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 as well as security inks. The Company also manufactures specialty chemicals for certain chemical manufacturers.
For the three months ended May 31, 2009, sales were $726,000 as compared to $913,000 for the three months ended May 31, 2008, a decrease of $187,000 or 20.4%. Gross profit, defined as sales less cost of sales, was $471,000 or 64.8% of sales for the three months ended May 31, 2009, compared to $523,000 or 57.3% of sales for the three months ended May 31, 2008.
Cost of sales was $256,000 for the three months ended May 31, 2009 which represented 35.3% of sales compared to $391,000 for the three months ended May 31, 2008 which represented 42.8% of sales. Selling, general and administrative expenses were $259,000 or 35.7% of sales for the three months ended May 31, 2009 compared to $294,000 or 32.2% of sales for the three months ended May 31, 2008, a decrease of $35,000.
Operating income, in terms of absolute dollars, decreased to $211,000 for the three months ended May 31, 2009 from $229,000 for the three months ended May 31, 2008, a decrease of $18,000. Net income after taxes was $140,000 or $0.01 per share for the three months ended May 31, 2009 as compared to net income after taxes of $149,000 or $0.01 per share for the three months ended May 31, 2008.
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