United-Guardian Reports Strong First Quarter Earnings
06 Mai 2010 - 6:37PM
United-Guardian, Inc. (Nasdaq:UG) today reported that earnings for
the first quarter of 2010 came in at a very strong $0.22 per share,
just $0.01 short of the company's record quarterly earnings. Sales
for the quarter were down from $3,895,143 to $3,576,915, which was
due primarily to a temporary decrease in sales to one of the
company's medical products customers. Those sales are expected to
return to normal levels during the rest of the year.
Ken Globus, President of United-Guardian, stated, "We are very
pleased to report another very profitable quarter, with earnings
reaching near-record levels. We did experience a decline in sales
due to a temporary suspension of purchases of one of our medical
products by a customer that had made unusually large purchases in
the first half of 2009. That had been done in order to build-up
inventory prior to relocating its manufacturing facility. Sales to
that customer have now resumed, and are expected to resume normal
levels during the remainder of the year."
Mr. Globus continued, "We have begun to see increased demand for
our personal care ingredients coming from Europe, and expect this
to continue as the European economies improve. We are also
experiencing a continuing increase in sales of our medical
lubricants, with Asia expected to be a growing market for us."
United-Guardian is a manufacturer of cosmetic ingredients,
personal and health care products, pharmaceuticals, and specialty
industrial products.
The United-Guardian, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6000
NOTE: This press release contains both historical
and "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements
about the company's expectations or beliefs concerning future
events, such as financial performance, business prospects, and
similar matters, are being made in reliance upon the "safe harbor"
provisions of that Act. Such statements are subject to a variety of
factors that could cause our actual results or performance to
differ materially from the anticipated results or performance
expressed or implied by such forward-looking statements. For
further information about the risks and uncertainties that may
affect the company's business please refer to the company's reports
and filings with the Securities and Exchange Commission.
RESULTS FOR THE FIRST QUARTER ENDED
|
MARCH 31, 2010 and MARCH 31, 2009
|
|
|
|
THREE MONTHS ENDED
|
|
MARCH 31,
|
|
2010
|
2009
|
|
|
|
Net sales
|
$3,576,915
|
$3,895,143
|
Costs and expenses
|
2,032,616
|
2,256,304
|
Income from operations
|
1,544,299
|
1,638,839
|
Other income
|
92,270
|
91,602
|
Income from operations before income taxes
|
1,636,569
|
1,730,441
|
Provision for income taxes
|
540,725
|
575,200
|
Net Income
|
$1,095,844
|
$1,155,241
|
Earnings per common share (basic and
diluted):
|
$.22
|
$.23
|
Weighted average shares – basic and diluted
|
4,946,439
|
4,946,439
|
** Additional financial information can be found at the
company's web site at www.u-g.com.**
CONTACT: United-Guardian, Inc.
Public Relations
Robert S. Rubinger
(631) 273-0900
![company logo](http://media.primezone.com/cache/11199/small/6696.jpg)
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