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16:22 EPLN Epolin, Inc. Common Stock 8/28/2012
100
Merged with Polymathes Acquisition I Corp. Shareholders will receive $.22 per 1 share of EPLN.**
EPLN: Epolin, Inc. Common Stock Merged with Polymathes Acquisition I Corp. Shareholders will receive $.22 per 1 share of EPLN.
http://www.otcbb.com/asp/dailylist_detail.asp?d=08/27/2012&mkt_ctg=NON-OTCBB
Epolin, Inc. and Polymathes Announce Conclusion of Tender Offer
Thursday 14 June 2012
Epolin, Inc. (the "Company") (OTCBB:EPLN) (www.epolin.com) and Polymathes Acquisition I Inc., a New Jersey corporation (the "Purchaser"), and a wholly owned subsidiary of Polymathes Holdings I LLC, a New Jersey Limited Liability Company (the "Parent"), today announced the conclusion of the previously announced tender offer (the "Offer") of the Purchaser for all outstanding shares of common stock of the Company at a price of $0.22 per share in cash, without interest and subject to any applicable withholding taxes. The Offer expired, as scheduled, at 5:00 PM, New York City time, on June 12, 2012. The Offer was not extended.
Subject to confirmation of the final tabulations, the depositary for the Offer has advised that approximately 10,200,000 shares have been tendered and not withdrawn prior to the expiration of the Offer (which does not include shares delivered pursuant to notices of guaranteed delivery) which represents in excess of 81.0% of all outstanding shares of common stock on a fully diluted basis. Completion of the Offer is subject to there having been tendered at least 51.0% of the outstanding shares which condition has been satisfied. Payment for such validly tendered shares is expected to be made promptly. Following completion of the Offer, the Purchaser will acquire the remaining outstanding shares of common stock through a second step merger.
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.
Important Additional Information
This press release is intended to provide information only and is not an offer to purchase or a solicitation of an offer to sell securities. The tender offer was made pursuant to a Tender Offer Statement (including an Offer to Purchase, Letter of Transmittal, and related tender offer documents), filed by the Purchaser and the Parent with the U.S. Securities and Exchange Commission ("SEC"). In addition, Epolin, Inc. filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC related to the tender offer. Investors and shareholders may obtain copies of documents filed with the SEC at no charge at the website maintained by the SEC at www.sec.gov.
Forward-Looking Statements
Statements contained herein which are not historical facts or information are "forward-looking statements." Words such as "believe," "expect," "intend," "will," "should," and other expressions that indicate future events and trends identify such forward-looking statements. These forward-looking statements involve risks and uncertainties which could cause the outcome to be materially different than stated. Such risks and uncertainties include both general economic risks and uncertainties and matters discussed in the Company's annual report on Form 10-K which relate directly to the Company's operations and properties. The Company cautions that any forward-looking statement reflects only the belief of the Company or its management at the time the statement was made. Although the Company believes such forward-looking statements are based upon reasonable assumptions, such assumptions may ultimately prove to be inaccurate or incomplete. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement was made.
CONTACT: Epolin, Inc.
(888) 777-1188
Epolin, Inc. Announces Commencement of Tender Offer by Polymathes
Today : Friday 11 May 2012
Epolin, Inc. (the "Company") (OTCBB:EPLN) (www.epolin.com) today announced that Polymathes Acquisition I Inc., a New Jersey corporation (the "Purchaser"), and a wholly owned subsidiary of Polymathes Holdings I LLC, a New Jersey Limited Liability Company (the "Parent"), has commenced a tender offer for all outstanding shares of common stock of the Company at a price of $0.22 per share in cash, without interest and subject to any applicable withholding taxes. The tender offer is being made pursuant to an Offer to Purchase, dated May 8, 2012, and in connection with a previously announced Agreement and Plan of Merger dated as of March 14, 2012 among the Parent, Purchaser and the Company (the "Merger Agreement").
