United-Guardian Reports Second Quarter Financial Results
HAUPPAUGE, N.Y., Aug. 11, 2023 (GLOBE NEWSWIRE) -- United-Guardian, Inc. (NASDAQ:UG) announced today the financial results for the second quarter and first half of 2023. Sales for the six-month period ended June 30th decreased from
Donna Vigilante, President of United-Guardian, stated, “The sales decrease for both the second quarter and the first six months of 2023 was primarily due to a decrease in sales of our cosmetic ingredients, which was partially offset by an increase in sales of Renacidin®, the Company’s principal pharmaceutical product, which increased by
United-Guardian is a manufacturer of cosmetic ingredients, pharmaceuticals, and medical lubricants.
Contact: | Donna Vigilante | |
(631) 273-0900 | ||
dvigilante@u-g.com |
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, 2023 and 2022
STATEMENTS OF INCOME
(unaudited)
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Net sales | $ | 2,650,299 | $ | 3,626,177 | $ | 5,220,623 | $ | 7,518,535 | ||||
Costs and expenses: | ||||||||||||
Cost of sales | 1,429,407 | 1,693,753 | 2,523,002 | 3,403,870 | ||||||||
Operating expenses | 574,093 | 620,229 | 1,092,039 | 1,166,978 | ||||||||
Research and development expense | 128,729 | 112,266 | 255,688 | 243,932 | ||||||||
Total costs and expenses | 2,132,229 | 2,426,248 | 3,870,729 | 4,814,780 | ||||||||
Income from operations | 518,070 | 1,199,929 | 1,349,894 | 2,703,755 | ||||||||
Other income (expense): | ||||||||||||
Investment income | 54,950 | 58,860 | 102,582 | 99,410 | ||||||||
Net gain (loss) gain on marketable securities | 7,479 | (460,278 | ) | 80,180 | (853,938 | ) | ||||||
Total other income (expense) | 62,429 | (401,418 | ) | 182,762 | (754,528 | ) | ||||||
Income before provision for income taxes | 580,499 | 798,511 | 1,532,656 | 1,949,227 | ||||||||
Provision for income taxes | 119,405 | 165,187 | 315,481 | 404,438 | ||||||||
Net income | $ | 461,094 | $ | 633,324 | $ | 1,217,175 | $ | 1,544,789 | ||||
Earnings per common share | ||||||||||||
(basic and diluted) | $ | 0.10 | $ | 0.14 | $ | 0.26 | $ | 0.34 | ||||
Weighted average shares | ||||||||||||
(basic and diluted) | 4,594,319 | 4,594,319 | 4,594,319 | 4,594,319 |
Additional financial information can be found on the company’s web site at www.u-g.com.