NEWARK, N.J., May 29, 2012 (GLOBE NEWSWIRE) -- EPOLIN, INC. (the "Company") (OTCBB:EPLN) (www.epolin.com) today announced results for the fiscal year ended February 29, 2012.
For the year ended February 29, 2012, sales were $3,411,000 as compared to $3,066,000 for the year ended February 28, 2011, an increase of $345,000 or 11.3%. Gross profit, defined as sales less cost of sales, was $1,655,000 or 48.5% of sales for the year ended February 29, 2012 compared to $1,612,000 or 52.6% of sales for the year ended February 28, 2011, a decrease of 4.1%.
Cost of sales was $1,756,000 for the year ended February 29, 2012 which represented 51.5% of sales compared to $1,454,000 for the year ended February 28, 2011 which represented 47.4% of sales. Selling, general and administrative expenses decreased to $1,423,000 or 41.7% of sales for the year ended February 29, 2012 compared to $1,598,000 or 52.1% of sales for the year ended February 28, 2011, a decrease of $175,000.
The Company had operating income of $232,000 for the year ended February 29, 2012 compared to operating income of $14,000 for the year ended February 28, 2011.
Net income after taxes was $176,000 or $0.01 per share for the year ended February 29, 2012 as compared to $39,000 or $0.00 per share for the year ended February 28, 2011.
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.