The tender offer is scheduled to expire at 5:00 PM, New York City time, on June 12, 2012, unless the tender offer is extended. Completion of the tender offer is subject to there being tendered at least a majority of the outstanding shares of the Company's common stock. In addition, the tender offer is subject to various closing conditions, including but not limited to the Company having certain minimum amounts of adjusted cash and adjusted net working capital as such terms are defined in the Merger Agreement. Following the tender offer, the Purchaser will acquire the remaining outstanding shares of common stock through a second step merger.
On May 8, 2012, the Purchaser and the Parent filed with the Securities and Exchange Commission ("SEC") a Tender Offer Statement on Form TO, containing the Offer to Purchase, form of Letter of Transmittal and related tender offer documents, setting forth in detail the terms and conditions of the tender offer. Today, the Company has filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 setting forth in detail, among other things, the recommendation of the Company's Board of Directors that the Company's shareholders accept the tender offer and tender their shares pursuant to the tender offer.
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.
Important Additional Information
This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer is being made pursuant to a Tender Offer Statement (including an Offer to Purchase, Letter of Transmittal, and related tender offer documents), which has been filed by Polymathes Acquisition I Inc. and Polymathes Holdings I LLC with the U.S. Securities and Exchange Commission ("SEC") on May 8, 2012. In addition, on May 11, 2012, Epolin, Inc. filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC related to the tender offer. These documents will be mailed to all Company shareholders of record. These documents, as they may be amended or supplemented from time to time, contain important information about the tender offer and the Company's shareholders are urged to read them carefully before any decision is made with respect to the tender offer. The tender offer materials may be obtained at no charge by directing a request by mail to Epolin, Inc. at 358-364 Adams Street, Newark, New Jersey 07105, or by calling toll-free at (888) 777-1188, and may also be obtained at no charge at the website maintained by the SEC at www. sec.gov.
Forward-Looking Statements
Statements contained herein which are not historical facts or information are "forward-looking statements." Words such as "believe," "expect," "intend," "will," "should," and other expressions that indicate future events and trends identify such forward-looking statements. These forward-looking statements involve risks and uncertainties which could cause the outcome to be materially different than stated. Such risks and uncertainties include both general economic risks and uncertainties and matters discussed in the Company's annual report on Form 10-K which relate directly to the Company's operations and properties. The Company cautions that any forward-looking statement reflects only the belief of the Company or its management at the time the statement was made. Although the Company believes such forward-looking statements are based upon reasonable assumptions, such assumptions may ultimately prove to be inaccurate or incomplete. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement was made.
CONTACT: Epolin, Inc.
(888) 777-1188
Epolin, Inc. Announces Definitive Merger Agreement With Polymathes
Caldera acquires exploration license west of Marjan
Caldera Receives Exploration License Adjoining the Marjan Project
MONTREAL, Oct. 18, 2011 /CNW/ - Caldera Resources Inc. (TSX-V: CDR) (OTC: CAEFF) ("the Company" or "Caldera") has received an Exploration License No. 106 from the Ministry of Energy and Natural Resources ("MENR") for the property located west of the Marjan Project (referred to as "Marjan West"). The License was issued to Caldera's Armenian subsidiary Biomine LLC on October 14, 2011 and is valid till October 14, 2016. The new license area covers an area of 19 square kilometers and is not subject to the JV Agreement.
"The application for a new license area is part of our corporate strategy to build a portfolio of prospective properties in Armenia," stated Mr. Bill Mavridis, President and CEO of Caldera. "This particular License area just west of the Marjan Gold and Silver polymetallic deposit represents an opportunity for Caldera to add value to our Company."
Marjan West
Caldera's independent geologist and Qualified Person, Mr. Ricardo Valls, M.Sc., P.Geo., identified the potential target of the Marjan West property by completing the interpretation of a satellite photo kit purchased from SatPhoto in Vancouver. Mr. Valls, together with the local staff in Armenia, visited and sampled selective outcrops within the limits of the license in June 2011. The property has never been systematically explored in the past but from reading Armenia geological records and maps, the area is considered to be prospective for opalites.
