United-Guardian, Inc. (NASDAQ:UG) reported that net income for FY 2021 increased by 41% over FY 2020, resulting in one of the company’s most profitable years ever. Net sales for the year increased by 27% from $10,986,081 in 2020 to $13,929,629 in 2021, generating net income of $4,658,542 ($1.01 per share) in 2021 compared with $3,304,978 ($0.72 per share) in 2020.

Ken Globus, President of United-Guardian, stated, “With the global economy gradually recovering from the damage caused by the coronavirus pandemic, we have experienced a significant increase in demand for our cosmetic ingredients, with sales of those products increasing by 61% during 2021. While much of the increase was the result of a resurgence of sales into China, we also experienced a significant sales increase in Europe, particularly in the United Kingdom, where sales increased by 42%. At the same time, sales of our pharmaceutical products remained strong, as they have throughout the pandemic, and sales of our medical products increased by 6%. We are hopeful that sales of all these products will continue to grow in 2022. There are several ongoing projects that we hope will enable us to continue to expand our “natural” cosmetic products line, and our R&D department is working closely with both new and existing medical products customers to develop new products for them, which should further increase sales of our water-based medical lubricants. There is general optimism that we are finally through the worst of the pandemic, and that the global economy and the markets for our products will continue to improve. The future seems much brighter than it has in a long time, and we intend to continue working closely with our marketing partners, as well as our customers, to continue to bring new and innovative products to the cosmetic and medical markets.”

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, 2021 AND DECEMBER 31, 2020

STATEMENTS OF INCOME

    Years ended December 31,  
    2021       2020  
             
Net sales $ 13,929,629     $ 10,986,081  
             
Costs and expenses:            
Cost of sales   5,747,931       4,872,335  
Operating expenses   2,035,970       2,026,368  
Research and development   478,642       451,208  
Total costs and expenses   8,262,543       7,349,911  
Income from operations    5,667,086       3,636,170  
Other income:            
Investment income   233,857       226,245  
Net (loss) gain on marketable securities   (23,018 )     298,585  
Total other income   210,839       524,830  
             
Income before provision for income taxes   5,877,925       4,161,000  
             
Provision for income taxes   1,219,383       856,022  
Net income $ 4,658,542     $ 3,304,978  
             
Earnings per common share (basic and diluted) $ 1.01     $ 0.72  
             
Weighted average shares (basic and diluted)   4,594,319       4,594,319  
               

BALANCE SHEET DATA(condensed)

    December 31,
    2021       2020  
               
Current assets $ 11,583,390     $ 11,246,611  
Property, plant, and equipment (net of depreciation)   658,862       673,665  
Total assets   12,242,252     $ 11,920,276  
Current liabilities   2,337,761       1,414,285  
Deferred income taxes (net)   83,222       151,684  
Total Liabilities   2,420,983       1,565,969  
Stockholders’ equity   9,821,269       10,354,307  
Total liabilities and stockholders’ equity $ 12,242,252     $ 11,920,276  
               
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