United-Guardian Reports Year-End Earnings
23 März 2015 - 2:00PM
United-Guardian, Inc., (Nasdaq:UG) announced today that strong
fourth quarter sales helped boost the company's earnings for the
year to $4.1 million ($0.88 per share) on sales of $13.4 million.
While earnings for the year were lower than last year's record
earnings of $5.9 million ($1.28 per share) on sales of $15.4
million, strong overseas sales in the fourth quarter helped to
offset some of the weakness the company experienced in the third
quarter of 2014.
Ken Globus, President of United-Guardian, stated, "Although
sales for the year were lower than last year due to reduced demand
in the third quarter from one of our large customers, our fourth
quarter sales rebounded significantly, increasing by 59% over the
third quarter sales. Net income for the fourth quarter more than
tripled compared with the third quarter, increasing from $411,426
($0.09 per share) to $1,401,964 ($0.30 per share). We have
continued to see strong sales into the first quarter of 2015. Our
sales into China have continued to grow, and we are working closely
with our global marketing partners to further expand the sales of
our core products, as well as to begin marketing some of the new
products we developed in 2014. Although we are seeing more
competition in the marketplace for some of our products than we did
a few years ago, we believe that by keeping our costs down,
expanding our product line, and maintaining the high level of
customer service and product quality for which we have always been
known, that we will be able to continue to increase our sales."
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, 2014 AND
DECEMBER 31, 2013 |
|
|
|
INCOME STATEMENT DATA |
|
|
|
|
|
|
Years ended December
31, |
|
2014 |
2013 |
|
|
|
Net sales |
$13,449,679 |
$15,416,893 |
|
|
|
Costs and expenses: |
|
|
Cost of sales |
5,317,707 |
5,610,813 |
Operating expenses |
2,640,997 |
2,504,526 |
Total costs and expenses |
7,958,704 |
8,115,339 |
Income from
operations |
5,490,975 |
7,301,554 |
|
|
|
Other income: |
|
|
Investment income |
239,592 |
259,747 |
Income from damage settlement |
24,403 |
1,070,561 |
Total other income |
263,995 |
1,330,308 |
Income from operations before
income taxes |
5,754,970 |
8,631,862 |
|
|
|
Provision for income taxes |
1,704,554 |
2,728,553 |
Net income |
$4,050,416 |
$5,903,309 |
|
|
|
Earnings per common share (basic and
diluted) |
$0.88 |
$1.28 |
|
|
|
Weighted average shares (basic and
diluted) |
4,596,439 |
4,596,439 |
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA |
|
|
|
|
|
|
December 31, |
|
2014 |
2013 |
|
|
|
Current assets |
$14,663,071 |
$14,307,218 |
Net property, plant, and equipment |
1,207,903 |
1,334,501 |
Other asset |
68,042 |
9,147 |
Total assets |
$15,939,016 |
$15,650,866 |
|
|
|
Current liabilities |
$974,970 |
$1,245,352 |
Deferred income taxes |
227,108 |
169,587 |
Total Liabilities |
1,202,078 |
1,414,939 |
Stockholders' equity |
14,736,938 |
14,235,927 |
Total liabilities and
stockholders' equity |
$15,939,016 |
$15,650,866 |
CONTACT: Robert S. Rubinger
(631) 273-0900
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