OWINGS MILLS, Md., July 14, 2015 /PRNewswire/ -- Universal Security
Instruments, Inc. (NYSE Amex: UUU) announced today that it is
further delaying the filing of its Annual Report on Form 10-K for
the fiscal year ended March 31, 2015
with the Securities and Exchange Commission ("SEC").
As the Company previously disclosed in its Notification of Late
Filing on Form 12 b-25 filed with the SEC on June 29, 2015, the Company delayed filing its
Annual Report on Form 10-K because of unforeseen delays in the
completion of the financial statements of the Company's 50%-owned
Hong Kong Joint Venture. Pursuant to Rule 12b-25 under
the Securities Exchange Act of 1934, the Company received an
extension until July 14, 2015 to file its fiscal year ended
March 31, 2015 Annual Report on Form
10-K, which extension will expire without the filing of the
Company's Form 10-K. The Company is working diligently
to complete and file its Annual Report on Form 10-K with the SEC,
and expects to do so on or prior to July 31,
2015.
Based on current unaudited information, the preliminary results
which the Company anticipates that it will report in its Annual
Report on Form 10-K are as follows:
- A net loss for the fourth quarter of
approximately $748,500, or $0.32
per basic and diluted share, on sales of $2,782,210. This compares to a net loss of
$1,504,306 or $0.65 per basic and diluted share, on sales of
$2,636,933 for the comparable period
of the previous year.
- For the 12 months ended March 31,
2015, sales decreased approximately 21% to $9,891,554 versus $12,577,127 for the same period last year. The
Company expects to report a net loss of approximately $3,704,985 or $1.60
per basic and diluted share, versus a net loss of $4,450,224 or $1.94
per basic and diluted share, for the same period last year.
- Total assets of approximately $19,906,028 for the fiscal year ended
March 31, 2015, compared to total
assets of $23,202,976 for the fiscal
year ended March 31, 2014.
- Total liabilities of approximately $1,149,031 for the fiscal year ended March 31, 2015, compared to total liabilities of
$785,561 for the fiscal year ended
March 31, 2014.
- Total shareholders' equity of approximately $18,756,997 for the fiscal year ended
March 31, 2015, compared to total
shareholders' equity of $22,392,415
for the fiscal year ended March 31,
2014.
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 a
43 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.
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SOURCE Universal Security Instruments, Inc.