United-Guardian Reports Second Quarter Financial Results
August 11 2021 - 9:00AM
United-Guardian, Inc. (NASDAQ:UG) reported today that sales in the
second quarter of 2021 grew by 24% over the same quarter last year,
increasing from $2,954,644 in 2020 to $3,657,978 this year,
resulting in net income increasing from $1,186,611 ($0.26 per
share) in the second quarter of 2020 to $1,344,524 ($0.29 per
share) this year. For the first six months of the year sales
increased by 13% from $6,277,558 in 2020 to $7,088,846 this year,
with net income increasing from $1,976,918 ($0.43 per share) in
2020 to $2,525,726 ($0.55 per share) in the first six months of
this year.
Ken Globus, President of United-Guardian,
stated, “With the global economies starting to recover from the
coronavirus pandemic in the second quarter of this year, sales of
our cosmetic ingredients increased by 68% compared with the same
period last year. This increase in sales of our cosmetic
ingredients was the primary reason for the substantial increase in
sales in the second quarter. In addition, we had strong sales of
our pharmaceutical products, despite having discontinued our
participation in state Medicaid programs due to the excessive fees
involved. With the Delta variant of the coronavirus expected to
impact global economies more significantly in the third quarter
than it did in the second, it is difficult to project what the
impact will be on sales of our cosmetic ingredients for the rest of
the year. Regardless of the impact of the pandemic on our other
sales, we expect our pharmaceutical sales to remain strong. We are
very pleased with our year-to-date financial results, and are
hopeful that despite the continuing impact of the pandemic, sales
will continue to be resilient for the remainder of the year.”
United-Guardian is a manufacturer of cosmetic
ingredients, personal and health care products, pharmaceuticals,
and specialty industrial products.
Contact: |
Ken Globus |
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(631) 273-0900 |
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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 Six
Months Ended June 30, 2021 and 2020*
STATEMENTS OF INCOME
(unaudited)
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THREE MONTHSENDED JUNE 30, |
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SIX MONTHS ENDEDJUNE 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Net
sales |
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$ |
3,657,978 |
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$ |
2,954,644 |
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$ |
7,088,846 |
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$ |
6,277,558 |
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Costs and
expenses: |
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Cost of sales |
|
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1,499,390 |
|
|
|
1,270,434 |
|
|
|
2,860,403 |
|
|
|
2,659,765 |
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Operating expenses |
|
|
513,012 |
|
|
|
511,635 |
|
|
|
970,139 |
|
|
|
1,026,910 |
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Research and development expense |
|
|
130,025 |
|
|
|
108,566 |
|
|
|
218,311 |
|
|
|
216,298 |
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Total costs and expenses |
|
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2,142,427 |
|
|
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1,890,635 |
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|
|
4,048,853 |
|
|
|
3,902,973 |
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Income from operations |
|
|
1,515,551 |
|
|
|
1,064,009 |
|
|
|
3.039,993 |
|
|
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2,374,585 |
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Other
income: |
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Investment income |
|
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45,640 |
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|
|
48,319 |
|
|
|
85,400 |
|
|
|
92,386 |
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Net gain on marketable securities |
|
|
137,574 |
|
|
|
387,179 |
|
|
|
65,527 |
|
|
|
30,584 |
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Total other income |
|
|
183,214 |
|
|
|
435,498 |
|
|
|
150,927 |
|
|
|
122,970 |
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Income before provision for income taxes |
|
|
1,698,765 |
|
|
|
1,499,507 |
|
|
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3,190,920 |
|
|
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2,497,555 |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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Provision for income taxes |
|
|
354,241 |
|
|
|
312,896 |
|
|
|
665,194 |
|
|
|
520,637 |
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NET INCOME |
|
$ |
1,344,524 |
|
|
$ |
1,186,611 |
|
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$ |
2,525,726 |
|
|
$ |
1,976,918 |
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Earnings per common
share (basic and diluted) |
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$ |
0.29 |
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$ |
0.26 |
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$ |
0.55 |
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$ |
0.43 |
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Weighted average
shares (basic and diluted) |
|
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4,594,319 |
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|
|
4,594,319 |
|
|
|
4,594,319 |
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4,594,319 |
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* Additional financial information can be found on
the company’s web site at www.u-g.com.
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