United-Guardian Reports Record Sales and Earnings
09 August 2011 - 3:00PM
United-Guardian, Inc. (Nasdaq:UG) reported today that, for the
first time in the company's history, quarterly sales exceeded $4
million, increasing by $325,747 (8.7%) over last year's second
quarter, with earnings matching the previous quarterly record high
of $0.27 per share. For the first six months of the year net income
was up 39% over the first six months of 2010 on sales of $7.7
million.
Ken Globus, President of United-Guardian, stated, "We are very
pleased to report that earnings for the first half of 2011 reached
a new high of $0.52 per share. This was primarily the result of a
significant increase this year in demand for our personal care
products. We also resumed sales of our most important
pharmaceutical product, RENACIDIN IRRIGATION, which had been
temporarily suspended for several months due to supply problems.
Those problems have now been resolved, and the resumption of these
sales, along with the strong demand for our personal care products,
has resulted in our reaching quarterly sales of over $4 million for
the first time ever. With some exciting new products under
development we expect our sales to continue to increase, and we
remain optimistic that this will be our best year ever, despite the
continuing worldwide economic problems."
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 THREE
AND SIX MONTHS ENDED |
JUNE 30, 2011 and JUNE
30, 2010 |
(UNAUDITED) |
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED |
SIX MONTHS
ENDED |
|
JUNE
30, |
JUNE
30, |
|
2011 |
2010 |
|
|
2011 |
2010 |
|
|
|
|
|
|
|
Net sales |
$ 4,060,299 |
$ 3,734,552 |
|
|
$ 7,702,348 |
$ 7,311,467 |
|
|
|
|
|
|
|
Costs and expenses |
2,329,076 |
2,953,703 |
|
|
4,310,812 |
4,986,319 |
|
|
|
|
|
|
|
Income from
operations |
1,731,223 |
780,849 |
|
|
3,391,536 |
2,325,148 |
|
|
|
|
|
|
|
Other income |
83,817 |
132,876 |
|
|
149,887 |
225,146 |
|
|
|
|
|
|
|
Income before income
taxes |
1,815,040 |
913,725 |
|
|
3,541,423 |
2,550,294 |
|
|
|
|
|
|
|
Provision for income taxes |
590,400 |
289,201 |
|
|
1,150,600 |
829,926 |
|
|
|
|
|
|
|
Net Income |
$ 1,224,640 |
$ 624,524 |
|
|
$ 2,390,823 |
$ 1,720,368 |
|
|
|
|
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|
Earnings per common
share |
|
|
|
|
|
|
(Basic and Diluted) |
$ 0.27 |
$ 0.13 |
|
|
$ 0.52 |
$ 0.35 |
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|
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|
Weighted average shares – basic and
diluted |
4,596,439 |
4,819,516 |
|
|
4,596,439 |
4,882,627 |
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** Additional financial
information can be found at the company's web site at
www.u-g.com.** |
|
CONTACT: Robert S. Rubinger
Public Relations
(631) 273-0900
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