Unilens Vision Inc. (OTCBB: UVIC) (OTCQB: UVIC) (TSX-V: UVI), which
develops, licenses, manufactures, distributes and markets specialty
contact lenses, today reported its operating results for the first
quarter of FY2012.
First Quarter Highlights:
- Sales and total revenue increase 3.1% and 0.8%,
respectively
- Custom soft lens sales rise 43.9% vs. prior-year period
- Operating expenses increase less than 2%
- Earnings per diluted share of $0.14 vs. $0.14 in year-earlier
quarter
- 20th consecutive quarterly dividend paid at annual rate of
$0.18 per share
For the three months ended September 30, 2011, total revenue
including royalty income increased 0.8% to $2,207,730, compared
with $2,189,780 in the first quarter of FY2011. Sales of the
Company's specialty contact lenses increased 3.1% to $1,576,530 in
the first quarter of FY2012, versus $1,529,574 in the year-earlier
quarter. The sales increase was primarily attributable to an
improvement of 43.9% in sales of the Company's custom soft lenses
when compared with the first quarter of FY2011. The Company
continues to benefit from growing demand for its new C-VUE
Advanced® HydraVUE™ line of silicone hydrogel custom contact lenses
for monthly replacement that was launched in January 2011. Sales in
the Company's disposable lens category decreased 7.9%, as demand
for C-Vue disposable multifocal lenses was affected by soft
economic conditions in the U.S. and increased competition from
competitors' product offerings and promotional programs. The
replacement and other lens category experienced an 8.5% increase in
sales, primarily due to higher sales of Unilens replacement
products following the discontinuation of replacement lens products
by several of the Company's competitors. Sales in the gas permeable
lens category decreased by 12.2% due to the continued overall
decline in gas permeable fits in the contact lens industry.
Royalty income from Bausch & Lomb decreased 4.4% to $631,200
in the most recent quarter, compared with $660,206 in the quarter
ended June 30, 2010.
Gross profit margins narrowed slightly to 41.0% of sales in the
most recent quarter, versus 41.3% in the three months ended
September 30, 2010, due primarily to sales mix changes and the
maturation of the C-VUE Advanced Toric Multifocal free trial
program.
Pretax income declined 2.4% to $482,436 in the three months
ended September 30, 2011, compared with $494,164 in the prior-year
period. The Company reported a 2.5% decrease in net income, which
totaled $323,454 for the first quarter of FY2012, versus $331,849
in the corresponding period of the previous fiscal year. Diluted
earnings per share were unchanged at $0.14 in the first quarters of
both FY2012 and FY2011.
"We are very pleased with the market's enthusiastic response to
our new C-VUE Advanced® HydraVUE™ line of completely customizable
silicone hydrogel contact lenses for monthly replacement," noted
Michael Pecora, Chief Executive Officer of Unilens Vision Inc.
"This was evident in a 43.9% increase in sales of our custom lens
products during the first quarter of Fiscal 2012. We continue to
believe that demographic trends driven by rapid growth in America's
'baby-boom' generation will support a vibrant market for custom
lenses including soft multifocal lenses that address the challenges
of presbyopia -- a condition wherein the lens of the eye begins
losing elasticity, thereby impairing near vision in many people
once they pass the age of 40. Our research and development
activities are directed towards additional products and licensing
opportunities that can address this large market opportunity."
"Financially, we are well-positioned to take advantage of new
growth initiatives. Net cash provided by operating activities
increased 57% in the most recent quarter to $718,324, compared with
$456,309 in the prior-year period, and we ended the quarter with a
current ratio of 1.6-to-1.0 and available working capital of
approximately $1.2 million. After the payment of our 20th
consecutive quarterly cash dividend and principal payments on our
outstanding debt, the amount of cash and equivalents on our balance
sheet increased 16% during the first quarter to $698,584,"
concluded Pecora.
The Company recently declared its 21st consecutive quarterly
cash dividend in the amount of $0.045 per share of common stock
outstanding. The amount and frequency of future dividends will
depend upon earnings, cash flow, and other aspects of the Company's
business as determined and declared by the Board of Directors.
About Unilens Vision Inc. - "The Independent
Eye Care Professionals' Contact Lens Company"
Established in 1989, Unilens Vision Inc., through its wholly
owned subsidiary Unilens Corp., USA, located in Largo, Florida and
its wholly owned subsidiary Unilens Vision Sciences Inc. develops,
licenses, manufactures, distributes and markets contact lenses
primarily under the C-Vue® brand directly to Independent Eye Care
Professionals. Additional information on the Company may be
accessed on the Internet at www.unilens.com. The Company's common
stock is listed on the OTC Markets Group (OTCQB) under the symbol
"UVIC" and on the Canadian TSX Venture Exchange under the symbol
"UVI".
The information contained in this news release, other than
historical information, consists of forward-looking statements that
involve risks 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.
UNILENS VISION INC.
FIRST QUARTER - FISCAL 2012
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
----------------------------------------------------------------------------
(All figures in U.S. Dollars)
RESULTS OF OPERATIONS
=================== ===================
Three Months Ended Three Months Ended
September 30, 2011 September 30, 2010
------------------- -------------------
Revenues:
Sales $ 1,576,530 $ 1,529,574
Royalty income 631,200 660,206
------------------- -------------------
Total revenues 2,207,730 2,189,780
------------------- -------------------
Operating costs and expenses:
Cost of sales 930,065 898,090
Expenses 725,465 726,819
------------------- -------------------
Total operating costs and
expenses 1,655,530 1,624,909
------------------- -------------------
Income from operations 552,200 564,871
------------------- -------------------
Other non-operating items:
Other income 1,030 545
Interest expense (70,794) (71,252)
------------------- -------------------
Total other non-operating items (69,764) (70,707)
------------------- -------------------
Income before income tax expense 482,436 494,164
Income tax expense 158,982 162,315
------------------- -------------------
Net income for the period $ 323,454 $ 331,849
=================== ===================
Net income per common share:
Basic $ 0.14 $ 0.14
Diluted $ 0.14 $ 0.14
Weighted average shares
outstanding 2,369,354 2,369,354
=================== ===================
CASH FLOWS
------------------- -------------------
Provided (used) by:
Operating activities $ 718,324 $ 456,309
Investing activities (350,193) (109,918)
Financing activities (270,907) (513,242)
------------------- -------------------
Increase (decrease) in cash $ 97,224 $ (166,851)
=================== ===================
BALANCE SHEET September 30, 2011 June 30, 2011
------------------- -------------------
Cash and cash equivalents $ 698,584 $ 601,360
Total assets 4,321,060 4,407,261
Current liabilities 1,863,542 1,994,933
Total liabilities 5,748,864 6,043,215
Stockholders' (deficit) equity $ (1,427,804) $ (1,635,954)
=================== ===================
For more information, please contact: Leonard F. Barker CFO
Unilens Vision Inc. (727) 544-2531 len.barker@unilens.com or RJ
Falkner & Company, Inc. Investor Relations Counsel (800)
377-9893 info@rjfalkner.com
Unilens Vision Inc. (TSXV:UVI)
Historical Stock Chart
From Sep 2024 to Oct 2024
Unilens Vision Inc. (TSXV:UVI)
Historical Stock Chart
From Oct 2023 to Oct 2024