Unilens Vision Reports 41% Increase in Second Quarter Earnings9 March 2006
Unilens Vision Inc. (OTC Bulletin Board: UVICF) (TSX Venture Exchange: UVI), which develops, licenses, manufactures, distributes and markets specialty contact lenses, today reported significantly higher revenues and earnings for the second quarter and first half of FY2006.
The Company reported a 41% increase in net income, which reached $297,399, or $0.07 per diluted share, in the quarter ended December 31, 2005, compared with net income of $210,153, or $0.05 per diluted share, in the quarter ended December 31, 2004. The increase in earnings was primarily attributable to higher royalty income from Bausch & Lomb, derived from an exclusive worldwide license of one of the Company's multifocal designs.
Net sales, excluding royalty income, for the quarter ended December 31, 2005 increased 38% to $1,405,486, compared with $1,021,725 in the prior-year quarter. The sales increase was primarily the result of continued growth in sales of the Company's C-Vue multifocal and toric multifocal contact lenses to eye care professionals. Sales associated with the SoftCon EW and Aquaflex brands that the Company acquired from CIBA Vision at the end of February 2005 accounted for approximately 11% of sales during the most recent quarter and 12% of sales in the first half of FY2006.
Royalty income for the quarter ended December 31, 2005 increased 36% to $526,809, compared with $386,983 in the prior-year quarter.
"This represented our 12th consecutive quarter of profitability, and based on currently available information, we anticipate a continuation of these revenue and profitability trends during the second half of Fiscal 2006," stated A. W. Vitale, Chief Executive Officer of Unilens Vision Inc. "One particular event that we look forward to is the upcoming launch by Bausch & Lomb of its soft lens multifocal using our technology in Japan, the world's second-largest market for contact lenses. This should assure continued growth in royalty income for the foreseeable future."
For the six months ended December 31, 2005, net income increased 39% to $626,875, or $0.14 per diluted share, compared with net income of $450,463, or $0.10 per diluted share, in the first half of FY2005.
Net sales, excluding royalty income, for the six months ended December 31, 2005 increased 40% to $2,974,600, versus $2,131,679 in the corresponding period of the previous fiscal year
Royalty income for the six months ended December 31, 2005 increased 31% to $973,895, compared with $744,217 in the prior-year period.
About Unilens Vision Inc. - "The Eye Care Professionals Specialty 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 specialty contact lenses under the C- Vue, Unilens, Sof-Form, Aquaflex, SoftCon, Lombart, and LifeStyle brands. Additional information on the Company may be accessed on the Internet at http://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:
Michael Pecora, CFO, Unilens Corp., USA at (727) 544-2531
UNILENS VISION INC.
SECOND QUARTER AND SIX MONTHS - FISCAL 2006
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(All figures in U.S.
Dollars)
RESULTS OF OPERATIONS
Three Three
Months Months Six Months Six Months
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
2005 2004 2005 2004
Sales $1,405,486 $1,021,725 $2,974,600 $2,131,679
Cost of sales 818,688 635,151 1,687,332 1,323,727
586,798 386,574 1,287,268 807,952
Expenses 633,411 398,474 1,253,808 806,430
Income (loss) from
operations (46,613) (11,900) 33,460 1,522
Other items:
Royalty income 526,809 386,983 973,895 744,217
Other
income/(expenses) 5,500 (13,182) 6,549 (17,375)
532,309 373,801 980,444 726,842
Income before tax 485,696 361,901 1,013,904 728,364
Income tax expense (188,297) (151,748) (387,029) (277,901)
Net income for the
period $ 297,399 $ 210,153 $ 626,875 $ 450,463
Net income per common
share:
Basic $ 0.07 $ 0.05 $ 0.15 $ 0.11
Diluted $ 0.07 $ 0.05 $ 0.14 $ 0.10
CASH FLOWS
Provided (used) by:
Operating activities $ 373,848 $ 463,444 $ 887,761 $ 599,156
Investing activities (40,637) (6,709) (201,847) (23,858)
Financing activities 0 (230,506) 10,125 (410,125)
Increase in cash $ 333,211 $ 226,229 $ 696,039 $ 165,173
BALANCE SHEET
June 30, December 31, December 31,
2005 2005 2004
Cash $ 374,302 $ 1,065,028 $ 630,475
Total assets 7,316,946 7,712,291 6,011,261
Current liabilities 1,082,242 845,900 1,321,591
Total liabilities 1,082,242 845,900 1,557,102
Stockholders' equity $ 6,234,704 $ 6,866,391 $ 4,454,159
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
Related Articles
|
