United-Guardian, Inc. (NASDAQ:UG) announced today that the company's Board of Directors, at its meeting on November 18, 2020, declared a cash dividend of $0.36 per share, which will be paid on December 8, 2020 to all stockholders of record on December 1, 2020.
Ken Globus, President of United-Guardian, stated, “Many companies have chosen not to pay a dividend this year due to the impact of the coronavirus pandemic. Our Board of Directors felt, however, that with our strong balance sheet, along with the fact that we are still having a very profitable year despite the pandemic, that it would be in the best interests of the company and its shareholders to pay a year-end dividend. The Board did take into consideration the negative impact the pandemic had on sales and earnings in the second half of this year, and decided that it would be prudent to reduce the dividend. We remain optimistic that sales of our pharmaceutical products, which have increased this year, will remain strong, and that sales of our cosmetic ingredients will begin to recover once the pandemic is under control and the global economy improves. Once that happens, we will be in a better position to evaluate the advisability of once again increasing our dividend.”