UNITED-GUARDIAN REPORTS THREE MONTH RESULTS
UNITED-GUARDIAN REPORTS THREE MONTH RESULTS HAUPPAUGE, N.Y., Nov. 15 /PRNewswire/ -- United-Guardian, Inc.
(AMEX: UG) today reported financial results for the three and seven month periods ended Sept. 30, 1991. (See note under financial tables for an explanation of the reporting periods.) Revenue for the three months was up 6 percent from last year's comparable period, and 21 percent for the seven months. For the seven months, operating profits rose substantially from $14,131 last year to $245,669 this year. Net earnings for the seven month period rose from a loss of ($292,639) or ($.06) per share last year, to a profit of $162,807 or $.03 per share, a turnaround of $.09 per share.
Dr. Alfred R. Globus, chairman and chief executive officer of United-Guardian, stated: "The seven month figures continue to demonstrate the dramatic turnaround of the company this year, despite the slow economy. Substantial shipments to Schering-Plough have already begun in connection with their recent exercise of an option to use one of our products in a new consumer product they will soon begin marketing. We expect that this, along with other increases in revenue, will result in a substantial increase in our revenue for the next quarter, and at this time we expect to show a profit of at least $.10 a share for the short ten-month fiscal year." United-Guardian is a manufacturer of pharmaceuticals, health care products, medical devices and cosmetic bases. UNITED-GUARDIAN Three months Year ended Sept. 30 (A) 1991 1990 Revenue 1,267,447 1,196,998 Operating profit 75,090 88,243 Net earnings from continuing operations: (B) 34,807 42,975 Net loss from discontinued operations: -- 6,862 Provision for income taxes: 16,800 11,200 Extraordinary tax credit 14,400 11,010 Net earnings 32,407 35,923 Net share earnings .01 .01 Seven months Year ended Sept. 30 1991 1990 Revenue 3,085,747 2,560,434 Operating profit 245,669 14,131 Net earnings (loss) from continuing operations (B) 170,107 (86,062) Net earnings (loss) from discontinued operations -- (206,197) Provision for income taxes 63,100 380 Extraordinary tax credit: 55,800 -- Net earnings (loss) 162,807 (292,639) Share earnings (loss) from continuing operations .02 (.02) Share earnings (loss) from discontinued operations -- (.04) Share earnings from extraordinary credit .01 -- Net share earnings (loss) .03 (.06) Shares outstanding: 4,762,889 (A) United-Guardian recently decided to change its fiscal year end from Feb. 28 to Dec. 31. On the advice of its new auditors, Arthur Andersen & Co., the company has elected to immediately adopt the quarterly reporting dates of its new fiscal year. (B) Before provision for income taxes & extraordinary tax credit. -0- 11/15/91 /CONTACT: Robert S. Rubinger of United-Guardian, 516-273-0900/ (UG) CO: United-Guardian, Inc. ST: New York IN: MTC SU: ERN SM-KW -- NY071 -- 1630 11/15/91 14:52 EST
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|Date:||Nov 15, 1991|
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