Caldera's review of the license area indicates that the Marjan West property has a prophyritic tonalite as well as kaolinitic alteration and copper mineralization. Caldera has 5 months to prepare an exploration plan and present it to the MENR.
The Coordinates of the License area are listed below.
UTM Zone 38 N (WGS 84)
X Y
1 4366643.49 571080.91
2 4364918.17 571887.59
3 4363151.88 569860.40
4 4358152.87 572548.32
5 4357198.25 569838.41
6 4358228.84 568257.04
7 4364390.38 569186.67
8 4364621.29 570194.26
9 4365569.91 570393.19
10 4365893.78 570858.00
Update on Arbitration
Mr. Bill Mavridis, President of Caldera Resources Inc. ("Caldera"), is pleased to provide an update on the Arbitration process instituted against Global Gold Corporation ("GBGD") and Mr. Van Krikorian its CEO, Chairman, Director and General Counsel. Additional hearing dates have been set for October 25, 26, 27 and October 31, November 1, 2 and 3.
After completion of Mr. Mavridis' testimony it is expected to call Mr. Van Krikorian as a witness to the stand on October 31, 2011.
The Clastic Unit
Caldera announced in its press release of October 4, 2011, the results from its drilling program on the Clastic Unit at the Marjan Project. Caldera confirmed intercept of 48 meters returning 0.95 g/t gold, with two separate 6 meter intervals grading 3.23 g/t gold and 2.99 g/t gold. Individual intervals returned grades as high as 7.86 g/t gold (for more information please see our news release at http://bit.ly/clastic_unit_results ).
Mr. Mavridis stated, "This new development at the Clastic Unit has created an opportunity for Caldera to explore the potential of developing an open-pit target that can be used to propel the development of the entire Marjan ore field, and significantly expand the historic Soviet-era gold and silver resources."
The Marjan Project
The Northern Zone and the Central Zone were explored during the soviet-era and contain a total C1 and C2 soviet category historical resources of 405,147 oz of Gold and 14.2M oz of Silver and an additional 647,152 oz of Gold and 37.1M oz of Silver soviet category P1 historical resource. The Clastic Unit Zone was never explored during the soviet-era and has no reported historical resources.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
Qualified Person
Mr. Ricardo Valls, M.Sc., P.Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of NI 43-101.
About Caldera
Caldera is engaged in advancing its silver and gold project in the Republic of Armenia. Caldera holds a 55% interest in the Marjan Polymetallic Gold and Silver Project with a purchase obligation to acquire 100% of the project from Global Gold Corporation ("GBGD"), by making certain payments by December 2012.
Caldera has filed a complaint with the American Arbitration Association against GBGD who unilaterally and illegally terminated the JVA between the parties. The binding arbitration hearing is currently underway in New York.
For additional background information and details relating to the Joint Venture and Arbitration, please see our press releases of October 12, 2010, October 22, 2010, November 21, 2010, March 1, 2011, May 11, 2011, June 14, 2011, August 2, 5 and 9, 2011, and September 6, 2011 on our website at www.calderaresources.com or on SEDAR.
Cautionary Statement
The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Former Soviet country estimates are presented for historical reporting and to provide a basis for assessing Caldera's choices for its business activities. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources.
Additional information related to the Corporation is filed electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
Epolin, Inc. Announces Results for the Second Quarter of Fiscal 2012
http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=810344&ProfileId=051205&sourceType=1
NEWARK, NJ -- (Marketwire) -- 10/18/11 -- EPOLIN, INC. (the "Company") (OTCBB: EPLN) (www.epolin.com) today announced results for the three and six months ended August 31, 2011.
For the three months ended August 31, 2011, sales were $690,000 as compared to $670,000 for the three months ended August 31, 2010, an increase of $20,000 or 2.9%. Sales increased to $1,681,000 for the six months ended August 31, 2011 from $1,482,000 for the six months ended August 31, 2010, an increase of $199,000 or 13.5%. Gross profit, defined as sales less cost of sales, was $253,000 or 36.6% of sales for the three months ended August 31, 2011 compared to $322,000 or 48.0% of sales for the three months ended August 31, 2010, a decrease of 11.4%. For the six months ended August 31, 2011, gross profit was $823,000 or 48.9% of sales compared to $734,000 or 49.6% of sales for the six months ended August 31, 2010, a decrease of 0.7%.
