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Unilens Vision Reports Record Third Quarter Revenue, and Royalty Income

Posted on: Wednesday, 27 May 2009, 11:09 CDT

EARNINGS ESCALATE 21% TO $.10 PER DILUTED SHARE

LARGO, Fla., May 27 /PRNewswire-FirstCall/ -- Unilens Vision Inc. (OTC Bulletin Board: UVICF; TSX Venture Exchange: UVI), which develops, licenses, manufactures, distributes and markets specialty contact lenses, today reported its operating results for the third quarter ended March 31, 2009 (FY2009).

Net sales, excluding royalty income, increased 2% to $1,701,043 in the FY2009 third quarter, compared with $1,668,397 in the previous year third quarter (FY2008). The increase was primarily a result of continued growth of the Company's C-Vue brand disposable specialty contact lenses, sold exclusively to licensed eye care professionals.

FY2009 third quarter net income was $446,850, compared with $368,730 in the previous year third quarter, an increase of 21%.

Royalty income for the FY2009 third quarter increased 16.7% to a record third quarter of $734,249 compared with $628,993 in the prior-year quarter. Sales of licensed products by our licensee Bausch & Lomb continue to increase, resulting in continued royalty income growth.

FY2009 third quarter income before taxes increased 18.1% to a record third quarter of $745,249 compared with $631,193 in the prior-year quarter. After recording net income tax expense of $298,399, Unilens reported net income of $446,850 for the quarter, or $0.10 per diluted share. In the FY2008 third quarter, the Company reported net income of $368,730, or $0.08 per diluted share, which included income tax expense of $262,463.

"We are very pleased with our third quarter results, considering the current economic environment," stated Michael J. Pecora, Chief Executive Officer of Unilens Vision Inc. "Double-digit growth from our C-Vue brand of lenses sold exclusively to independent practitioners, combined with a 17% growth in royalty revenue derived from Bausch & Lomb's sales of multifocal lenses that use our key technologies, was responsible for our record performance."

"I am also pleased to report that the Unilens' Board of Directors declared its regular quarterly dividend of US $0.09 per common share, payable tomorrow, May 28, 2009. "This decision was based on the Company's strong balance sheet, and projected operating cash flows and is consistent with the Board's commitment that shareholders should share directly in the earnings achieved by management while continuing to execute our growth strategy," concluded Mr. Pecora.

For the nine months ended March 31, 2009, net sales excluding royalty income, increased 2.9% to $4,992,811, as compared to $4,854,119 for the prior-year nine months. Net sales of the Company's C-Vue brand disposable contact lenses increased approximately 11% during the first nine months of fiscal year 2009, while sales of replacement products lines declined, as expected.

Net Income for the nine months increased 13.4% to $1,272,162, or $0.28 per diluted share, compared with $1,121,941, or $0.25 per diluted share in the prior-year 9 months.

Royalty income for the nine months ended March 31, 2009 increased 11.9% to a record $2,114,215, compared with $1,888,641 in the prior-year 9 months, demonstrating continued demand for sales of licensed products by our licensee Bausch & Lomb.

Income before taxes for the nine months ended March 31, 2009 increased 18.5% to $2,120,225, compared with $1,789,951 in the prior-year 9 months. After recording net income tax expense of $848,063, Unilens reported net income of $1,272,162, or $0.28 per diluted share, for the nine months ended March 31, 2009. This compared with net income of $1,121,941, or $0.25 per diluted share, in the prior-year 9 months of fiscal year 2008, which included net income tax expense of $668,010.

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, 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 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:

Leonard F. Barker, CFO, Unilens Vision Inc. at (727) 544-2531

UNILENS VISION INC. THIRD QUARTER - FISCAL 2009 CONDENSED CONSOLIDATED FINANCIAL INFORMATION (All figures in U.S. Dollars) RESULTS OF OPERATIONS Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended March 31, March 31, March 31, March 31, 2009 2008 2009 2008 Sales $1,701,043 $1,668,397 $ 4,992,811 $4,854,119 Cost of sales 943,931 964,952 2,752,561 2,754,802 757,112 703,445 2,240,250 2,099,317 Expenses 731,093 706,041 2,206,395 2,176,183 Income (loss) from operations 26,019 (2,596) 33,855 (76,866) Other items: Royalty income 734,249 628,993 2,114,215 1,888,641 Other (expense) income (12,917) 1,845 (19,406) (47,071) Remeasurement (expense) income (2,479) (1,044) (11,463) 1,968 Interest income 377 3,995 3,024 23,279 719,230 633,789 2,086,370 1,866,817 Income before income tax expense 745,249 631,193 2,120,225 1,789,951 Income tax expense 298,399 262,463 848,063 668,010 Net income for the period $446,850 $368,730 $1,272,162 $1,121,941 Net income per common share: Basic $0.10 $0.08 $0.28 $0.25 Diluted $0.10 $0.08 $0.28 $0.25 CASH FLOWS Provided (used) by: Operating activities $960,719 $893,412 $2,255,774 $1,848,658 Investing activities (264,083) (33,699) (329,144) (63,458) Financing activities (409,565) (409,564) (2,593,908) (2,563,136) Decrease in cash $287,071 $450,149 $(667,278) $(777,936) BALANCE SHEET June 30, March 31, March 31, 2008 2009 2008 Cash and certificate of deposit $1,603,476 $1,174,735 $1,185,744 Total assets 6,784,128 5,529,389 6,489,924 Current liabilities 957,434 1,024,441 762,316 Total liabilities 957,434 1,024,441 762,316 Stockholders' equity $5,826,694 $4,504,948 $5,727,608

SOURCE Unilens Vision Inc.

Source: PR Newswire

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