Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - UNIVERSAL SECURITY INSTRUMENTS INC | Financial_Report.xls |
| EX-32.1 - EXHIBIT 32.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v393534_ex32-1.htm |
| EX-31.1 - EXHIBIT 31.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v393534_ex31-1.htm |
| EX-31.2 - EXHIBIT 31.2 - UNIVERSAL SECURITY INSTRUMENTS INC | v393534_ex31-2.htm |
| 10-Q - FORM 10-Q - UNIVERSAL SECURITY INSTRUMENTS INC | v393534_10q.htm |
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 19, 2014: Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced results for its fiscal second quarter ended September 30, 2014.
For the three months ended September 30, 2014, the Company reported a net loss of $954,212, or $0.41 per basic and diluted share, on net sales of $2,223,943, compared to a net loss of $2,559,218 or $1.12 per basic and diluted share, on net sales of $3,195,611 for the same period last year. Included in the results for the quarter ended September 30, 2013 was a non-cash charge of $2,479,901 to provide an allowance against the Company’s deferred tax asset.
For the six months ended September 30, 2014, sales were $4,738,328 versus $6,201,280 for the same period last year. The Company reported a net loss of $1,697,061, or $0.73 per basic and diluted share, compared to a net loss of $2,578,748 or $1.13, per basic and diluted share. Included in the prior years’ six months results was the non-cash charge of $2,310,835 as an allowance against the deferred tax asset.
“The primary reason for lower sales in both the first and second fiscal quarters was due to delays in the introduction of our new 10-year sealed battery products. The Company began shipping two new 10-year sealed carbon monoxide alarms in October 2014, and expects to receive independent testing laboratory certification for several additional models of 10-year sealed ionization smoke alarms later this month. Sales of the additional models are expected to begin in January 2015. The certifications for the balance of our new product line of 10-year sealed battery and AC/DC photoelectric and combination smoke and carbon monoxide alarms should be completed during the first half of 2015.
Additionally we have been advised by a large national home center that they are going to start to carry our 4 in 1 combination smoke, carbon monoxide and natural gas alarm chain wide starting in December 2014.
Our Joint venture also had lower sales and earnings in both the first and second quarters. We anticipate that with the introduction of our complete line of sealed products the Joint Venture will return to profitability.” said Harvey Grossblatt, CEO of Universal.
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.
— more —
Universal/Page 2
UNIVERSAL SECURITY INSTRUMENTS, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
| Three Months Ended September, | ||||||||
| 2014 | 2013 | |||||||
| Sales | $ | 2,223,943 | $ | 3,195,611 | ||||
| Net (loss) | (954,212 | ) | (2,559,218 | ) | ||||
| (Loss) income per share: | ||||||||
| Basic | $ | (0.41 | ) | $ | (1.12 | ) | ||
| Diluted | $ | (0.41 | ) | $ | (1.12 | ) | ||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 2,312,887 | 2,287,887 | ||||||
| Diluted | 2,312,887 | 2,287,887 | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Six Months Ended September 30, | ||||||||
| 2014 | 2013 | |||||||
| Sales | $ | 4,738,328 | $ | 6,201,280 | ||||
| Net (loss) | (1,697,061 | ) | (2,578,748 | ) | ||||
| (Loss) income per share: | ||||||||
| Basic | $ | (0.73 | ) | $ | (1.13 | ) | ||
| Diluted | $ | (0.73 | ) | $ | (1.13 | ) | ||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 2,312,887 | 2,287,887 | ||||||
| Diluted | 2,312,887 | 2,287,887 | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, | ||||||||
| 2014 | 2013 | |||||||
| ASSETS | ||||||||
| Cash and investments | $ | 2,788,927 | $ | 1,017,402 | ||||
| Accounts receivable and amount due from factor | 1,620,317 | 2,280,261 | ||||||
| Inventory | 2,841,982 | 6,043,640 | ||||||
| Prepaid expenses | 382,137 | 361,757 | ||||||
| TOTAL CURRENT ASSETS | 7,633,363 | 9,703,060 | ||||||
| INVESTMENT IN HONG KONG JOINT VENTURE | 14,080,131 | 15,010,284 | ||||||
| PROPERTY, PLANT AND EQUIPMENT – NET | 198,760 | 212,371 | ||||||
| OTHER ASSETS AND DEFERRED TAX ASSET | 38,134 | 38,134 | ||||||
| TOTAL ASSETS | $ | 21,950,388 | $ | 24,963,849 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Accounts payable and accrued expenses | $ | 778,295 | $ | 426,434 | ||||
| Accrued liabilities | 292,250 | 155,862 | ||||||
| TOTAL CURRENT LIABILITIES | 1,070,545 | 582,296 | ||||||
| LONG TERM OBLIGATION | 25,000 | 25,000 | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Common stock, $.01 par value per share; authorized 20,000,000 shares; issued and outstanding 2,287,887 and 2,312,759 at September 30, 2013 and 2012, respectively | 23,129 | 22,879 | ||||||
| Additional paid-in capital | 12,885,841 | 12,793,724 | ||||||
| Retained earnings | 6,738,055 | 10,306,612 | ||||||
| Accumulated other comprehensive income | 1,207,818 | 1,233,338 | ||||||
| TOTAL SHAREHOLDERS’ EQUITY | 20,854,843 | 24,356,553 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 21,950,388 | $ | 24,963,849 | ||||