Cost of sales was $438,000 for the three months ended August 31, 2011 which represented 63.4% of sales compared to $349,000 for the three months ended August 31, 2010 which represented 52.0% of sales. For the six months ended August 31, 2011, cost of sales was $858,000 which represented 51.1% of sales compared to $747,000 which represented 50.4% of sales. Selling, general and administrative expenses increased to $293,000 for the three months ended August 31, 2011 compared to $260,000 for the three months ended August 31, 2010, an increase of $33,000, while selling, general and administrative expenses decreased to $561,000 for the six months ended August 31, 2011 from $624,000 for the six months ended August 31, 2010, a decrease of $63,000.
The Company suffered an operating loss of $40,000 for the three months ended August 31, 2011 compared to operating income of $62,000 for the three months ended August 31, 2010. For the six months ended August 31, 2011, operating income was $262,000 compared to operating income of $111,000 for the six months ended August 31, 2010.
The Company reported a net loss after taxes of $(21,000) or $0.00 per share for the three months ended August 31, 2011 as compared to net income after taxes of $48,000 or $0.00 per share for the three months ended August 31, 2010. For the six months ended August 31, 2011, net income after taxes was $158,000 or $0.01 per share as compared to net income after taxes of $79,000 or $0.01 per share for the six months ended August 31, 2010.
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.
For more detailed information, please contact:
Murray S. Cohen
Chairman of the Board
James Ivchenko
President
Greg Amato
Chief Executive Officer
(973) 465-9495
Epolin, Inc. Announces Results for the Year Ended February 28, 2011
Epolin (OTCBB:EPLN)
Thursday 2 June 2011
EPOLIN, INC. (the "Company") (OTCBB: EPLN) (www.epolin.com) today announced results for the fiscal year ended February 28, 2011.
For the year ended February 28, 2011, sales were $3,066,000 as compared to $2,945,000 for the year ended February 28, 2010, an increase of $121,000 or 4.1%. Gross profit, defined as sales less cost of sales, was $1,612,000 or 52.6% of sales for the year ended February 28, 2011 compared to $1,671,000 or 56.7% of sales for the year ended February 28, 2010, a decrease of 4.1%.
Cost of sales was $1,454,000 for the year ended February 28, 2011 which represented 47.4% of sales compared to $1,274,000 for the year ended February 28, 2010 which represented 43.3% of sales. Selling, general and administrative expenses increased to $1,598,000 or 52.1% of sales for the year ended February 28, 2011 compared to $1,119,000 or 38.0% of sales for the year ended February 28, 2010, an increase of $479,000.
Operating income, in terms of absolute dollars, decreased to $14,000 in fiscal 2011 from $552,000 in fiscal 2010, a decrease of $538,000.
Net income after taxes was $39,000 or $0.00 per share for the year ended February 28, 2011 as compared to $469,000 or $0.04 per share for the year ended February 28, 2010.
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.
For more detailed information, please contact:
Murray S. Cohen
Chairman of the Board
James Ivchenko
President
Greg Amato
Chief Executive Officer
(973) 465-9495
EPOLIN, INC.
358-364 Adams Street
Newark, New Jersey 07105
Im thinking the reason why there going to pay a .12 cent dividend is because if you read the second paragraph at the end of it, It says the potential sale of the company. There trying to boost the price per share of the company that they get. They pay a million and a half dollars for the dividend. But if they can get a dollar per share for the company or more its a win for them and us again. I can't see where before when they paid a dividend they didn't pay. Any thoughts?
From the last 10k...
http://epolin.com/html/form10q%20epolin%2011302010%20FINAL.pdf
State the number of shares outstanding of each of the Issuer’s classes of common stock, as of the latest practicable date:
no par value per share: 12,266,355 outstanding as of January 12, 2011...
