NEWARK, NJ--(Marketwire - July 15, 2008) - EPOLIN, INC. (the "Company") (
OTCBB:
EPLN)
(
www.epolin.com) today announced results for the three months ended May 31,
2008.
For the three months ended May 31, 2008, sales were $913,000 as compared to
$842,000 for the three months ended May 31, 2007, an increase of 71,000 or
8.4%. Gross profit, defined as sales less cost of sales, was $523,000 or
57.3% of sales for the three months ended May 31, 2008 compared to $513,000
or 61.0% of sales for the three months ended May 31, 2007.
Cost of sales was $390,000 for the three months ended May 31, 2008 which
represented 42.7% of sales compared to $329,000 for the three months ended
May 31, 2007 which represented 39.0% of sales. Selling, general and
administrative expenses decreased to $294,000 or 32.2% of sales for the
three months ended May 31, 2008 compared to $296,000 or 35.2% of sales for
the three months ended May 31, 2007, a decrease of $2,000.
Operating income, in terms of absolute dollars, increased to $229,000 for
the three months ended May 31, 2008 from $217,000 for the three months
ended May 31, 2007, an increase of $12,000. Net income after taxes was
$149,000 or $0.01 per share for the three months ended May 31, 2008
compared to net income after taxes of $153,000 or $0.01 per share for the
three months ended May 31, 2007.
The Company also reported that its annual stockholders meeting will be held
on August 18, 2008 at 3:00 pm, local time, at the Company's executive
offices in Newark, New Jersey.
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 29, 2008 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, 2008 AND 2007
2008 2007
------------ ------------
Sales $ 912,791 842,001
------------ ------------
Cost of sales and expenses:
Cost of sales 390,062 328,656
Selling, general and administrative 293,647 295,999
------------ ------------
Total 683,709 624,655
------------ ------------
Operating income 229,082 217,346
------------ ------------
Other income:
Rental income 4,500 -
Interest 12,505 14,940
------------ ------------
Total 17,005 14,940
------------ ------------
Income before taxes 246,087 232,286
Income taxes 96,935 79,510
------------ ------------
Net income $ 149,152 152,776
============ ============
Per share data:
Basic earnings per common share $ 0.01 0.01
============ ============
Fully diluted earnings per common share $ 0.01 0.01
============ ============
Weighted average number of common shares
outstanding 11,966,355 11,964,806
============ ============
Fully diluted number of common shares
outstanding 12,006,791 12,003,424
============ ============
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