United-Guardian Reports 2023 Financial Results
March 22 2024 - 9:00AM
United-Guardian, Inc. (NASDAQ:UG) reported that net income for FY
2023 remained relatively flat compared to FY 2022. Net sales for
the year decreased by 14% from $12,698,503 in 2022 to $10,885,154
in 2023, generating net income of $2,581,370 ($0.56 per share) in
2023 compared to $2,569,512 ($0.56 per share) in 2022.
Donna Vigilante, President of United-Guardian,
stated, “While net income remained flat from 2022 to 2023, we did
experience a decrease in net sales this year compared to last year.
The main cause of the decrease came from lower sales of our
cosmetic ingredients, with the greatest decrease coming from our
largest distributor. Based on conversations with our distributors,
the decrease in sales was consistent with the overall performance
of the industry, as many customers destocked their inventories and
moved to just-in-time order patterns. We also experienced a supply
disruption for Renacidin, our main pharmaceutical product, at the
end of 2023. We have been working closely with our contract
manufacturer over the past several months and we are happy to
report that all validation activities have been completed and
production has resumed. While 2023 presented challenges, our
outlook for 2024 is looking brighter. With new orders of Renacidin
starting to arrive at our facility, customers beginning to restock,
and ongoing distributor negotiations we are hopeful that 2024 will
position our product lines for enhanced growth.”
United-Guardian is a manufacturer of cosmetic
ingredients, sexual wellness 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 AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 2023 AND 2022STATEMENTS OF
INCOME |
|
|
|
|
|
Years ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Net sales |
$ |
10,885,154 |
|
$ |
12,698,503 |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Cost of sales |
|
5,479,566 |
|
|
5,996,376 |
|
Operating expenses |
|
2,078,564 |
|
|
2,174,127 |
|
Research and development |
|
463,992 |
|
|
490,770 |
|
Total costs and expenses |
|
8,022,122 |
|
|
8,661,273 |
|
Income from operations |
|
2,863,032 |
|
|
4,037,230 |
|
Other income (expense): |
|
|
|
|
|
|
Investment income |
|
306,651 |
|
|
236,695 |
|
Net gain (loss) on marketable
securities |
|
81,095 |
|
|
(1,046,245 |
) |
Total other income (expense) |
|
387,746 |
|
|
(809,550 |
) |
|
|
|
|
|
|
|
Income before provision for income taxes |
|
3,250,778 |
|
|
3,227,680 |
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
669,408 |
|
|
658,168 |
|
Net income |
$ |
2,581,370 |
|
$ |
2,569,512 |
|
|
|
|
|
|
|
|
Earnings per common share
(basic and diluted) |
$ |
0.56 |
|
$ |
0.56 |
|
|
|
|
|
|
|
|
Weighted average shares (basic
and diluted) |
|
4,594,319 |
|
|
4,594,319 |
|
|
|
BALANCE SHEET DATA(condensed) |
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Current assets: |
$ |
12,252,713 |
|
$ |
9,970,630 |
|
Deferred income taxes,
net |
|
50,930 |
|
|
110,544 |
|
Property, plant, and
equipment, net |
|
619,195 |
|
|
559,161 |
|
Total assets |
|
12,922,838 |
|
|
10,640,335 |
|
|
|
|
|
|
|
|
Current liabilities: |
|
1,534,256 |
|
|
1,373,691 |
|
Total liabilities |
|
1,534,256 |
|
|
1,373,691 |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
11,388,582 |
|
|
9,266,644 |
|
Total liabilities and stockholder’s equity |
$ |
12,922,838 |
|
$ |
10,640,335 |
|
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