United-Guardian Reports Strong Nine-Month Financial Results
09 November 2017 - 3:00PM
United-Guardian, Inc. (NASDAQ:UG) reported today that net income
for the first nine months of 2017 increased by 55% compared with
the same period in 2016, with gross sales for the period increasing
by 24%. Net income for the nine-month period was $2,828,907 ($0.62
per share) on sales of $10,068,868, compared with net income of
$1,830,607 ($0.40 per share) on sales of $8,114,093 for the
comparable period last year. While gross sales for the third
quarter were down slightly from $3,567,565 to $3,304,489, net
income for the quarter was up 21% from $900,135 ($0.20 per share)
to $1,090,323 ($0.24 per share) due to lower overhead and
production costs.
Ken Globus, United-Guardian’s President, stated,
“The 55% increase in net income for the first nine months of the
year was attributable primarily to a 48% increase in sales of our
personal care products. Supplementing that increase was a 54%
increase in sales of our new single-dose form of Renacidin®, our
proprietary urological product, which was introduced to the market
in the second quarter of 2016. We are continuing to develop new
products for the personal care market, especially ingredients for
the growing “natural” products market, and we are optimistic that
we will be able to continue to increase sales of these products
over the next few years. In addition, we expect to launch our new
Renacidin web site in the next few months, which we hope will
increase awareness and sales of the product in the coming
years.”
United-Guardian is a manufacturer of cosmetic
ingredients, personal and health care products, pharmaceuticals,
and specialty industrial products.
Contact: Robert S. RubingerPublic Relations(631)
273-0900
|
STATEMENTS OF INCOME (UNAUDITED) |
|
|
THREE MONTHS ENDEDSEPTEMBER 30, |
|
NINE MONTHS ENDEDSEPTEMBER
30, |
|
2017 |
2016 |
|
2017 |
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
sales |
$ |
3,304,489 |
|
$ |
3,567,565 |
|
|
$ |
10,068,868 |
|
$ |
8,114,093 |
|
Sales
allowances and returns |
|
(126,697 |
) |
|
(109,932 |
) |
|
|
(329,937 |
) |
|
(254,719 |
) |
Net Sales |
|
3,177,792 |
|
|
3,457,633 |
|
|
|
9,738,931 |
|
|
7,859,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
1,110,806 |
|
|
1,594,198 |
|
|
|
4,042,015 |
|
|
3,499,589 |
|
Operating
expenses |
|
438,257 |
|
|
460,401 |
|
|
|
1,320,342 |
|
|
1,393,286 |
|
Research
and development |
|
159,531 |
|
|
158,593 |
|
|
|
507,535 |
|
|
494,054 |
|
Total costs and expenses |
|
1,708,594 |
|
|
2,213,192 |
|
|
|
5,869,892 |
|
|
5,386,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
1,469,198 |
|
|
1,244,441 |
|
|
|
3,869,039 |
|
|
2,472,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
114,250 |
|
|
64,644 |
|
|
|
239,918 |
|
|
190,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes |
|
1,583,448 |
|
|
1,309,085 |
|
|
|
4,108,957 |
|
|
2,663,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
493,125 |
|
|
408,950 |
|
|
|
1,280,050 |
|
|
832,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
1,090,323 |
|
$ |
900,135 |
|
|
$ |
2,828,907 |
|
$ |
1,830,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Basic and Diluted) |
$ |
0.24 |
|
$ |
0.20 |
|
|
$ |
0.62 |
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
– basic and diluted |
|
4,594,319 |
|
|
4,594,319 |
|
|
|
4,594,319 |
|
|
4,594,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
••• Additional financial information can be found
at the company’s web site at www.u-g.com. •••
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.
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