United-Guardian Reports First Quarter Financial Gains
May 12 2021 - 8:00AM
United-Guardian, Inc. (NASDAQ:UG) reported today that net income
for the first quarter of 2021 rose by 49% compared with last year’s
first quarter, increasing from $790,307 ($0.17 per share) to
$1,181,202 ($0.26 per share). Net sales for the quarter increased
3% from $3,322,914 to $3,430,868.
Ken Globus, President of United-Guardian,
stated, “We are very pleased to report that sales of our cosmetic
ingredients rose substantially in the first quarter of 2021, and
were significantly higher than they were in each of the last three
quarters of 2020. Although sales of these products were slightly
higher in last year’s first quarter due to the steadily
deteriorating coronavirus situation and concerns about product
availability, those higher sales resulted in an overstock
situation, which negatively impacted orders for the balance of
2020. That situation significantly improved in this year’s first
quarter, as distributors’ inventory levels were finally reduced to
more appropriate levels. While sales of our cosmetic ingredients
have not yet returned to their pre-pandemic levels, we are
optimistic that they will continue to increase as more economies
and customers recover from the pandemic.”
Mr. Globus continued, “Also contributing to the
increase in earnings in the first quarter were higher sales of both
our pharmaceutical products and medical lubricants. In addition, a
stronger stock market in the first quarter of 2021 resulted in a
much smaller impact from the change in value of our marketable
securities than it did in the first quarter of 2020, when the stock
market suffered a significant decline due to the onset of the
pandemic. Overall, we remain hopeful that the worst of the pandemic
is behind us, and that we will gradually see sales recover to their
pre-pandemic levels as the year progresses.”
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 ENDEDMARCH 31,
2021 and MARCH 31, 2020*STATEMENTS OF
INCOME (UNAUDITED) |
|
|
|
|
|
THREE MONTHS ENDEDMARCH 31, |
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
Net
Sales |
|
$ |
3,430,868 |
|
$ |
3,322,914 |
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
Cost of sales |
|
|
1,361,013 |
|
|
1,389,331 |
|
Operating expenses |
|
|
457,127 |
|
|
515,275 |
|
Research and development |
|
|
88,286 |
|
|
107,732 |
|
Total costs and expenses |
|
|
1,906,426 |
|
|
2,012,338 |
|
Income from operations |
|
|
1,524,442 |
|
|
1,310,576 |
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
Investment income |
|
|
39,760 |
|
|
44,067 |
|
Net loss on marketable securities |
|
|
(72,047 |
) |
|
(356,595 |
) |
Total other (expense) income |
|
|
(32,287 |
) |
|
(312,528 |
) |
Income before provision for income
taxes |
|
|
1,492,155 |
|
|
998,048 |
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
|
310,953 |
|
|
207,741 |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,181,202 |
|
$ |
790,307 |
|
|
|
|
|
|
|
|
|
Earnings per common
share (basic and
diluted) |
|
$ |
0.26 |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
Weighted average shares –
basic and diluted |
|
|
4,594,319 |
|
|
4,594,319 |
|
* Additional financial information can be found
at the company’s web site at www.u-g.com.
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