UNITED-GUARDIAN REPORTS FY-2019 FINANCIAL RESULTS
19 März 2020 - 2:00PM
United-Guardian, Inc. (NASDAQ:UG) reported today that sales and
earnings for FY-2019 were up slightly from 2018, with sales
increasing from $13,445,565 to $13,599,084, and net income
increasing from $4,352,331 ($0.95 per share) to $4,761,711 ($1.04
per share), an increase in earnings of 9.4%.
“Although we were one of many companies that
were negatively impacted by the trade war between the U.S. and
China in 2019, our sales into China were still considerable, and we
expect China to remain an important market for us, especially as
the impact of the coronavirus diminishes,” said Ken Globus,
President of United-Guardian. “Our sales in China, as well as in
Korea, were also impacted by increased competition from
lower-priced Asian competitors, but we are optimistic that our
appointment of a new marketing partner in Korea will enable us to
recover some of the business we lost there.”
“Offsetting the lower sales of our cosmetic
ingredients was a 33% increase in sales of our medical lubricants,
which have become an increasingly important revenue source for us,”
continued Mr. Globus. “We also experienced a 19% increase in sales
of Renacidin® Irrigation, our most important pharmaceutical
product, the sales of which have been increasing since we began our
internet marketing campaign. We are continuing to work closely with
all our marketing partners to develop new and innovative
ingredients for the cosmetic market, especially “natural”
ingredients, and plan to have several new products in the hands of
our marketing partners this year. We are hopeful that we will be
able to increase the sales of not only our cosmetic ingredients,
but our medical and pharmaceutical products as well, and that
despite the global economic impact of the coronavirus, 2020 can be
another profitable year for us.”
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, 2019 AND DECEMBER 31,
2018 |
|
STATEMENTS OF INCOME |
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
Net sales |
$ |
13,599,084 |
|
$ |
13,445,565 |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Cost of sales |
|
5,657,353 |
|
|
5,343,459 |
|
Operating expenses |
|
2,148,375 |
|
|
2,122,746 |
|
Research and development |
|
397,391 |
|
|
399,517 |
|
Total costs and expenses |
|
8,203,119 |
|
|
7,865,722 |
|
Income from operations |
|
5,395,965 |
|
|
5,579,843 |
|
Other income (expense): |
|
|
|
|
|
|
Investment income |
|
203,329 |
|
|
231,986 |
|
Net gain (loss) on marketable
securities |
|
431,076 |
|
|
(333,138 |
) |
Loss on trade-in of
equipment |
|
--- |
|
|
(12,837 |
) |
Total other income (expense) |
|
634,405 |
|
|
(113,989 |
) |
|
|
|
|
|
|
|
Income before provision for income taxes |
|
6,030,370 |
|
|
5,465,854 |
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
1,268,659 |
|
|
1,113,523 |
|
Net income |
$ |
4,761,711 |
|
$ |
4,352,331 |
|
|
|
|
|
|
|
|
Earnings per common share
(basic and diluted) |
$ |
1.04 |
|
$ |
0.95 |
|
|
|
|
|
|
|
|
Weighted average shares (basic
and diluted) |
|
4,594,319 |
|
|
4,594,319 |
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA(condensed) |
|
|
|
|
|
December 31, |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
Current assets |
$ |
11,567,281 |
|
$ |
11,687,100 |
|
Property, plant, and equipment
(net of depreciation) |
|
780,707 |
|
|
827,925 |
|
Other assets (net) |
|
14,824 |
|
|
29,647 |
|
Total assets |
|
12,362,812 |
|
|
12,544,672 |
|
|
|
|
|
|
|
|
Current liabilities |
|
1,343,059 |
|
|
1,366,151 |
|
Deferred income
taxes (net) |
|
386,855 |
|
|
253,583 |
|
Total Liabilities |
|
1,729,914 |
|
|
1,619,734 |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
10,632,898 |
|
|
10,924,938 |
|
Total liabilities and stockholders’ equity |
$ |
12,362,812 |
|
$ |
12,544,672 |
|
|
|
|
|
|
|
|
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