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United-Guardian Reports Increased Third Quarter Earnings

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

HAUPPAUGE, N.Y., Nov. 08, 2024 (GLOBE NEWSWIRE) — United-Guardian, Inc. (NASDAQ:UG) announced today the financial results for the third quarter and the first nine months of 2024. Sales for the nine-month period ended September 30th increased from $8,278,141 in 2023 to $9,705,262 in 2024 and net income increased from $1,843,931 ($0.40 per share) to $2,747,151 ($0.60 per share) for the same period. The third quarter remained steady with sales of $3,057,518 in 2023 and $3,060,113 in 2024, while net income increased from $626,756 ($0.14 per share) to $865,484 ($0.19 per share).

Donna Vigilante, President of United-Guardian, stated, “We are pleased to announce that sales and earnings increased in the third quarter and for the first nine months of 2024 compared with the same periods in 2023. We continue to have strong sales of our cosmetic ingredients, which increased by 8% in the third quarter and 68% in the first nine months of 2024. This overall increase was primarily attributable to sales to our largest cosmetic distributor. Sales of medical lubricants decreased by 2% in the third quarter, which was attributed to normal fluctuation in order patterns, while increasing by 4% in the first nine months of 2024, compared with the same periods in 2023. Pharmaceutical product sales continue to recover from a supply disruption that occurred at our contract manufacturer for Renacidin®, our most important pharmaceutical product, late last year. Sales of pharmaceuticals decreased by 6% in the third quarter and 11% for the nine-month period. We expect our sales will continue to increase as we recover from the shutdown that limited our supply of Renacidin.”

United-Guardian is a manufacturer of cosmetic ingredients, pharmaceuticals, medical lubricants, and sexual wellness ingredients.

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 Nine Months Ended
September 30, 2024 and 2023

STATEMENTS OF INCOME
(unaudited)
    THREE MONTHS ENDED
SEPTEMBER 30,		   NINE MONTHS ENDED
SEPTEMBER 30,
    2024     2023     2024     2023  
                         
Net sales $ 3,060,113   $ 3,057,518   $ 9,705,262   $ 8,278,141  
                         
Costs and expenses:                        
Cost of sales   1,408,866     1,749,041     4,526,446     4,272,043  
Operating expenses   591,047     488,464     1,762,689     1,580,503  
Research and development expense   111,072     98,141     325,714     353,829  
Total costs and expenses   2,110,985     2,335,646     6,614,849     6,206,375  
Income from operations   949,128     721,872     3,090,413     2,071,766  
                         
Other Income (expense):                        
Investment income   99,934     79,682     298,014     182,264  
Net gain (loss) on marketable securities   47,223     (14,357 )   79,218     65,823  
Total other income   147,157     65,325     377,232     248,087  
Income before provision for income taxes

   1,096,285     787,197     3,467,645     2,319,853  
                         
Provision for income taxes   230,801     160,441     720,494     475,922  
Net income $ 865,484   $ 626,756   $ 2,747,151   $ 1,843,931  
                         
Earnings per common share (Basic and Diluted) $ 0.19   $ 0.14   $ 0.60   $ 0.40  
                         
Weighted average shares – basic and diluted   4,594,319     4,594,319     4,594,319     4,594,319  

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