United-Guardian Reports Third Quarter Financial Results
08 November 2018 - 3:00PM
United-Guardian, Inc. (NASDAQ:UG) reported today that net income
for both the third quarter and the first nine months of 2018
increased over the comparable periods in 2017, with third quarter
net income rising from $1,090,323 ($0.24 per share) to $1,316,524
($0.29 per share), and net income for the first nine months
increasing from $2,828,907 ($0.62 per share) to $3,769,048 ($0.82
per share). Gross sales increased from $3,304,489 to $3,599,530 for
the third quarter, and from $10,068,868 to $11,407,876 for the
nine-month period.
Ken Globus, President of United-Guardian,
stated, “With increased sales of our cosmetic ingredients, along
with higher sales of Renacidin® Irrigating Solution, our most
important pharmaceutical product, we have been able to maintain the
steady increase in sales that we have experienced so far this year.
Sales of our personal care products, in particular our Lubrajel®
line of water-based moisturizers and lubricants, increased by 14%
for the third quarter and 17% for the first nine months of the
year, with sales to our largest marketing partner, Ashland
Specialty Ingredients, increasing by 35% for the third quarter and
23% for the nine-month period. Those increases were partially
offset by a reduction in sales to Korea, a situation that we are
currently addressing. We remain optimistic that we will be able to
continue to increase our sales by working closely with our
marketing partners to expand the marketing of our current line of
cosmetic ingredients, and by bringing to market some of the new
cosmetic ingredients that are currently under development. Those
efforts, along with our new web-based marketing efforts for
Renacidin, should enable us to continue to increase our sales 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. Rubinger
Public 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 SEPTEMBER
30, 2018 and SEPTEMBER 30, 2017*STATEMENTS OF INCOME
(UNAUDITED) |
|
THREE MONTHS ENDED SEPTEMBER
30, |
NINE MONTHS ENDED
SEPTEMBER 30, |
|
2018 |
2017 |
2018 |
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Gross sales |
$ |
3,599,530 |
|
$ |
3,304,489 |
|
$ |
11,407,876 |
|
$ |
10,068,868 |
|
Sales allowances
and returns |
|
(185,528 |
) |
|
(126,697 |
) |
|
(515,144 |
) |
|
(329,937 |
) |
Net sales |
|
3,414,002 |
|
|
3,177,792 |
|
|
10,892,732 |
|
|
9,738,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
1,267,076 |
|
|
1,110,806 |
|
|
4,328,180 |
|
|
4,042,015 |
|
Operating
expenses |
|
519,330 |
|
|
438,257 |
|
|
1,577,864 |
|
|
1,320,342 |
|
Research
and development |
|
98,301 |
|
|
159,531 |
|
|
291,250 |
|
|
507,535 |
|
Total costs and expenses |
|
1,884,707 |
|
|
1,708,594 |
|
|
6,197,294 |
|
|
5,869,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
1,529,295 |
|
|
1,469,198 |
|
|
4,695,438 |
|
|
3,869,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
38,048 |
|
|
64,054 |
|
|
142,607 |
|
|
185,616 |
|
Unrealized loss on
marketable securities |
|
(16,183 |
) |
|
--- |
|
|
(56,313 |
) |
|
--- |
|
Realized gain on
marketable securities |
|
115,328 |
|
|
50,196 |
|
|
2,052 |
|
|
54,302 |
|
Loss on trade-in of
equipment |
|
--- |
|
|
--- |
|
|
(12,837 |
) |
|
--- |
|
Total
other income (expense) |
|
137,193 |
|
|
114,250 |
|
|
75,509 |
|
|
239,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes |
|
1,666,488 |
|
|
1,583,448 |
|
|
4,770,947 |
|
|
4,108,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
349,964 |
|
|
493,125 |
|
|
1,001,899 |
|
|
1,280,050 |
|
|
Net income |
$ |
1,316,524 |
|
$ |
1,090,323 |
|
$ |
3,769,048 |
|
$ |
2,828,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share (Basic and
Diluted) |
$ |
0.29 |
|
$ |
0.24 |
|
$ |
0.82 |
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
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