Company News: Page (1) of 1 - 07/14/17

Universal Security Instruments Announces its Fourth-Quarter and Year-End Results

 

July 14, 2017 -- !-- AddToAny BEGIN -->

OWINGS MILLS, Md., July 14, 2017 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced its financial results for the fiscal year ended March 31, 2017.

The Company reported the following for its fourth quarter and fiscal year ended March 31, 2017:

  • For the fourth quarter ended March 31, 2017, a net loss of $1,055,351, or $0.45 per basic and diluted share, on sales of $3,513,484. This compares to a net loss of $775,241, or $0.34 per basic and diluted share, on sales of $3,413,217 for the comparable period of the previous year.
  • For the 12 months ended March 31, 2017, sales increased 2.5% to $14,083,428 versus $13,740,840 for the same period last year. The Company reported a net loss of $2,058,902, or $0.89 per basic and diluted share, versus a net loss of $2,137,792, or $0.92 per basic and diluted share, for the same period last year.

Harvey Grossblatt, President and Chief Executive Officer said, "USI reduced its fiscal 2017 operating loss (from domestic operations) from the prior fiscal year by approximately $388,000 while our share of  the Company's Joint Venture loss increased by approximately $275,000 from the last fiscal year.   We are pleased to announce that the Company has received approval for our four remaining sealed photoelectric and photoelectric combo units and will start shipping them during the quarter ending September 30, 2017.   The introduction of these models will allow us to sell products in those jurisdictions that require photoelectric models and we expect that these developments will increase our sales in the coming fiscal year. The company has also seen a pickup in business in its USI Electric division and expects sales in the fiscal year ending March 31, 2018 to increase due to the addition of several large electrical contractor customers.   Our Hong Kong Joint Venture experienced a difficult year due to lower sales to unaffiliated customers and we anticipate that our Joint Venture should show substantial improvement in the fiscal year ending March 31, 2018."


11407 CRONHILL DRIVE, SUITE A ? OWINGS MILLS, MARYLAND 21117, USA
 (410) 363-3000  ?  www.universalsecurity.com

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 a 47 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.

 

                                 

UNIVERSAL SECURITY INSTRUMENTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS



(UNAUDITED)


Three Months Ended March 31,


2017


2016

Net sales

$3,513,484


$3,413,217

Net loss

(1,055,351)


(775,241)

Net loss per share basic and diluted

(0.45)


(0.34)





Weighted average number of common shares outstanding

         Basic and diluted

2,312,887


2,312,887



(AUDITED)


Fiscal Year Ended March 31,


2017


2016

Net sales

$14,083,428


$13,740,840

Net loss  

(2,058,902)


(2,137,792)

Net loss per share basic and diluted

(0.89)


(0.92)





Weighted average number of common shares outstanding

         Basic and diluted

2,312,887


2,312,887


CONDENSED CONSOLIDATED BALANCE SHEETS


ASSETS




March 31,




Revised


2017


2016

Cash

$     262,355


$    362,728

Accounts receivable and amount due from factor

2,257,152


1,929,604

Inventory

4,700,104


3,883,247

Prepaid expenses

491,928


410,166

TOTAL CURRENT ASSETS

7,711,539


6,585,745





INVESTMENT IN HONG KONG JOINT VENTURE

10,562,837


12,417,450

PROPERTY AND EQUIPMENT NET

46,293


71,556

OTHER ASSETS

66,604


73,075

TOTAL ASSETS

$18,387,273


$19,147,826





LIABILITIES AND SHAREHOLDERS' EQUITY








Line of credit - factor

$ 2,264,125


$    313,891

Accounts payable trade

525,638


587,343

Accounts payable Hong Kong Joint Venture

1,206,731


1,070,103

Accrued liabilities

158,521


150,807

TOTAL CURRENT LIABILITIES

4,155,015


2,122,144









SHAREHOLDERS' EQUITY




Common stock, $.01 par value per share; 20,000,000 authorized, 2,312,887 shares outstanding at March 31, 2017 and 2016

23,129


23,129

Additional paid-in capital

12,885,841


12,885,841

Retained earnings

963,430


3,022,332

Accumulated other comprehensive income

359,858


1,094,380

TOTAL SHAREHOLDERS' EQUITY

14,232,258


17,025,682

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$18,387,273


$19,147,826

                                            

 

 

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SOURCE Universal Security Instruments, Inc.

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