United-Guardian Reports First Quarter Results
13 Mai 2016 - 3:00PM
United-Guardian, Inc. (NASDAQ:UG) reported today that, as expected,
net sales for the first quarter of 2016 were down compared with
last year’s first quarter, decreasing from $4,372,393 in 2015 to
$2,262,576 in the first quarter of 2016. As a result, net income
decreased from $1,460,510 ($0.32 per share) in the first quarter of
2015 to $525,091 ($0.11 per share) for the first quarter of 2016.
Ken Globus, President of United-Guardian,
stated, “While we certainly are disappointed with the decline in
sales and earnings in the first quarter of 2016, it was not
unexpected based on the information we have been receiving from our
marketing partner in China. As we reported previously, towards the
end of 2015 we had been informed that there would be no significant
purchases of one of our Lubrajel products for shipment to China
until the third quarter 2016. This was due to (a) a regulatory
issue in China unrelated to Lubrajel but which affected some retail
products in which Lubrajel was an ingredient, and (b) overly
optimistic sales projections by some of our customers in China,
which resulted in excess inventory that had to be worked off. We
are hopeful that the resumption of purchases for the Chinese
market, along with the additional revenue we hope will be generated
by the recent introduction our new single-dose form of Renacidin®,
our most important pharmaceutical product, will result in stronger
sales and increased earnings in the second half of the year.”
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, 2016 and MARCH 31,
2015* |
|
STATEMENTS OF INCOME (UNAUDITED) |
|
|
THREE MONTHS ENDEDMARCH
31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
2,262,576 |
|
$ |
4,372,393 |
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
Cost of sales |
|
|
897,725 |
|
|
1,679,202 |
|
Operating expenses |
|
|
467,556 |
|
|
460,927 |
|
Research and development |
|
|
177,566 |
|
|
166,308 |
|
Total costs and expenses |
|
|
1,542,847 |
|
|
2,306,437 |
|
|
|
|
|
|
|
|
|
Income from
operations |
|
|
719,729 |
|
|
2,065,956 |
|
|
|
|
|
|
|
|
|
Other
income: |
|
|
|
|
|
|
|
Investment income |
|
|
43,312 |
|
|
53,454 |
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes |
|
|
763,041 |
|
|
2,119,410 |
|
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
|
237,950 |
|
|
658,900 |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
525,091 |
|
$ |
1,460,510 |
|
|
|
|
|
|
|
|
|
Earnings per
common share (Basic and
Diluted) |
|
$ |
0.11 |
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
Weighted
average shares – basic and diluted |
|
|
4,594,319 |
|
|
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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