ST. LOUIS, Feb. 2, 2011/PRNewswire/ -- Young Innovations, Inc. (Nasdaq: YDNT) today announced record sales and earnings per share for the year ended December 31, 2010.
Sales for the fourth quarter of 2010 were $25.9 million, an increase of $1.3 million, or 5.4%, from the $24.5 million reported in the fourth quarter of 2009. Income from operations increased 6.3% to $5.8 million in the fourth quarter of 2010 from $5.5 million in the prior year quarter. Net income increased 6.8% to $3.8 million, compared with $3.5 million in the fourth quarter of 2009. Diluted earnings per share increased 7.1% in the fourth quarter of 2010 to $0.47 from $0.44 in the prior year quarter. Diluted earnings per share were affected by equity compensation expense of $0.03 and $0.04 for the quarters ended December 31, 2010 and 2009, respectively.
Sales for the year ended December 31, 2010 were $102.8 million, up 5.2% from $97.7 million in the prior year. Income from operations increased 6.9% to $23.0 million in 2010 from $21.5 million in the prior year. Net income for fiscal year 2010 was $14.9 million, up 10.8% from $13.5 million in the prior year. Diluted earnings per share were $1.86 for the twelve months ended December 31, 2010, an increase of 10.0% from $1.69 in 2009. Diluted earnings per share were affected by equity compensation expense of $0.14 in both 2010 and 2009.
We are once again pleased with the overall strength of our sales in the quarter. Increased demand for our diagnostic products as well as steady demand for our consumables products drove a solid overall increase in sales for the fourth quarter. A stronger U.S. dollar negatively impact sales by $130,000 during the fourth quarter and $257,000 for the full year 2010.
As previously announced, in addition to the quarterly cash dividend of $.04 per share, the Company issued a special, one-time, cash dividend of $1.00 per share in the fourth quarter of 2010. Our strong balance sheet enabled us to pay this dividend to our shareholders while still preserving significant capacity to invest in strategic growth opportunities as we ended the year with approximately $6 million in long-term debt.
We are pleased with our overall results for the year. We made continued progress in executing on the key elements of our strategy to drive internal growth through new product development, enhancing customer relationships and improving operating efficiencies. As a result, we believe the Company is well-positioned to capitalize on future growth opportunities.
The company also announced that on January 31, 2011 the Board of Directors declared a quarterly dividend of $0.04 per share, payable by the Company on March 15, 2011 to all shareholders on record on February 15, 2011.
A conference call has been scheduled for Thursday, February 3, 2010 at 11:00 a.m. Central Time and can be accessed through InterCall at http://tinyurl.com/Quarter42010 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 consumables product offering includes disposable and metal prophy angles, prophy cups and brushes, dental micro-applicators, 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. In addition, the Company offers a line of diagnostic products that includes panoramic X-ray machines and related supplies. 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 guarantees 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.
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