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Young Innovations, Inc. Announces Results for the Quarter Ended March 31, 2008

ST. LOUIS, April 23 /PRNewswire-FirstCall/ -- Young Innovations, Inc. (Nasdaq: YDNT) today announced results for the quarter ended March 31, 2008.

Sales for the first quarter of 2008 were $24.4 million, an increase of $1.5 million or 6.6% from the $22.9 million reported in the first quarter of 2007. Income from operations declined 3.5% to $4.6 million in the first quarter of 2008 from $4.7 million in the first quarter of 2007. Net income was essentially unchanged at $2.8 million, compared with $2.8 million in the first quarter of 2007. Diluted earnings per share increased 9.7% in the first quarter of 2008 to $0.34 from $0.31 in the prior year quarter. Diluted earnings per share were affected by equity compensation expense of $0.03 and $0.01 for the quarters ended March 31, 2008 and 2007, respectively. Diluted weighted shares outstanding for the quarter declined 10% to 8,300, primarily due to the repurchase of one million shares by the Company in August 2007.

The sales increase in the quarter reflects solid end-user demand for our overall product offering and a foreign exchange impact from a weaker U.S. dollar of approximately $215,000. Our sales of certain products to distributors increased relative to the first quarter in 2007, during which the Company adjusted certain promotional programs which resulted in lower sales in that period. Our selling, general and administrative expenses increased primarily due to investments in sales and marketing in addition to higher equity compensation expense. Other income in the quarter includes the foreign exchange impact on debt repaid from the Company's Irish subsidiary of approximately $300,000.

Having completed one facility consolidation in the quarter, we intend to complete three additional facility consolidations over the course of the year, which we expect to improve our operating efficiency. We plan to introduce several new products in the later half of 2008 and are continually evaluating acquisition and other options to broaden our product offering to better address market needs. In addition, we plan to focus and refine our investments in sales and marketing as we work to enhance and expand customer relationships.

Through 2008 we expect to manage through continued economic uncertainty and volatility in distributor ordering patterns. Nonetheless, we are encouraged by the progress we have made during the quarter and we believe that continued focus on execution of our strategy will drive growth and improved profitability.

A conference call has been scheduled for Thursday, April 24, 2008 at 11:00 A.M. Central Time and can be accessed through InterCall at or on the Company's website,

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

March 31, 2008 and December 31, 2007

(In Thousands)


March 31 December 31

Assets 2008 2007

Current assets

Cash $704 $528

Accounts receivable, net 13,511 13,074

Inventories 15,104 14,381

Other current assets 4,502 4,878

Total current assets 33,821 32,861

Property, plant and equipment, net 32,316 32,992

Goodwill 77,511 77,511

Intangible assets 11,024 11,133

Other assets 4,558 4,271

Total assets $159,230 $158,768

Liabilities and Equity

Current liabilities

Accounts payable and accrued liabilities $9,054 $7,370

Total current liabilities 9,054 7,370

Long-term debt 34,444 36,646

Deferred income taxes 11,414 11,414

Total liabilities 54,912 55,430

Stockholders' equity

Common stock 102 102

Additional paid-in capital 24,351 25,024

Retained earnings 125,133 122,631

Common stock in treasury, at cost (45,222) (44,595)

Accumulated other comprehensive income (46) 176

Total stockholders' equity 104,318 103,338

Total liabilities and stockholders' equity $159,230 $158,768

Young Innovations, Inc.

Consolidated Statements of Income

(In Thousands, Except Earnings Per Share Data)


Three Months Ended

March 31,

2008 2007 Change

Net Sales $24,395 $22,883 6.6%

Cost of Goods Sold 11,457 10,528 8.8%

Gross Profit 12,938 12,355 4.7%

% of Net Sales 53.0% 54.0%

Selling, General and Administrative

Expense 8,368 7,621 9.8%

% of Net Sales 34.3% 33.3%

Income from Operations 4,570 4,734 -3.5%

% of Net Sales 18.7% 20.7%

Interest expense, net 419 246

Other income, net (325) (44)

Income Before Taxes 4,476 4,532 -1.2%

Provision for Income Taxes 1,645 1,711

Net Income $2,831 $2,821 0.4%

% of Net Sales 11.6% 12.3%

Basic Earnings Per Share $0.35 $0.31 12.9%

Basic Weighted Average Shares

Outstanding 8,193 9,065

Earnings Per Share (Diluted) $0.34 $0.31 9.7%

Diluted Weighted Average Shares

Outstanding 8,300 9,226

SOURCE Young Innovations, Inc.
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