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
=========== ===========
For more detailed information, please contact: Murray S. Cohen
Chairman of the Board James Ivchenko President Greg Amato Chief
Executive Officer (973) 465-9495