United-Guardian Reports Higher 2017 Sales & Earnings
22 März 2018 - 2:00PM
United-Guardian, Inc., (NASDAQ:UG) reported today that net income
for FY-2017 increased by 49% over the previous year, rising from
$2,581,142 ($0.56 per share) in 2016 to $3,844,290 ($0.84 per
share) in 2017. Sales for the year were up from $11,144,462 in 2016
to $13,434,460 in 2017, an increase of 21%.
Ken Globus, President of United-Guardian,
stated, “We had a significant increase in both sales and earnings
in 2017, which was the result of both a 40% increase in sales of
our cosmetic ingredients and an 18% increase in sales of our most
important pharmaceutical product, Renacidin® Irrigation. The
increase in sales of our cosmetic ingredients was due primarily to
renewed sales of one of our Lubrajel® products in China, and the
increase in Renacidin sales was mainly the result of this being the
first full fiscal year of sales of our new single-dose form of that
product. We have retained a web consultant to assist us in
expanding our marketing efforts for Renacidin via our new Renacidin
web site (www.renacidin.com). With some of our new “natural”
cosmetic ingredients being actively promoted globally right now, as
well as additional “natural” products in varying stages of
development, we are optimistic that we will be able to further
expand sales of both our cosmetic ingredients and Renacidin as the
year progresses.”
United-Guardian is a manufacturer of cosmetic
ingredients, personal and health care products, pharmaceuticals,
and specialty industrial products.
Contact: Robert S. Rubinger(631) 273-0900
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.
FINANCIAL RESULTS FOR THE YEARS
ENDEDDECEMBER 31, 2017 AND DECEMBER 31,
2016
STATEMENTS OF INCOME
|
|
Years ended December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
Sales: |
|
|
|
|
|
|
Gross
Sales |
$ |
13,434,460 |
|
$ |
11,144,462 |
|
Sales
allowances and returns |
|
(466,255 |
) |
|
(367,595 |
) |
Net sales |
|
12,968,205 |
|
|
10,776,867 |
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
Cost of
sales |
|
5,301,352 |
|
|
4,882,644 |
|
Operating
expenses |
|
1,785,160 |
|
|
1,852,833 |
|
Research
and development |
|
646,079 |
|
|
651,828 |
|
Total costs and expenses |
|
7,732,591 |
|
|
7,387,305 |
|
Income from operations |
|
5,235,614 |
|
|
3,389,562 |
|
|
|
|
|
|
|
|
Investment
income |
|
315,165 |
|
|
306,505 |
|
Income before provision for income taxes |
|
5,550,779 |
|
|
3,696,067 |
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
1,706,489 |
|
|
1,114,925 |
|
Net income |
$ |
3,844,290 |
|
$ |
2,581,142 |
|
|
|
|
|
|
|
|
Earnings per common
share (basic and diluted) |
$ |
0.84 |
|
$ |
0.56 |
|
|
|
|
|
|
|
|
Weighted average shares
(basic and diluted) |
|
4,594,319 |
|
|
4,594,319 |
|
|
|
|
|
|
|
|
BALANCE SHEET
DATA(condensed)
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
Current assets |
$ |
11,850,522 |
|
$ |
13,714,172 |
|
Net property, plant,
and equipment |
|
942,887 |
|
|
1,090,591 |
|
Deferred income taxes
(net) |
|
--- |
|
|
2,382 |
|
Other assets (net) |
|
59,471 |
|
|
59,295 |
|
Total assets |
|
12,852,880 |
|
|
14,866,440 |
|
|
|
|
|
|
|
|
Current
liabilities |
|
1,422,383 |
|
|
1,045,951 |
|
Deferred income
taxes (net) |
|
33,855 |
|
|
--- |
|
Total Liabilities |
|
1,456,238 |
|
|
1,045,951 |
|
Stockholders’
equity |
|
11,396,642 |
|
|
13,820,489 |
|
Total liabilities and stockholders’ equity |
$ |
12,852,880 |
|
$ |
14,866,440 |
|
|
|
|
|
|
|
|
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