United-Guardian Reports Increased Third Quarter Sales & Earnings
06 November 2023 - 3:00PM
United-Guardian, Inc. (NASDAQ:UG) announced today the financial
results for the third quarter and first nine months of 2023. Third
quarter sales increased from $2,417,022 to $3,057,518, with net
income increasing from $345,518 ($0.07 per share) to $626,756
($0.14 per share). Sales for the nine-month period ended September
30th decreased from $9,935,557 in 2022 to $8,278,141 in 2023 due to
lower sales in the first half of the year. Net income for the
nine-month period decreased from $1,890,307 ($0.41 per share) in
2022 to $1,843,931 ($0.40 per share) in 2023.
Donna Vigilante, President of United-Guardian,
stated, “We are pleased to announce that sales increased by 26% for
the third quarter of 2023 compared with the same period in 2022.
Sales increased in all our main product categories, with cosmetic
ingredient sales up 42%, pharmaceutical sales up 3%, and medical
lubricant sales up 73%. While overall sales for the first nine
months of 2023 decreased slightly compared with the comparable
period in 2022, our net income and earnings per share for the first
nine months of 2023 were only slightly behind the same period in
2022, and third quarter earnings per share doubled over the same
period in 2022. We are in the process of re-evaluating our current
marketing strategy, and plan to implement changes in the first
quarter of 2024. We anticipate that these changes will enable us to
increase sales in all our product categories, especially sales of
our cosmetic ingredients in the regions that are underperforming.
We are hopeful that these efforts will result in increased sales
moving forward.”
United-Guardian is a manufacturer of cosmetic
ingredients, pharmaceuticals, and medical lubricants.
|
Contact: |
Donna
Vigilante |
|
|
(631) 273-0900 |
|
|
dvigilante@u-g.com |
|
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.
Financial Results for the |
Three and Nine Months Ended |
September 30, 2023 and 2022 |
|
STATEMENTS OF INCOME |
(unaudited) |
|
|
|
THREE MONTHS ENDED SEPTEMBER
30, |
|
NINE MONTHS ENDEDSEPTEMBER
30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
$ |
3,057,518 |
|
$ |
2,417,022 |
|
$ |
8,278,141 |
|
$ |
9,935,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
1,749,041 |
|
|
1,076,035 |
|
|
4,272,043 |
|
|
4,479,905 |
|
Operating expenses |
|
488,464 |
|
|
532,333 |
|
|
1,580,503 |
|
|
1,699,311 |
|
Research and development |
|
98,141 |
|
|
120,924 |
|
|
353,829 |
|
|
364,856 |
|
Total costs and expenses |
|
2,335,646 |
|
|
1,729,292 |
|
|
6,206,375 |
|
|
6,544,072 |
|
Income from operations |
|
721,872 |
|
|
687,730 |
|
|
2,071,766 |
|
|
3,391,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
79,682 |
|
|
46,995 |
|
|
182,264 |
|
|
146,405 |
|
Net (loss) gain on marketable securities |
|
(14,357 |
) |
|
(300,526 |
) |
|
65,823 |
|
|
(1,154,464 |
) |
Total other income (expense) |
|
65,325 |
|
|
(253,531 |
) |
|
248,087 |
|
|
(1,008,059 |
) |
Income before provision for income
taxes |
|
787,197 |
|
|
434,199 |
|
|
2,319,853 |
|
|
2,383,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
160,441 |
|
|
88,681 |
|
|
475,922 |
|
|
493,119 |
|
Net income |
$ |
626,756 |
|
$ |
345,518 |
|
$ |
1,843,931 |
|
$ |
1,890,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share |
|
|
|
|
|
|
|
|
|
|
|
|
(Basic and Diluted) |
$ |
0.14 |
|
$ |
0.07 |
|
$ |
0.40 |
|
$ |
0.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares – basic |
|
|
|
|
|
|
|
|
|
|
|
|
and diluted |
|
4,594,319 |
|
|
4,594,319 |
|
|
4,594,319 |
|
|
4,594,319 |
|
|
Additional financial information can be found on the company’s
web site at www.u-g.com.
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