United-Guardian Reports Second Quarter Financial Results
August 12 2022 - 10:00AM
United-Guardian, Inc. (NASDAQ:UG) reported today that sales for the
first half of 2022 increased over the same period last year, but
that net earnings decreased due to higher costs and other market
factors. Sales for the six-month period ended June 30th increased
from $7,088,846 in 2021 to $7,518,535 this year, and net income
decreased from $2,525,726 ($0.55 per share) to $1,544,789 ($0.34
per share). Second quarter sales decreased slightly from $3,657,978
to $3,626,177, with net income decreasing from $1,344,524 ($0.29
per share) to $633,324 ($0.14 per share).
Ken Globus, President of United-Guardian,
stated, “We were pleased that sales for the first half of 2022
increased by 6% compared with the first half of 2021, but our net
income on those sales was significantly impacted by higher raw
material and shipping costs, as well as by a significant decrease
in the value of our marketable securities due to the continuing
decline in the stock market. The price increases we implemented in
April will partially offset some of the raw material and other cost
increases we have experienced this year, and we anticipate that the
value of our marketable securities will gradually increase as the
stock market improves. We were happy to see that sales of our
pharmaceutical products increased by 8% in the second quarter
compared with the same quarter last year, and that sales of our
non-pharmaceutical medical products increased by 55%, which was
partially attributable to a significant increase in sales of one of
our medical products to a customer in China. We will continue to
work closely with our marketing partners, as well as our direct
medical customers, to further increase sales and to maximize
profits.”
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.
Financial Results for the
Three and Six Months EndedJune 30, 2022
and 2021*
STATEMENTS OF
INCOME(unaudited)
|
|
THREE MONTHS ENDED JUNE
30, |
|
SIX MONTHS ENDED JUNE 30, |
|
|
|
2022 |
|
|
2021 |
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
3,626,177 |
|
$ |
3,657,978 |
|
$ |
7,518,535 |
|
$ |
7,088,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
1,693,753 |
|
|
1,499,390 |
|
|
3,403,870 |
|
|
2,860,403 |
|
Operating expenses |
|
620,229 |
|
|
513,012 |
|
|
1,166,978 |
|
|
970,139 |
|
Research and development expense |
|
112,266 |
|
|
130,025 |
|
|
243,932 |
|
|
218,311 |
|
Total costs and expenses |
|
2,426,248 |
|
|
2,142,427 |
|
|
4,814,780 |
|
|
4,048,853 |
|
Income from operations |
|
1,199,929 |
|
|
1,515,551 |
|
|
2,703,755 |
|
|
3,039,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
58,860 |
|
|
45,640 |
|
|
99,410 |
|
|
85,400 |
|
Net (loss) gain on marketable securities |
|
(460,278 |
) |
|
137,574 |
|
|
(853,938 |
) |
|
65,527 |
|
Total other (expense) income |
|
(401,418 |
) |
|
183,214 |
|
|
(754,528 |
) |
|
150,927 |
|
Income before provision for income
taxes |
|
798,511 |
|
|
1,698,765 |
|
|
1,949,227 |
|
|
3,190,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
165,187 |
|
|
354,241 |
|
|
404,438 |
|
|
665,194 |
|
Net income |
$ |
633,324 |
|
$ |
1,344,524 |
|
$ |
1,544,789 |
|
$ |
2,525,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share (basic and diluted) |
$ |
0.14 |
|
$ |
0.29 |
|
$ |
0.34 |
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares (basic and diluted) |
|
4,594,319 |
|
|
4,594,319 |
|
|
4,594,319 |
|
|
4,594,319 |
|
`
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