Universal Security Instruments Announces its Fourth-Quarter and Year-End Results
12 Juli 2024 - 10:30PM
Universal Security Instruments, Inc. (NYSE Amex: UUU) today
announced its financial results for the fourth quarter and its
fiscal year ended March 31, 2024.
The Company reported:
- For the fourth quarter ended March
31, 2024, sales decreased $1,096,298 (18.5%) to $4,831,469 from
$5,927,767 from the comparable period last year. The Company
reported a net loss of $476,671, or $0.21 per basic and diluted
share compared to net income of $284,635, or $0.12 per basic and
diluted share for the comparable period of the previous year.
- For the twelve months ended March
31, 2024, sales decreased $2,276,200 (10.3%) to $19,902,673 versus
$22,178,873 for the fiscal year ended March 31, 2023. The Company
reported a net loss of $395,790, or $0.17 per basic and diluted
share, versus net income of $720,411 or $0.31 per basic and diluted
share, for the same period last year. Results for the twelve months
ended March 31, 2023, included the receipt of a federal employee
retention credit of approximately $181,000 during the second fiscal
quarter of the fiscal year.
Harvey Grossblatt, President and Chief Executive
Officer said, “Included in the current year results is
approximately $150,000 related to an insurance audit of a prior
year and an increase in the provision for credit losses of
approximately $168,000 recorded in the fourth fiscal quarter. The
increase in the provision for credit losses includes amounts with
respect to which the Company has filed suit against one of its
customers. In addition, sales were impacted by supply chain issues
and rising ocean freight rates.”
11407 CRONHILL DRIVE, SUITE A • OWINGS
MILLS, MARYLAND 21117, USA (410) 363-3000
• www.universalsecurity.com
UNIVERSAL SECURITY INSTRUMENTS, INC. is a
distributor of safety and security devices. Founded in 1969, the
Company has an over 55-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, 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 STATEMENTS OF
OPERATIONS(UNAUDITED) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Net sales |
$ |
4,831,469 |
|
|
$ |
5,927,767 |
|
Net (loss) income |
|
(476,671 |
) |
|
|
284,635 |
|
Net (loss) income per share –
basic and diluted |
|
(0.21 |
) |
|
|
0.12 |
|
|
|
|
Weighted average number of common
shares outstanding |
|
|
Basic and diluted |
|
2,312,887 |
|
|
|
2,312,887 |
|
|
Fiscal Year Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Net sales |
$ |
19,902,673 |
|
|
$ |
22,178,873 |
|
Net (loss) income |
|
(395,790 |
) |
|
|
720,411 |
|
Net (loss) income per share –
basic and diluted |
|
(0.17 |
) |
|
|
0.31 |
|
|
|
|
Weighted average number of common
shares outstanding |
|
|
Basic and diluted |
|
2,312,887 |
|
|
|
2,312,887 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
ASSETS |
|
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
Cash |
$ |
65,081 |
|
|
$ |
151,502 |
|
Accounts receivable and amount
due from factor |
|
3,310,154 |
|
|
|
3,664,948 |
|
Inventory |
|
4,751,826 |
|
|
|
4,063,632 |
|
Prepaid expenses |
|
226,732 |
|
|
|
165,378 |
|
TOTAL CURRENT ASSETS |
|
8,353,793 |
|
|
|
8,045,460 |
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT – NET |
|
159,656 |
|
|
|
318,641 |
|
OTHER ASSETS |
|
31,301 |
|
|
|
35,773 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
8,544,750 |
|
|
$ |
8,399,874 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit - factor |
$ |
768,853 |
|
|
$ |
1,459,350 |
|
Short-term portion of operating
lease liability |
|
158,742 |
|
|
|
151,230 |
|
Accounts payable– Trade |
|
2,371,492 |
|
|
|
948,465 |
|
Accrued liabilities |
|
269,306 |
|
|
|
309,940 |
|
TOTAL CURRENT LIABILITIES |
|
3,568,393 |
|
|
|
2,868,985 |
|
|
|
|
|
|
|
|
|
LONG-TERM PORTION OF OPERATING
LEASE LIABILITY |
|
13,330 |
|
|
|
172,072 |
|
TOTAL LONG-TERM LIABILITIES |
|
13,330 |
|
|
|
172,072 |
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Common stock, $.01 par value per
share; 20,000,000 authorized, 2,312,887 shares issued and
outstanding at March 31, 2024 and 2023 |
|
23,129 |
|
|
|
23,129 |
|
Additional paid-in capital |
|
12,885,841 |
|
|
|
12,885,841 |
|
(Accumulated Deficit) |
|
(7,945,943 |
) |
|
|
(7,550,153 |
) |
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS’ EQUITY |
|
4,963,027 |
|
|
|
5,358,817 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$ |
8,544,750 |
|
|
$ |
8,399,874 |
|
Contact: Harvey Grossblatt, President Universal Security
Instruments, Inc.410-363-3000, Ext. 224OrZachary Mizener Lambert
& Co. 315-529-2348
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