United-Guardian Reports Record Six-Month Sales
10 August 2010 - 3:30PM
United-Guardian, Inc. (Nasdaq:UG) reported today that sales for the
first six months of 2010 exceeded $7.3 million, the highest
six-month sales period in the Company's history and a 6% increase
over the first six months of 2009. The Company also posted its
highest second quarter revenue figure ever at $3.7 million, an
increase of 25% over the second quarter of last year. A one-time
pension termination expense caused earnings to be slightly lower
than last year, with earnings per share of $0.35 for the first six
months of 2010 compared with $0.39 for the comparable period last
year.
Ken Globus, President of United-Guardian, stated, "In July the
Company finally terminated its burdensome defined benefit pension
plan, which resulted in a one-time charge to earnings of $0.12 per
share for the second quarter. Had it not been for this one-time
expense, earnings for the quarter would have been $0.25 per share,
which would have represented an increase of over 60% compared with
last year's second quarter, and earnings for the six-month period
would have been $0.46 per share, which would have been an 18%
increase over last year. Now that the plan has been terminated and
this one-time expense is behind us, the costs and administrative
burdens associated with maintaining the defined benefit pension
plan will soon be eliminated. With very strong sales in July
and an excellent start to August, we are confident that we will
continue to have a very profitable year."
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 SIX AND
THREE MONTHS ENDED JUNE 30, 2010 and JUNE 30, 2009 |
(UNAUDITED) |
|
|
SIX MONTHS ENDED JUNE
30, |
THREE MONTHS
ENDED JUNE 30, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Net sales |
$ 7,311,467 |
$ 6,888,287 |
$ 3,734,552 |
$ 2,993,144 |
|
|
|
|
|
Costs and expenses: |
|
|
|
|
Cost of sales |
2,811,946 |
2,819,916 |
1,397,379 |
1,273,597 |
Operating expenses |
1,326,629 |
1,397,382 |
708,580 |
687,397 |
Pension plan termination |
847,744 |
-- |
847,744 |
-- |
|
4,986,319 |
4,217,298 |
2,953,703 |
1,960,994 |
Income from
operations |
2,325,148 |
2,670,989 |
780,849 |
1,032,150 |
|
|
|
|
|
Other income: |
|
|
|
|
Investment income |
225,146 |
185,083 |
132,876 |
93,481 |
|
|
|
|
|
Income from operations before
income taxes |
2,550,294 |
2,856,072 |
913,725 |
1,125,631 |
|
|
|
|
|
Provision for income taxes |
829,926 |
945,400 |
289,201 |
370,200 |
|
|
|
|
|
Net Income |
$ 1,720,368 |
$ 1,910,672 |
$ 624,524 |
$ 755,431 |
|
|
|
|
|
Earnings per common share
(Basic and Diluted) |
$ 0.35 |
$ 0.39 |
$ 0.13 |
$ 0.15 |
|
|
|
|
|
Weighted average shares – basic and
diluted |
4,882,627 |
4,946,439 |
4,819,516 |
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
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