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 fourth
quarter and fiscal year ended June 30, 2011.
For the three months ended June 30, 2011, total revenue
including royalty income was virtually unchanged from the
prior-year's fourth quarter at approximately $2.3 million. Sales of
the Company's specialty contact lenses increased 2.0% to $1,614,809
in the fourth quarter of FY2011, versus $1,583,579 in the fourth
quarter of FY2010. The sales increase was primarily attributable to
an improvement of 20.6% in sales of the Company's custom soft
lenses when compared with the fourth quarter of FY2010. The Company
is benefiting from the continued conversion of its C-Vue Advanced
Toric Multifocal free trial lenses into revenue-generating boxes of
monthly replacement lenses, and from demand for its new C-VUE
Advanced® HydraVUE™ line of silicone hydrogel custom contact lenses
for monthly replacement that was launched in January 2011. Royalty
income decreased 3.9% to $694,622 in the most recent quarter,
compared with $723,080 in the quarter ended June 30, 2010.
Pretax income increased 26.4% to $781,979 in the three months
ended June 30, 2011, compared with $618,537 in the prior-year
period. The Company reported net income of $512,896 for the fourth
quarter of FY2011, which represented an improvement of 45.1% when
compared with net income of $353,432 in the corresponding period of
the previous fiscal year. Diluted earnings per share increased
46.7% to $0.22 in the three months ended June 30, 2011, compared
with diluted earnings per share of $0.15 in the final three months
of FY2010. Diluted per-share earnings were calculated on 2,369,354
weighted average diluted common shares outstanding in the fourth
quarters of both FY2011 and FY2010.
For the twelve months ended June 30, 2011, total revenue
including royalty income declined 4.5% to approximately $8.8
million, compared with approximately $9.2 million in the fiscal
year ended June 30, 2010. Sales of the Company's specialty contact
lenses declined 2.3% to approximately $6.1 million in FY2011,
versus approximately $6.2 million in FY2010. Royalty income
decreased 9.2% to approximately $2.7 million in the most recent
fiscal year, compared with approximately $3.0 million in the year
ended June 30, 2010.
Sales of the Company's custom soft lenses increased 20.2% during
FY2011 when compared with the previous fiscal year, reflecting
higher sales of the C-Vue Advanced Toric Multifocal and the January
2011 launch of the Company's new C-Vue Advanced® Hydra VUE™ line of
silicone hydrogel custom contact lenses. Sales in the Company's
disposable lens category decreased 6.9%, as demand for C-Vue
disposable multifocal lenses was affected by soft economic
conditions in the U.S. and increased competition from competitors'
new product offerings and related rebate programs. The replacement
and other lens category experienced a 7.2% decline in sales due to
economic conditions and the expected decline in product lines that
are ending or near the end of their life cycle. Sales in the gas
permeable lens category decreased by 8.3% due to the continued
overall decline in gas permeable fits in the contact lens
industry.
Gross profit margins improved to 44.1% of sales in FY2011,
versus 42.0% in the previous fiscal year, due primarily to a
one-time price correction covering mostly current and some
prior-year purchases from one of the Company's vendors. This was
partially offset by lower sales and sales mix changes.
Pretax income decreased 11.0% to $2,237,979 in the most recent
fiscal year, compared with $2,513,897 in FY2010. The decline in
pretax income was primarily attributable to lower royalty income
and higher interest expense, partially offset by modest declines in
administrative and "other" expenses.
The Company reported net income of $1,491,774 for the year ended
June 30, 2011, which represented a 3.7% decrease when compared with
net income of $1,548,397 in the previous fiscal year. The Company's
diluted earnings per share (excluding special items) increased 47%
to a record $0.63 in FY2011, versus diluted earnings per share of
$0.43 in FY2010. Diluted per-share earnings were calculated on
2,369,354 common shares in FY2011, compared with 3,592,043 diluted
shares in the prior fiscal year. The 34% decrease in weighted
average diluted shares outstanding resulted from the Company's
repurchase of a large block of common stock from its previously
largest shareholder on January 20, 2010.
"We are very encouraged with the growing success of our custom
soft lens product lines, as independent eye care professionals and
consumers become aware of the advantages that custom contact lenses
provide relative to off-the-shelf disposable products," noted
Michael Pecora, Chief Executive Officer of Unilens Vision Inc.
"Custom lens sales increased over 20% during the fourth quarter and
year ended June 30, 2011 primarily due to sales of our new C-VUE
Advanced® HydraVUE™ line of completely customizable silicone
hydrogel contact lenses for monthly replacement that was introduced
in January 2011."
