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): November 9, 2011
United-Guardian, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
001-10526 |
11-1719724 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
230 Marcus Boulevard, Hauppauge, New York 11788 |
| (Address of principal executive offices) |
Registrant's telephone number, including area code: (631) 273-0900
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 November 9, 2011 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 November 9, 2011
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| United-Guardian, Inc. |
||
| Date: November 9, 2011 | By: | /s/ KEN GLOBUS Ken Globus President |
| Exhibit Index | ||
| 99.1 | Press release dated November 9, 2011 | |
EXHIBIT 99.1
HAUPPAUGE, N.Y., Nov. 9, 2011 (GLOBE NEWSWIRE) -- United-Guardian, Inc. (Nasdaq:UG) reported today that net income for the third quarter and first nine months of 2011 both reached new highs, resulting in the company already having its most profitable year ever with a full three months remaining in the year. Earnings per share for the third quarter increased from $0.27 per share in 2010 to $0.30 per share this year, and earnings for the first nine months of the year were up 32% from $0.62 per share in 2010 to $0.82 per share this year.
Ken Globus, President of United, stated, "We are very pleased to report that earnings for the first 9 months of the year have already exceeded the earnings of any of the company's previous full fiscal years. Although year-to-date sales were slightly lower than last year due to supply problems with one of our pharmaceutical products earlier in the year, we were able to recover some of our lost profits through a financial settlement with the supplier. In addition, we didn't have the negative impact that we had last year when we terminated our defined benefit pension plan, which resulted in a $0.12 reduction in our earnings last year. Meanwhile, sales of our personal care and medical products remained strong and continued to grow for the first nine months of the year. We are confident that we can continue to grow these market segments as we work with potential new customers for our medical products, and expand our personal care products line with some of the new products currently under development."
United-Guardian is a manufacturer of cosmetic ingredients, personal and health care products, pharmaceuticals, and specialty industrial products.
| The United-Guardian, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6000 |
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 THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2011 and SEPTEMBER 30, 2010
(UNAUDITED)
|
THREE MONTHS ENDED SEPTEMBER 30, |
NINE MONTHS ENDED SEPTEMBER 30, |
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| 2011 | 2010 | 2011 | 2010 | |
| Net sales | $3,345,035 | $3,848,393 | $11,047,383 | $11,159,860 |
| Costs and expenses | 1,766,809 | 2,048,862 | 6,077,621 | 7,035,181 |
| Income from operations | 1,578,226 | 1,799,531 | 4,969,762 | 4,124,679 |
| Other income | 458,757 | 65,954 | 608,644 | 291,100 |
| Income before income taxes | 2,036,983 | 1,865,485 |
5,578,406 |
4,415,779 |
| Provision for income taxes | 667,700 | 621,700 | 1,818,300 | 1,451,626 |
| Net income | $1,369,283 | $1,243,785 | $3,760,106 | $2,964,153 |
|
Earnings per common share (Basic and Diluted) |
$ 0.30 | $ 0.27 |
$ 0.82 |
$0.62 |
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