• United-Guardian Reports 2023 Financial Results

    Source: Nasdaq GlobeNewswire / 22 Mar 2024 08:00:00   America/Chicago

    HAUPPAUGE, N.Y., March 22, 2024 (GLOBE NEWSWIRE) -- 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 2022

    STATEMENTS 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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