LARGO, Fla., Feb. 26 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 second quarter and first half ofFY2008.
Net sales, excluding royalty income, for the quarter ended December 31,2007 increased to $1,512,361 compared with $1,438,153 in the quarter endingDecember 31, 2006, an increase of 5.2%. The increase was primarily the resultof continued growth of the Company's C-Vue multifocal contact lenses, whichincreased approximately 12% in the current quarter, which was partially offsetby sales of our replacement products lines that declined as expected.
Net Income for the quarter increased 70.2% to a record second quarter of$375,915, or $0.08 per diluted share, compared with $220,850, or $0.05 perdiluted share in the prior-year period.
Royalty income for the quarter increased 20.3% to a record second quarterof $646,849 compared with $537,653 in the prior-year quarter. Sales oflicensed products by our licensee Bausch & Lomb continue to accelerate,resulting in the record quarterly royalty payment.
Income before taxes for the quarter ended December 31, 2007 increased51.1% to $542,257, compared with $358,891 in the prior-year quarter. Afterrecording income tax expense of $166,342, Unilens reported net income of$375,915, or $0.08 per diluted share. In the second quarter of FY2007, theCompany reported net income of $220,850, or $0.05 per diluted share, afterrecording income tax expense of $138,041.
"We are pleased with our second quarter operating results, and based oncurrently available information, we anticipate a continuation of favorablerevenue and profitability trends for the second half of the 2008 fiscal year,"stated Michael J. Pecora, Chief Executive Officer of Unilens Vision Inc."Sales of our C-Vue brand disposable multifocal and single vision lensescontinued to achieve double digit growth as did Bausch & Lomb's sales of theirmultifocal lenses that utilize our proprietary licensed technology, resultingin record royalty income for the Company in the second quarter."
"I am also pleased to report that we will pay our sixth consecutiveregular quarterly cash dividend of $0.09 per share, in accordance with adividend policy adopted by our Board of Directors that is intended to allowour shareholders to share directly in the Company's future earnings growth,"concluded Mr. Pecora. The Company's regular quarterly cash dividend will bepaid on February 28, 2008 to shareholders of record at the close of businesson February 14, 2008.
For the six months ended December 31, 2007, net sales excluding royaltyincome, increased 4.7% to $3,185,722, as compared to $3,042,929 for the prior-year period. Net sales of the Company's C-Vue multifocal contact lensesincreased approximately 11.5% during the first half of fiscal year 2008, whilesales of replacement products lines declined, as expected.
Net Income for the six months increased 41.8% to $753,211, or $0.17 perdiluted share, compared with $531,342, or $0.12 per diluted share in theprior-year period.
Royalty income for the six months ended December 31, 2007 increased 24.2%to a record $1,259,648, compared with $1,014,203 in the prior-year period,demonstrating accelerated demand for sales of licensed products by ourlicensee Bausch & Lomb.
Income before taxes for the six months ended December 31, 2007 increased32.6% to $1,158,758, compared with $874,074 in the prior-year period. Afterrecording net income tax expense of $405,457, Unilens reported net income of$753,211, or $0.17 per diluted share, for the six months ended December 31,2007. This compared with net income of $531,342, or $0.12 per diluted share,in the prior-year period of fiscal year 2007, which included net income taxexpense of $342,73