Universal Security Instruments Reports First-Quarter Results

OWINGS MILLS, Md., Aug. 16, 2013 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal first quarter ended June 30, 2013.

Universal reported sales of $3,005,669 for the quarter ended June 30, 2013 versus $3,059,352 for the comparable period last fiscal year.  The Company reported a net loss of $(19,530), or $(0.01) per basic and diluted share, compared to a net loss of $(362,588) or $(0.16) per basic and diluted share, for the same period a year prior.  The Company's book value as of June 30, 2013 and June 30, 2012 was $11.74 and $11.68, respectively.

"We are pleased with the bottom-line improvement for the period, which was driven primarily by improved Joint Venture earnings.  Universal is continuing to develop new products which we expect to introduce later in the fiscal year," said Harvey Grossblatt, Universal CEO.

UNIVERSAL SECURITY INSTRUMENTS, INC. is a U.S.-based manufacturer (through its Hong Kong Joint Venture) and distributor of safety and security devices.  Founded in 1969, the Company has an over 40-year heritage of developing innovative and easy-to-install products, including smoke, fire and carbon monoxide alarms.  For more information on Universal Security Instruments, visit our website at www.universalsecurity.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the federal securities laws that inherently include certain risks and uncertainties.  Actual results could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, among other items, our Hong Kong Joint Venture's respective ability to maintain operating profitability, currency fluctuations, the impact of current and future laws and governmental regulations affecting us and our Hong Kong Joint Venture and other factors which may be identified from time to time in our Securities and Exchange Commission filings and other public announcements.  We do not undertake and specifically disclaim any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.  We will revise our outlook from time to time and frequently will not disclose such revisions publicly.

 

UNIVERSAL SECURITY INSTRUMENTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)



Three Months Ended June 30,


2013

2012

Sales

$  3,005,669

$  3,059,352




Net loss:

       Net loss per share – basic

       Net loss per share – diluted

$    (19,530)

(0.01)

(0.01)

$  (362,588)

(0.16)

(0.16)




Weighted average number of common shares outstanding:

       Basic

       Diluted

2,287,887

2,287,887

2,326,662

2,326,662



CONSOLIDATED BALANCE SHEETS




ASSETS




June 30, 2013

June 30, 2012

Cash

$   1,488,034

$   2,819,522

Accounts receivable and amount due from factor

2,880,664

2,655,384

Inventory

5,002,976

5,636,350

Prepaid expenses

637,207

532,538




TOTAL CURRENT ASSETS

10,008,881

11,643,794

INVESTMENT IN HONG KONG JOINT VENTURE

14,998,034

14,355,963

PROPERTY, PLANT AND EQUIPMENT – NET

222,552

256,063

OTHER ASSETS AND DEFERRED TAX ASSET

2,518,035

2,586,555

TOTAL ASSETS

$ 27,747,502

$ 28,842,375


LIABILITIES AND SHAREHOLDERS' EQUITY






Accounts payable and accrued expenses

$      723,971

$   1,504,201

Accrued liabilities

142,502

150,094

TOTAL CURRENT LIABILITIES

866,473

1,654,295

LONG TERM OBLIGATION

25,000

25,000

SHAREHOLDERS' EQUITY:



       Common stock, $.01 par value per share; authorized

       20,000,000 shares; issued and outstanding 2,287,887       
       at June 30, 2013 and 2,324,749 at June 30, 2012                

 

 

22,879

 

 

23,247

Additional paid-in capital

12,771,490

12,845,786

Retained earnings

12,865,830

12,975,323

Accumulated Other Comprehensive Income

1,195,830

1,318,724

TOTAL SHAREHOLDERS' EQUITY

26,856,029

27,163,080

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$ 27,747,502

$ 28,842,375

 

SOURCE Universal Security Instruments, Inc.



RELATED LINKS
http://www.universalsecurity.com

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