June 30, 2009.

Sales for the second quarter of 2009 were $24.6 million, a decrease of 4.9% over the $25.9 million reported for the second quarter of 2008. Income from operations increased 4.8% to $5.4 million from $5.2 million in the prior year. Net income for the second quarter increased 7.4% to $3.3 million from $3.1 million in 2008. Diluted earnings per share for the second quarter of 2009 were $0.42, an increase of 10.5% over the $0.38 reported in the prior year quarter. Diluted earnings per share were affected by equity compensation expense of $0.04 and $0.03 for quarters ended June 30, 2009 and 2008, respectively, while diluted shares outstanding for the quarter declined 2.7% to 7.9 million.

For the six months ended June 30, 2009, sales were $48.4 million, decreasing 3.8% from the $50.3 million reported in the prior year period. Income from operations increased 6.9% to $10.4 million from $9.7 million in the prior year six-month period. Net income was $6.5 million, increasing 9.3% from $5.9 million in the prior year. Diluted earnings per share were $0.82 for the six months ended June 30, 2009, an increase of 13.9% from $0.72 in the same period of 2008. Diluted earnings per share were affected by equity compensation expense of $0.07 and $0.06 for the six months ended June 30, 2009 and 2008, respectively, while diluted shares outstanding for the six months ended June 30, 2009 declined 4.1% to 7.9 million.

Sales of our consumable products continued to be stable in the second quarter despite the challenging economic environment, while demand for our diagnostic products remained weak. Consumable product sales, which include preventive, infection control, endodontic, micro-applicator and home care product lines, were roughly equivalent to the prior year quarter. Sales of diagnostic products were approximately $1.1 million less than the prior year quarter. In addition, the strong US Dollar had a negative impact of approximately $286,000 on overall sales. Gross and operating margins increased in the second quarter, due in part to the benefits of operating efficiencies implemented last year, price increases in the second half of 2008, and favorable product mix.

Throughout the second quarter, we remained focused on our core operating strategies. In order to enhance and expand customer relationships, we completed the design and development of a new customer management system. Operating improvements made during the quarter included redesigned workflow and new automation in two key facilities. During the quarter we also continued to expand our product offerings with noted progress in strengthening our infection control product line.

Overall, we are pleased with the second quarter results. We are encouraged by the continued improvements in operating results despite the weak economic environment. We believe the investments we have made over the last few years to strengthen the Company have provided an excellent foundation for future growth.

A conference call has been scheduled for Wednesday, July 22, 2009 at 11:00 A.M. Central Time and can be accessed through InterCall at http://tinyurl.com/ydnt2QTR09 or on the Company's website, www.ydnt.com.

Young Innovations develops, manufactures, and markets supplies and equipment used by dentists, dental hygienists, dental assistants, and consumers. The Company's product offering includes disposable and metal prophy angles, prophy cups and brushes, dental micro-applicators, panoramic X-ray machines, moisture control products, infection control products, dental handpieces (drills) and related components, endodontic systems, orthodontic toothbrushes, flavored examination gloves, children's toothbrushes, and children's toothpastes. The Company believes it is a leading U.S. manufacturer or distributor of prophy angles and cups, liquid surface disinfectants, dental micro-applicators and obturation units designed for warm, vertical condensation.

Investors are cautioned that this press release as well as other reports and oral statements by Company officials may contain certain forward-looking statements as defined in the Private Securities Litigation and Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions and which include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or similar expressions. These statements are not guaranties of future performance and the Company makes no commitment to update or disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements. Because such statements involve risks and uncertainties, actual actions and strategies and the timing and expected results thereof may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those disclosed in the Company's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.

                           Young Innovations, Inc.
                         Consolidated Balance Sheet
                     June 30, 2009 and December 31, 2008
                    (in thousands, except per share data)

                                                (Unaudited)
                                                  June 30    December 31
                      Assets                        2009         2008
                                                    ----         ----
      Current assets
        Cash                                        $557         $667
        Accounts receivable, net                  11,061       10,421
        Inventories                               16,282       16,486
        Other current assets                       5,014        4,759
                                                   -----        -----
      Total current assets                        32,914       32,333
                                                  ------       ------

      Property, plant and equipment, net          33,536       32,905
      Goodwill                                    80,352       80,334
      Other Intangible assets                     12,080       10,602
      Other assets                                 3,184        3,402
                                                   -----        -----

      Total assets                              $162,066     $159,576
                                                ========     ========

              Liabilities and Equity
      Current liabilities
        Accounts payable and accrued
         liabilities                              $9,990       $8,840
                                                  ------       ------
      Total current liabilities                    9,990        8,840
                                                   -----        -----

      Long-term debt                              23,702       29,349
      Long-term secured borrowing                  1,003        1,281
      Deferred income taxes                       13,966       13,829
      Other liabilities                              257            -
                                                     ---          ---
      Noncurrent liabilities                      48,918       53,299
                                                  ------       ------

      Stockholders' equity
        Common stock                                 102          102
        Additional paid-in capital                23,145       25,336
        Retained earnings                        139,389      133,531
        Common stock in treasury, at cost        (49,548)     (52,673)
        Accumulated other comprehensive
         income (loss)                                60          (19)
                                                      --          ---
      Total stockholders' equity                 113,148      106,277

      Total liabilities and stockholders'
       equity                                   $162,066     $159,576
                                                ========     ========



                              Young Innovations, Inc.
                        Consolidated Statements of Income
                  (in thousands, except earnings per share data)
                                   (Unaudited)


                           Three Months Ended        Six Months Ended
                                June 30,                  June 30,
                             2009     2008  Change     2009     2008  Change
                             ----     ----  ------     ----     ----  ------

    Net Sales             $24,637  $25,903    -4.9% $48,401  $50,298    -3.8%
    Cost of Goods Sold     10,953   12,112    -9.6%  21,407   23,569    -9.2%
                           ------   ------    ----   ------   ------    ----
    Gross Profit           13,684   13,791    -0.8%  26,994   26,729     1.0%
    % of Net Sales           55.5%    53.2%            55.8%    53.1%

    Selling, General
     and Administrative
     Expense                8,286    8,639    -4.1%  16,601   17,007    -2.4%
    % of Net Sales           33.6%    33.4%            34.3%    33.8%

    Income from
     Operations             5,398    5,152     4.8%  10,393    9,722     6.9%
    % of Net Sales           21.9%    19.9%            21.5%    19.3%

    Interest expense, net     180      326              334      745
    Other income, net          55      (40)              42     (365)

    Income Before Taxes     5,163    4,866     6.1%  10,017    9,342     7.2%

    Provision for Income
     Taxes                  1,832    1,765            3,531    3,410

    Net Income             $3,331   $3,101     7.4%  $6,486   $5,932     9.3%
    % of Net Sales           13.5%    12.0%            13.4%    11.8%

    Basic Earnings Per
     Share                  $0.42    $0.38    10.5%   $0.82    $0.73    12.3%

    Basic Weighted
     Average Shares
     Outstanding            7,874    8,080            7,842    8,136

    Earnings Per Share
     (Diluted)              $0.42    $0.38    10.5%   $0.82    $0.72    13.9%

    Diluted Weighted
     Average Shares
     Outstanding            7,935    8,154            7,885    8,226



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SOURCE Young Innovations, Inc.
Copyright©2009 PR Newswire.
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