United-Guardian Reports Record Sales and Earnings
26 März 2012 - 3:00PM
United-Guardian, Inc., (Nasdaq:UG) reported today that sales and
earnings for 2011 both set record highs for the company, continuing
the trend that has been established over the past few years. For
the first time in the company's history sales exceeded $14 million
and earnings topped $1.00 a share. Sales for the year were
$14,338,512 compared with $13,723,074 in 2010, an increase of 4.5%,
and earnings reached $1.03 per share compared with $0.80 in 2010,
an increase of 28.8%.
Ken Globus, President of United-Guardian, stated, "Fiscal year
2011 was a very strong and profitable one for us, with sales of our
personal care products, in particular our cosmetic ingredients,
increasing 10% over last year. In addition, sales of our
non-pharmaceutical medical products, a growing market for us,
increased 11% compared with 2010. We also did not have the
financial burden of the discontinuation of our defined benefit
pension plan, which negatively affected our earnings in
2010. With some new and exciting products slated for marketing
in 2012 we are confident that we will be able to continue to
increase our sales and earnings, both by steadily increasing our
global market penetration, and by introducing new and unique
products into the personal care and medical products markets."
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, 2011 AND
DECEMBER 31, 2010 |
|
|
|
INCOME STATEMENT
DATA |
|
|
|
|
|
|
Years ended December
31, |
|
2011 |
2010 |
|
|
|
Net sales |
$14,338,512 |
$13,723,074 |
|
|
|
Costs and expenses: |
|
|
Cost of sales |
5,650,160 |
5,250,121 |
Operating
expenses |
2,552,790 |
2,567,395 |
Pension plan termination |
--- |
847,744 |
Total costs and expenses |
8,202,950 |
8,665,260 |
Income from
operations |
6,135,562 |
5,057,814 |
|
|
|
Other income: |
|
|
Investment
income |
332,652 |
455,786 |
Gain on sale of
assets |
18,251 |
--- |
Income from damage
settlement |
385,182 |
--- |
Total other income |
736,085 |
455,786 |
Income from operations
before income taxes |
6,871,647 |
5,513,600 |
|
|
|
Provision for income taxes |
2,155,117 |
1,713,908 |
Net
income |
$ 4,716,530 |
$ 3,799,692 |
|
|
|
Earnings per common share (basic and
diluted) |
$ 1.03 |
$ .80 |
|
|
|
Weighted average shares (basic and
diluted) |
4,596,439 |
4,738,357 |
|
|
|
BALANCE SHEET
DATA |
|
|
|
|
|
|
December
31, |
|
2011 |
2010 |
|
|
|
Current assets |
$ 13,972,796 |
$ 12,790,235 |
Property, plant, and equipment (net of
accumulated depreciation) |
1,245,487 |
1,209,160 |
Other asset |
37,672 |
75,344 |
Total
assets |
$ 15,255,955 |
$ 14,074,739 |
|
|
|
Current liabilities |
$ 1,077,348 |
$ 1,024,240 |
Deferred income taxes |
64,578 |
3,626 |
Total
Liabilities |
1,141,926 |
1,027,866 |
|
|
|
Stockholders' equity |
14,114,029 |
13,046,873 |
Total liabilities and
stockholders' equity |
$ 15,255,955 |
$ 14,074,739 |
CONTACT: Robert S. Rubinger
(631) 273-0900
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