OWINGS MILLS, Md., Feb. 9, 2021 /PRNewswire/ -- Universal Security
Instruments, Inc. (NYSE AMEX: UUU) today announced results for its
fiscal third quarter and nine months ended December 31, 2020.
For the three months ended December 31,
2020, sales increased approximately 59% to $5,124,750 compared to sales of $3,223,678 for the same period last
year. The Company reported net income of $78,318 or $0.03
per basic and diluted share, compared to a net loss of $1,011,833 or $0.44
per basic and diluted share for the same period last
year.
For the nine months ended December 31,
2020, sales increased approximately 30% to $14,522,813 versus $11,189,238 for the same period last year.
The Company reported net income of $725,181, or $0.31
per basic and diluted share, compared to a net loss of $2,321,601 or $1.00, per basic and diluted share for the
corresponding 2019 period.
"We were pleased that our sales continued to increase and that
our operations continued to be profitable. The 450-store test,
which we mentioned in our last press release, has been completed
and now has been expanded to 1,350 stores. We have applied
for loan forgiveness of our PPP loan and should know the status in
the next several months," said Harvey
Grossblatt President and CEO.
UNIVERSAL SECURITY INSTRUMENTS, INC. is an importer and
distributor of safety and security devices. Founded in 1969, the
Company has an over 50-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 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
Contact: Harvey Grossblatt,
CEO
Universal Security Instruments, Inc.
410-363-3000, Ext. 224
or
Tyler Deur
Lambert & Co.
616-233-0500
UNIVERSAL SECURITY
INSTRUMENTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS –
(UNAUDITED)
|
|
|
Three Months
Ended December 31,
|
|
2020
|
2019
|
Sales
|
$5,124,750
|
$3,223,678
|
Net income
(loss)
|
78,318
|
(1,011,833)
|
Income (loss) per
share:
|
|
|
Basic and
diluted
|
$
0.03
|
$
(0.44)
|
Weighted average
number of common shares outstanding:
Basic and diluted
|
2,312,887
|
2,312,887
|
|
Nine Months Ended
December 31,
|
|
2020
|
2019
|
Sales
|
$
14,522,813
|
$
11,189,238
|
Net income
(loss)
|
725,181
|
(2,321,601)
|
Income (loss) per
share:
|
|
|
Basic and
diluted
|
$
0.31
|
$
(1.00)
|
Weighted average
number of common shares outstanding:
Basic and diluted
|
2,312,887
|
2,312,887
|
CONDENSED
CONSOLIDATED BALANCE SHEETS – (UNAUDITED)
|
|
|
ASSETS
|
|
|
|
December
31,
|
|
2020
|
|
2019
|
Cash and cash
equivalents
|
$
580,904
|
|
$
177,337
|
Accounts receivable
and amount due from factor
|
3,463,933
|
|
2,129,755
|
Inventory
|
3,039,779
|
|
6,563,829
|
Prepaid
expenses
|
178,518
|
|
145,711
|
TOTAL CURRENT
ASSETS
|
7,263,134
|
|
9,016,632
|
|
|
|
|
INVESTMENT IN HONG
KONG JOINT VENTURE
|
-
|
|
7,004,447
|
PROPERTY,
EQUIPMENT, AND INTANGIBLE ASSET – NET
|
270,962
|
|
436,559
|
OTHER
ASSETS
|
4,000
|
|
4,000
|
TOTAL
ASSETS
|
$
7,538,096
|
|
$16,461,638
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Line of credit –
factor
|
$
-
|
|
$1,344,661
|
Note payable -
bank
|
221,400
|
|
|
Short-term portion of
operating lease liability
|
167,926
|
|
155,564
|
Accounts
payable
|
569,161
|
|
6,031,074
|
Accrued
liabilities
|
281,175
|
|
452,367
|
TOTAL CURRENT
LIABILITIES
|
1,239,662
|
|
7,983,666
|
|
|
|
|
NOTE PAYABLE – Eyston
Company Ltd.
|
1,081,440
|
|
|
LONG-TERM PORTION OF
OPERATING LEASE LIABILITY
|
43,600
|
|
211,528
|
|
1,125,040
|
|
211,528
|
|
|
|
|
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, 2020
and
2019
|
23,129
|
|
23,129
|
Additional paid-in
capital
|
12,885,841
|
|
12,885,841
|
Accumulated
Deficit
|
(7,735,576)
|
|
(4,968,467)
|
Accumulated other
comprehensive income
|
-
|
|
325,941
|
TOTAL SHAREHOLDERS'
EQUITY
|
5,173,394
|
|
8,266,444
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
$
7,538,096
|
|
$16,461,638
|
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content:http://www.prnewswire.com/news-releases/universal-security-instruments-reports-third-quarter-results-301224331.html
SOURCE Universal Security Instruments, Inc.