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UNITED GUARDIAN INC

2019 Q3 Form 10-Q Financial Statement

#000117184319005405 Filed on August 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $3.317M $3.279M $3.886M
YoY Change -0.81% -15.61% 2.94%
Cost Of Revenue $1.387M $1.467M $1.537M
YoY Change 15.83% -4.52% -7.81%
Gross Profit $1.930M $1.812M $2.349M
YoY Change -10.08% -22.86% 11.45%
Gross Profit Margin 58.19% 55.26% 60.45%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $104.8K $93.85K $91.29K
YoY Change 6.61% 2.81% -42.33%
% of Gross Profit 5.43% 5.18% 3.89%
Depreciation & Amortization $50.00K $40.00K $50.00K
YoY Change 25.0% -20.0% 0.0%
% of Gross Profit 2.59% 2.21% 2.13%
Operating Expenses $104.8K $502.1K $534.4K
YoY Change -79.82% -6.05% 27.67%
Operating Profit $1.281M $1.216M $1.723M
YoY Change -16.21% -29.43% 12.58%
Interest Expense $70.00K $140.0K $40.00K
YoY Change -50.0% 250.0% -42.86%
% of Operating Profit 5.46% 11.51% 2.32%
Other Income/Expense, Net $72.82K $136.8K $39.52K
YoY Change -46.92% 246.12% -45.71%
Pretax Income $1.354M $1.353M $1.763M
YoY Change -18.74% -23.25% 9.93%
Income Tax $284.4K $274.1K $370.2K
% Of Pretax Income 21.0% 20.26% 21.0%
Net Earnings $1.070M $1.079M $1.393M
YoY Change -18.74% -22.54% 26.13%
Net Earnings / Revenue 32.25% 32.9% 35.84%
Basic Earnings Per Share
Diluted Earnings Per Share $233.1K $235.3K $302.8K
COMMON SHARES
Basic Shares Outstanding 4.594M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.540M $8.600M $8.680M
YoY Change -4.02% -0.92% -20.95%
Cash & Equivalents $1.795M $910.7K $3.856M
Short-Term Investments $7.740M $7.690M $4.820M
Other Short-Term Assets $270.0K $260.0K $200.0K
YoY Change 80.0% 30.0% 0.0%
Inventory $1.274M $1.301M $1.500M
Prepaid Expenses
Receivables $1.619M $1.533M $2.152M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.70M $11.70M $12.53M
YoY Change -4.1% -6.62% -11.33%
LONG-TERM ASSETS
Property, Plant & Equipment $814.1K $782.8K $882.1K
YoY Change -5.75% -11.26% -11.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.53K $22.24K $37.06K
YoY Change -44.44% -40.0% -28.57%
Total Long-Term Assets $832.6K $805.0K $919.1K
YoY Change -7.19% -12.41% -12.61%
TOTAL ASSETS
Total Short-Term Assets $12.70M $11.70M $12.53M
Total Long-Term Assets $832.6K $805.0K $919.1K
Total Assets $13.53M $12.50M $13.45M
YoY Change -4.3% -7.02% -11.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $307.8K $90.45K $473.3K
YoY Change 150.33% -80.89% 453.8%
Accrued Expenses $1.081M $1.364M $1.268M
YoY Change 9.1% 7.55% 24.87%
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 $1.529M $1.595M $1.893M
YoY Change 22.3% -15.76% 42.94%
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 $1.529M $1.595M $1.893M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.760M $1.800M $1.890M
YoY Change 38.58% -4.76% 35.0%
SHAREHOLDERS EQUITY
Retained Earnings $11.31M $10.24M $11.09M
YoY Change -8.86% -7.68% -14.64%
Common Stock $459.4K $459.4K $459.4K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.77M $10.70M $11.55M
YoY Change
Total Liabilities & Shareholders Equity $13.53M $12.50M $13.45M
YoY Change -4.3% -7.02% -11.42%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $1.070M $1.079M $1.393M
YoY Change -18.74% -22.54% 26.13%
Depreciation, Depletion And Amortization $50.00K $40.00K $50.00K
YoY Change 25.0% -20.0% 0.0%
Cash From Operating Activities $990.0K $1.110M $1.050M
YoY Change -16.81% 5.71% -8.7%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$20.00K -$10.00K
YoY Change 133.33% 100.0%
Acquisitions
YoY Change
Other Investing Activities -$20.00K $1.840M $4.050M
YoY Change -99.53% -54.57% 1660.87%
Cash From Investing Activities -$100.0K $1.820M $4.030M
YoY Change -97.69% -54.84% 1652.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -2.520M -2.290M
YoY Change 10.04% 18.65%
NET CHANGE
Cash From Operating Activities 990.0K 1.110M 1.050M
Cash From Investing Activities -100.0K 1.820M 4.030M
Cash From Financing Activities 0.000 -2.520M -2.290M
Net Change In Cash 890.0K 410.0K 2.790M
YoY Change -128.34% -85.3% -607.27%
FREE CASH FLOW
Cash From Operating Activities $990.0K $1.110M $1.050M
Capital Expenditures -$70.00K -$20.00K -$10.00K
Free Cash Flow $1.060M $1.130M $1.060M
YoY Change -13.11% 6.6% -7.83%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0; text-align: right"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td style="text-align: justify">Basis of Presentation</td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 27pt">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 27pt">Interim condensed financial statements of the Company are prepared in accordance with United States Generally Accepted Accounting Principles (&#x201c;US GAAP&#x201d;) for interim financial information, pursuant to the requirements for reporting on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and Regulation S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">X.</div> In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods have been included. The results of operations for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 (</div>also referred to as the "second quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019"</div> and the "first half of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019",</div> respectively) are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of results that ultimately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be achieved for any other interim period or for the year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>The interim unaudited condensed financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto contained in our Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>Unless indicated otherwise, references herein to &#x201c;Sales&#x201d; or &#x201c;sales&#x201d;, shall refer to net sales. When changes are shown as percentages, the number is approximate, and has been rounded from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> decimal place to the nearest whole number.</div></div>
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651935
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
475000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
725000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-96345
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
119052
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-139312
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
246534
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-40849
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
323131
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
386717
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-181360
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
159846
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
24695
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
-169207
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
0
CY2019Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
838985
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2019Q2 us-gaap Inventory Net
InventoryNet
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CY2018Q4 us-gaap Inventory Net
InventoryNet