Stockholders' equity:
Preferred stock, $2.50 par value; 940,000 shares authorized;
none issued Preferred stock, series A convertible non-cumulative,
$2.50 par value; redemption price and liquidation preference;
60,000 shares authorized; 5,478 shares issued and redeemed
Common stock, no par value; 20,000,000 shares authorized;
13,215,000 and 13,115,000 shares issued, and 12,266,355 and
12,166,355 shares outstanding at November 30, 2010 and
February 28, 2010, repectively
EPLN short report for 4/14/2011:
20110414|EPLN|47402|0|73660|O
64.3% short today, looks like this divi news caught the mm's a bit off guard, be interesting to see how high this goes before the ex-date~
AUTO smart lol~
AUTO ut'd his bid to .34
Loos like HE wants some?
now that's what I'm talking about!
How fitting, 12 million OS and a .12 cent divi, lol~
This could really spike up with such a low float....
mores news - Crazy Divy! .38 x .41
http://ih.advfn.com/p.php?pid=nmona&article=47301509&symbol=EPLN
EPOLIN, INC. (the "Company") (OTCBB: EPLN) (www.epolin.com) today announced that its Board of Directors has declared a special cash dividend of $0.12 per share to be payable on May 12, 2011 to shareholders of record at the close of business on April 28, 2011. The aggregate amount of payment to be made in connection with the special cash dividend will be approximately $1.5 million and will be paid from cash on hand.
news, looks like buyout is off~
Epolin, Inc. Announces Termination of Discussions With Possible Acquirer
Date : 09/08/2010 @ 2:35PM
Source : MarketWire
Stock : Epolin, Inc. (EPLN)
Quote : 0.381 0.0 (0.00%) @ 9:30AM
Epolin, Inc. Announces Termination of Discussions With Possible Acquirer
Epolin (BB) (OTCBB:EPLN)
Intraday Stock Chart
Today : Wednesday 8 September 2010
EPOLIN, INC. ("Epolin" or the "Company") (OTCBB: EPLN) (www.epolin.com) today announced that it has received a letter from the proposed strategic purchaser, with whom Epolin had signed an exclusivity letter, that such proposed purchaser was terminating discussions regarding a proposed transaction to acquire the Company. As a result, Epolin's obligation to negotiate exclusively with such party has been terminated as well.
Epolin will continue to pursue strategic and financial options which it believes are in the best interests of its shareholders including but not limited to a potential sale to a third party. There can be no assurance that any such transaction can or will be completed.
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.
For more detailed information, please contact:
Murray S. Cohen
Chairman of the Board
James Ivchenko
President
(973) 465-9495
OS hasn't changed in several years.
Must not be much trader interests in this one, have to do more DD...
looks like a solid play, wonder why no interest..
funny, first post in 2010, lol~
Epolin, Inc. Announces Results for the Year Ended February 28, 2009; Also Announces Letter of Intent
May 18, 2009 12:52:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesNEWARK, NJ -- (MARKET WIRE) -- 05/18/09 -- EPOLIN, INC. (the "Company") (OTCBB: EPLN) (www.epolin.com) today announced results for the fiscal year ended February 28, 2009.
For the year ended February 28, 2009, sales were $3,092,000 as compared to $3,593,000 for the year ended February 29, 2008, a decrease of $501,000 or 14.0%. Gross profit, defined as sales less cost of sales, was $1,647,000 or 53.3% of sales for the year ended February 28, 2009 compared to $2,189,000 or 60.9% of sales for the year ended February 29, 2008.
Cost of sales was $1,444,000 for the year ended February 28, 2009, which represented 46.7% of sales compared to $1,404,000 for the year ended February 29, 2008, which represented 39.1% of sales. Selling, general and administrative expenses increased to $1,252,000 or 40.5% of sales for the year ended February 28, 2009 compared to $1,235,000 or 34.4% of sales for the year ended February 29, 2008, an increase of $17,000.
