$UG
UNITED GUARDIAN INC

2017 Q1 Form 10-K Financial Statement

#000117184317001709 Filed on March 23, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 2015 Q4
Revenue $2.786M $10.78M $1.890M
YoY Change 23.15% -23.06% -52.63%
Cost Of Revenue $1.264M $4.883M $790.0K
YoY Change 40.81% -6.14% -46.62%
Gross Profit $1.522M $5.894M $1.100M
YoY Change 11.54% -33.05% -56.18%
Gross Profit Margin 54.63% 54.69% 58.2%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $189.7K $651.8K $140.0K
YoY Change 6.85% 0.56% -12.5%
% of Gross Profit 12.46% 11.06% 12.73%
Depreciation & Amortization $49.85K $187.0K $40.00K
YoY Change 15.83% 7.81% 0.0%
% of Gross Profit 3.27% 3.17% 3.64%
Operating Expenses $463.5K $1.853M $690.0K
YoY Change -0.87% -0.51% -5.48%
Operating Profit $869.1K $3.390M $410.0K
YoY Change 20.75% -46.14% -76.97%
Interest Expense $50.00K $310.0K $130.0K
YoY Change 25.0% -6.06% 30.0%
% of Operating Profit 5.75% 9.15% 31.71%
Other Income/Expense, Net $52.87K $306.5K
YoY Change -7.63%
Pretax Income $922.0K $3.696M $550.0K
YoY Change 20.83% -44.21% -70.9%
Income Tax $287.5K $1.115M $130.0K
% Of Pretax Income 31.19% 30.17% 23.64%
Net Earnings $634.4K $2.581M $420.0K
YoY Change 20.82% -43.97% -70.0%
Net Earnings / Revenue 22.77% 23.95% 22.22%
Basic Earnings Per Share
Diluted Earnings Per Share $137.3K $562.1K $91.50K
COMMON SHARES
Basic Shares Outstanding 4.594M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.65M $10.64M $11.80M
YoY Change -8.12% -9.83% 3.42%
Cash & Equivalents $1.245M $420.0K $1.080M
Short-Term Investments $10.40M $10.22M $10.72M
Other Short-Term Assets $200.0K $220.0K $490.0K
YoY Change -53.49% -55.1% 16.67%
Inventory $1.263M $1.260M $1.294M
Prepaid Expenses
Receivables $1.873M $1.600M $934.8K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.98M $13.71M $14.52M
YoY Change -6.02% -5.58% -0.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.046M $1.090M $1.096M
YoY Change -1.56% -0.91% -9.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.59K $60.00K $74.12K
YoY Change -21.05% -14.29% 8.93%
Total Long-Term Assets $1.102M $1.160M $1.170M
YoY Change -2.77% -0.85% -8.29%
TOTAL ASSETS
Total Short-Term Assets $14.98M $13.71M $14.52M
Total Long-Term Assets $1.102M $1.160M $1.170M
Total Assets $16.08M $14.87M $15.69M
YoY Change -5.81% -5.23% -1.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.1K $80.00K $96.82K
YoY Change -64.35% -20.0% -31.39%
Accrued Expenses $1.053M $850.0K $785.6K
YoY Change -4.33% 7.59% -5.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.497M $1.050M $988.4K
YoY Change -11.78% 6.06% 1.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.497M $1.050M $988.4K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.540M $1.050M $1.110M
YoY Change -17.65% -5.41% -7.5%
SHAREHOLDERS EQUITY
Retained Earnings $13.82M $14.05M
YoY Change -5.18% 0.23%
Common Stock $459.4K $459.4K
YoY Change 0.0% -0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.54M $13.82M $14.58M
YoY Change
Total Liabilities & Shareholders Equity $16.08M $14.87M $15.69M
YoY Change -5.81% -5.23% -1.57%

