United-Guardian, Inc. UG

NAS: UG | ISIN: US9105711082   20:01
11,50 USD (-7,84%)
(-7,84%)   20:01

United-Guardian Reports 2020 Financial Results

HAUPPAUGE, N.Y., March 19, 2021 (GLOBE NEWSWIRE) -- 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 ENDED
DECEMBER 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 

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