United-Guardian Reports Year-End Earnings and Appointment of New Director
24 März 2016 - 2:00PM
United-Guardian, Inc., (NASDAQ:UG) reported today that net sales
for FY-2015 were up 4.1% over last year, increasing from
$13,449,679 in 2014 to $14,006,244 in 2015. Net income was also up,
increasing from $4,050,416 ($0.88 per share) in 2014 to $4,606,929
($1.00 per share) in 2015.
“The increase in sales and earnings for 2015 was
primarily due to very strong sales of one of our Lubrajel® products
in China during the first nine months of 2015,” said Ken Globus,
President of United-Guardian. “Due to a number of factors,
including some customers in China overestimating their inventory
requirements during the first nine months of 2015, we did not see
any significant sales of this product into China in either the
fourth quarter of 2015 or the first quarter of this year. This
negatively affected our fourth quarter 2015 sales, and is also
expected to impact our sales for the first half of 2016. We are
hoping to see a resumption of sales of this product into China in
the second half of this year.”
“On a much more positive note, we have received
FDA approval to market our new single-dose form of Renacidin®, our
proprietary urological product, and expect sales of this product to
begin around April 1st. We are hopeful that those sales, along with
the potential for additional revenue later this year from our new
line of Lubrajel 'Natural' products, as well as the expected
resumption of sales into China in the second half of the year, will
at least partially offset the expected reduction in sales in China
for the first half of 2016.”
Mr. Globus also announced that the company’s Board of Directors
has appointed Mr. S. Ari Papoulias to fill the vacancy that
resulted from the resignation of one of the Board members due to a
job conflict. Mr. Papoulias holds a Ph.D. in Chemical Engineering,
an MBA in Finance, and has extensive business and financial
experience. Mr. Papoulias will also serve on the company’s Audit
Committee.
“We are very excited to welcome Ari to our Board,” said Mr.
Globus. “We believe that his business and financial experience will
be extremely valuable to the company as we continue our efforts to
grow the business in an increasingly competitive
marketplace.”
United-Guardian is a manufacturer of cosmetic
ingredients, personal and health care products, pharmaceuticals,
and specialty industrial products.
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RESULTS FOR THE YEARS ENDED |
|
DECEMBER 31, 2015 AND DECEMBER 31, 2014 |
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STATEMENTS OF INCOME |
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Years ended December 31, |
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2015 |
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2014 |
|
|
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|
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Net sales |
$ |
14,006,244 |
|
$ |
13,449,679 |
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|
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|
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Costs and
expenses: |
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|
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|
|
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Cost of sales |
|
5,202,158 |
|
|
5,317,707 |
|
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Operating expenses |
|
1,862,290 |
|
|
1,910,585 |
|
|
Research and development |
|
648,211 |
|
|
730,412 |
|
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Total costs and expenses |
|
7,712,659 |
|
|
7,958,704 |
|
|
Income from
operations |
|
6,293,585 |
|
|
5,490,975 |
|
|
|
|
|
|
|
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Other income: |
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|
|
|
|
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Investment income |
|
332,705 |
|
|
239,592 |
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Loss from sale of asset |
|
(879 |
) |
|
--- |
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Income from damage settlement |
|
--- |
|
|
24,403 |
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Total other income |
|
331,826 |
|
|
263,995 |
|
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Income from operations
before income taxes |
|
6,625,411 |
|
|
5,754,970 |
|
|
|
|
|
|
|
|
|
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Provision for income
taxes |
|
2,018,482 |
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|
1,704,554 |
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Net income |
$ |
4,606,929 |
|
$ |
4,050,416 |
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Earnings per common share
(basic and diluted) |
$ |
1.00 |
|
$ |
.88 |
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|
|
|
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|
|
|
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Weighted average shares
(basic and diluted) |
|
4,594,319 |
|
|
4,596,439 |
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BALANCE SHEET DATA |
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December 31, |
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2015 |
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2014 |
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Current assets |
$ |
14,517,960 |
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$ |
14,663,071 |
|
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Net property, plant, and
equipment |
|
1,096,113 |
|
|
1,207,903 |
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Other asset |
|
74,118 |
|
|
68,042 |
|
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Total assets |
$ |
15,688,191 |
|
$ |
15,939,016 |
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|
|
|
|
|
|
|
|
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Current
liabilities |
$ |
988,367 |
|
$ |
974,970 |
|
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Deferred income
taxes |
|
118,010 |
|
|
227,108 |
|
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Total
Liabilities |
$ |
1,106,377 |
|
$ |
1,202,078 |
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|
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|
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Stockholders’
equity |
$ |
14,581,814 |
|
$ |
14,736,938 |
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Total liabilities and
stockholders’ equity |
$ |
15,688,191 |
|
$ |
15,939,016 |
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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.
Contact: Robert S. Rubinger
(631) 273-0900
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