Unilens Vision Reports Higher Sales, Earnings, and Royalty Income for Third Quarter of FY20062 June 2006
Unilens Vision Inc. (OTC Bulletin Board: UVICF) (TSX Venture Exchange: UVI), which develops, licenses, manufactures, distributes and markets specialty contact lenses, today reported higher sales, earnings, and royalty income for the third quarter and first nine months of FY2006.
Net sales, excluding royalty income, increased 25% to $1,585,086 for the three months ended March 31, 2006, compared with $1,270,592 for the third quarter of the previous fiscal year. 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 10% of sales during the most recent quarter and 11% of sales for the nine months ended March 31, 2006.
Royalty income for the quarter ended March 31, 2006 increased 18% to $489,551, compared with $414,207 in the prior-year quarter.
Net income increased 16% to $314,689, or $0.07 per diluted share, for the quarter ended March 31, 2006, compared with $272,206, or $0.06 per diluted share, in the three months ended March 31, 2005.
"We are pleased to report another quarter of double-digit percentage growth in sales, earnings and royalty income," stated A. W. Vitale, Chief Executive Officer of Unilens Vision Inc. Based on currently available information, we anticipate record revenue and income before taxes and extraordinary items for the Fiscal Year ending June 30, 2006."
For the nine months ended March 31, 2006, net sales, excluding royalty income, rose 34% to $4,559,686, versus $3,402,271 in the corresponding period of the previous fiscal year.
Royalty income for the nine months ended March 31, 2006 increased 26% to $1,463,446, compared with $1,158,424 in the prior-year period.
The Company's net income increased 30% to $941,564, or $0.21 per diluted share, for the first nine months of FY2006, compared with $722,669, or $0.16 per diluted share, for the comparable nine months of FY2005.
"Our financial condition at the end of the most recent quarter was the strongest in the Company's history," continued Vitale. "During the past twelve months, we have reduced our total liabilities by 37%, to $755,260, while our shareholders' equity has increased 55% to over $7.3 million.
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.
THIRD QUARTER AND NINE MONTHS - FISCAL 2006
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(All figures in U.S. Dollars)
RESULTS OF OPERATIONS
Three Three
Months Months Nine Months Nine Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2006 2005 2006 2005
Sales $ 1,585,086 $ 1,270,592 $ 4,559,686 $ 3,402,271
Cost of sales 921,906 738,182 2,609,238 2,061,909
663,180 532,410 1,950,448 1,340,362
Expenses 647,666 499,598 1,901,474 1,306,028
Income from
operations 15,514 32,812 48,974 34,334
Other items:
Royalty income 489,551 414,207 1,463,446 1,158,424
Other income
(expenses) 402 601 487 (1,330)
Interest income
(expense) 8,341 (6,830) 14,805 (22,274)
498,294 407,978 1,478,738 1,134,820
Income before tax 513,808 440,790 1,527,712 1,169,154
Income tax expense (199,119) (168,584) (586,148) (446,485)
Net income for the
period $ 314,689 $ 272,206 $ 941,564 $ 722,669
Net income per common
share:
Basic $ 0.07 $ 0.06 $ 0.22 $ 0.17
Diluted $ 0.07 $ 0.06 $ 0.21 $ 0.16
CASH FLOWS
Provided (used) by:
Operating
activities $ 338,771 $ 241,388 $ 1,226,532 $ 840,544
Investing
activities (77,383) (12,975) (279,230) (36,833)
Financing
activities 130,553 (514,556) 140,678 (924,681)
Increase (decrease)
in cash $ 391,941 $ (286,143) $ 1,087,980 $ (120,970)
BALANCE SHEET
June 30, March 31, March 31,
2005 2006 2005
Cash $ 374,302 $ 1,456,372 $ 350,750
Total assets 7,316,946 8,066,348 5,922,574
Current liabilities 1,082,242 755,260 1,202,148
Total liabilities 1,082,242 755,260 1,202,148
Stockholders' equity $ 6,234,704 $ 7,311,088 $ 4,720,426
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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