OWINGS MILLS, Md.,
Aug. 17,
2022 /PRNewswire/ -- Universal Security Instruments,
Inc. (NYSE Amex: UUU) today announced results for its fiscal
quarter ended June 30, 2022.
The Company reported sales of $4,635,304 for the quarter ended June 30, 2022, versus $4,667,998 for the comparable period of last
year. The Company reported a net loss of $106,138 or $0.05
per basic and diluted share, compared to net income of $14,641, or $0.01
per basic and diluted share, for the same period last year.
Harvey Grossblatt - President and
CEO said "The primary reasons for the decrease in net income were
higher freight costs and higher professional fees incurred in
connection with the previously announced prospective
merger. While we are still experiencing supply chain
difficulties in obtaining micro-processing chips and certain
electrical components, we continue to deliver product and provide
service to our customers."
UNIVERSAL SECURITY INSTRUMENTS, INC. is 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. On February 25, 2022, the Company entered into an
Agreement and Plan of Merger by and among the Company, a wholly
owned subsidiary of the Company and Infinite Reality, Inc. Closing
is subject to shareholder and regulatory approval. On May 16, 2022, the Company filed with the SEC a
proxy statement and Form S-4 registration statement in connection
with the Merger.
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"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.
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|
UNIVERSAL SECURITY
INSTRUMENTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
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|
|
|
Three Months Ended June
30,
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|
2022
|
2021
|
|
Sales
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$4,635,304
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$4,667,998
|
|
|
|
|
Net (Loss)
Income:
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(106,138)
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14,641
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|
Net (Loss) Income per share – basic and
diluted
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(0.05)
|
0.01
|
|
|
|
|
Weighted average number
of common shares outstanding:
Basic and
diluted
|
2,312,887
|
2,312,887
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|
|
|
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CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
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ASSETS
|
|
|
June 30,
2022
|
June 30,
2021
|
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Cash
|
$255,881
|
$50,371
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|
Accounts receivable and
amount due from factor
|
3,657,863
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2,904,755
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Inventory
|
6,753,229
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4,106,328
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Prepaid
expense
|
291,829
|
383,833
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|
|
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TOTAL CURRENT
ASSETS
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10,958,802
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7,445,287
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|
|
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PROPERTY, EQUIPMENT AND
INTANGIBLE ASSETS–NET
|
477,007
|
184,691
|
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OTHER ASSETS
|
4,000
|
4,000
|
|
TOTAL ASSETS
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$11,439,809
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$7,633,978
|
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LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
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Line of credit –
factor
Note payable – Eyston
Company Ltd.
Short-term portion of
operating lease liability
Accounts payable and
accrued expenses
|
$2,836,627
781,440
145,787
2,532,534
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$105,283
1,081,440
128,341
1,404,569
|
|
Accrued
liabilities
|
325,399
|
183,148
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TOTAL CURRENT
LIABILITIES
|
6,621,787
|
2,902,781
|
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LONG-TERM OPERATING
LEASE LIABILITY
TOTAL LONG-TERM
LIABILITIES
|
285,754
285,754
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-
-
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SHAREHOLDERS'
EQUITY:
|
|
|
|
Common stock,
$.01 par value per share; authorized
20,000,000
shares; issued and outstanding 2,312,887 at June 30, 2022 and
2021
|
23,129
|
23,129
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Additional paid-in
capital
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12,885,841
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12,885,841
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Accumulated
Deficit
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(8,376,702)
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(8,177,773)
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|
|
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TOTAL SHAREHOLDERS'
EQUITY
|
4,532,268
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4,731,197
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
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$11,439,809
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$7,633,978
|
Contact: Harvey Grossblatt,
CEO
Universal Security Instruments, Inc.
(410) 363-3000, Ext. 224
or
Zachary Mizener
Lambert & Co.
(315) 529-2348
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content:https://www.prnewswire.com/news-releases/universal-security-instruments-reports-first-quarter-results-301607978.html
SOURCE Universal Security Instruments, Inc.