LARGO, Fla.—Specialty contact lens supplier, Unilens Vision Inc.’s (OTCQX: UVIC) net income increased 115.3 percent to $277,636 in the fourth quarter ended June 30, 2014, when compared with net income of $128,960 during the comparable fourth quarter period of 2013, according to operating results just released by the company.

Product sales for the fourth quarter ended June 30, 2014, increased 1.7 percent to $1,614,899, compared with product sales of $1,587,926 for the previous fourth quarter ended June 30, 2013, due primarily to a 6.8 percent increase in custom soft lens sales and a 2.1 percent increase in disposable multifocal lens sales, according to the company.

Total revenue in the fourth quarter of fiscal year 2014 improved 7.7 percent to $2,212,408 compared with $2,053,402 total revenue generated during the fourth quarter of fiscal year 2013. Gross profit margins improved to 39.3 percent of sales in the fourth quarter of FY2014, versus 36.6 percent in the fourth quarter of FY2013.

For the company’s fiscal year ending June 30, 2014, Unilens reported a 14.9 percent increase in net income to $956,312 when compared with the net income of $832,626 for fiscal year 2013. Total product sales increased 2.0 percent to $6,163,396 in the 2014 fiscal year ending June 30, 2014, versus $6,042,743 in the previous fiscal year.

For the 12 months ended June 30, 2014, total revenue, including royalty income, increased 3.4 percent to $8,406,321, compared with total revenue of $8,131,756 in the previous fiscal year ended June 30, 2013.

For fiscal year 2014, gross profit margins were relatively flat at 37.8 percent of product sales, versus 38.0 percent in the previous fiscal year. The modest decrease was primarily due to one-time repair costs in the second quarter of fiscal year 2014, partially offset by manufacturing improvements implemented a year ago and changes in product mix, according to the company.

In other recent company highlights, in June 2014, the company launched its new disposable C-Vue ADDvantage Multifocal for Presbyopia contact lens in silicone hydrogel material for monthly replacement, incorporating its next generation multifocal lens design technology. Also, on Sept. 25, 2014, Unilens was upgraded for trading on the OTCQX exchange, within the OTC Markets Group, as reported by VMail.

Michael Pecora, Unilens CEO, said, “Our fourth quarter reflects a continued acceleration in royalty income from our licensee Bausch + Lomb that began in the second quarter of fiscal 2014. The 28 percent increase in royalty income in the fourth quarter outpaced the 13 percent increase in the third quarter and the 0.7 percent improvement in the second quarter.

"For the year as a whole, royalty income rose over 7 percent, which represented the first full year of royalty income growth since fiscal year 2010. We attribute the acceleration in royalty income to Bausch + Lomb's October 2013 launch of its PureVision2 for Presbyopia multifocal lens, which features the next generation multifocal design licensed from Unilens.

“Fourth quarter sales of our branded specialty contact lens products increased for the fifth consecutive quarter,” continued Pecora, “primarily due to continued robust growth of our C-Vue Advanced custom lens business as well as initial sales associated with the June 2014 launch of our C-Vue ADDvantage Multifocal for Presbyopia. We anticipate that our C-Vue ADDvantage multifocal, which incorporates our next generation multifocal technology, will continue to contribute to the company's future revenue and earnings growth.”