United-Guardian Reports Record Earnings
09 November 2011 - 3:00PM
United-Guardian, Inc. (Nasdaq:UG) reported today that net income
for the third quarter and first nine months of 2011 both reached
new highs, resulting in the company already having its most
profitable year ever with a full three months remaining in the
year. Earnings per share for the third quarter increased from $0.27
per share in 2010 to $0.30 per share this year, and earnings for
the first nine months of the year were up 32% from $0.62 per share
in 2010 to $0.82 per share this year.
Ken Globus, President of United, stated, "We are very pleased to
report that earnings for the first 9 months of the year have
already exceeded the earnings of any of the company's previous full
fiscal years. Although year-to-date sales were slightly lower than
last year due to supply problems with one of our pharmaceutical
products earlier in the year, we were able to recover some of our
lost profits through a financial settlement with the supplier. In
addition, we didn't have the negative impact that we had last year
when we terminated our defined benefit pension plan, which resulted
in a $0.12 reduction in our earnings last year. Meanwhile, sales of
our personal care and medical products remained strong and
continued to grow for the first nine months of the year. We
are confident that we can continue to grow these market segments as
we work with potential new customers for our medical products, and
expand our personal care products line with some of the new
products currently under development."
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 NINE MONTHS
ENDED SEPTEMBER 30, 2011 and SEPTEMBER 30, 2010
(UNAUDITED)
|
THREE MONTHS
ENDED SEPTEMBER 30, |
NINE MONTHS
ENDED SEPTEMBER 30, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Net sales |
$3,345,035 |
$3,848,393 |
$11,047,383 |
$11,159,860 |
|
|
|
|
|
Costs and expenses |
1,766,809 |
2,048,862 |
6,077,621 |
7,035,181 |
Income from
operations |
1,578,226 |
1,799,531 |
4,969,762 |
4,124,679 |
|
|
|
|
|
Other income |
458,757 |
65,954 |
608,644 |
291,100 |
Income before income
taxes |
2,036,983 |
1,865,485 |
5,578,406 |
4,415,779 |
|
|
|
|
|
Provision for income taxes |
667,700 |
621,700 |
1,818,300 |
1,451,626 |
|
|
|
|
|
Net income |
$1,369,283 |
$1,243,785 |
$3,760,106 |
$2,964,153 |
|
|
|
|
|
Earnings per common share
(Basic and
Diluted) |
$ 0.30 |
$ 0.27 |
$ 0.82 |
$0.62 |
|
|
|
|
|
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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