Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - UNIVERSAL SECURITY INSTRUMENTS INC | Financial_Report.xls |
| 10-Q - QUARTERLY REPORT - UNIVERSAL SECURITY INSTRUMENTS INC | v326097_10q.htm |
| EX-31.2 - CERTIFICATION - UNIVERSAL SECURITY INSTRUMENTS INC | v326097_ex31-2.htm |
| EX-32.1 - CERTIFICATION - UNIVERSAL SECURITY INSTRUMENTS INC | v326097_ex32-1.htm |
| EX-31.1 - CERTIFICATION - UNIVERSAL SECURITY INSTRUMENTS INC | v326097_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 Second-Quarter Results
OWINGS MILLS, MD. November 14, 2012: Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced its results for the second quarter ended September 30, 2012.
For the three months ended September 30, 2012, the Company reported a net loss of $218,193, or $0.09 per basic and diluted share, on net sales of $3,456,813, compared to a net loss of $309,941, or $0.13 per basic and diluted share, on net sales of $3,307,514 for the same period last year.
For the six months ended September 30, 2012, sales were $6,516,165 versus $6,508,816 for the same period last year. The Company reported a net loss of $580,791, or $0.25 per basic and diluted share, compared to a net loss of $309,360, or $0.13 per basic and diluted share.
“Our second quarter sales grew from both the comparable and previous quarter. However, operating results were negatively impacted by continued advertising costs to support our New Gen product line, partially offset by higher gross profit margins. In addition, lower earnings by our Joint Venture further impacted our results for the period,” said Harvey Grossblatt, CEO of Universal.
The Company reported that it has purchased 11,990 shares of stock under its Stock Repurchase Plan. The total buyback to date is 75,128 shares at an average price of $5.32. The book value of the Company at September 30, 2012 was $11.06.
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.
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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, 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Three Months Ended September 30, | ||||||||
| 2012 | 2011 | |||||||
| Sales | $ | 3,456,813 | $ | 3,307,514 | ||||
| Net (loss) income | (218,193 | ) | (309,941 | ) | ||||
| (Loss) income per share: | ||||||||
| Basic | (0.09 | ) | (0.13 | ) | ||||
| Diluted | (0.09 | ) | (0.13 | ) | ||||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 2,314,714 | 2,387,887 | ||||||
| Diluted | 2,314,714 | 2,387,887 | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Six Months Ended September 30, | ||||||||
| 2012 | 2011 | |||||||
| Sales | $ | 6,516,165 | $ | 6,508,816 | ||||
| Net (loss) income | (580,791 | ) | (309,360 | ) | ||||
| (Loss) income per share: | ||||||||
| Basic | (0.25 | ) | (0.13 | ) | ||||
| Diluted | (0.25 | ) | (0.13 | ) | ||||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 2,320,655 | 2,387,887 | ||||||
| Diluted | 2,320,655 | 2,387,887 | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, 2012 | September 30, 2011 | |||||||
| ASSETS | ||||||||
| Cash and investments | $ | 1,270,393 | $ | 4,689,459 | ||||
| Accounts receivable and amount due from factor | 2,553,889 | 2,613,718 | ||||||
| Inventory | 6,453,652 | 4,987,278 | ||||||
| Prepaid expenses | 537,432 | 493,356 | ||||||
| TOTAL CURRENT ASSETS | 10,815,366 | 12,783,811 | ||||||
| INVESTMENT IN HONG KONG JOINT VENTURE | 12,899,043 | 13,003,839 | ||||||
| PROPERTY, PLANT AND EQUIPMENT – NET | 246,048 | 271,673 | ||||||
| OTHER ASSETS AND DEFERRED TAX ASSET | 2,572,717 | 2,076,847 | ||||||
| TOTAL ASSETS | $ | 26,533,174 | $ | 28,136,170 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Accounts payable and accrued expenses | $ | 772,802 | $ | 1,160,672 | ||||
| Accrued liabilities | 145,725 | 259,572 | ||||||
| TOTAL CURRENT LIABILITIES | 918,527 | 1,420,244 | ||||||
| LONG TERM OBLIGATION | 25,000 | 25,000 | ||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Common stock, $.01 par value per share; authorized 20,000,000 shares; issued and outstanding 2,312,759 and 2,336,354 at September 30, 2012 and March 31, 2012, respectively | 23,128 | 23,879 | ||||||
| Additional paid-in capital | 12,809,389 | 13,135,198 | ||||||
| Retained earnings | 12,757,130 | 13,531,849 | ||||||
| TOTAL SHAREHOLDERS’ EQUITY | 25,589,647 | 26,690,926 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 26,533,174 | $ | 28,136,170 | ||||