NEWARK, NJ--(Marketwire - January 17, 2011) - EPOLIN, INC. (the "Company") (
OTCBB:
EPLN)
(
www.epolin.com) today announced results for the three and nine months
ended November 30, 2010.
For the three months ended November 30, 2010, sales were $802,000 as
compared to $806,000 for the three months ended November 30, 2009, a
decrease of $4,000 or 0.4%. Sales increased to $2,284,000 for the nine
months ended November 30, 2010 from $2,241,000 for the nine months ended
November 30, 2009, an increase of $43,000 or 1.9%. Gross profit, defined
as sales less cost of sales, was $372,000 or 46.4% of sales for the three
months ended November 30, 2010 compared to $461,000 or 56.7% of sales for
the three months ended November 30, 2009. For the nine months ended
November 30, 2010, gross profit was $1,107,000 or 48.5% of sales compared
to $1,290,000 or 57.6% of sales for the nine months ended November 30,
2009.
The Company suffered an operating loss of $61,000 for the three months
ended November 30, 2010 compared to operating income of $199,000 for the
three months ended November 30, 2009, a decrease of $260,000. Operating
income was $50,000 for the nine months ended November 30, 2010 compared to
$475,000 for the nine months ended November 30, 2009, a decrease of
$425,000. The Company had a net loss after taxes of $39,000 or $0.00 per
share for the three months ended November 30, 2010 as compared to net
income after taxes of $127,000 or $0.01 per share for the three months
ended November 30, 2009. For the nine months ended November 30, 2010, net
income after taxes was $40,000 or $0.00 per share as compared to net income
after taxes of $314,000 or $0.03 per share for the nine months ended
November 30, 2009.
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)
NINE MONTHS ENDED NOVEMBER 30, 2010 AND 2009
2010 2009
------------ -----------
Sales $ 2,283,900 2,240,660
------------ -----------
Cost of sales and expenses:
Cost of sales 1,177,317 951,132
Selling, general and administrative 1,056,547 814,658
------------ -----------
Total 2,233,864 1,765,790
------------ -----------
Operating income 50,036 474,870
------------ -----------
Other income:
Rental income -- 4,500
Interest 7,977 20,517
------------ -----------
Total 7,977 25,017
------------ -----------
Income before taxes 58,013 499,887
Income taxes 18,041 185,533
------------ -----------
Net income $ 39,972 314,354
============ ===========
Per share data:
Basic earnings per common share $ -- 0.03
============ ===========
Fully diluted earnings per common share $ -- 0.03
============ ===========
Weighted average number of common shares
outstanding 12,185,992 12,080,847
============ ===========
Fully diluted number of common shares
outstanding 12,203,092 12,083,747
============ ===========
EPOLIN, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
THREE MONTHS ENDED NOVEMBER 30, 2010 AND 2009
2010 2009
------------ -----------
Sales $ 802,397 805,913
------------ -----------
Cost of sales and expenses:
Cost of sales 430,135 344,939
Selling, general and administrative 432,792 262,402
------------ -----------
Total 862,927 607,341
------------ -----------
Operating income (loss) (60,530) 198,572
------------ -----------
Other income:
Interest 2,283 5,893
------------ -----------
Total 2,283 5,893
------------ -----------
Income (loss) before taxes (58,247) 204,465
Income taxes (19,130) 77,457
------------ -----------
Net income (loss) $ (39,117) 127,008
============ ===========
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 12,239,589 12,109,834
============ ===========
Fully diluted number of common shares
outstanding 12,239,589 12,112,734
============ ===========
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
EPOLIN, INC.
358-364 Adams Street
Newark, New Jersey 07105