OWINGS MILLS, Md., Aug. 20, 2014 /PRNewswire/ -- Universal
Security Instruments, Inc. (NYSE Amex: UUU) today reported results
for its first fiscal quarter ended June 30,
2014.
Universal reported sales of $2,514,385 for the quarter ended June 30, 2014 versus $3,005,669 for the comparable period of last
year. The Company reported a net loss of $742,849, or $0.32
per basic and diluted share, compared to a net loss of $19,530 or $0.01
per basic and diluted share, for the same period last year. The
major reasons for the change were lower joint venture earnings of
$284,568, an income tax benefit of
$169,066 and lower sales during the
current fiscal period.
The Company was not able to file its 10Q due to its Hong Kong
Joint Venture inability to complete their financials and we expect
to file the 10Q later this week.
"The Company believes with the completion of its new sealed
product line later this fiscal year it will return to
profitability. Additionally we believe that our Joint Venture
will be profitable for this fiscal year," said Harvey Grossblatt, Universal CEO.
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 40-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,
|
|
2014
|
2013
|
|
Sales
|
$2,514,385
|
$3,005,669
|
|
|
|
|
Net loss:
|
$( 742,849)
|
$(19,530)
|
|
Net loss per share –
basic
|
$(0.32)
|
$(0.01)
|
|
Net loss per share –
diluted
|
$(0.32)
|
$(0.01)
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
Basic
|
2,312,887
|
2,287,887
|
|
Diluted
|
2,312,887
|
2,287,887
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(UNAUDITED)
|
|
|
ASSETS
|
|
|
June 30,
2014
|
June 30,
2013
|
|
Cash
|
$2,957,497
|
$1,488,034
|
|
Accounts receivable
and amount due from factor
|
1,607,728
|
2,880,664
|
|
Inventory
|
3,530,159
|
5,002,976
|
|
Prepaid
expenses
|
345,040
|
637,207
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
8,440,424
|
10,008,881
|
|
INVESTMENT IN HONG
KONG JOINT VENTURE
|
14,125,751
|
14,998,034
|
|
PROPERTY, PLANT AND
EQUIPMENT – NET
|
210,495
|
222,552
|
|
OTHER ASSETS AND
DEFERRED TAX ASSET
|
38,134
|
2,518,035
|
|
TOTAL
ASSETS
|
$22,814,804
|
$27,747,502
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
$779,797
|
$723,971
|
|
Accrued
liabilities
|
224,433
|
142,502
|
|
TOTAL CURRENT
LIABILITIES
|
1,004,230
|
866,473
|
|
LONG TERM
OBLIGATION
|
25,000
|
25,000
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
Common stock, $.01 par
value per share; authorized
20,000,000 shares;
issued and outstanding 2,312,887
at June 30, 2014 and 2,287,887 at
June 30, 2013
|
23,129
|
22,879
|
|
Additional paid-in
capital
|
12,885,841
|
12,771,490
|
|
Retained
earnings
|
7,692,267
|
12,865,830
|
|
Equity in
Comprehensive Income of Joint Venture
|
1,184,337
|
1,195,830
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
21,785,574
|
26,856,029
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
$22,814,804
|
$27,747,502
|
SOURCE Universal Security Instruments, Inc.