Opt-Sciences Corporation Reports Fiscal Year 2011 Results

January 30, 2012

Opt-Sciences Corporation (OTCQB: OPST.PK) reported net sales for its fiscal year ended October 29, 2011 increased 20.8% to $5.92 million compared to $$4.9 million during fiscal 2010.  The increase in sales is primarily related to an improvement in demand for the company’s products as a result of a reversal in the decline of the commercial jet market.

Net income for fiscal 2011 was up 87% to $863 thousand or $1.11 per share versus net income of $461 thousand or $0.59 per share during fiscal 2010.  Net income benefited from better operating efficiencies combined with an improvement in overall sales.  The company also reported a 247% increase in other income to $261 thousand compared to $75 thousand in fiscal 2010 as a result of a substantial investment in income securities during the second quarter of fiscal 2011.

At the end of fiscal 2011, the balance sheet reflected cash/cash equivalents of $1.75 million, current assets of $11.2 million (including $7.62 million in marketable securities), total assets of $12.02 million and total liabilities of only $538 thousand.  Stockholders’ equity increased 7.3% to $11.49 million during fiscal 2011 compared to $10.71 million at the end of fiscal 2010.

Opt-Sciences Corporation provides anti-glare solutions on glass primarily to cover instrument panels in aircraft cockpits.  The company also provides other services such as full glass cutting, grinding and painting operations to augment the optical coating operations.

Source: Opt-Sciences Corporation

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