LARGO, Fla., May 31 /PRNewswire-FirstCall/ -- Unilens Vision Inc. , 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
Unilens Vision Inc.
CONTACT: Michael Pecora, CFO, Unilens Corp., USA, +1-727-544-2531
Web site: http://www.unilens.com/
