16.02.2023 22:30:00

Universal Security Instruments Reports Third-Quarter Results

OWINGS MILLS, Md., Feb. 16, 2023 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced results for its fiscal third quarter and nine months ended December 31, 2022. 

For the three months ended December 31, 2022, sales increased approximately 8.3% to $5,758,661 compared to sales of $5,319,014 for the same period last year.   The Company reported net income of $341,312, or $0.15 per basic and diluted share, compared to net income of $35,351 or $0.02 per basic and diluted share for the same period last year. 

For the nine months ended December 31, 2022, sales increased approximately 6.5% to $16,251,106 versus $15,259,235 for the same period last year.  The Company reported net income of $435,776, or $0.19 per basic and diluted share, compared to net income of $157,688 or $0.07, per basic and diluted share for the corresponding 2021 period.

"The primary reasons for the sales increases during the three and nine-month periods ended December 31, 2022, were improvements in deliveries from China and less port congestion in Long Beach, California. The primary reasons for the increases in net income during the three and nine-month periods were lower selling, freight, advertising and professional expenses, partially offset by the higher cost of electrical components due to continuing supply chain issues." 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 54-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, 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,


2022

2021

Sales

$5,758,661

$5,319,014

Net income

341,312

35,351

Earnings per share:



        Basic and diluted

$       0.15

$      0.02

Weighted average number of common shares outstanding:

         Basic and diluted

 

2,312,887

 

 

2,312,887

 

              


Nine Months Ended December 31,


2022

2021

Sales

$ 16,251,106

$15,259,235

Net income

435,776

157,688

Earnings per share:



        Basic and diluted

$           0.19

$        0.07

 

Weighted average number of common shares outstanding:

         Basic and diluted

 

2,312,887

 

 

2,312,887

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


ASSETS



Dec. 31, 2022

Dec. 31, 2021

Cash

 

$200,155

 

$    387,223

 

Accounts receivable and amount due from factor

3,991,415

4,241,012

Inventory

4,437,580

5,123,468

Prepaid expense

313,277

202,669




TOTAL CURRENT ASSETS

 

8,942,427

9,954,372




PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS–NET

395,278

95,283

OTHER ASSETS

4,000

4,000

TOTAL ASSETS

$9,341,705

$10,053,655


LIABILITIES AND SHAREHOLDERS' EQUITY






Line of credit – factor

Note payable – Eyston Company Ltd.

Short-term portion of operating lease liability

Accounts payable

$2,471,236

181,440

149,408

1,061,517

$2,357,431

1,081,440

43,965 

1,445,417

Accrued liabilities

193,783

251,158

TOTAL CURRENT LIABILITIES

 

4,057,384

 

5,179,411

 

 

LONG TERM PORTION OF OPERATING LEASE LIABILITY

TOTAL LONG-TERM LIABILITIES

 

210,139

210,139

 

-

-

 

COMMITMENTS AND CONTINGENCIES

 

SHAREHOLDERS' EQUITY:

 

-

 

-

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

          20,000,000 shares; issued and outstanding 2,312,887 at December 31,
2022 and 2021                                                                           

 

 

23,129

 

23,129

Additional paid-in capital

12,885,841

12,885,841

Accumulated Deficit

(7,834,788)

(8,034,726)




TOTAL SHAREHOLDERS' EQUITY

5,074,182

4,874,244

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$9,341,705

$10,053,655

 

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-301749199.html

SOURCE Universal Security Instruments, Inc.

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