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United-Guardian, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $3,060,113 from $3,057,518 in the same quarter the previous year. The increase is attributed to higher sales of cosmetic ingredients.
Cost of sales for the quarter was $1,408,866, representing 46% of sales, compared to 57% in the same quarter of the previous year. This decrease in cost ratio is due to a higher proportion of sales from cosmetic ingredients, which have higher margins.
The company reported a net income of $865,484 for the quarter, compared to $626,756 in the previous year, with the increase attributed to higher sales and lower cost of sales.
Investment income increased to $99,934 from $79,682, primarily due to higher interest income from U.S. Treasury Bills and Certificates of Deposit.
Selling, general, and administrative expenses increased to $591,047 from $488,464, primarily due to higher fees paid to the Board of Directors and increased payroll expenses.
Net cash provided by operating activities was $3,196,954, while cash used in investing and financing activities was $6,241,837 and $2,756,323, respectively.
United-Guardian had a working capital of $10,609,401 as of September 30, 2024. The company believes its working capital is sufficient to support its operating requirements for at least the next twelve months.
The filing also details the company's plans to upgrade its building sprinkler system and replace the roof on its facility in Hauppauge, NY, with expected completion by the end of 2024.
The company does not anticipate any significant changes in its effective income tax rate, which was approximately 21% for the first nine months of 2024.
United-Guardian continues to focus on developing new products using natural and environmentally friendly raw materials to meet the demand for 'green' and sustainable products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United-Guardian Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.