SOURCE: Epolin, Inc.

October 18, 2010 13:17 ET

Epolin, Inc. Announces Results for the Second Quarter of Fiscal 2011

NEWARK, NJ--(Marketwire - October 18, 2010) - EPOLIN, INC. (the "Company") (OTCBB: EPLN) (www.epolin.com) today announced results for the three and six months ended August 31, 2010.

For the three months ended August 31, 2010, sales were $670,000 as compared to $709,000 for the three months ended August 31, 2009, a decrease of $39,000 or 5.5%. Sales increased to $1,482,000 for the six months ended August 31, 2010 from $1,435,000 for the six months ended August 31, 2009, an increase of $47,000 or 3.3%. Gross profit, defined as sales less cost of sales, was $322,000 or 48.0% of sales for the three months ended August 31, 2010 compared to $358,000 or 50.5% of sales for the three months ended August 31, 2009. For the six months ended August 31, 2010, gross profit was $734,000 or 49.6% of sales compared to $829,000 or 57.8% of sales for the six months ended August 31, 2009.

Operating income, in terms of absolute dollars, decreased to $62,000 for the three months ended August 31, 2010 from $65,000 for the three months ended August 31, 2009, a decrease of $3,000, while operating income decreased to $111,000 for the six months ended August 31, 2010 from $276,000 for the six months ended August 31, 2009, a decrease of $165,000. Net income after taxes was $48,000 or $0.00 per share for the three months ended August 31, 2010 as compared to net income after taxes of $47,000 or $0.00 per share for the three months ended August 31, 2009. For the six months ended August 31, 2010, net income after taxes was $79,000 or $0.01 per share as compared to net income after taxes of $187,000 or $0.02 per share for the six months ended August 31, 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)
              SIX MONTHS ENDED AUGUST 31, 2010 AND 2009

                                                     2010         2009
                                                 -----------   -----------
Sales                                            $ 1,481,503     1,434,747
                                                 -----------   -----------
Cost of sales and expenses:
   Cost of sales                                     747,182       606,193
   Selling, general and administrative               623,755       552,256
                                                 -----------   -----------
      Total                                        1,370,937     1,158,449
                                                 -----------   -----------
Operating income                                     110,566       276,298
                                                 -----------   -----------
Other income:
   Rental income                                          --         4,500
   Interest                                            5,694        14,624
                                                 -----------   -----------
      Total                                            5,694        19,124
                                                 -----------   -----------
Income before taxes                                  116,260       295,422

Income taxes                                          37,171       108,076
                                                 -----------   -----------
Net income                                       $    79,089       187,346
                                                 ===========   ===========
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                                   12,144,428    12,066,355
                                                 ===========   ===========
   Fully diluted number of common shares
    outstanding                                   12,161,528    12,069,235
                                                 ===========   ===========




                    EPOLIN, INC. AND SUBSIDIARY
           CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
            THREE MONTHS ENDED AUGUST 31, 2010 AND 2009

                                                     2010          2009
                                                 -----------   -----------
Sales                                            $   670,489       708,578
                                                 -----------   -----------
Cost of sales and expenses:
   Cost of sales                                     348,865       350,538
   Selling, general and administrative               259,854       293,191
                                                 -----------   -----------
      Total                                          608,719       643,729
                                                 -----------   -----------
Operating income                                      61,770        64,849
                                                 -----------   -----------
Other income:
   Interest                                            2,343         6,757
                                                 -----------   -----------
      Total                                            2,343         6,757
                                                 -----------   -----------
Income before taxes                                   64,113        71,606

Income taxes                                          16,404        24,126
                                                 -----------   -----------
Net income                                       $    47,709        47,480
                                                 ===========   ===========
Per share data:
   Basic earnings per common share               $        --            --
                                                 ===========   ===========
   Fully diluted earnings per common share       $        --            --
                                                 ===========   ===========
   Weighted average number of common shares
    outstanding                                   12,152,225    12,066,355
                                                 ===========   ===========
   Fully diluted number of common shares
    outstanding                                   12,169,325    12,069,235
                                                 ===========   ===========

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