United-Guardian Reports Second Quarter Financial Results
August 07 2020 - 9:00AM
United-Guardian, Inc. (NASDAQ:UG) reported today that net income
for the second quarter of 2020 grew by 10% over the same quarter
last year, increasing from $1,078,810 in 2019 to $1,186,611 this
year, despite sales decreasing by 10% from $3,279,399 to
$2,954,644. Sales for the first six months of the year were down
slightly from $6,459,716 in 2019 to $6,277,558 this year, with net
income for the six-month period decreasing from $2,301,504 ($0.50 a
share) in 2019 to $1,976,918 ($0.43 a share) in the first six
months of 2020.
Ken Globus, President of United-Guardian,
stated, “With many companies continuing to struggle during these
difficult times, we were pleased that we were able to maintain a
strong level of sales, even with some of our major markets,
particularly China, being severely impacted by the global pandemic.
With some help from the recovering stock market, which increased
the value of our marketable securities, as well as very strong
sales in April, we were able to increase our earnings from $0.23
per share in the second quarter of 2019 to $0.26 this year, despite
the lower sales. Although we anticipate that the pandemic will
impact global sales of our cosmetic ingredients more significantly
in the third quarter than it did in the first two quarters of the
year, we expect sales of our pharmaceutical and medical products to
remain strong, and we continue to be hopeful that we will see a
gradual increase in sales as the year progresses and the global
economies continue to recover.”
United-Guardian is a manufacturer of cosmetic
ingredients, personal and health care products, pharmaceuticals,
and specialty industrial products.
Contact:Ken Globus(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 JUNE 30,
2020 and JUNE 30, 2019*
STATEMENTS OF INCOME
(UNAUDITED)
|
|
THREE MONTHSENDED JUNE 30, |
|
SIX MONTHS ENDEDJUNE 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
2,954,644 |
|
$ |
3,279,399 |
|
$ |
6,277,558 |
|
$ |
6,459,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
1,270,434 |
|
|
1,467,323 |
|
|
2,659,765 |
|
|
2,755,668 |
|
Operating expenses |
|
511,635 |
|
|
502,094 |
|
|
1,026,910 |
|
|
1,049,056 |
|
Research and development expense |
|
108,566 |
|
|
93,846 |
|
|
216,298 |
|
|
192,504 |
|
Total costs and expenses |
|
1,890,635 |
|
|
2,063,263 |
|
|
3,902,973 |
|
|
3,997,228 |
|
Income from operations |
|
1,064,009 |
|
|
1,216,136 |
|
|
2,374,585 |
|
|
2,462,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
48,319 |
|
|
49,941 |
|
|
92,386 |
|
|
94,108 |
|
Net gain on marketable securities |
|
387,179 |
|
|
86,849 |
|
|
30,584 |
|
|
344,043 |
|
Total other income |
|
435,498 |
|
|
136,790 |
|
|
122,970 |
|
|
438,151 |
|
Income before provision for income taxes |
|
1,499,507 |
|
|
1,352,926 |
|
|
2,497,555 |
|
|
2,900,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
312,896 |
|
|
274,116 |
|
|
520,637 |
|
|
599,135 |
|
NET INCOME |
$ |
1,186,611 |
|
$ |
1,078,810 |
|
$ |
1,976,918 |
|
$ |
2,301,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share (basic and diluted) |
$ |
0.26 |
|
$ |
0.23 |
|
$ |
0.43 |
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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