Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - UNIVERSAL SECURITY INSTRUMENTS INC | Financial_Report.xls |
| 10-Q - FORM 10-Q - UNIVERSAL SECURITY INSTRUMENTS INC | v300017_10q.htm |
| EX-31.2 - EXHIBIT 31.2 - UNIVERSAL SECURITY INSTRUMENTS INC | v300017_ex31-2.htm |
| EX-32.1 - EXHIBIT 32.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v300017_ex32-1.htm |
| EX-31.1 - EXHIBIT 31.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v300017_ex31-1.htm |
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Exhibit 99.1
For Immediate Release Contact: Harvey Grossblatt, CEO Universal Security Instruments, Inc. 410-363-3000, Ext. 224 or Don Hunt, Jeff Lambert Lambert, Edwards & Associates, Inc. 616-233-0500 |
Universal Security Instruments Reports Third-Quarter Results
OWINGS MILLS, MD. February 10, 2012: Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced earnings for its third fiscal quarter ended December 31, 2011.
For the three months ended December 31, 2011, the Company reported a net income of $67,226, or $0.03 per basic and diluted share, on net sales of $3,186,197, compared to net income of $19,545, or $0.01 per basic and diluted share, on net sales of $2,475,511 for the same period last year.
For the nine months ended December 31, 2011, sales were $9,695,013 versus $9,871,310 for the same period last year. The Company reported a net loss of $242,134, or $0.10 per basic and diluted share, compared to net income of $569,788, or $0.24 per basic and diluted share for the same period of the prior year. The Company’s book value at December 31, 2011 was $11.26 compared to $11.20 at December 31, 2010.
“Universal was pleased to report that its sales for the quarter were 29% higher than the comparable quarter last year, as customers are continuing to buy our new line of products. The earnings for the nine month period were lower principally due to lower Joint Venture earnings, resulting from lower sales to unaffiliated customers,” said Harvey Grossblatt CEO.
The Company reported that as of today, it has repurchased 41,437 shares of its common stock at an average cost of $5.39 under the 100,000 share buyback approved in October 2011.
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 an over 40-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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UNIVERSAL SECURITY INSTRUMENTS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| Three Months Ended December 31, | ||||||||
| 2011 | 2010 | |||||||
| Sales | $ | 3,186,197 | $ | 2,475,511 | ||||
| Net income | 67,226 | 19,545 | ||||||
| Income per share: | ||||||||
| Basic | 0.03 | 0.01 | ||||||
| Diluted | 0.03 | 0.01 | ||||||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 2,377,211 | 2,387,887 | ||||||
| Diluted | 2,383,093 | 2,395,865 | ||||||
CONSOLIDATED STATEMENTS OF INCOME
| Nine Months Ended December 31, | ||||||||
| 2011 | 2010 | |||||||
| Sales | $ | 9,695,013 | $ | 9,871,310 | ||||
| Net (loss) income | (242,134 | ) | 569,788 | |||||
| Income per share: | ||||||||
| Basic | (0.10 | ) | 0.24 | |||||
| Diluted | (0.10 | ) | 0.24 | |||||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 2,384,315 | 2,387,887 | ||||||
| Diluted | 2,384,315 | 2,395,341 | ||||||
CONSOLIDATED BALANCE SHEETS
| December 31, 2011 | March 31, 2011 | |||||||
| ASSETS | ||||||||
| Cash and investments | $ | 4,728,238 | $ | 6,728,593 | ||||
| Accounts receivable and amount due from factor | 2,200,490 | 2,216,635 | ||||||
| Inventory | 4,928,140 | 3,534,011 | ||||||
| Prepaid expenses | 481,429 | 519,356 | ||||||
| TOTAL CURRENT ASSETS | 12,338,297 | 12,998,595 | ||||||
| INVESTMENT IN HONG KONG JOINT VENTURE | 13,256,930 | 13,149,614 | ||||||
| PROPERTY, PLANT AND EQUIPMENT – NET | 263,834 | 292,874 | ||||||
| OTHER ASSETS AND DEFERRED TAX ASSET | 2,194,901 | 2,042,695 | ||||||
| TOTAL ASSETS | $ | 28,053,962 | $ | 28,483,778 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Accounts payable and accrued expenses | $ | 1,223,034 | $ | 1,247,494 | ||||
| Accrued liabilities | 153,940 | 210,998 | ||||||
| TOTAL CURRENT LIABILITIES | 1,376,974 | 1,458,492 | ||||||
| LONG TERM OBLIGATION | 25,000 | 25,000 | ||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Common stock, $.01 par value per share; authorized 20,000,000 shares; issued and outstanding 2,366,848 at December 31, 2011 and 2,387,887 shares at March 31, 2011 | 23,668 | 23,879 | ||||||
| Additional paid-in capital | 13,029,245 | 13,135,198 | ||||||
| Retained earnings | 13,599,075 | 13,841,209 | ||||||
| TOTAL SHAREHOLDERS’ EQUITY | 26,651,988 | 27,000,286 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 28,053,962 | $ | 28,483,778 | ||||