Universal Security Instruments Reports Second-Quarter Results
November 20 2023 - 7:30AM
Universal Security Instruments, Inc. (NYSE AMEX: UUU) today
announced results for its fiscal second quarter and six months
ended September 30, 2023.
For the three months ended September 30, 2023,
sales decreased 36.5% to $3,717,455 compared to sales of $5,857,141
for the same period last year. The Company reported a net loss of
$186,425, or $0.08 per basic and diluted share, compared to net
income of $200,602 or $0.09 per basic and diluted share for the
same period last year.
For the six months ended September 30, 2023,
sales decreased 0.7% to $10,416,226 versus $10,492,445 for the same
period last year. The Company reported a net loss of $21,295, or
$0.01 per basic and diluted share, compared to net income of
$94,464 or $0.04, per basic and diluted share for the corresponding
2022 period.
“Sales were lower this quarter due to delays in getting cargo
off the pier in California and supply chain issues. Our net loss
was also partially due to an additional premium expense of $148,000
in the 2023 period following an insurance audit, and lower net
income for the 2023 period when compared to the 2022 period due to
a Federal Employee Retention Credit of approximately $181,000 in
the 2022 period which was not repeated in the 2023 period.” said
Harvey Grossblatt,
President.
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.
"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 EndedSeptember 30, |
|
|
2023 |
|
|
2022 |
Sales |
$3,717,455 |
|
$5,857,141 |
Net (loss) income |
|
(186,425) |
|
|
200,602 |
(Loss) Earnings per share: |
|
|
Basic and diluted |
$(0.08) |
|
$0.09 |
Weighted average number of common
shares outstanding: |
|
|
|
|
|
Basic and diluted |
|
2,312,887 |
|
|
2,312,887 |
|
Six Months Ended September 30, |
|
|
2023 |
|
|
2022 |
Sales |
$10,416,226 |
|
$10,492,445 |
Net (loss) income |
|
(21,295) |
|
|
94,464 |
(Loss) Earnings per share: |
|
|
Basic and diluted |
$(0.01) |
|
$0.04 |
Weighted average number of common
shares outstanding: |
|
|
|
|
|
Basic and diluted |
|
2,312,887 |
|
|
2,312,887 |
CONDENSED CONSOLIDATED BALANCE
SHEETS(UNAUDITED) |
|
ASSETS |
|
|
Sept. 30, 2023 |
Sept. 30, 2022 |
Cash |
$254,818 |
|
$178,878 |
|
|
|
|
|
|
|
|
Accounts receivable and amount due from factor |
|
3,130,458 |
|
|
5,367,025 |
|
Inventory |
|
4,968,433 |
|
|
5,171,217 |
|
Prepaid expense |
|
365,630 |
|
|
328,188 |
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
8,719,339 |
|
|
11,045,308 |
|
|
|
|
|
|
|
|
PROPERTY, EQUIPMENT AND
INTANGIBLE ASSETS–NET |
|
276,043 |
|
|
436,142 |
|
OTHER ASSETS |
|
- |
|
|
4,000 |
|
TOTAL ASSETS |
$8,995,382 |
|
$11,485,450 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
Line of credit – factor |
|
$912,147 |
|
|
$2,876,070 |
|
Note payable – Eyston Company Ltd. |
|
- |
|
|
481,440 |
|
Short-term portion of operating
lease liability |
|
154,969 |
|
|
147,593 |
|
Accounts payable |
|
1,990,116 |
|
|
2,605,544 |
|
Accrued liabilities |
|
507,563 |
|
|
393,900 |
|
TOTAL CURRENT LIABILITIES |
|
3,564,795 |
|
|
6,504,547 |
|
|
|
|
|
|
|
|
LONG TERM PORTION OF OPERATING
LEASE LIABILITY |
|
93,065 |
|
|
248,033 |
|
TOTAL LONG-TERM LIABILITIES |
|
93,065 |
|
|
248,033 |
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
Common stock, $.01 par value per share; authorized20,000,000
shares; issued and outstanding 2,312,887 at September 30, 2023 and
2022 |
|
23,129 |
|
|
23,129 |
|
Additional paid-in capital |
|
12,885,841 |
|
|
12,885,841 |
|
Accumulated Deficit |
|
(7,571,448) |
|
|
(8,176,100) |
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS’ EQUITY |
|
5,337,522 |
|
|
4,732,870 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$8,995,382 |
|
$11,485,450 |
|
Contact: Harvey Grossblatt, CEO Universal Security Instruments,
Inc.(410) 363-3000, Ext. 224orZachary Mizener Lambert & Co.
(315) 529-2348
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