Universal Security Instruments Reports Third-Quarter Results
February 20 2024 - 3:15PM
Universal Security Instruments, Inc. (NYSE AMEX: UUU) today
announced results for its fiscal third quarter and nine months
ended December 31, 2023.
For the three months ended December 31, 2023,
sales decreased 19.2% to $4,654,978 compared to sales of $5,758,661
for the same period last year. The Company reported net income of
$102,176, or $0.04 per basic and diluted share, compared to net
income of $341,312 or $0.15 per basic and diluted share for the
same period last year.
For the nine months ended December 31, 2023,
sales decreased 7.3% to $15,071,204 versus $16,251,106 for the same
period last year. The Company reported net income of $80,881, or
$0.03 per basic and diluted share, compared to net income of
$435,776 or $0.19, per basic and diluted share for the
corresponding 2022 period.
“The primary reason for the sales decreases
during the three and nine-month periods ended December 31, 2023,
was supply chain difficulties in getting sufficient product to
cover orders during our third fiscal quarter.” said Harvey
Grossblatt - President and CEO.
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 55-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 STATEMENTS OF
OPERATIONS(UNAUDITED) |
|
|
Three Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Sales |
$ |
4,654,978 |
|
|
$ |
5,758,661 |
|
Net income |
|
102,176 |
|
|
|
341,312 |
|
Earnings per share: |
|
|
Basic and diluted |
$ |
0.04 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
Weighted average number of common
shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
2,312,887 |
|
|
|
2,312,887 |
|
|
Nine Months Ended December 31, |
|
|
2023 |
|
|
|
2021 |
|
Sales |
$ |
15,071,204 |
|
|
$ |
16,251,106 |
|
Net income |
|
80,881 |
|
|
|
435,776 |
|
Earnings per share: |
|
|
Basic and diluted |
$ |
0.03 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
Weighted average number of common
shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
2,312,887 |
|
|
|
2,312,887 |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS(UNAUDITED) |
|
|
ASSETS |
|
|
Dec. 31, 2023 |
|
Dec. 31, 2022 |
Cash |
$ |
39,178 |
|
|
$ |
200,155 |
|
|
|
|
|
|
|
|
|
Accounts receivable and amount
due from factor |
|
3,353,127 |
|
|
|
3,991,415 |
|
Inventory |
|
4,880,508 |
|
|
|
4,437,580 |
|
Prepaid expense |
|
399,318 |
|
|
|
313,277 |
|
|
|
|
TOTAL CURRENT ASSETS |
|
8,672,131 |
|
|
|
8,942,427 |
|
|
|
|
PROPERTY, EQUIPMENT AND
INTANGIBLE ASSETS–NET |
|
231,823 |
|
|
|
395,278 |
|
OTHER ASSETS |
|
- |
|
|
|
4,000 |
|
TOTAL ASSETS |
$ |
8,903,954 |
|
|
$ |
9,341,705 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Line of credit – factor |
$ |
1,121,064 |
|
|
$ |
2,471,236 |
|
Note payable – Eyston Company
Ltd. |
|
- |
|
|
|
181,440 |
|
Short-term portion of operating
lease liability |
|
156,851 |
|
|
|
149,408 |
|
Accounts payable |
|
1,878,990 |
|
|
|
1,061,517 |
|
Accrued liabilities |
|
254,062 |
|
|
|
193,783 |
|
TOTAL CURRENT LIABILITIES |
|
3,410,967 |
|
|
|
4,057,384 |
|
|
|
|
|
|
|
|
|
LONG TERM PORTION OF OPERATING
LEASE LIABILITY |
|
53,289 |
|
|
|
210,139 |
|
TOTAL LONG-TERM LIABILITIES |
|
53,289 |
|
|
|
210,139 |
|
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, 2023 and
2022 |
|
23,129 |
|
|
|
23,129 |
|
Additional paid-in capital |
|
12,885,841 |
|
|
|
12,885,841 |
|
Accumulated Deficit |
|
(7,469,272 |
) |
|
|
(7,834,788 |
) |
|
|
|
TOTAL SHAREHOLDERS’ EQUITY |
|
5,439,698 |
|
|
|
5,074,182 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$ |
8,903,954 |
|
|
$ |
9,341,705 |
|
Contact: Harvey Grossblatt, CEO Universal Security Instruments,
Inc.(410) 363-3000, Ext. 224orZachary Mizener Lambert & Co.
(315) 529-2348
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