OWINGS MILLS, Md., Aug. 21, 2017 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today
announced results for its fiscal quarter ended June 30, 2017.
The Company reported sales of $3,318,237 for the quarter ended June 30,
2017 versus $3,178,607 for the comparable period of last year. The Company
reported a net loss of $543,663, or $0.24 per basic and diluted
share, compared to a net loss of $389,679 or $0.17 per basic and
diluted share, for the same period last year.
"The primary reason for the increase in operating loss was lower gross margins during the quarter resulting from more
aggressive pricing to drive sales for the balance of the fiscal year. With anticipated increased sales of our new sealed
product, Management expects that our financial results should improve," said Harvey
Grossblatt.
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 48-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,
|
|
2017
|
|
2016
|
Sales
|
$3,318,237
|
|
$3,178,607
|
|
|
|
|
Net loss:
|
(543,663)
|
|
(389,679)
|
Net loss per share – basic and
diluted
|
(0.24)
|
|
(0.17)
|
|
|
|
|
Weighted average number of common shares outstanding:
Basic and diluted
|
2,312,887
|
|
2,312,887
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
ASSETS
|
|
|
|
|
June 30, 2017
|
|
June 30, 2016
|
Cash
|
$246,508
|
|
$175,753
|
Funds held by factor
|
-
|
|
161,305
|
Accounts receivable and amount due from factor
|
2,572,396
|
|
2,066,670
|
Inventory
|
4,424,193
|
|
4,506,545
|
Prepaid expense
|
519,882
|
|
436,980
|
|
|
|
|
TOTAL CURRENT ASSETS
|
7,762,979
|
|
7,347,253
|
|
|
|
|
INVESTMENT IN HONG KONG JOINT VENTURE
|
10,526,794
|
|
11,399,694
|
PROPERTY, EQUIPMENT AND INTANGIBLE ASSET– NET
|
114,974
|
|
130,757
|
OTHER ASSETS
|
4,000
|
|
6,000
|
TOTAL ASSETS
|
$18,408,747
|
|
$18,883,704
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Line of credit - factor
|
$1,727,836
|
|
$ -
|
Accounts payable and accrued expenses
|
2,729,271
|
|
2,953,905
|
Accrued liabilities
|
110,978
|
|
114,466
|
TOTAL CURRENT LIABILITIES
|
4,568,085
|
|
3,068,371
|
|
|
|
|
LONG TERM OBLIGATION
|
-
|
|
-
|
SHAREHOLDERS' EQUITY:
|
|
|
|
Common stock, $.01 par value per share;
authorized 20,000,000
shares; issued and outstanding 2,312,887 at June 30, 2017 and
2016
|
23,129
|
|
23,129
|
Additional paid-in capital
|
12,885,841
|
|
12,885,841
|
Retained earnings
|
419,767
|
|
2,060,861
|
Accumulated other comprehensive income
|
511,925
|
|
845,502
|
TOTAL SHAREHOLDERS' EQUITY
|
13,840,662
|
|
15,815,333
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$18,408,747
|
|
$18,883,704
|
View original content:http://www.prnewswire.com/news-releases/universal-security-instruments-reports-first-quarter-results-300506722.html
SOURCE Universal Security Instruments, Inc.