United-Guardian Reports Strong Third Quarter Results
09 November 2015 - 3:00PM
United-Guardian, Inc. (NASDAQ:UG) reported today that sales for the
third quarter of 2015 increased by 44%, and net income increased by
almost 200%, compared with the same period last year. Sales for the
three-month period were $3,620,365, compared with $2,516,620 for
the third quarter of 2014. Net income for the three-month period
increased to $1,217,537 ($0.26 per share) from $411,426 ($0.09 per
share) for the same period in 2014. For the nine months ended
September 30, 2015 sales increased to $12,116,849 as compared with
$9,456,248 for the same period last year (an increase of 28%), and
net income increased to $4,188,558 ($0.91 per share) from
$2,648,452 ($0.58 per share) in 2014, a 58% increase.
Ken Globus, United-Guardian's President, stated, "The
significant increases in sales and earnings for the first nine
months of 2015 have been primarily the result of strong sales of
our Lubrajel® line of products into China. Those increases in sales
more than offset sales declines in some other geographical areas,
primarily Western Europe, where the economies are still sluggish
and the dollar is very strong, both of which have impacted our
European sales. Based on projections from our marketing partner for
China, we expect that our sales into China will be significantly
lower in the fourth quarter of this year and the first quarter of
2016 than they were in the first nine months of the year, as our
marketing partner works through some high inventory levels in
China. We are anticipating that sales into China will resume
sometime in the first quarter of 2016 as new inventory is needed,
but may not reach the level of sales that we experienced in 2015.
Despite this, we still expect that both our sales and earnings for
the full year will be up substantially over 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 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.
|
STATEMENTS OF
INCOME |
(UNAUDITED) |
|
|
|
|
|
|
THREE MONTHS
ENDED |
NINE MONTHS
ENDED |
|
SEPTEMBER
30, |
SEPTEMBER
30, |
|
2015 |
2014 |
2015 |
2014 |
|
|
|
|
|
Net sales |
$ 3,620,365 |
$ 2,516,620 |
$ 12,116,849 |
$ 9,456,248 |
|
|
|
|
|
Costs and expenses: |
|
|
|
|
Cost of sales |
1,330,842 |
1,301,172 |
4,413,986 |
3,838,344 |
Operating expenses |
372,619 |
376,785 |
1,316,537 |
1,341,045 |
Research and development |
223,100 |
294,815 |
506,949 |
570,139 |
Total costs and
expenses |
1,926,561 |
1,972,772 |
6,237,472 |
5,749,528 |
Income from
operations |
1,693,804 |
543,848 |
5,879,377 |
3,706,720 |
|
|
|
|
|
Other income: |
|
|
|
|
Investment income |
74,133 |
51,078 |
200,481 |
138,830 |
Income from damage settlement |
--- |
--- |
--- |
24,402 |
Total other
income |
74,133 |
51,078 |
200,481 |
163,232 |
Income before income
taxes |
1,767,937 |
594,926 |
6,079,858 |
3,869,952 |
|
|
|
|
|
Provision for income taxes |
550,400 |
183,500 |
1,891,300 |
1,221,500 |
Net Income |
$ 1,217,537 |
$ 411,426 |
$ 4,188,558 |
$ 2,648,452 |
|
|
|
|
|
Earnings per common
share |
|
|
|
|
(Basic and Diluted) |
$ 0.26 |
$ 0.09 |
$ 0.91 |
$ 0.58 |
|
|
|
|
|
Weighted average shares – basic
and diluted |
4,596,439 |
4,596,439 |
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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