United-Guardian Reports Record Sales & Earnings
24 März 2014 - 2:00PM
United-Guardian, Inc., (Nasdaq:UG) announced today that both
earnings and sales set new company records in FY-2013. Earnings for
the year were $5.9 million ($1.28 per share) on sales of $15.4
million, compared with earnings of $4.8 million ($1.05 per share)
on sales of $13.8 million in 2012. This represents a 22% increase
in earnings, and a 12% increase in sales, compared with 2012.
Ken Globus, President of United-Guardian, stated, "The increase
in sales and earnings in 2013 was primarily the result of a
significant increase in sales of our cosmetic ingredients,
primarily our extensive Lubrajel™ line of water-based moisturizers
and lubricants. Sales of those products increased by 21% in 2013,
with sales in China alone increasing by over 40% compared with
2012. Attaining these record levels of sales and earnings was
especially satisfying because we were able to do so despite having
no sales of our most important pharmaceutical product, Renacidin™
Irrigation, until the last two months of the year, due to supply
problems. Those problems have now been resolved, and we expect to
have full product availability this year. As a result of the
renewed sales of Renacidin, along with our planned introduction of
some new personal care products and our continuing efforts to
expand the sales of our existing personal care products, we are
looking forward to another strong year in 2014."
United-Guardian is a manufacturer of cosmetic ingredients,
personal and health care products, pharmaceuticals, and specialty
industrial products.
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.
RESULTS FOR THE YEARS
ENDED |
DECEMBER 31, 2013 AND
DECEMBER 31, 2012 |
|
|
|
INCOME STATEMENT
DATA |
|
|
|
|
|
|
Years
ended December 31, |
|
2013 |
2012 |
|
|
|
Net sales |
$ 15,416,893 |
$ 13,825,764 |
|
|
|
Costs and expenses: |
|
|
Cost of sales |
5,610,813 |
5,218,959 |
Operating
expenses |
2,504,526 |
2,508,334 |
Total costs and
expenses |
8,115,339 |
7,727,293 |
Income from operations |
7,301,554 |
6,098,471 |
|
|
|
Other income (expense): |
|
|
Investment
income |
259,747 |
325,017 |
(Loss) on sale of
assets |
--- |
(14,861) |
Income from damage
settlement |
1,070,561 |
518,050 |
|
|
|
Total other
income, net |
1,330,308 |
828,206 |
Income
from operations before income taxes |
8,631,862 |
6,926,677 |
|
|
|
Provision for income taxes |
2,728,553 |
2,095,897 |
Net
income |
$ 5,903,309 |
$ 4,830,780 |
|
|
|
Earnings per common share (basic and
diluted) |
$ 1.28 |
$ 1.05 |
|
|
|
Weighted average shares (basic and
diluted) |
4,596,439 |
4,596,439 |
|
|
|
|
|
|
BALANCE SHEET DATA |
|
|
|
|
|
|
December 31, |
|
2013 |
2012 |
|
|
|
Current assets |
$ 14,307,218 |
$ 12,623,403 |
Property, plant, and equipment (net of
accumulated depreciation) |
1,334,501 |
1,235,863 |
Other asset |
9,147 |
--- |
Total
assets |
$ 15,650,866 |
$ 13,859,266 |
|
|
|
Current liabilities |
$ 1,245,352 |
$ 827,508 |
Deferred income taxes |
169,587 |
193,740 |
Total
Liabilities |
1,414,939 |
1,021,248 |
|
|
|
Stockholders' equity |
14,235,927 |
12,838,018 |
Total liabilities and
stockholders' equity |
$ 15,650,866 |
$ 13,859,266 |
|
|
|
CONTACT: Robert S. Rubinger
(631) 273-0900
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