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Unilens Vision Inc. Reports Increases for First Quarter of Fiscal Year 2012

November 16, 2011 12:24 AM

LARGO, Fla. —In its first quarter report for fiscal year 2012, Unilens Vision Inc. (OTCQB: UVIC) announced a 0.8 percent increase in total revenue, a 3.1 percent increase in sales, and a 43.9 percent jump in custom soft lens sales when compared with the same period last year.

For the three months ended September 30, 2011, total revenue, including royalty income, increased 0.8 percent to $2,207,730, compared with $2,189,780 in the first quarter of FY2011. Sales of the company’s specialty contact lenses increased 3.1 percent to $1,576,530 in the first quarter of FY2012, versus $1,529,574 in the year-earlier quarter. The sales increase was primarily attributable to an improvement of 43.9 percent in sales of the company’s custom soft lenses when compared with the first quarter of FY2011.

The company continues to benefit from growing demand for its C-Vue Advanced HydraVUE line of silicone hydrogel custom contact lenses for monthly replacement that was launched in January 2011. Sales in the company’s disposable lens category decreased 7.9 percent as demand for C-Vue disposable multifocal lenses was affected by soft economic conditions in the U.S. and increased competition from competitors’ product offerings and promotional programs, Unilens’ statement noted. The replacement and other lens category experienced an 8.5 percent increase in sales, primarily due to higher sales of Unilens replacement products following the discontinuation of replacement lens products by several of the company’s competitors. Sales in the gas permeable lens category decreased by 12.2 percent due to the continued overall decline in gas permeable fits in the contact lens industry, the company said.

Royalty income from Bausch & Lomb decreased 4.4 percent to $631,200 in the most recent quarter, compared with $660,206 in the quarter ended June 30, 2010.

“We are very pleased with the market’s enthusiastic response to our new C-Vue Advanced HydraVUE line of completely customizable silicone hydrogel contact lenses for monthly replacement,” said Michael Pecora, CEO. “We continue to believe that demographic trends driven by rapid growth in America’s ‘baby boom’ generation will support a vibrant market for custom lenses, including soft multifocal lenses that address the challenges of presbyopia. Our research and development activities are directed towards additional products and licensing opportunities that can address this large market opportunity.”
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