UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
Form 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): May 10, 2018
United-Guardian, Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 001-10526 | 11-1719724 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 230 Marcus Boulevard, Hauppauge, New York 11788 |
| (Address of Principal Executive Offices) (Zip Code) |
(631) 273-0900
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02. Results of Operations and Financial Condition.
On May 10, 2018, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| United-Guardian, Inc. | ||
| Date: May 10, 2018 | By: | /s/ Ken Globus |
| Ken Globus | ||
| President | ||
EXHIBIT 99.1
United-Guardian Reports 67% Increase in Earnings
HAUPPAUGE, N.Y., May 10, 2018 (GLOBE NEWSWIRE) -- United-Guardian, Inc. (NASDAQ:UG) reported today that net income for the first quarter of 2018 increased by 67% and gross sales increased by 28% compared with last year’s first quarter. Net income for the quarter jumped from $634,435 ($0.14 per share) to $1,059,862 ($0.23 per share), and gross sales increased from $2,872,722 to $3,666,947.
Ken Globus, President of United-Guardian, stated, “Our strong first quarter results were due to both increased sales of our cosmetic ingredients, which were up 43% over last year’s first quarter, and strong sales of our pharmaceutical products, particularly our Renacidin® Irrigation. We are once again receiving steady orders for one of our Lubrajel® products for sale in China. We are also excited about the reception our new Lubrajel Marine has received in the marketplace. Although it takes time for new cosmetic ingredients to find their way into new cosmetic formulations, we are optimistic that by the end of this year we will start to see larger orders for that product as customer formulations are finalized. We are also hopeful that our new Renacidin web site (www.renacidin.com) and our new social media campaign for that product, which is intended to make more patients and physicians aware of the product and should begin shortly, will also lead to increased sales. Based on the excellent first quarter results, as well as strong April sales, we are optimistic that this is going to be a strong year for us, and that the promising sales trend we have experienced so far this year will continue.”
United-Guardian is a manufacturer of cosmetic ingredients, personal and health care products, pharmaceuticals, and specialty industrial products.
Contact:
Robert S. Rubinger
Public Relations
(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 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.
| RESULTS FOR THE QUARTERS ENDED MARCH 31, 2018 and MARCH 31, 2017* STATEMENTS OF INCOME (UNAUDITED) | ||||||
| THREE MONTHS ENDED MARCH 31, | ||||||
| 2018 | 2017 | |||||
| Sales: | ||||||
| Gross sales | $ | 3,666,947 | $ | 2,872,722 | ||
| Sales allowances and returns | (147,435 | ) | (86,334 | ) | ||
| Net Sales | 3,519,512 | 2,786,388 | ||||
| Costs and expenses: | ||||||
| Cost of sales | 1,450,931 | 1,264,096 | ||||
| Operating expenses | 524,114 | 463,480 | ||||
| Research and development | 101,664 | 189,729 | ||||
| Total costs and expenses | 2,076,709 | 1,917,305 | ||||
| Income from operations | 1,442,803 | 869,083 | ||||
| Other (expense) income: | ||||||
| Investment income | 46,782 | 52,872 | ||||
| Unrealized loss on marketable securities | (135,150 | ) | --- | |||
| Loss from trade-in of equipment | (12,837 | ) | --- | |||
| Total other (expense) income | (101,205 | ) | 52,872 | |||
| Income before provision for income taxes | 1,341,598 | 921,955 | ||||
| Provision for income taxes | 281,736 | 287,520 | ||||
| Net income | $ | 1,059,862 | $ | 634,435 | ||
| Earnings per common share (basic and diluted) | $ | 0.23 | $ | 0.14 | ||
| Weighted average shares – basic and diluted | 4,594,319 | 4,594,319 | ||||
| * Additional financial information can be found at the company’s web site at www.u-g.com. | ||||||