1482151
CY2019Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
416629
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
467842
CY2019Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
20000
CY2018Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
20000
CY2019Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
45177
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
30057
CY2019Q2 us-gaap Investment Income Net
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49941
CY2018Q2 us-gaap Investment Income Net
InvestmentIncomeNet
57777
us-gaap Investment Income Net
InvestmentIncomeNet
94108
us-gaap Investment Income Net
InvestmentIncomeNet
104559
CY2019Q2 us-gaap Land
Land
69000
CY2018Q4 us-gaap Land
Land
69000
CY2019Q2 us-gaap Liabilities And Stockholders Equity
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CY2018Q4 us-gaap Liabilities And Stockholders Equity
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CY2019Q2 us-gaap Liabilities Current
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CY2018Q4 us-gaap Liabilities Current
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1366151
CY2019Q2 us-gaap Marketable Securities Current
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CY2018Q4 us-gaap Marketable Securities Current
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CY2019Q2 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
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CY2018Q2 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-18256
us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
344043
us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-153406
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
344043
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-153406
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2524946
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2291294
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
242704
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2706309
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2642812
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2716353
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
1222694
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
1078810
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
1059862
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
1392662
us-gaap Net Income Loss
NetIncomeLoss
2301504
us-gaap Net Income Loss
NetIncomeLoss
2452524
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
136790
us-gaap Operating Expenses
OperatingExpenses
1049056
us-gaap Operating Expenses
OperatingExpenses
1058534
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1216136
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1723340
us-gaap Operating Income Loss
OperatingIncomeLoss
2462488
us-gaap Operating Income Loss
OperatingIncomeLoss
3166143
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
39521
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
438151
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-61684
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
502094
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
534420
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
21673
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
21596
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
22235
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
29647
us-gaap Payments Of Dividends
PaymentsOfDividends
2524946
us-gaap Payments Of Dividends
PaymentsOfDividends
2291294
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
9085612
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
1350509
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31655
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
40552
CY2019Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
75000
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
229816
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
159364
CY2019Q2 us-gaap Prepaid Taxes
PrepaidTaxes
31480
CY2018Q4 us-gaap Prepaid Taxes
PrepaidTaxes
200687
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
827925
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
9359971
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
4097370
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7308411
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7276756
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
782782
us-gaap Reclassifications
Reclassifications
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0; text-align: right"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></td> <td style="text-align: justify">Reclassifications</td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 27pt">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 27pt">Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on the previously reported net income.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 27pt">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 27pt">In accordance with ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> &#x201c;Revenue from Contracts with Customers&#x201d;, for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>the Company reclassified certain sales rebates from Cost of Sales to Net Sales, in the amounts of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$73,330</div></div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$156,579</div>,</div> respectively. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company reclassified certain sales rebates from Cost of Sales to Net Sales in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101,706</div></div></div>,</div> which impacted the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>by that same amount. The reclassification had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on gross profit, net income, the provision for income taxes or earnings per share for either period. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> for further discussion regarding ASU Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606.</div></div></div>
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
93846
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
91285
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
192504
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
192949
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
10240134
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
10465506
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3279399
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3885887
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6459716
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
10699566
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
11396642
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
12456504
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
11552005
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4594319
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4594319
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4594319
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4594319

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