United-Guardian Reports Increase in Sales & Earnings
21 März 2019 - 2:00PM
United-Guardian, Inc., (NASDAQ:UG) announced today that both sales
and earnings increased in 2018, with gross sales increasing by 8%
and earnings increasing by 13% over 2017. Net income for the year
was $4,352,331 ($0.95 per share) on sales of $14,458,055, compared
with net income of $3,844,290 ($0.84 per share) on sales of
$13,434,460 in 2017.
Ken Globus, President of United-Guardian,
stated, “Because the ongoing trade issues with China have not
impacted sales of our cosmetic ingredients in China to date, those
sales were very strong in 2018, and contributed significantly to
the 10% increase in sales of our personal care products in 2018. We
were able to accomplish this despite increased competition in both
China and Europe from lower-cost Asian competitors. We continue to
believe that our reputation for producing high-quality products,
along with our extensive experience in formulating and
manufacturing innovative ingredients for the cosmetic industry,
will enable us to continue our strong sales in Asia despite the
increased competition. We are continuing to work closely with our
global marketing partners to add innovative new products to our
personal care product line, such as our growing portfolio of
“natural” cosmetic ingredients. We are also working closely with
our internet marketing consultant to increase patient and physician
awareness of our most important pharmaceutical product, Renacidin®
Irrigation, and over the past few months we have seen a significant
increase in the number of visits to our new Renacidin.com website.
We remain optimistic that our continuing efforts to expand our
personal care product line, along with our new Renacidin marketing
campaign, will result in another profitable year in 2019.”
United-Guardian is a manufacturer of cosmetic
ingredients, personal and health care products, pharmaceuticals,
and specialty industrial products.
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Contact: |
Robert S. Rubinger |
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(631) 273-0900 |
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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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FINANCIAL RESULTS FOR THE YEARS
ENDED |
DECEMBER 31, 2018 AND DECEMBER 31,
2017 |
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STATEMENTS OF INCOME |
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Years ended December 31, |
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2018 |
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2017 |
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Sales: |
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Gross
sales |
$ |
14,458,055 |
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$ |
13,434,460 |
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Sales
allowances and returns |
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(688,654 |
) |
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(466,255 |
) |
Net
sales |
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13,769,401 |
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12,968,205 |
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Costs and
expenses: |
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Cost of
sales |
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5,667,295 |
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5,301,352 |
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Operating
expenses |
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2,122,746 |
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1,785,160 |
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Research
and development |
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399,517 |
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646,079 |
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Total costs and expenses |
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8,189,558 |
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7,732,591 |
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Income from operations |
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5,579,843 |
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5,235,614 |
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Other (expense)
income: |
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Investment income |
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231,986 |
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281,868 |
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Net (loss) gain on
marketable securities |
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(333,138 |
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33,297 |
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Loss on trade-in of
equipment |
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(12,837 |
) |
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---- |
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Total other (expense) income |
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(113,989 |
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315,165 |
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Income before
provision for income taxes |
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5,465,854 |
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5,550,779 |
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Provision for income
taxes |
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1,113,523 |
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1,706,489 |
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Net income |
$ |
4,352,331 |
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$ |
3,844,290 |
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Earnings per common
share (basic and diluted) |
$ |
0.95 |
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$ |
0.84 |
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BALANCE SHEET DATA |
(condensed) |
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December 31, |
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2018 |
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2017 |
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Current assets |
$ |
11,687,100 |
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$ |
11,850,522 |
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Property, plant, and
equipment (net of depreciation) |
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827,925 |
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942,887 |
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Other assets (net) |
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29,647 |
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59,471 |
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Total assets |
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12,544,672 |
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12,852,880 |
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Current liabilities |
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1,366,151 |
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1,422,383 |
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Deferred income
taxes (net) |
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253,583 |
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33,855 |
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Total Liabilities |
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1,619,734 |
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1,456,238 |
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Stockholders’
equity |
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10,924,938 |
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11,396,642 |
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Total liabilities and stockholders’ equity |
$ |
12,544,672 |
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$ |
12,852,880 |
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