SOURCE: Epolin, Inc.

January 14, 2010 11:53 ET

Epolin, Inc. Announces Results for the Third Quarter of Fiscal 2010

NEWARK, NJ--(Marketwire - January 14, 2010) - EPOLIN, INC. (the "Company") (OTCBB: EPLN) (www.epolin.com) today announced results for the three and nine months ended November 30, 2009.

For the three months ended November 30, 2009, sales were $806,000 as compared to $733,000 for the three months ended November 30, 2008, an increase of $73,000 or 9.9%. Sales decreased to $2,241,000 for the nine months ended November 30, 2009 from $2,498,000 for the nine months ended November 30, 2008, a decrease of $257,000 or 10.3%. Gross profit, defined as sales less cost of sales, was $461,000 or 57.2% of sales for the three months ended November 30, 2009 compared to $416,000 or 56.7% of sales the three months ended November 30, 2008. For the nine months ended November 30, 2009, gross profit was $1,290,000 or 57.6% of sales compared to $1,414,000 or 56.6% of sales for the nine months ended November 30, 2008.

Cost of sales was $345,000 for the three months ended November 30, 2009 which represented 42.8% of sales compared to $317,000 for the three months ended November 30, 2008 which represented 43.3% of sales. For the nine months ended November 30, 2009, cost of sales was $951,000 which represented 42.4% of sales, compared to $1,084,000 which represented 43.4% of sales for the nine months ended November 30, 2008.

Operating income, in terms of absolute dollars, increased to $199,000 for the three months ended November 30, 2009 from $95,000 for the three months ended November 30, 2008, an increase of $104,000, while operating income increased to $475,000 for the nine months ended November 30, 2009 from $468,000 for the nine months ended November 30, 2008, an increase of $7,000. Net income after taxes was $127,000 or $0.01 per share for the three months ended November 30, 2009 as compared to net income after taxes of $75,000 or $0.01 per share for the three months ended November 30, 2008. For the nine months ended November 30, 2009, net income after taxes was $314,000 or $0.03 per share as compared to net income after taxes of $331,000 or $0.03 per share for the nine months ended November 30, 2008.

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, 2009 AND 2008

                                               2009               2008
                                          ---------------    --------------
SALES                                     $     2,240,660         2,497,516
                                          ---------------    --------------
COST OF SALES AND EXPENSES:
   Cost of sales                                  951,132         1,083,661
   Selling, general and administrative            814,658           945,395
                                          ---------------    --------------
      Total                                     1,765,790         2,029,056
                                          ---------------    --------------
OPERATING INCOME                                  474,870           468,460
                                          ---------------    --------------
OTHER INCOME:
   Rental income                                    4,500            13,500
   Interest                                        20,517            35,881
                                          ---------------    --------------
      Total                                        25,017            49,381
                                          ---------------    --------------
INCOME BEFORE TAXES                               499,887           517,841

INCOME TAXES                                      185,533           187,021
                                          ---------------    --------------
NET INCOME                                $       314,354           330,820
                                          ===============    ==============
PER SHARE DATA:
   Basic earnings per common share        $          0.03              0.03
                                          ===============    ==============
   Fully diluted earnings per common
    share                                 $          0.03              0.03
                                          ===============    ==============
   Weighted average number of common
    shares outstanding                         12,080,847        11,999,446
                                          ===============    ==============
   Fully diluted number of common shares
    outstanding                                12,083,747        12,039,882
                                          ===============    ==============




                           EPOLIN, INC. AND SUBSIDIARY
                  CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                  THREE MONTHS ENDED NOVEMBER 30, 2009 AND 2008

                                                2009               2008
                                          ---------------    --------------
SALES                                     $       805,913           733,045
                                          ---------------    --------------
COST OF SALES AND EXPENSES:
   Cost of sales                                  344,939           317,154
   Selling, general and administrative            262,402           321,330
                                          ---------------    --------------
      Total                                       607,341           638,484
                                          ---------------    --------------
OPERATING INCOME                                  198,572            94,561
                                          ---------------    --------------
OTHER INCOME:
   Rental income                                       --             4,500
   Interest                                         5,893             4,872
                                          ---------------    --------------
      Total                                         5,893             9,372
                                          ---------------    --------------
INCOME BEFORE TAXES                               204,465           103,933

INCOME TAXES                                       77,457            28,952
                                          ---------------    --------------
NET INCOME                                $       127,008            74,981
                                          ===============    ==============
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                         12,109,834        12,066,355
                                          ===============    ==============
   Fully diluted number of common shares
    outstanding                                12,112,734        12,106,791
                                          ===============    ==============

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