"As the American population continues to age and the 'baby-boom'
generation enters its retirement years, we believe custom soft
lenses that address the challenges of presbyopia will become
increasingly popular, and our research and development activities
are directed towards the development of additional products and
licensing arrangements that can address this large market
opportunity," continued Pecora. "While the royalties we receive
from Bausch & Lomb, which licenses our patented technology for
certain of its disposable multifocal contact lenses, declined over
9% during the fiscal year due to a soft economy and the impact of
competitors' rebates and other aggressive marketing strategies upon
B&L's disposable lens sales, we are pleased to report that such
royalties were down less than 4% in the fourth quarter of Fiscal
2011."
"Financially, we are well-positioned to take advantage of future
new growth initiatives. By amending our term loan facility,
entering into a new capital equipment credit agreement, and
reducing our quarterly cash dividend in the second half of FY2011,
we increased the portion of our operating cash flows that can be
devoted to the purchase of manufacturing equipment in order to
increase our production capacity. Prior to March 2011, Unilens
provided investors a high cash dividend yield, but most of our
operating cash flows were applied to debt service and the payment
of dividends, thereby limiting our ability to pursue new strategic
growth opportunities. Today, we believe the Company is positioned
for long-term growth, while still providing investors with an
above-average annualized cash dividend yield of approximately 6.1%,
based upon our closing stock price on September 26, 2011. We
believe our improved financial flexibility will allow management to
take actions that should more effectively enhance shareholder value
in coming years," concluded Pecora.
The Company recently declared its 20th 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.
FOURTH QUARTER AND TWELVE MONTHS - FISCAL 2011
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
---------------------------------------------------------------------------
(All figures in
U.S. Dollars)
RESULTS OF
OPERATIONS
============= ============= ============= =============
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
June 30, 2011 June 30, 2010 June 30, 2011 June 30, 2010
------------- ------------- ------------- -------------
Revenues:
Sales $ 1,614,809 $ 1,583,579 $ 6,077,032 $ 6,217,245
Royalty income 694,622 723,080 2,702,324 2,976,945
------------- ------------- ------------- -------------
Total revenues 2,309,431 2,306,659 8,779,356 9,194,190
------------- ------------- ------------- -------------
Operating
costs and
expenses:
Cost of sales 692,617 891,439 3,397,073 3,608,608
Expenses 754,462 692,031 2,843,220 2,896,093
------------- ------------- ------------- -------------
Total
operating
costs and
expenses 1,447,079 1,583,470 6,240,293 6,504,701
------------- ------------- ------------- -------------
Income from
operations 862,352 723,189 2,539,063 2,689,489
------------- ------------- ------------- -------------
Other non-
operating
items:
Other expense (8,025) (32,715) (20,314) (47,951)
Remeasurement
loss - (45) - (1,620)
Interest
expense (72,348) (71,892) (280,770) (126,021)
------------- ------------- ------------- -------------
Total other
non-operating
items (80,373) (104,652) (301,084) (175,592)
------------- ------------- ------------- -------------
Income before
income tax
expense 781,979 618,537 2,237,979 2,513,897
Income tax
expense 269,083 265,105 746,205 965,500
------------- ------------- ------------- -------------
Net income for
the period $ 512,896 $ 353,432 $ 1,491,774 $ 1,548,397
============= ============= ============= =============
Net income per
common share:
Basic $ 0.22 $ 0.15 $ 0.63 $ 0.43
Diluted $ 0.22 $ 0.15 $ 0.63 $ 0.43
Weighted
average
shares
outstanding 2,369,354 2,369,354 2,369,354 3,592,043
============= ============= ============= =============
CASH FLOWS
------------- ------------- ------------- -------------
Provided
(used) by:
Operating
activities $ 1,506,743 $ 2,635,975
Investing
activities (157,587) 468,420
Financing
activities (1,828,336) (3,200,861)
------------- ------------- ------------- -------------
Decrease in
cash $ (479,180) $ (96,466)
============= ============= ============= =============
BALANCE SHEET June 30, 2011 June 30, 2010
------------- ------------- ------------- -------------
Cash and cash
equivalents $ 601,360 $ 1,080,540
Total assets 4,407,261 4,467,338
Current
liabilities 1,994,933 2,419,616
Total
liabilities 6,043,215 6,819,513
Stockholders'
(deficit)
equity $ (1,635,954) $ (2,352,175)
============= ============= ============= =============
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
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