April 4, 2011 / 1:18 PM / in 7 years

UPDATE 1-Unilens cuts quarterly dividend by half

* Cuts dividend to $0.045 from $0.09

* Says Regions Bank to give 7-year credit of up to $500,000 (Adds details)

APRIL 4 - Unilens Vision Inc slashed its quarterly dividend by half, as it looks to improve its monthly cash flows from operations.

The contact lens maker also said it will make a minimum monthly principal repayment of $54,762 instead of $100,000 towards an existing loan.

It said Regions Bank, which financed the repurchase of 48 percent of its outstanding shares in January 2010, will provide it with a new seven-year credit facility of up to $500,000 for capital equipment financing.

The company had cash and cash equivalents of $418,412 and total liabilities of $6.2 million by the end of last year.

The company cut its quarterly cash dividend to 4.5 cents a share from 9 cents a share. (Reporting by Aftab Ahmed in Bangalore;Editing by Vyas Mohan)

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