United-Guardian Reports Record Sales and Earnings
United-Guardian, Inc., (Nasdaq: UG) reported today that sales and earnings for 2011 both set record highs for the company, continuing the trend that has been established over the past few years. For the first time in the company's history sales exceeded $14 million and earnings topped $1.00 a share. Sales for the year were $14,338,512 compared with $13,723,074 in 2010, an increase of 4.5%, and earnings reached $1.03 per share compared with $0.80 in 2010, an increase of 28.8%.
Ken Globus, President of United-Guardian, stated, "Fiscal year 2011 was a very strong and profitable one for us, with sales of our personal care products, in particular our cosmetic ingredients, increasing 10% over last year. In addition, sales of our non-pharmaceutical medical products, a growing market for us, increased 11% compared with 2010. We also did not have the financial burden of the discontinuation of our defined benefit pension plan, which negatively affected our earnings in 2010. With some new and exciting products slated for marketing in 2012 we are confident that we will be able to continue to increase our sales and earnings, both by steadily increasing our global market penetration, and by introducing new and unique products into the personal care and medical products markets."
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