United-Guardian Reports 2016 Year-End Earnings
23 März 2017 - 2:00PM
United-Guardian, Inc., (NASDAQ:UG) reported FY-2016 net income of
$2,581,142 ($0.56 per share) on net sales of $10,776,867, as
compared with net income of $4,606,929 ($1.00 per share) on net
sales of $14,006,244 in 2015.
Ken Globus, President of United-Guardian, stated,
“Our revenue for the first eight months of 2016 was negatively
impacted by a regulatory issue in China that was unrelated to our
product but caused a significant overstock situation for one of our
products in China. That regulatory issue and overstock situation
have been resolved, and shipments to China resumed in September. As
a result, we are anticipating an increase in China sales in 2017.
We began selling our new single-dose form of Renacidin® Irrigation,
our most important pharmaceutical product, in April 2016, and we
believe that sales of that product will increase as the year
progresses. We are also very excited about our latest cosmetic
ingredient, Lubrajel® Marine, which is being launched globally by
ASI, our largest marketing partner, at the international
In-Cosmetics conference in London in April. We are hopeful that
this product will begin to contribute to our sales by the end of
2017, and that this new addition to our product line, along with
the resumption of sales into China and the anticipated increase in
Renacidin sales, will result in a stronger and more profitable year
for us in 2017.”
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 the company'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.
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RESULTS FOR THE YEARS ENDED |
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DECEMBER 31, 2016 AND DECEMBER 31,
2015 |
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STATEMENTS OF INCOME |
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Years ended December 31, |
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2016 |
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2015 |
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Net sales |
$ |
10,776,867 |
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$ |
14,006,244 |
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Costs and
expenses: |
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Cost of
sales |
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4,882,644 |
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5,202,158 |
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Operating
expenses |
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1,852,833 |
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1,862,290 |
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Research
and development |
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651,828 |
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648,211 |
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Total
costs and expenses |
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7,387,305 |
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7,712,659 |
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Income from
operations |
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3,389,562 |
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6,293,585 |
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Other income
(expense): |
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Investment income |
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306,505 |
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332,705 |
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Loss from
sale of asset |
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--- |
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(879 |
) |
Total
other income |
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306,505 |
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331,826 |
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Income from operations before provision for |
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3,696,067 |
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6,625,411 |
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income taxes |
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Provision for income
taxes |
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1,114,925 |
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2,018,482 |
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Net income |
$ |
2,581,142 |
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$ |
4,606,929 |
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Earnings per common
share (basic and diluted) |
$ |
0.56 |
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$ |
1.00 |
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Weighted average shares
(basic and diluted) |
|
4,594,319 |
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4,594,319 |
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BALANCE SHEET DATA |
(condensed) |
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December 31, |
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2016 |
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2015 |
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Current assets |
$ |
13,968,689 |
$ |
14,517,960 |
Net property, plant,
and equipment |
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1,090,591 |
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1,096,113 |
Other asset(s)
(net) |
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59,295 |
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74,118 |
Total assets |
$ |
15,118,575 |
$ |
15,688,191 |
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Current
liabilities |
$ |
1,045,951 |
$ |
988,367 |
Deferred income
taxes |
|
252,135 |
|
118,010 |
Total Liabilities |
$ |
1,298,086 |
$ |
1,106,377 |
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$ |
13,820,489 |
$ |
14,581,814 |
Stockholders’
equity |
Total liabilities and stockholders’ equity |
$ |
15,118,575 |
$ |
15,688,191 |
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Contact: Robert S. Rubinger
(631) 273-0900
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