United-Guardian Reports Strong First Quarter Results
07 Mai 2014 - 3:00PM
United-Guardian, Inc. (Nasdaq:UG) reported today that both sales
and earnings were strong for the first quarter of 2014, with sales
increasing slightly over last year's first quarter. While earnings
were strong as well, they were lower than last year's first quarter
due to the ending of monthly compensation payments the company had
been receiving from one of its suppliers. As a result, earnings per
share decreased from $0.34 per share to $0.29 when compared with
the same period last year.
Ken Globus, President of United-Guardian, stated, "We are
pleased that sales of both our personal care and pharmaceutical
products were up this quarter over last year. These increases were
offset by lower sales of our medical products, but we believe this
was related more to the timing of the medical product orders rather
than any actual decline in demand. The decrease in net income was
due primarily to the ending of contractual compensation payments
that we had been receiving from our Renacidin supplier as a result
of its suspension of production in early 2013. Now that Renacidin
sales have resumed, we expect revenue from that product to more
than make up for the discontinuation of those compensation payments
as sales gradually build back up."
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 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
QUARTERS ENDED |
MARCH 31, 2014 and
MARCH 31, 2013* |
|
STATEMENTS OF
INCOME |
(UNAUDITED) |
|
|
THREE MONTHS
ENDED MARCH 31, |
|
2014 |
2013 |
|
|
|
Net sales |
$ 3,959,492 |
$ 3,952,161 |
|
|
|
Costs and expenses: |
|
|
Cost of sales |
1,432,918 |
1,411,156 |
Operating expenses |
615,642 |
561,568 |
Total costs and
expenses |
2,048,560 |
1,972,724 |
Income from
operations |
1,910,932 |
1,979,437 |
|
|
|
Other income: |
|
|
Investment income |
33,819 |
54,182 |
Income from damage
settlement |
24,402 |
292,830 |
Total other income |
58,221 |
347,012 |
|
|
|
Income before
income taxes |
1,969,153 |
2,326,449 |
|
|
|
Provision for income
taxes |
633,400 |
761,800 |
|
|
|
Net
income |
$ 1,335,753 |
$ 1,564,649 |
|
|
|
Earnings per common
share |
|
|
(Basic and Diluted) |
$ 0.29 |
$ 0.34 |
|
|
|
Weighted average shares – basic and
diluted |
4,596,439 |
4,596,439 |
* 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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