United-Guardian Reports Third Quarter Financial Results
November 10 2021 - 8:00AM
United-Guardian, Inc. (NASDAQ:UG) reported today that net income
for the third quarter of 2021 increased by 42% over the same
quarter in 2020, increasing from $717,532 ($0.16 per share) in 2020
to $1,016,506 ($0.22 per share) in this year’s third quarter. Net
sales for the quarter increased by 36% from $2,336,360 in 2020 to
$3,179,746 this year. For the first nine months 2021, net income
increased from $2,694,450 ($0.59 per share) in 2020 to $3,542,232
($0.77 per share) this year, an increase of 31%, while net sales
increased from $8,613,918 in 2020 to $10,268,592 in 2021, an
increase of 19%.
Ken Globus, President of United-Guardian,
stated, “As we had anticipated, sales of our cosmetic ingredients
in this year’s third quarter increased substantially over the third
quarter of 2020, which was when the impact of the global
coronavirus pandemic was most severe. Sales of our cosmetic
ingredients in this year’s third quarter increased by 187% over the
comparable quarter last year, with sales to our marketing partner
in Asia, Ashland Specialty Ingredients, increasing by over 300%,
and sales to our four other marketing partners in Europe all
increasing compared with last year. While we expect to continue to
be impacted to some extent by the global pandemic, we anticipate
that the impact will relate primarily to supply chain and shipping
issues, increasing some lead times and raw material costs. As the
impact of the global pandemic continues to lessen, and as we
continue to introduce new products into both the cosmetic and
medical markets, we are hopeful that our sales will continue to
increase into 2022. We are confident that despite the lingering
effects of the pandemic, we will end the year with financial
results that will be significantly better than in 2020.”
United-Guardian is a manufacturer of cosmetic
ingredients, personal and health care products, pharmaceuticals,
and specialty industrial products.
Contact: Ken Globus
Investor
Relations(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.
STATEMENTS OF INCOME FOR
THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2021 and
2020*(UNAUDITED)
|
THREE MONTHS ENDED
SEPTEMBER 30, |
|
NINE MONTHS
ENDED
SEPTEMBER 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
3,179,746 |
|
$ |
2,336,360 |
|
$ |
10,268,592 |
|
$ |
8,613,918 |
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
1,320,509 |
|
|
974,763 |
|
|
4,180,912 |
|
|
3,634,528 |
Operating expenses |
|
458,582 |
|
|
493,204 |
|
|
1,428,721 |
|
|
1,520,114 |
Research and development |
|
130,742 |
|
|
114,836 |
|
|
349,053 |
|
|
331,134 |
Total costs and expenses |
|
1,909,833 |
|
|
1,582,803 |
|
|
5,958,686 |
|
|
5,485,776 |
Income from operations |
|
1,269,913 |
|
|
753,557 |
|
|
4,309,906 |
|
|
3,128,142 |
|
|
|
|
|
|
|
|
|
|
|
|
Other
Income: |
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
38,747 |
|
|
38,932 |
|
|
124,147 |
|
|
131,318 |
Net (loss) gain on marketable securities |
|
(25,108) |
|
|
113,248 |
|
|
40,419 |
|
|
143,832 |
Total other income |
|
13,639 |
|
|
152,180 |
|
|
164,566 |
|
|
275,150 |
Income before provision for income
taxes |
|
1,283,552 |
|
|
905,737 |
|
|
4,474,472 |
|
|
3,403,292 |
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
267,046 |
|
|
188,205 |
|
|
932,240 |
|
|
708,842 |
Net Income |
$ |
1,016,506 |
|
$ |
717,532 |
|
$ |
3,542,232 |
|
$ |
2,694,450 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share(Basic and Diluted) |
$ |
0.22 |
|
$ |
0.16 |
|
$ |
0.77 |
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares – basic and
diluted |
|
4,594,319 |
|
|
4,594,319 |
|
|
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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