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Form 8-K UNITED GUARDIAN INC For: May 13

May 13, 2016 9:01 AM
 

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 13, 2016  

United-Guardian, Inc.
(Exact Name of Registrant as Specified in Charter)

Delaware001-1052611-1719724
(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))
 
 

 

Item 2.02. Results of Operations and Financial Condition.

On May 13, 2016, 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.

Exhibit 99.1. Press release dated May 13, 2016

 


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 13, 2016By: /s/ Ken Globus        
  Name: Ken Globus
  Title: President
  

EXHIBIT 99.1

United-Guardian Reports First Quarter Results

HAUPPAUGE, N.Y., May 13, 2016 (GLOBE NEWSWIRE) -- United-Guardian, Inc. (NASDAQ: UG) reported today that, as expected, net sales for the first quarter of 2016 were down compared with last year’s first quarter, decreasing from $4,372,393 in 2015 to $2,262,576 in the first quarter of 2016. As a result, net income decreased from $1,460,510 ($0.32 per share) in the first quarter of 2015 to $525,091 ($0.11 per share) for the first quarter of 2016.

Ken Globus, President of United-Guardian, stated, “While we certainly are disappointed with the decline in sales and earnings in the first quarter of 2016, it was not unexpected based on the information we have been receiving from our marketing partner in China. As we reported previously, towards the end of 2015 we had been informed that there would be no significant purchases of one of our Lubrajel products for shipment to China until the third quarter 2016. This was due to (a) a regulatory issue in China unrelated to Lubrajel but which affected some retail products in which Lubrajel was an ingredient, and (b) overly optimistic sales projections by some of our customers in China, which resulted in excess inventory that had to be worked off. We are hopeful that the resumption of purchases for the Chinese market, along with the additional revenue we hope will be generated by the recent introduction our new single-dose form of Renacidin®, our most important pharmaceutical product, will result in stronger sales and increased earnings in the second half of the year.”

United-Guardian is a manufacturer of cosmetic ingredients, personal and health care products, pharmaceuticals, and specialty industrial products.

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, 2016 and MARCH 31, 2015*
 
STATEMENTS OF INCOME
(UNAUDITED)
  THREE MONTHS ENDED
MARCH 31,
   2016  2015 
        
Net sales $2,262,576 $4,372,393 
        
Costs and expenses:       
Cost of sales  897,725  1,679,202 
Operating expenses  467,556  460,927 
Research and development    177,566    166,308 
Total costs and expenses  1,542,847   2,306,437 
        
Income from operations  719,729  2,065,956 
        
Other income:       
Investment income     43,312     53,454 
        
Income before provision for income taxes  763,041  2,119,410 
        
Provision for income taxes    237,950    658,900 
        
Net income $  525,091 $1,460,510 
        
Earnings per common share (Basic and Diluted) $0.11 $0.32 
        
Weighted average shares – basic and diluted  4,594,319  4,596,439 
        

* Additional financial information can be found at the company’s web site at www.u-g.com.

Contact: Robert S. Rubinger
Public Relations
(631) 273-0900

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