NEWARK, NJ--(Marketwire - July 13, 2007) - Epolin, Inc. (the "Company") (OTCBB: EPLN)
(www.epolin.com) today announced results for the three months ended May 31,
2007.
For the three months ended May 31, 2007, sales were $842,000 as compared to
$1,094,000 for the three months ended May 31, 2006, a decrease of $252,000
or 23.0%. Gross profit, defined as sales less cost of sales, was $513,000
or 61.0% of sales for the three months ended May 31, 2007 compared to
$655,000 or 60.0% of sales for the three months ended May 31, 2006.
Cost of sales was $329,000 for the three months ended May 31, 2007 which
represented 39.1% of sales compared to $439,000 for the three months ended
May 31, 2006 which represented 40.1% of sales. For the three months ended
May 31, 2007, selling, general and administrative expenses were $296,000 or
35.2% of sales compared to $296,000 or 27.1% of sales for the three months
ended May 31, 2006.
Operating income decreased to $217,000 for the three months ended May 31,
2007 from $359,000 for the three months ended May 31, 2006, a decrease of
$142,000. During the three months ended May 31, 2007, the Company
reported income before taxes of $232,000 as compared to income before taxes
of $369,000 for the three months ended May 31, 2006. Net income after
taxes was $153,000 or $0.01 per share for the three months ended May 31,
2007 as compared to net income after taxes of $226,000 or $0.02 per share
for the three months ended May 31, 2006.
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 the Company's Annual Report on
Form 10-KSB for the fiscal year ended February 28, 2007 under the caption
"Uncertainties and Risk Factors" in Part I, Item 1 "Description of
Business." 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
THREE MONTHS ENDED MAY 31, 2007 AND 2006
2007 2006
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Sales $ 842,001 1,094,070
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Cost of sales and expenses:
Cost of sales 328,656 438,918
Selling, general and administrative 295,999 296,116
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Total 624,655 735,034
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Operating income 217,346 359,036
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Other income:
Rental income -- 4,500
Interest 14,940 5,542
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Total other income 14,940 10,042
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Income before taxes 232,286 369,078
Income taxes 79,510 143,179
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Net income $ 152,776 225,899
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Per share data:
Basic earnings per common share $ 0.01 0.02
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Fully diluted earnings per common share $ 0.01 0.02
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Weighted average number of common shares
outstanding 11,964,806 11,959,942
============ ============
Fully diluted number of common shares
outstanding 12,003,424 12,053,560
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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