United-Guardian Reports Increase in Net Income

HAUPPAUGE, N.Y., May 09, 2019 (GLOBE NEWSWIRE) -- United-Guardian, Inc. (NASDAQ:UG) reported today that net income increased by 15% to $1,222,694 ($0.27 per share) in this year’s first quarter, up from $1,059,862 ($0.23 per share) in the first quarter of 2018. Gross sales for the quarter were down by 6% from $3,666,947 to $3,452,894.

Ken Globus, President of United-Guardian, stated, “While sales were down somewhat as a result of some product launches and pipeline fills that took place in the first quarter of 2018 that were not a factor this year, we nevertheless had strong sales of our personal care and pharmaceutical products that were sufficient to increase net income over the first quarter of 2018. We are continuing to work closely with our distributors to expand the sales of our cosmetic ingredients and develop new products for the personal care market, especially in the area of natural cosmetic ingredients. Our international sales remain strong, despite increased competition from some lower-cost Asian manufacturers and the continuing uncertainty of the trade and tariff situation. As long as our products continue to be exempt from the retaliatory tariffs that were imposed by China last year, we are optimistic that we will be able to continue to increase our sales and earnings in the coming years.”

United-Guardian is a manufacturer of cosmetic ingredients, personal and health care products, pharmaceuticals, and specialty industrial products.

    
 Contact: Robert S. Rubinger
   Public 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.

 
RESULTS FOR THE QUARTERS ENDED
MARCH 31, 2019 and MARCH 31, 2018*
 
STATEMENTS OF INCOME
(UNAUDITED)
 
   THREE MONTHS ENDED
MARCH 31,
 
   2019  2018 
Sales:       
Gross sales $3,452,894 $3,666,947 
Sales allowances and returns  (170,870) (147,435)
Net Sales  3,282,024  3,519,512 
        
Costs and expenses:       
Cost of sales  1,390,051  1,450,931 
Operating expenses  546,962  524,114 
Research and development  98,659  101,664 
Total costs and expenses  2,035,672  2,076,709 
Income from operations  1,246,352  1,442,803 
        
Other income (expense):       
Investment income  44,167  46,782 
Net gain (loss) on marketable securities  257,194  (135,150)
Loss from trade-in of equipment  ---  (12,837)
Total other income (expense)  301,361  (101,205)
Income before provision for income taxes  1,547,713  1,341,598 
        
Provision for income taxes  325,019  281,736 
        
Net income $1,222,694 $1,059,862 
        
Earnings per common share (basic and diluted) $0.27 $0.23 
        
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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