SOURCE: Epolin, Inc.

July 15, 2008 08:45 ET

Epolin, Inc. Announces Results for the First Quarter of Fiscal 2009; Also Announces Date for Annual Stockholders Meeting

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