United-Guardian Reports Increase in Net Income
09 Mai 2019 - 3:00PM
United-Guardian, Inc. (NASDAQ:UG) reported today that net income
increased by 15% to $1,222,694 ($0.27 per share) in this year’s
first quarter, up from $1,059,862 ($0.23 per share) in the first
quarter of 2018. Gross sales for the quarter were down by 6% from
$3,666,947 to $3,452,894.
Ken Globus, President of United-Guardian,
stated, “While sales were down somewhat as a result of some product
launches and pipeline fills that took place in the first quarter of
2018 that were not a factor this year, we nevertheless had strong
sales of our personal care and pharmaceutical products that were
sufficient to increase net income over the first quarter of 2018.
We are continuing to work closely with our distributors to expand
the sales of our cosmetic ingredients and develop new products for
the personal care market, especially in the area of natural
cosmetic ingredients. Our international sales remain strong,
despite increased competition from some lower-cost Asian
manufacturers and the continuing uncertainty of the trade and
tariff situation. As long as our products continue to be exempt
from the retaliatory tariffs that were imposed by China last year,
we are optimistic that we will be able to continue to increase our
sales and earnings in the coming years.”
United-Guardian is a manufacturer of cosmetic
ingredients, personal and health care products, pharmaceuticals,
and specialty industrial products.
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Contact: |
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Robert S. Rubinger |
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Public Relations |
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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 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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RESULTS FOR THE QUARTERS ENDED |
MARCH 31, 2019 and MARCH 31, 2018* |
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STATEMENTS OF INCOME |
(UNAUDITED) |
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THREE MONTHS ENDEDMARCH 31, |
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2019 |
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2018 |
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Sales: |
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Gross sales |
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$ |
3,452,894 |
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$ |
3,666,947 |
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Sales allowances and returns |
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(170,870 |
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(147,435 |
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Net
Sales |
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3,282,024 |
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3,519,512 |
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Costs and
expenses: |
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Cost of sales |
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1,390,051 |
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1,450,931 |
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Operating expenses |
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546,962 |
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524,114 |
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Research and development |
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98,659 |
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101,664 |
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Total costs and expenses |
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2,035,672 |
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2,076,709 |
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Income from operations |
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1,246,352 |
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1,442,803 |
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Other income (expense): |
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Investment income |
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44,167 |
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46,782 |
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Net gain (loss) on marketable securities |
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257,194 |
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(135,150 |
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Loss from trade-in of equipment |
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--- |
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(12,837 |
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Total other income (expense) |
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301,361 |
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(101,205 |
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Income before provision for income taxes |
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1,547,713 |
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1,341,598 |
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Provision
for income taxes |
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325,019 |
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281,736 |
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Net income |
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$ |
1,222,694 |
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$ |
1,059,862 |
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Earnings
per common share (basic and
diluted) |
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$ |
0.27 |
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$ |
0.23 |
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Weighted average
shares – basic and diluted |
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4,594,319 |
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4,594,319 |
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* Additional financial information can be found at the company’s
web site at www.u-g.com. |
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