LARGO, Fla., Nov. 20 /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 first quarter ended September 30, 2009 (FY2010).
Net sales excluding royalty income, were $1,683,673 in the FY2010 first quarter, 4.4% less then $1,761,526 reported in the previous year first quarter (FY2009). The decrease in sales was primarily a result of less low vision product line sales to our exclusive low vision stocking distributor, offset by a 7.3% increase in sales of our C-Vue brand disposable lenses sold exclusively to licensed eye care practitioners.
Royalty income for the FY2010 first quarter increased 7.6% to a record first quarter of $767,676 compared with $713,397 in the prior-year quarter. Sales of licensed products by our licensee Bausch & Lomb continue to increase, resulting in continued royalty income growth.
FY2010 first quarter income before taxes increased 2.9% to a record first quarter $790,730 compared with $768,259 in the prior-year quarter. After recording net income tax expense of $296,642, Unilens reported net income of $494,088, an increase of 5.9% compared to the previous year quarter , or $0.11 per diluted share. In the FY2009 first quarter, the Company reported net income of $466,367, or $0.10 per diluted share, which included income tax expense of $301,892.
"We are pleased with our first quarter results, considering the current economic environment," stated Michael J. Pecora, Chief Executive Officer of Unilens Vision Inc. "Continued growth for our C-Vue brand of lenses sold exclusively to independent practitioners, combined with a 8% growth in royalty revenue derived from Bausch & Lomb's sales of multifocal lenses that use our key technologies, was responsible for our record performance."
|SOURCE Unilens Vision Inc.|
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