$UG
UNITED GUARDIAN INC

2022 Q3 Form 10-Q Financial Statement

#000117184322005641 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.417M $3.626M $3.892M
YoY Change -23.99% -0.87% 13.45%
Cost Of Revenue $1.076M $1.694M $1.710M
YoY Change -18.51% 12.96% 25.65%
Gross Profit $1.341M $1.932M $2.182M
YoY Change -27.87% -10.48% 5.43%
Gross Profit Margin 55.48% 53.29% 56.06%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $120.9K $112.3K $131.7K
YoY Change -7.51% -13.66% 49.14%
% of Gross Profit 9.02% 5.81% 6.03%
Depreciation & Amortization $34.34K $34.25K $34.26K
YoY Change -6.94% -14.44% -1.85%
% of Gross Profit 2.56% 1.77% 1.57%
Operating Expenses $120.9K $112.3K $131.7K
YoY Change -7.51% -13.66% 49.14%
Operating Profit $687.7K $1.200M $1.504M
YoY Change -45.84% -20.83% -1.35%
Interest Expense -$253.5K -$401.4K -$353.1K
YoY Change -1958.72% -319.1% 1077.03%
% of Operating Profit -36.86% -33.45% -23.48%
Other Income/Expense, Net -$253.5K -$401.4K -$353.1K
YoY Change -1958.87% -319.1% 993.66%
Pretax Income $434.2K $798.5K $1.151M
YoY Change -66.17% -52.99% -22.88%
Income Tax $88.68K $165.2K $239.3K
% Of Pretax Income 20.42% 20.69% 20.79%
Net Earnings $345.5K $633.3K $911.5K
YoY Change -66.01% -52.9% -22.84%
Net Earnings / Revenue 14.3% 17.47% 23.42%
Basic Earnings Per Share $0.07 $0.14 $0.20
Diluted Earnings Per Share $75.21K $137.8K $0.20
COMMON SHARES
Basic Shares Outstanding 4.594M 4.594M 4.594M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.153M $6.766M $7.796M
YoY Change -25.37% -21.53% -14.05%
Cash & Equivalents $496.5K $355.6K $511.5K
Short-Term Investments $6.657M $6.410M $7.284M
Other Short-Term Assets $299.9K $478.4K $467.6K
YoY Change 88.18% 71.89% 37.53%
Inventory $2.295M $1.728M $1.498M
Prepaid Expenses
Receivables $1.127M $2.107M $2.551M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.87M $11.08M $12.31M
YoY Change -16.1% -5.98% -2.7%
LONG-TERM ASSETS
Property, Plant & Equipment $616.2K $602.6K $629.4K
YoY Change -7.14% -6.19% -5.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $185.2K
YoY Change
Total Long-Term Assets $801.4K $602.6K $629.4K
YoY Change 20.77% -6.19% -5.62%
TOTAL ASSETS
Total Short-Term Assets $10.87M $11.08M $12.31M
Total Long-Term Assets $801.4K $602.6K $629.4K
Total Assets $11.68M $11.68M $12.94M
YoY Change -14.31% -5.99% -2.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $96.59K $416.4K $367.8K
YoY Change 10.82% 1501.52% 537.42%
Accrued Expenses $1.547M $1.546M $1.534M
YoY Change 0.25% 10.05% 2.64%
Deferred Revenue $88.55K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.664M $1.983M $2.010M
YoY Change -2.51% 36.75% 27.98%
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 $1.664M $1.983M $2.010M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.664M $2.015M $2.208M
YoY Change -13.96% 15.06% 24.06%
SHAREHOLDERS EQUITY
Retained Earnings $9.552M $9.207M $10.27M
YoY Change -14.95% -9.87% -7.25%
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 $10.01M $9.666M $10.73M
YoY Change
Total Liabilities & Shareholders Equity $11.68M $11.68M $12.94M
YoY Change -14.31% -5.99% -2.85%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $345.5K $633.3K $911.5K
YoY Change -66.01% -52.9% -22.84%
Depreciation, Depletion And Amortization $34.34K $34.25K $34.26K
YoY Change -6.94% -14.44% -1.85%
Cash From Operating Activities $735.9K $1.137M $27.42K
YoY Change -28.66% -30.12% -97.23%
INVESTING ACTIVITIES
Capital Expenditures -$47.88K -$7.450K $4.840K
YoY Change 10.73% -14.95% -82.81%
Acquisitions
YoY Change
Other Investing Activities -$547.0K $413.7K -$42.29K
YoY Change -47.44% -11.8% -93.87%
Cash From Investing Activities -$594.9K $406.3K -$47.13K
YoY Change -45.12% -11.74% -93.45%
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 -1.699M
YoY Change -22.92%
NET CHANGE
Cash From Operating Activities 735.9K 1.137M $27.42K
Cash From Investing Activities -594.9K 406.3K -$47.13K
Cash From Financing Activities 0.000 -1.699M
Net Change In Cash 141.0K -155.9K -$19.71K
YoY Change -368.29% 33.28% -107.28%
FREE CASH FLOW
Cash From Operating Activities $735.9K $1.137M $27.42K
Capital Expenditures -$47.88K -$7.450K $4.840K
Free Cash Flow $783.7K $1.145M $22.58K
YoY Change -27.07% -30.04% -97.65%

