United-Guardian Reports Record First Quarter Results.Business Editors HAUPPAUGE Hauppauge can refer to:
United-Guardian, Inc. (AMEX AMEX See: American Stock Exchange :UG) reported today that both sales and earnings set new records for the company, with quarterly earnings nearly equaling earnings for the entire first half of the prior fiscal year. Sales reached a record $3,217,533 as compared to $2,382,448 for the same period in 2002, an increase of 35%. Net earnings after taxes for the quarter were $703,429 ($.14 per share) versus $437,912 ($.09 per share) for the same period last year, an increase of 61%. Ken Globus, President of United-Guardian, stated "We are extremely pleased with the very strong start to the year that we have experienced, and are proud to have reached a new company milestone, with quarterly sales exceeding $3 million for the first time in the company's history. With April sales exceeding $1 million and incoming Incoming is a 3-D shooter developed by Rage Software and published by Interplay. The PC version was released in late 1998, and the Dreamcast version, a launch title for the console, was released in 1998 in Japan and in 1999 in the rest of the world. orders continuing to be very strong, we are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our prospects for achieving record sales and earnings this year." "We attribute (1) In relational database management, a field within a record. (2) In object technology, a single element of data. See instance attribute and static attribute. our strong sales this quarter to the continuing efforts we are making in conjunction with our international marketing partners to continue to increase the market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of our core product lines", continued Mr. Globus. "Having just launched two new product lines that should begin to find their way into new products by the end of this year, and with our continuing efforts to bring to market novel and innovative products, we believe that we are well positioned to continue to increase our sales over the next few years." United-Guardian is a manufacturer of cosmetic ingredients Ingredients of cosmetic products are listed following International Nomenclature of Cosmetic Incredients (INCI). These INCI names often differ greatly from systematic chemical nomenclature or from more common trivial names. , personal and health care products, pharmaceuticals, and specialty industrial products. NOTE: This press release contains both historical and "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of that Act. Such statements are subject to a variety of factors that could cause Registrant's 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 FIRST QUARTER ENDED
MARCH 31, 2003 and MARCH 31, 2002
3 Months Ended
March 31,
2003 2002
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Revenue: $3,217,533 $2,382,448
Costs and expenses: 2,161,845 1,754,239
Income from operations: 1,055,688 628,209
Other income: 39,741 49,703
Income before income taxes: 1,095,429 677,912
Provision for income taxes: 392,000 240,000
Net income: $703,429 $437,912
Earnings per share
(Basic and Diluted): $0.14 $.09
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