Net sales decreased 34% compared to the prior year’s first quarter, decreasing from
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(631) 273-0900 | |
bblanco@u-g.com |
NOTE: This press release contains both historical and "forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements about the company’s expectations or beliefs concerning future events, such as financial performance, business prospects, and similar matters, are being made in reliance upon the “safe harbor” provisions of that Act. Such statements are subject to a variety of factors that could cause our actual results or performance to differ materially from the anticipated results or performance expressed or implied by such forward-looking statements. For further information about the risks and uncertainties that may affect the company’s business please refer to the company's reports and filings with the
RESULTS FOR THE QUARTERS ENDED
STATEMENTS OF INCOME
(UNAUDITED)
THREE MONTHS ENDED | |||||||
2023 | 2022 | ||||||
Net sales | $ | 2,570,324 | $ | 3,892,358 | |||
Costs and expenses: | |||||||
Cost of sales | 1,093,595 | 1,710,117 | |||||
Operating expenses | 517,946 | 546,749 | |||||
Research and development | 126,959 | 131,666 | |||||
Total costs and expenses | 1,738,500 | 2,388,532 | |||||
Income from operations | 831,824 | 1,503,826 | |||||
Other income (expense): | |||||||
Investment income | 47,632 | 40,550 | |||||
Net gain (loss) on marketable securities | 72,701 | (393,660 | ) | ||||
Total other income (expense) | 120,333 | (353,110 | ) | ||||
Income before provision for income taxes | 952,157 | 1,150,716 | |||||
Provision for income taxes | 196,076 | 239,251 | |||||
Net income | $ | 756,081 | $ | 911,465 | |||
Earnings per common share (basic and diluted) | $ | 0.16 | $ | 0.20 | |||
Weighted average shares – basic and diluted | 4,594,319 | 4,594,319 |
* Additional financial information can be found at the company’s web site at www.u-g.com.
Source:
2023 GlobeNewswire, Inc., source