Universal Security Instruments, Inc. UUU

ASE: UUU | ISIN: US9138213023   16/07/2024
1,450 USD (+6,62%)
(+6,62%)   16/07/2024

Universal Security Instruments Reports Third-Quarter Results

OWINGS MILLS, Md., Feb. 16, 2022 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced results for its fiscal third quarter and nine months ended December 31, 2021. 

For the three months ended December 31, 2021, sales increased approximately 3.8% to $5,319,014 compared to sales of $5,124,750 for the same period last year.  The Company reported net income of $35,351, or $0.02 per basic and diluted share, compared to net income of $78,318 or $0.03 per basic and diluted share for the same period last year. 

For the nine months ended December 31, 2021, sales increased approximately 5.1% to $15,259,235 versus $14,522,813 for the same period last year.  The Company reported net income of $157,688, or $0.07 per basic and diluted share, compared to net income of $725,181 or $0.31, per basic and diluted share for the corresponding 2020 period.

"While our sales have increased over the prior year's period, sales continued to be impacted by supply chain disruptions such as obtaining ocean freight containers, and by port congestion in the port of Long Beach, California.  We have also experienced difficulty in obtaining raw materials such as micro-processing chips and other electronic components.  Our lower net income is due to higher selling and promotional costs, and by higher freight, legal, and consulting fees," said Harvey Grossblatt - President and CEO.            

UNIVERSAL SECURITY INSTRUMENTS, INC. is a U.S.-based manufacturer and distributor of safety and security devices. Founded in 1969, the Company has an over 52-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. 

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"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, currency fluctuations, the impact of current and future laws and governmental regulations affecting us 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.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(UNAUDITED)



Three Months Ended December 31,


2021

2020

Sales

$5,319,014

$5,124,750

Net income

35,351

78,318

Earnings per share:



        Basic and diluted

$      0.02

$     0.03




Weighted average number of common shares outstanding:



        Basic and diluted

2,312,887

2,312,887

 


Nine Months Ended December 31,


2021

2020

Sales

$ 15,259,235

$14,522,813

Net income

157,688

725,181

Earnings per share:



        Basic and diluted

$           0.07

$        0.31




Weighted average number of common shares outstanding:



         Basic and diluted

2,312,887

2,312,887

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


ASSETS



Dec. 31, 2021

Dec. 31, 2020

Cash

$387,223

$580,904

Accounts receivable and amount due from factor

4,241,012

3,463,933

Inventory

5,123,468

3,039,779

Prepaid expense

202,669

178,518




TOTAL CURRENT ASSETS

9,954,372

7,263,134




PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS–NET

95,283

270,962

OTHER ASSETS

4,000

4,000

TOTAL ASSETS

$10,053,655

$7,538,096


LIABILITIES AND SHAREHOLDERS' EQUITY






Line of credit – factor

$2,357,431

$             -

Note payable – Eyston Company Ltd.

1,081,440


Note payable - bank

-

221,400

Short-term portion of operating lease liability

43,965

167,926

Accounts payable

1,445,417

569,161

Accrued liabilities

251,158

281,175

TOTAL CURRENT LIABILITIES

 

5,179,411

 

1,239,662

 

NOTE PAYABLE – Eyston Company Ltd.

-

1,081,440

LONG TERM PORTION OF OPERATING LEASE LIABILITY

-

43,600

TOTAL LONG-TERM LIABILITIES

-

1,125,040

 

SHAREHOLDERS' EQUITY:



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

          20,000,000 shares; issued and outstanding 2,312,887 at December 31, 2021 and 2020                                                                           

 

 

23,129

 

23,129

Additional paid-in capital

12,885,841

12,885,841

Accumulated Deficit

(8,034,726)

(7,735,576)




TOTAL SHAREHOLDERS' EQUITY

4,874,244

5,173,394

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$10,053,655

$7,538,096

 

Contact:  Harvey Grossblatt, CEO
Universal Security Instruments, Inc.
(410) 363-3000, Ext. 224

or

Zachary Mizener
Lambert & Co.
(315) 529-2348

Cision View original content:https://www.prnewswire.com/news-releases/universal-security-instruments-reports-third-quarter-results-301483104.html

SOURCE Universal Security Instruments, Inc.

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