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 9, 2019
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. [ ]
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.10 par value per share | UG | NASDAQ Global Market |
Item 2.02. Results of Operations and Financial Condition.
On May 9, 2019, 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 9, 2019 | By: | /s/ Ken Globus |
Ken Globus | ||
President | ||
EXHIBIT 99.1
United-Guardian Reports Increase in Net Income
HAUPPAUGE, N.Y., May 09, 2019 (GLOBE NEWSWIRE) -- United-Guardian, Inc. (NASDAQ:UG) reported today that net income increased by 15% to $1,222,694 ($0.27 per share) in this year’s first quarter, up from $1,059,862 ($0.23 per share) in the first quarter of 2018. Gross sales for the quarter were down by 6% from $3,666,947 to $3,452,894.
Ken Globus, President of United-Guardian, stated, “While sales were down somewhat as a result of some product launches and pipeline fills that took place in the first quarter of 2018 that were not a factor this year, we nevertheless had strong sales of our personal care and pharmaceutical products that were sufficient to increase net income over the first quarter of 2018. We are continuing to work closely with our distributors to expand the sales of our cosmetic ingredients and develop new products for the personal care market, especially in the area of natural cosmetic ingredients. Our international sales remain strong, despite increased competition from some lower-cost Asian manufacturers and the continuing uncertainty of the trade and tariff situation. As long as our products continue to be exempt from the retaliatory tariffs that were imposed by China last year, we are optimistic that we will be able to continue to increase our sales and earnings in the coming years.”
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, 2019 and MARCH 31, 2018* | |||||||||
STATEMENTS OF INCOME | |||||||||
(UNAUDITED) | |||||||||
THREE MONTHS ENDED MARCH 31, | |||||||||
2019 | 2018 | ||||||||
Sales: | |||||||||
Gross sales | $ | 3,452,894 | $ | 3,666,947 | |||||
Sales allowances and returns | (170,870 | ) | (147,435 | ) | |||||
Net Sales | 3,282,024 | 3,519,512 | |||||||
Costs and expenses: | |||||||||
Cost of sales | 1,390,051 | 1,450,931 | |||||||
Operating expenses | 546,962 | 524,114 | |||||||
Research and development | 98,659 | 101,664 | |||||||
Total costs and expenses | 2,035,672 | 2,076,709 | |||||||
Income from operations | 1,246,352 | 1,442,803 | |||||||
Other income (expense): | |||||||||
Investment income | 44,167 | 46,782 | |||||||
Net gain (loss) on marketable securities | 257,194 | (135,150 | ) | ||||||
Loss from trade-in of equipment | --- | (12,837 | ) | ||||||
Total other income (expense) | 301,361 | (101,205 | ) | ||||||
Income before provision for income taxes | 1,547,713 | 1,341,598 | |||||||
Provision for income taxes | 325,019 | 281,736 | |||||||
Net income | $ | 1,222,694 | $ | 1,059,862 | |||||
Earnings per common share (basic and diluted) | $ | 0.27 | $ | 0.23 | |||||
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. | |||||||||