Epolin, Inc. Announces Results for the Year Ended February 29, 2008

 | Source: Epolin, Inc. Epolin, Inc.

NEWARK, NJ--(Marketwire - June 3, 2008) - EPOLIN, INC. (the "Company") (OTCBB: EPLN) (www.epolin.com) today announced results for the fiscal year ended February 29, 2008.

For the year ended February 29, 2008, sales were $3,593,000 as compared to $3,610,000 for the year ended February 28, 2007, a decrease of $17,000 or 0.5%. Gross profit, defined as sales less cost of sales, was $2,189,000 or 60.9% of sales for the year ended February 29, 2008 compared to $2,156,000 or 60.0% of sales for the year ended February 28, 2007.

Cost of sales was $1,404,000 for the year ended February 29, 2008 which represented 39.1% of sales compared to $1,454,000 for the year ended February 28, 2007 which represented 40.3% of sales. Selling, general and administrative expenses decreased to $1,235,000 or 34.4% of sales for the year ended February 29, 2008 compared to $1,281,000 or 35.4% of sales for the year ended February 28, 2007, a decrease of $46,000.

Operating income, in terms of absolute dollars, increased to $954,000 for fiscal 2008 from $875,000 for fiscal 2007, an increase of $79,000. Net income after taxes was $724,000 or $0.06 per share for the year ended February 29, 2008 compared to net income after taxes of $623,000 or $0.05 per share for the year ended February 28, 2007.

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 the Company's Annual Report on Form 10-KSB for the fiscal year ended February 29, 2008 under the caption "Uncertainties and Risk Factors" in Part I, Item 1 "Description of Business." 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
           YEARS ENDED FEBRUARY 29, 2008 AND FEBRUARY 28, 2007

                                                 2008             2007
                                             ------------     ------------
Sales                                        $  3,592,940        3,609,674
                                             ------------     ------------
Cost of sales and expenses:
  Cost of sales                                 1,404,009        1,454,081
  Selling, general and administrative           1,235,078        1,280,547
                                             ------------     ------------
    Total                                       2,639,087        2,734,628
                                             ------------     ------------
Operating income                                  953,853          875,046
                                             ------------     ------------
Other income:
  Rental income                                    18,000           16,500
  Miscellaneous                                    66,881               --
  Interest                                         89,348           71,951
                                             ------------     ------------
    Total                                         174,229           88,451
                                             ------------     ------------
Income before taxes                             1,128,082          963,497
Income taxes                                      404,455          340,569
                                             ------------     ------------
Net income                                   $    723,627          622,928
                                             ============     ============
Per share data:
  Basic earnings per common share            $       0.06             0.05
                                             ============     ============
  Fully diluted earnings per common share    $       0.06             0.05
                                             ============     ============
  Weighted average number of common shares
   outstanding                                 11,966,355       11,964,806
                                             ============     ============
  Fully diluted number of common shares
   outstanding                                 12,004,973       12,003,424
                                             ============     ============

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

Related Links