United-Guardian Reports 67% Increase in Earnings
10 Mai 2018 - 3:00PM
United-Guardian, Inc. (NASDAQ:UG) reported today that net income
for the first quarter of 2018 increased by 67% and gross sales
increased by 28% compared with last year’s first quarter. Net
income for the quarter jumped from $634,435 ($0.14 per share) to
$1,059,862 ($0.23 per share), and gross sales increased from
$2,872,722 to $3,666,947.
Ken Globus, President of United-Guardian,
stated, “Our strong first quarter results were due to both
increased sales of our cosmetic ingredients, which were up 43% over
last year’s first quarter, and strong sales of our pharmaceutical
products, particularly our Renacidin® Irrigation. We are once again
receiving steady orders for one of our Lubrajel® products for sale
in China. We are also excited about the reception our new Lubrajel
Marine has received in the marketplace. Although it takes time for
new cosmetic ingredients to find their way into new cosmetic
formulations, we are optimistic that by the end of this year we
will start to see larger orders for that product as customer
formulations are finalized. We are also hopeful that our new
Renacidin web site (www.renacidin.com) and our new social media
campaign for that product, which is intended to make more patients
and physicians aware of the product and should begin shortly, will
also lead to increased sales. Based on the excellent first quarter
results, as well as strong April sales, we are optimistic that this
is going to be a strong year for us, and that the promising sales
trend we have experienced so far this year will continue.”
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
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, 2018
and MARCH 31, 2017*STATEMENTS OF INCOME
(UNAUDITED) |
|
|
|
THREE MONTHS ENDEDMARCH
31, |
|
|
2018 |
|
|
2017 |
|
Sales: |
|
|
|
|
|
|
Gross
sales |
$ |
3,666,947 |
|
$ |
2,872,722 |
|
Sales
allowances and returns |
|
(147,435 |
) |
|
(86,334 |
) |
Net Sales |
|
3,519,512 |
|
|
2,786,388 |
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
Cost of
sales |
|
1,450,931 |
|
|
1,264,096 |
|
Operating
expenses |
|
524,114 |
|
|
463,480 |
|
Research
and development |
|
101,664 |
|
|
189,729 |
|
Total costs and expenses |
|
2,076,709 |
|
|
1,917,305 |
|
Income from operations |
|
1,442,803 |
|
|
869,083 |
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
Investment income |
|
46,782 |
|
|
52,872 |
|
Unrealized loss on marketable securities |
|
(135,150 |
) |
|
--- |
|
Loss from
trade-in of equipment |
|
(12,837 |
) |
|
--- |
|
Total other (expense) income |
|
(101,205 |
) |
|
52,872 |
|
Income before provision for income
taxes |
|
1,341,598 |
|
|
921,955 |
|
|
|
|
|
|
|
|
Provision for
income taxes |
|
281,736 |
|
|
287,520 |
|
|
|
|
|
|
|
|
Net income |
$ |
1,059,862 |
|
$ |
634,435 |
|
|
|
|
|
|
|
|
Earnings per
common share (basic and
diluted) |
$ |
0.23 |
|
$ |
0.14 |
|
|
|
|
|
|
|
|
Weighted average shares
– basic and diluted |
|
4,594,319 |
|
|
4,594,319 |
|
|
|
|
|
|
|
|
* Additional financial information can be found at
the company’s web site at www.u-g.com. |
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