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dei Security12b Title
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-175641 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
153017 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
531213 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
591444 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
355572 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
744461 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
350.000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
300000 usd
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><em style="font: inherit;">2.</em>        Basis of Presentation</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 27pt;">Interim condensed financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information, pursuant to the requirements for reporting on Form <em style="font: inherit;">10</em>-Q and Regulation S-<em style="font: inherit;">X.</em> In the opinion of management, all adjustments considered necessary for the fair presentation of financial statements for the interim periods have been included. The results of operations for the <em style="font: inherit;">three</em> and <em class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2022 (</em>also referred to as the "second quarter of <em class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font: inherit;">2022"</em> and the "first half of <em class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font: inherit;">2022",</em> respectively) are <em style="font: inherit;">not</em> necessarily indicative of results that ultimately <em style="font: inherit;"> may </em>be achieved for any other interim period or for the year ending <em style="font: inherit;"> December 31, 2022. </em>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 <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December 31, 2021.</em></p>
CY2022Q2 us-gaap Cash Uninsured Amount
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395000 usd
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
410000 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
28398 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
20252 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3626177 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3657978 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7518535 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7088846 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3626177 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3657978 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7518535 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7088846 usd
CY2022Q2 us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
-460278 usd
CY2021Q2 us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
137574 usd
us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
-853938 usd
us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
65527 usd
CY2022Q2 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
-207936 usd
CY2021Q2 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
112180 usd
us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
-207936 usd
us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
112180 usd
CY2022Q2 us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
-252342 usd
CY2021Q2 us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
25394 usd
us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
-646002 usd
us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
-46653 usd
CY2022Q2 us-gaap Equity Securities Fv Ni Cost
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6886789 usd
CY2022Q2 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
6410082 usd
CY2022Q2 ug Equity Securities Fvni Accumulated Unrealized Gain Loss
EquitySecuritiesFvniAccumulatedUnrealizedGainLoss
-476707 usd
CY2022Q2 ug Debt Securities Held To Maturity And Equity Securities Fvni Cost
DebtSecuritiesHeldToMaturityAndEquitySecuritiesFVNICost
6886789 usd
CY2022Q2 ug Debt Securities Held To Maturity And Equity Securities Fvni Fair Value
DebtSecuritiesHeldToMaturityAndEquitySecuritiesFVNIFairValue
6410082 usd
CY2022Q2 ug Debt Securities Held To Maturity And Equity Securities Fvni Unrealized Gain Loss
DebtSecuritiesHeldToMaturityAndEquitySecuritiesFVNIUnrealizedGainLoss
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CY2021Q4 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
7466168 usd
CY2021Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
7635463 usd
CY2021Q4 ug Equity Securities Fvni Accumulated Unrealized Gain Loss
EquitySecuritiesFvniAccumulatedUnrealizedGainLoss
169295 usd
CY2021Q4 ug Debt Securities Held To Maturity And Equity Securities Fvni Cost
DebtSecuritiesHeldToMaturityAndEquitySecuritiesFVNICost
7466168 usd
CY2021Q4 ug Debt Securities Held To Maturity And Equity Securities Fvni Fair Value
DebtSecuritiesHeldToMaturityAndEquitySecuritiesFVNIFairValue
7635463 usd
CY2021Q4 ug Debt Securities Held To Maturity And Equity Securities Fvni Unrealized Gain Loss
DebtSecuritiesHeldToMaturityAndEquitySecuritiesFVNIUnrealizedGainLoss
169295 usd
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
1658292 usd
us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
-207936 usd
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
1832827 usd
us-gaap Debt And Equity Securities Realized Gain Loss
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112180 usd
CY2022Q2 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-165974 usd
CY2021Q2 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
87461 usd
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
582458 usd
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
494348 usd
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
165263 usd
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
119069 usd
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
980483 usd
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
797372 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
1728204 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
1410789 usd
CY2022Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
35000 usd
CY2022Q2 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
331161 usd
CY2021Q2 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
266780 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
455657 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
515640 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
100 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
100 usd
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
149454 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
165187 usd
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
354241 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
404438 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
665194 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
54500 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
65000 usd
CY2022Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
196500 usd
CY2021Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
348000 usd
CY2022Q2 ug Accrued Distribution Fees Current
AccruedDistributionFeesCurrent
379719 usd
CY2021Q4 ug Accrued Distribution Fees Current
AccruedDistributionFeesCurrent
359550 usd
CY2022Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
296688 usd
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
292560 usd
CY2022Q2 ug Accrued Reserve For Outdated Material
AccruedReserveForOutdatedMaterial
331943 usd
CY2021Q4 ug Accrued Reserve For Outdated Material
AccruedReserveForOutdatedMaterial
313904 usd
CY2022Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
54500 usd
CY2021Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
109000 usd
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
38000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
61500 usd
CY2022Q2 ug Accrued Annual Report Expenses Current
AccruedAnnualReportExpensesCurrent
50373 usd
CY2021Q4 ug Accrued Annual Report Expenses Current
AccruedAnnualReportExpensesCurrent
64038 usd
CY2022Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
169203 usd
CY2021Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
56857 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
28932 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
21981 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1545858 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1627390 usd
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55

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