Universal Security Instruments Reports Second-Quarter Results

Dec 02, 2015, 07:30 ET from Universal Security Instruments, Inc.

OWINGS MILLS, Md., Dec. 2, 2015 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced results for its fiscal second quarter ended September 30, 2015.

For the three months ended September 30, 2015, the Company reported sales rose 47% to $3,278,225 compared to sales of $2,223,943 for the same period last year.   The Company reported a net loss of $411,302, or $0.18 per basic and diluted share, compared to a net loss of $1,112,264 or $0.48 per basic and diluted share for the same period last year. 

For the six months ended September 30, 2015, sales rose 31% to $6,214,715 versus $4,738,328 for the same period last year.  The Company reported a net loss of $1,188,379, or $0.51 per basic and diluted share, compared to a net loss of $1,855,113 or $0.80, per basic and diluted share.

"The primary reasons for the improvement were higher sales resulting from the sale of Company's new sealed line of ionization smoke and combinations alarms and it's sealed carbon monoxide alarms. The Company's joint venture reported higher earnings in the quarter resulting from increased purchases of sealed products from Universal," said Harvey Grossblatt CEO of Universal Security Instruments Inc.

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

               September 30,

2015

2014

Sales

$3,278,225

$2,223,943

Net loss

(411,302)

(1,112,264)

Loss per share:

        Basic and diluted

$(0.18)

$(0.48)

Weighted average number of common shares outstanding:

         Basic and diluted

 

2,312,887

 

2,312,887

Six Months Ended September 30,

2015

2014

Sales

$ 6,214,715

$ 4,738,328

Net loss

(1,188,379)

(1,855,113)

Loss per share:

        Basic and diluted

$(0.51)

$(0.80)

Weighted average number of common shares outstanding:

         Basic and diluted

 

2,312,887

 

2,312,887

 

CONSOLIDATED BALANCE SHEETS – (UNAUDITED)

ASSETS

September 30,

2015

2014

Cash

$    148,817

$ 2,788,927

Accounts receivable and amount due from factor

2,005,920

1,620,317

Inventory

4,508,651

2,841,982

Prepaid expenses

337,509

382,137

TOTAL CURRENT ASSETS

7,000,897

7,633,363

INVESTMENT IN HONG KONG JOINT VENTURE

12,740,385

13,922,079

PROPERTY,  EQUIPMENT, AND INTANGIBLE ASSET – NET

157,398

198,760

OTHER ASSETS

6,000

38,134

TOTAL ASSETS

$19,904,680

$21,792,336

LIABILITIES AND SHAREHOLDERS' EQUITY

Line of credit - factor

$1,001,007

$           -

Accounts payable

1,311,587

778,295

Accrued liabilities

148,928

292,250

TOTAL CURRENT LIABILITIES

2,461,522

1,070,545

LONG TERM OBLIGATION

-

25,000

SHAREHOLDERS' EQUITY

   Common stock, $.01 par value per share; authorized 20,000,000

   shares; issued and outstanding 2,312,887 at September 30, 2015 and

   2014 

23,129

23,129

Additional paid-in capital

12,885,841

12,885,841

Retained earnings

3,399,953

6,580,003

Accumulated other comprehensive income

1,134,235

1,207,818

TOTAL SHAREHOLDERS' EQUITY

17,443,158

20,696,791

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$19,904,680

$21,792,336

 

SOURCE Universal Security Instruments, Inc.



RELATED LINKS

http://www.universalsecurity.com