NEWARK, NJ--(Marketwire - October 15, 2008) - EPOLIN, INC. (the "Company") (
OTCBB:
EPLN)
(
www.epolin.com) today announced results for the three and six months ended
August 31, 2008.
For the three months ended August 31, 2008, sales were $852,000 as compared
to $1,093,000 for the three months ended August 31, 2007, a decrease of
$241,000 or 22.1%. Sales decreased to $1,764,000 for the six months ended
August 31, 2008 from $1,935,000 for the six months ended August 31, 2007, a
decrease of $171,000 or 8.8%. Gross profit, defined as sales less cost of
sales, was $475,000 or 55.8% of sales, compared to $645,000 or 59.0% of
sales for the three months ended August 31, 2007. For the six months ended
August 31, 2008, gross profit was $998,000 or 56.6% of sales, compared to
$1,158,000 or 60.0% of sales for the six months ended August 31, 2007.
Cost of sales was $376,000 for the three months ended August 31, 2008 which
represented 44.2% of sales compared to $448,000 for the three months ended
August 31, 2007 which represented 41.0% of sales. For the six months ended
August 31, 2008, cost of sales was $767,000 which represented 43.4% of
sales, compared to $777,000 for the six months ended August 31, 2007 which
represented 40.0% of sales. Selling, general and administrative expenses
decreased to $330,000 for the three months ended August 31, 2008 compared
to $343,000 for the three months ended August 31, 2007, a decrease of
$13,000, while selling, general and administrative expenses decreased to
$624,000 for the six months ended August 31, 2008 from $639,000 for the six
months ended August 31, 2007, a decrease of $15,000.
Operating income, in terms of absolute dollars, decreased to $145,000 for
the three months ended August 31, 2008 from $302,000 for the three months
ended August 31, 2007, a decrease of $157,000, while operating income
decreased to $374,000 for the six months ended August 31, 2008 from
$519,000 for the prior year period, a decrease of $145,000.
Net income after taxes was $107,000 or $0.01 per share for the three months
ended August 31, 2008 as compared to net income after taxes of $197,000 or
$0.02 per share for the three months ended August 31, 2007. For the six
months ended August 31, 2008, net income after taxes was $256,000 or $0.02
per share as compared to net income after taxes of $350,000 or $0.03 per
share for the six months ended August 31, 2007.
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
SIX MONTHS ENDED AUGUST 31, 2008 AND 2007
2008 2007
------------ ------------
Sales $ 1,764,471 1,934,559
------------ ------------
Cost of sales and expenses:
Cost of sales 766,507 776,556
Selling, general and administrative 624,065 638,999
------------ ------------
Total 1,390,572 1,415,555
------------ ------------
Operating income 373,899 519,004
------------ ------------
Other income:
Rental income 9,000 9,000
Interest 31,009 27,184
------------ ------------
Total 40,009 36,184
------------ ------------
Income before taxes 413,908 555,188
Income taxes 158,069 205,548
------------ ------------
Net income $ 255,839 349,640
============ ============
Per share data:
Basic earnings per common share $ 0.02 0.03
============ ============
Fully diluted earnings per common share $ 0.02 0.03
============ ============
Weighted average number of common shares
outstanding 11,966,355 11,966,355
============ ============
Fully diluted number of common shares
outstanding 12,006,791 12,003,424
============ ============
EPOLIN, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED AUGUST 31, 2008 AND 2007
2008 2007
------------ ------------
Sales $ 851,680 1,092,558
------------ ------------
Cost of sales and expenses:
Cost of sales 376,445 447,900
Selling, general and administrative 330,418 343,000
------------ ------------
Total 706,863 790,900
------------ ------------
Operating income 144,817 301,658
------------ ------------
Other income:
Rental income 4,500 9,000
Interest 18,504 12,244
------------ ------------
Total 23,004 21,244
------------ ------------
Income before taxes 167,821 322,902
Income taxes 61,134 126,038
------------ ------------
Net income $ 106,687 196,864
============ ============
Per share data:
Basic earnings per common share $ 0.01 0.02
============ ============
Fully diluted earnings per common share $ 0.01 0.02
============ ============
Weighted average number of common shares
outstanding 11,966,355 11,966,355
============ ============
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