Cashflow Statement

Concept 2017 Q1 2016 2015 Q4
OPERATING ACTIVITIES
Net Income $634.4K $2.581M $420.0K
YoY Change 20.82% -43.97% -70.0%
Depreciation, Depletion And Amortization $49.85K $187.0K $40.00K
YoY Change 15.83% 7.81% 0.0%
Cash From Operating Activities $875.1K $2.290M $1.090M
YoY Change 18.26% -55.95% -31.01%
INVESTING ACTIVITIES
Capital Expenditures $1.605K $166.7K -$30.00K
YoY Change -72.66% 166.39% 200.0%
Acquisitions
YoY Change
Other Investing Activities -$50.00K $660.0K $970.0K
YoY Change -91.07% -140.99% 40.58%
Cash From Investing Activities -$54.43K $490.2K $940.0K
YoY Change -90.28% -129.36% 38.24%
FINANCING ACTIVITIES
Cash Dividend Paid $3.437M
YoY Change -25.11%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.437M -2.170M
YoY Change -23.11% 47.62%
NET CHANGE
Cash From Operating Activities 875.1K 2.290M 1.090M
Cash From Investing Activities -54.43K 490.2K 940.0K
Cash From Financing Activities -3.437M -2.170M
Net Change In Cash 820.7K -656.2K -140.0K
YoY Change 355.95% -30.19% -117.72%
FREE CASH FLOW
Cash From Operating Activities $875.1K $2.290M $1.090M
Capital Expenditures $1.605K $166.7K -$30.00K
Free Cash Flow $873.5K $2.124M $1.120M
YoY Change 18.99% -58.66% -29.56%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Concentration of Credit Risk</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accounts receivable potentially exposes the Company to concentrations of credit risk. The Company monitors the amount of credit it allows each of its customers, using the customer&#x2019;s prior payment history to determine how much credit to allow or whether any credit should be given at all. It is the Company&#x2019;s policy to discontinue shipments to any customer that is substantially past due on its payments. The Company sometimes requires payment in advance from customers whose payment record is questionable. As a result of its monitoring of the outstanding credit allowed for each customer, as well as the fact that the majority of the Company&#x2019;s sales are to customers whose satisfactory credit and payment record has been established over a long period of time, the Company believes that its accounts receivable credit risk has been reduced.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> of the Company&#x2019;s distributors and marketing partners accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47%</div> of the Company&#x2019;s net sales during the year, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36%</div> of its outstanding accounts receivable at year end. For the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the same <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> distributors and marketing partners accounted for a total of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66%</div> of the Company&#x2019;s net sales during the year, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div> of its outstanding accounts receivable at year end.</div></div></div></div></div>
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CY2015 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
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CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense
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1000
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1000
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
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30000
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
30000
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-7000
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IncomeTaxReconciliationOtherAdjustments
-14000
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
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-2000
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CY2016 us-gaap Income Taxes Paid
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CY2016 us-gaap Increase Decrease In Accounts Payable
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-37829
CY2015 us-gaap Increase Decrease In Inventories
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56488
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-25213
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2016 us-gaap Increase Decrease In Prepaid Taxes
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CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2015Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2016Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
20000
CY2015Q4 us-gaap Inventory Valuation Reserves
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20000
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24214
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CY2016 us-gaap Investment Income Net
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306505
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Land
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CY2015Q4 us-gaap Land
Land
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
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CY2015Q4 us-gaap Liabilities Current
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CY2016 us-gaap Marketable Securities Realized Gain Loss
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CY2015 us-gaap Marketable Securities Realized Gain Loss
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2395
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CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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2290444
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
5199972
CY2016 us-gaap Net Income Loss
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2581142
CY2015 us-gaap Net Income Loss
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4606929
CY2016 us-gaap Nonoperating Income Expense
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306505
CY2015 us-gaap Nonoperating Income Expense
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331826
CY2016 us-gaap Operating Expenses
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1852833
CY2015 us-gaap Operating Expenses
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CY2016 us-gaap Operating Income Loss
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CY2015 us-gaap Operating Income Loss
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CY2016Q4 us-gaap Other Accrued Liabilities Current
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CY2016Q4 us-gaap Other Assets Noncurrent
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59295
CY2015Q4 us-gaap Other Assets Noncurrent
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74118
CY2016 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
104284
CY2015 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-189903
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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-1011
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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2395
CY2016 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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156474
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-284103
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-187508
CY2016 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
103273
CY2016 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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53201
CY2016 us-gaap Payments Of Dividends
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3436867
CY2015 us-gaap Payments Of Dividends
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CY2016 us-gaap Payments Of Dividends Common Stock
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3436867
CY2015 us-gaap Payments Of Dividends Common Stock
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4589464
CY2016 us-gaap Payments To Acquire Marketable Securities
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2309935
CY2015 us-gaap Payments To Acquire Marketable Securities
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CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015 us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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135320
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2016Q4 us-gaap Prepaid Taxes
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CY2015Q4 us-gaap Prepaid Taxes
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CY2016 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2015 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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3944388
CY2016Q4 us-gaap Property Plant And Equipment Gross
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1090591
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CY2016 us-gaap Provision For Doubtful Accounts
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8289
CY2015 us-gaap Provision For Doubtful Accounts
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-21240
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
651828
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
648211
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
13185423
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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14050021
CY2016 us-gaap Sales Discounts Returns And Allowances Goods
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367595
CY2015 us-gaap Sales Discounts Returns And Allowances Goods
SalesDiscountsReturnsAndAllowancesGoods
158292
CY2016 us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
11144462
CY2015 us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
14164536
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10776867
CY2015 us-gaap Sales Revenue Net
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14006244
CY2016 us-gaap Shipping Handling And Transportation Costs
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84000
CY2015 us-gaap Shipping Handling And Transportation Costs
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94000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
13820489
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
14581814
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
14736938
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparing financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, possible impairment of marketable securities, and the allocation of overhead.</div></div></div></div></div>
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4594319
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4594319

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