United-Guardian Reports Record Financial Results
24 März 2011 - 2:00PM
United-Guardian, Inc. (Nasdaq:UG) reported today that revenue and
earnings per share both reached record levels in 2010, with sales
increasing 3.4% from $13,276,984 to $13,723,074, and earnings per
share increasing from $0.78 to $0.80. Income from operations was
down slightly due to a one-time pension termination expense.
Ken Globus, President of United-Guardian, stated, "We are very
pleased with our financial results for 2010, with both revenue and
earnings per share reaching new highs. Had it not been for a
one-time pension termination expense of approximately $0.12 per
share that we incurred in the second quarter of the year, our
earnings per share would have been up by about 18% over last year.
The termination of that plan will eliminate a financial burden that
we have been under for many years. We were also pleased that
International Specialty Products, our largest marketing partner,
reported a 14% increase in its sales of our personal care products
last year. We are optimistic that we will be able to continue
to increase sales as our marketing partners continue their efforts
to market our personal care products and we continue to see demand
for our medical lubricants, which we believe will be a growth area
for us in the coming years."
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 Registrant's 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.
United-Guardian,
Inc. |
|
RESULTS FOR THE YEARS
ENDED |
DECEMBER 31, 2010 AND
DECEMBER 31, 2009 |
|
INCOME STATEMENT
DATA |
|
|
Years ended December
31, |
|
|
2010 |
2009 |
|
|
|
Net sales |
$ 13,723,074 |
$ 13,276,984 |
|
|
|
Costs and expenses: |
|
|
Cost of sales |
5,250,121 |
5,324,257 |
Operating expenses |
2,567,395 |
2,608,478 |
Pension plan termination |
847,744 |
-- |
|
8,665,260 |
7,932,735 |
Income from operations |
5,057,814 |
5,344,249 |
|
|
|
Other income: |
455,786 |
395,681 |
|
|
|
Income from operations before income
taxes |
5,513,600 |
5,739,930 |
|
|
|
Provision for income taxes |
1,713,908 |
1,860,967 |
Net income |
$ 3,799,692 |
$ 3,878,963 |
|
|
|
Earnings per common share (basic and
diluted) |
$ .80 |
$ .78 |
|
|
|
Weighted average shares (basic and
diluted) |
4,738,357 |
4,946,439 |
|
BALANCE SHEET
DATA |
|
December 31 |
|
2010 |
2009 |
|
|
|
Current assets |
$ 12,790,235 |
$ 17,656,565 |
Property, plant, and
equipment (net) |
1,209,160 |
946,711 |
Other assets |
75,344 |
113,016 |
Total assets |
$ 14,074,739 |
$ 18,716,292 |
|
|
|
Current liabilities |
$ 1,024,240 |
$ 2,920,674 |
Deferred income taxes |
3,626 |
138,007 |
Total liabilities |
$ 1,027,866 |
$ 3,058,681 |
|
|
|
Stockholders' equity |
$ 13,046,873 |
$ 15,657,611 |
Total liabilities and
stockholders' equity |
$ 14,074,739 |
$ 18,716,292 |
CONTACT: Robert S. Rubinger
(631) 273-0900
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