Dallas, Texas (November 15, 2011) – StockGuru Shines its Spotlight on Unilens Vision Inc. (OTCBB: UVIC) (OTCQB: UVIC) (TSX-V: UVI), which develops, licenses, manufactures, distributes and markets specialty contact lenses. Yesterday the company reported its operating results for the first quarter of FY2012. The Company closed on November 14, 2011, at $3.18, trading in a fifty-two week range of $4.91 – 2.56.
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.
To get free alerts on this and other similar stocks, please register here:
What is the StockGuru Spotlight?
Many companies covered in The StockGuru Spotlight have positive increases in both volume and share price. While this is not true in all cases, StockGuru strives to cover companies in The StockGuru Spotlight that are worth of our readers’ attention.
StockGuru looks for potential break-out candidates in The StockGuru Spotlight. Many of these companies have had recent news and appear to be getting the attention of investors. StockGuru does not typically feature companies in The StockGuru Spotlight that are compensating StockGuru for this coverage. There are times when StockGuru covers a stock in The StockGuru Spotlight that had previously compensated Stockguru. Where that is the case, a proper disclosure is included below. StockGuru and its partners, employees and writers never hold shares, short positions, warrants or any other current position in a stock featured in The StockGuru Spotlight.
To feature a company in The StockGuru Spotlight please contact the Publisher at [email protected]. If our reader is a key person for a publicly traded company, StockGuru can consider that company for either a StockGuru Spotlight or a StockGuru Profile. Please contact the StockGuru Publisher John Pentony at this email address: [email protected].
Stockguru.com (“SG”) provides its members with the latest news, press releases, and trade alerts for all the companies highlighted on the site StockGuru.com. SG utilizes information believed to be reliable herein prepared all material. The information contained herein is not guaranteed by SG to be accurate, and should not be considered to be all-inclusive. The owner, publisher, editor and their associates are not responsible for errors and omissions. SG encourages readers and investors to supplement the information in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled, or is available from public sources and SG makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies or the information contained herein. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. SG is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.Stockguru.com or mentioned herein.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and SG undertakes no obligation to update such statements. StockGuru is occasionally compensated for coverage. When this is the case, SG clearly indicates this with a disclosure of all compensation received in the past and present. Additionally SG also discloses any anticipated compensation in the future. Compensation is typically in cash. Sometimes a company pays SG in restricted shares. Pentony Enterprise and its associated companies does not take free trading shares for any reason at anytime. StockGuru is not a registered investment adviser or a broker-dealer. StockGuru makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.
John Pentony, Publisher, Stockguru.com
Tel: +1 469 252 3031
e-mail: [email protected]