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FOR IMMEDIATE RELEASE
Alfred E. Brennan, Chief Executive Officer
Arthur L. Herbst, Jr., President
Christine R. Boehning, Chief Financial Officer
(314)-344-0010, Ext. 3133
Young Innovations, Inc. Announces Results for the Year and Declares Quarterly Dividend
St. Louis, MO., February 6, 2006 Young Innovations, Inc. (NASDAQ YDNT) today announced record net income and diluted earnings per share for the year ended December 31, 2005.
Sales for the fourth quarter of 2005 were $21.6 million, a decrease of $0.5 million or 2.1% from the $22.1 million reported in the fourth quarter of 2004. Net income from continuing operations increased 0.7% to $4.1 million, compared with $4.1 million in the fourth quarter of 2004. Diluted earnings per share from continuing operations increased 2.3% in the fourth quarter of 2005 to $0.45 from $0.44 in the prior year quarter.
Sales for the year ended December 31, 2005 were $84.8 million, up 7.0% from $79.2 million in the prior year. Net income from continuing operations for fiscal year 2005 was $15.3 million, up 16.8% from $13.1 million in the prior year. Diluted earnings per share from continuing operations were $1.65 for the twelve months ended December 31, 2005, an increase of 17.9% from $1.40 in 2004. The results for the 12 months ended December 31, 2005 include a tax benefit of $0.3 million or $.03 per share recognized in the third quarter of 2005.
The decline in sales in the fourth quarter was primarily attributable to two issues: 1) the suspension in the third quarter of manufacturing and sales of certain chemical products, which account for approximately $2.4 million in annual sales, and 2) a drop off in sales of diagnostic equipment in the last month of the fourth quarter. The Company generated positive earnings growth as a result of solid expense control and reduced management compensation consistent with our results.
We plan to begin to re-introduce the currently suspended fluoride products in the third quarter of 2006. Accordingly, sales and earnings growth are expected to be stronger in the second half of the year. We also expect sales trends of diagnostic products to return to historical levels.
The following information was filed by Young Innovations Inc (YDNT) on Tuesday, February 7, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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