United-Guardian Reports 2020 Financial Results
March 19 2021 - 9:00AM
United-Guardian, Inc. (NASDAQ:UG) reported today that the company
had another profitable year, despite the impact of the global
pandemic on the company’s sales and earnings. Sales in 2020 were
$10,986,081 compared with $13,599,084 in 2019, and net income was
$3,304,978 ($0.72 per share) compared with $4,761,711 ($1.04 per
share) in 2019.
“Like many other companies, our revenue in 2020
was significantly impacted by the coronavirus pandemic,” said Ken
Globus, President of United-Guardian. “The most significant impact
for us was the decrease in sales of our cosmetic ingredients in
China, and it is too early to determine how much of that decrease
will be recovered this year. However, sales of our cosmetic
ingredients in the first quarter of 2021 have been encouraging,
with a gradual increase in orders of product intended for shipment
to China. In another positive note, sales of our pharmaceutical
products were not impacted by the pandemic, and continue to be
strong. We remain optimistic that the worst of the pandemic is
behind us, and that we will be able to gradually recover some of
the business we lost last year. With the additional revenue that we
anticipate will be generated over the next few years from some of
our recently introduced products, we are hopeful that in 2021 we
will begin to see a return to our previous revenue and
profitability levels.”
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 the company’s 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 YEARS
ENDEDDECEMBER 31, 2020 AND DECEMBER 31,
2019
STATEMENTS OF INCOME
|
|
Years ended December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
10,986,081 |
|
|
$ |
13,599,084 |
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
Cost of sales |
|
4,872,335 |
|
|
|
5,657,353 |
|
Operating expenses |
|
2,026,368 |
|
|
|
2,148,375 |
|
Research and development |
|
451,208 |
|
|
|
397,391 |
|
Total costs and expenses |
|
7,349,911 |
|
|
|
8,203,119 |
|
Income from operations |
|
3,636,170 |
|
|
|
5,395,965 |
|
Other income: |
|
|
|
|
|
|
|
Investment income |
|
226,245 |
|
|
|
203,329 |
|
Net gain on marketable securities |
|
298,585 |
|
|
|
431,076 |
|
Total other income |
|
524,830 |
|
|
|
634,405 |
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
4,161,000 |
|
|
|
6,030,370 |
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
856,022 |
|
|
|
1,268,659 |
|
Net income |
$ |
3,304,978 |
|
|
$ |
4,761,711 |
|
|
|
|
|
|
|
|
|
Earnings per common share
(basic and diluted) |
$ |
0.72 |
|
|
$ |
1.04 |
|
|
|
|
|
|
|
|
|
Weighted average shares (basic
and diluted) |
|
4,594,319 |
|
|
|
4,594,319 |
|
|
|
|
|
|
|
|
|
BALANCE SHEET
DATA(condensed)
|
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Current assets |
$ |
11,246,611 |
|
|
$ |
11,567,281 |
|
Property, plant, and equipment (net of depreciation) |
|
673,665 |
|
|
|
780,707 |
|
Other assets (net) |
|
--- |
|
|
|
14,824 |
|
Total assets |
|
11,920,276 |
|
|
|
12,362,812 |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
1,414,285 |
|
|
|
1,343,059 |
|
Deferred income taxes (net) |
|
151,684 |
|
|
|
386,855 |
|
Total Liabilities |
|
1,565,969 |
|
|
|
1,729,914 |
|
Stockholders’ equity |
|
10,354,307 |
|
|
|
10,632,898 |
|
Total liabilities and stockholders’ equity |
$ |
11,920,276 |
|
|
$ |
12,362,812 |
|
United Guardian (NASDAQ:UG)
Historical Stock Chart
From Mar 2024 to Apr 2024
United Guardian (NASDAQ:UG)
Historical Stock Chart
From Apr 2023 to Apr 2024