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