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Unitedguardian Inc. has a market cap of $70.1 million; its shares were traded at around $15.25 with a P/E ratio of 15.8 and P/S ratio of 5.2. The dividend yield of Unitedguardian Inc. stocks is 4.8%. Unitedguardian Inc. had an annual average earning growth of 10.4% over the past 10 years. GuruFocus rated Unitedguardian Inc. the business predictability rank of 4.5-star.
Highlight of Business Operations:Net sales for the third quarter of 2011 decreased $503,358 (13.1%) compared with the third quarter of 2010. Net sales for the first nine months of 2011 decreased $112,477 (1.0%) compared with the corresponding period in 2010. The changes in net sales for these periods in 2011 were attributable to the following changes in sales of the Company's various product lines:
Personal care products: Sales of the Company s personal care products decreased $359,141 (14.2%) for the third quarter of 2011 compared with the third quarter of 2010, but sales of these products increased $97,462 (1.4%) for the nine-month period ended September 30, 2011 compared with the same period in 2010. The decrease in the third quarter of 2011 was the result of unusually strong sales in the third quarter of 2010 to ASI, the Company s largest marketing partner. However, for the nine-month period ended September 30, 2011 sales to ASI increased by $473,356 (8.9%) when compared with the same period in 2010. This increase was partially offset by decreases in sales to some of the Company s other marketing partners. The decreases for the nine-month period were primarily attributable to the Company s marketing partners in France, South Korea, and Italy. These marketing partners were adversely affected by the economic conditions in their respective countries for the first nine months of 2011 compared with the first nine months of 2010. However, sales to the Company s marketing partners in France and South Korea increased in the third quarter of 2011 compared with the third quarter of 2010.
Pharmaceuticals: Sales of the Company s pharmaceutical products decreased $288,364 (41.4%) in the third quarter of 2011 when compared with the third quarter of 2010. Similarly, sales for the nine-month period ended September 30, 2011 decreased by $388,107 (18.5%) when compared with the comparable period in 2010. The decrease in sales for both periods was the result of a decrease in sales of the Company s RENACIDIN IRRIGATION product, which has not yet returned to its historically consistent sales level due to (1) a temporary curtailment of sales between November 2010 and May 2011 due to production problems experienced by the Company's supplier, and (2) a price increase implemented on June 1, 2011, which resulted in customers purchasing additional inventory in May 2011 in order to minimize the impact of the price increase. This historically results in lower sales for several months following the price increase.
Medical (non-pharmaceutical) products: Sales of the Company s medical products increased $143,469 (22.0%) for the third quarter of 2011 compared with the third quarter of 2010. This increase was due to sales to two customers, and is attributable to both the ordering patterns of these customers and to an increase in demand from these customers. Sales for the first nine months of 2011 increased $316,267 (16.2%) compared with the same period in 2010, and this increase was also due to increased sales to these same two customers.
Cost of sales as a percentage of sales decreased to 36.8% for the three months ended September 30, 2011 from 37.7% for the comparable period in 2010. For the nine months ended September 30, 2011, cost of sales as a percentage of sales increased to 39.1% from 38.2% for the comparable period in 2010. For the three months ended September 30, 2011 the decrease in cost of sales as a percentage of sales was primarily due to increased sales of higher-margin products, and a decrease in sales of one lower-margin product. The increase in the first nine months of 2011 compared with the same period in 2010 was primarily due to a cost increase for the Company s primary raw material. This was partially offset by the decrease in sales of one of the Company s lower margin products.
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