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.
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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,
|
|
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
View original
content:https://www.prnewswire.com/news-releases/universal-security-instruments-reports-third-quarter-results-301749199.html
SOURCE Universal Security Instruments, Inc.