Operating income, in terms of absolute dollars, decreased to $396,000 in fiscal 2009 from $954,000 for fiscal 2008, a decrease of $558,000. Net income after taxes was $328,000 or $0.03 per share for the year ended February 28, 2009 as compared to $724,000 or $0.06 per share for the year ended February 29, 2008.
The Company also announced today that it has entered into a non-binding letter of intent whereby all of the outstanding capital stock of the Company will be acquired by a strategic purchaser.
The proposed transaction is subject to various conditions including but not limited to satisfactory completion of due diligence by the purchaser expected to be completed within sixty days, receipt by the Company of a fairness opinion acceptable to its Board of Directors, execution of a definitive agreement and approval by the shareholders of the Company. Epolin has agreed to negotiate exclusively with the potential buyer for a period of sixty days. No other terms were disclosed.
There can be no assurance that any definitive agreement will be entered into, that any proposed transaction will be approved by the shareholders of the Company or that a transaction will be completed as a result of the execution of the letter of intent.
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
YEARS ENDED FEBRUARY 28, 2009 AND FEBRUARY 29, 2008
2009 2008
----------- -----------
Sales $ 3,091,539 3,592,940
----------- -----------
Cost of sales and expenses:
Cost of sales 1,444,199 1,404,009
Selling, general and administrative 1,251,521 1,235,078
----------- -----------
Total 2,695,720 2,639,087
----------- -----------
Operating income 395,819 953,853
----------- -----------
Other income:
Rental income 18,000 18,000
Miscellaneous - 66,881
Interest 52,861 89,348
----------- -----------
Total 70,861 174,229
----------- -----------
Income before taxes 466,680 1,128,082
Income taxes 139,111 404,455
----------- -----------
Net income $ 327,569 723,627
=========== ===========
Per share data:
Basic earnings per common share $ 0.03 0.06
=========== ===========
Fully diluted earnings per common share $ 0.03 0.06
=========== ===========
Weighted average number of common shares
outstanding 12,015,944 11,966,355
=========== ===========
Fully diluted number of common shares outstanding 12,056,380 12,004,973
=========== ===========
For more detailed information, please contact:
Murray S. Cohen
Chairman of the Board
James Ivchenko
President
(973) 465-9495
EPLN(.60) Epolin, Inc. Announces $0.02 Regular Annual Cash Dividend to Be Paid May 14, 2008
Wednesday, April 16 2008 1:00 PM, EST Market Wire "US Press Releases "
NEWARK, NJ -- (MARKET WIRE) -- 04/16/08 -- EPOLIN, INC. (OTCBB: EPLN) (www.epolin.com) today announced that its Board of Directors has declared a $0.02 per share regular annual cash dividend which shall be paid on May 14, 2008 to shareholders of record at the close of business on April 30, 2008 .
The Company reported that this dividend represents the third regular annual cash dividend declared by the Board of Directors pursuant to the Company's dividend policy which was announced in April 2006 . Since then, the Company has also declared two special cash dividends.
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 28, 2007 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.
For more detailed information, please contact:
Murray S. Cohen, Ph.D., Chairman of the Board
James Ivchenko, President
Greg Amato, Chief Executive Officer
(973) 465-9495
looks like a solid little company but the growth appears to be at a snails pace. i wonder if they just need the right person/people to take them to the next level.
I have been aware of this company for 4 years now...
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Corporate Profile
Epolin, Inc is a leader in the development, manufacture and sale of near infrared dyes to the laser & welding eye protection, security ink and optical filter markets. Headquartered in Newark, New Jersey, the company was founded in 1983 by a group of organic chemists determined to pursue a business built upon the development and manufacture of new molecules.
Sustained in its early years by winning Small Business Innovative Research (SBIR) and other government programs, Epolin successfully completed five projects in the area of expanding monomers and went public in 1989. In 1991 the technological direction of Epolin was refocused on our current technology; near infrared dyes.
Management:
Greg Amato, Chief Executive Officer
Dr. Murray Cohen, Chairman of the Board, Chief Scientist
James Ivchenko, President, Operations Director
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.
Outstanding Shares: 12, 266, 355
Website: www.epolin.com
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