NEWARK, NJ--(Marketwire - October 16, 2009) - EPOLIN, INC. (the "Company") (
OTCBB:
EPLN)
(
www.epolin.com) today announced results for the three and six months ended
August 31, 2009.
For the three months ended August 31, 2009, sales were $709,000 as compared
to $852,000 for the three months ended August 31, 2008, a decrease of
$143,000 or 16.8%. Sales decreased to $1,435,000 for the six months ended
August 31, 2009 from $1,765,000 for the six months ended August 31, 2008, a
decrease of $330,000 or 18.7%. Gross profit, defined as sales less cost of
sales, was $358,000 or 50.5% of sales for the three months ended August 31,
2009 compared to $475,000 or 55.8% of sales the three months ended August
31, 2008. For the six months ended August 31, 2009, gross profit was
$829,000 or 57.8% of sales compared to $998,000 or 56.6% of sales for the
six months ended August 31, 2008.
Cost of sales was $351,000 for the three months ended August 31, 2009 which
represented 49.5% of sales compared to $376,000 for the three months ended
August 31, 2008 which represented 44.2% of sales. For the six months ended
August 31, 2009, cost of sales was $606,000 which represented 42.2% of
sales, compared to $767,000 which represented 43.4% of sales for the six
months ended August 31, 2008.
Operating income, in terms of absolute dollars, decreased to $65,000 for
the three months ended August 31, 2009 from $145,000 for the three months
ended August 31, 2008, a decrease of $80,000, while operating income
decreased to $276,000 for the six months ended August 31, 2009 from
$374,000 for the six months ended August 31, 2008, a decrease of $98,000.
Net income after taxes was $47,000 or $0.00 per share for the three months
ended August 31, 2009 as compared to net income after taxes of $107,000 or
$0.01 per share for the three months ended August 31, 2008. For the six
months ended August 31, 2009, net income after taxes was $187,000 or $0.02
per share as compared to net income after taxes of $256,000 or $0.02 per
share for the six months ended August 31, 2008.
About Epolin
Epolin, Inc. is a specialized chemical company primarily engaged in the
manufacturing, marketing, research and development of infrared dyes, laser
absorbing dyes and infrared dye formulations. The Company's business is
heavily weighted towards the development, manufacture and sale of near
infrared dyes. Applications for these dyes cover several markets that
include laser protection, welding, sunglasses, optical filters, glazing and
imaging and security inks and tagants. The Company also manufactures
specialty chemicals for certain chemical manufacturers.
Statements contained herein that are not based upon current or historical
fact are forward-looking in nature. Such forward-looking statements reflect
the Company's expectations about its future operating results, performance
and opportunities that involve substantial risks and uncertainties. When
used herein, the words "anticipate", "believe", "estimate", "plan",
"intend" and "expect" and similar expressions, as they relate to Epolin,
Inc., or its management, are intended to identify such forward-looking
statements. These forward-looking statements are based on information
currently available to the Company and are subject to a number of risks,
uncertainties, and other factors that could cause the Company's actual
results, performance, prospects, and opportunities to differ materially
from those expressed in, or implied by, these forward-looking statements.
Factors that could cause or contribute to such differences include, but are
not limited to, such factors discussed in reports and documents filed from
time to time by the Company with the Securities and Exchange Commission.
Except as required by the Federal Securities law, the Company does not
undertake any obligation to release publicly any revisions to any
forward-looking statements to reflect events or circumstances after the
date hereof or for any other reason.
EPOLIN, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
SIX MONTHS ENDED AUGUST 31, 2009 AND 2008
2009 2008
----------- -----------
SALES $ 1,434,747 1,764,471
----------- -----------
COST OF SALES AND EXPENSES:
Cost of sales 606,193 766,507
Selling, general and administrative 552,256 624,065
----------- -----------
Total 1,158,449 1,390,572
----------- -----------
OPERATING INCOME 276,298 373,899
----------- -----------
OTHER INCOME:
Rental income 4,500 9,000
Interest 14,624 31,009
----------- -----------
Total 19,124 40,009
----------- -----------
INCOME BEFORE TAXES 295,422 413,908
INCOME TAXES 108,076 158,069
----------- -----------
NET INCOME $ 187,346 255,839
=========== ===========
PER SHARE DATA:
Basic earnings per common share $ 0.02 0.02
=========== ===========
Fully diluted earnings per common share $ 0.02 0.02
=========== ===========
Weighted average number of common shares
outstanding 12,066,355 11,966,355
=========== ===========
Fully diluted number of common shares
outstanding 12,069,235 12,006,791
=========== ===========
EPOLIN, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
THREE MONTHS ENDED AUGUST 31, 2009 AND 2008
2009 2008
----------- -----------
SALES $ 708,578 851,680
----------- -----------
COST OF SALES AND EXPENSES:
Cost of sales 350,538 376,445
Selling, general and administrative 293,191 330,418
----------- -----------
Total 643,729 706,863
----------- -----------
OPERATING INCOME
64,849 144,817
----------- -----------
OTHER INCOME:
Rental income - 4,500
Interest 6,757 18,504
----------- -----------
Total 6,757 23,004
----------- -----------
INCOME BEFORE TAXES 71,606 167,821
INCOME TAXES 24,126 61,134
----------- -----------
NET INCOME $ 47,480 106,687
=========== ===========
PER SHARE DATA:
Basic earnings per common share $ - 0.01
=========== ===========
Fully diluted earnings per common share $ - 0.01
=========== ===========
Weighted average number of common shares
outstanding 12,066,355 11,966,355
=========== ===========
Fully diluted number of common shares
outstanding 12,069,235 12,006,791
=========== ===========
Contact Information: For more detailed information, please contact:
Murray S. Cohen
Chairman of the Board
James Ivchenko
President
Greg Amato
Chief Executive Officer
(973) 465-9495