Universal Security Instruments Reports First-Quarter Results
OWINGS MILLS, Md., Aug. 19, 2021 /PRNewswire/ -- Universal Security Instruments, Inc. (AMEX:UUU) today announced results for its fiscal quarter ended June 30, 2021.
The Company reported that sales increased approximately 58.7% to $4,667,998 for the quarter ended June 30, 2021, versus $2,940,768 for the comparable period of last year. The Company reported net income of $14,641, or $0.01 per basic and diluted share, compared to a net loss of $78,982, or $(0.03) per basic and diluted share, for the same period last year.
"Universal is pleased to return to profitability for it first quarter despite the supply chain and transportation cost issues which are continuing. We are working with our suppliers and customers to mitigate these issues as much as possible." 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 52-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 June 30, | ||
2021 | 2020 | |
Sales | $4,667,998 | $2,940,768 |
Net income (loss): | 14,641 | (78,982) |
Net Income (loss) per share – basic and diluted | 0.01 | (0.03) |
Weighted average number of common shares outstanding: | ||
Basic and diluted | 2,312,887 | 2,312,887 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(UNAUDITED) | ||
ASSETS | ||
June 30, 2021 | June 30, 2020 | |
Cash | $50,371 | $278,234 |
Accounts receivable and amount due from factor | 2,904,755 | 1,849,881 |
Inventory | 4,106,328 | 4,620,029 |
Prepaid expense | 383,833 | 151,436 |
TOTAL CURRENT ASSETS | 7,445,287 | 6,899,580 |
PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS–NET | 184,691 | 354,098 |
OTHER ASSETS | 4,000 | 4,000 |
TOTAL ASSETS | $7,633,978 | $7,257,678 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Line of credit – factor | $105,283 | $777,685 |
Note payable – Eyston Company Ltd. | 1,081,440 | - |
Note payable - bank | - | 221,400 |
Short-term portion of operating lease liability | 128,341 | 161,655 |
Accounts payable and accrued expenses | 1,404,569 | 302,683 |
Accrued liabilities | 183,148 | 214,440 |
TOTAL CURRENT LIABILITIES | 2,902,781 | 1,677,863 |
NOTE PAYABLE – Eyston Company Ltd. | - | 1,081,440 |
LONG TERM OPERATING LEASE LIABILITY | - | 129,144 |
TOTAL LONG-TERM LIABILITIES | - | 1,210,584 |
SHAREHOLDERS' EQUITY: | ||
Common stock, $.01 par value per share; authorized | 23,129 | 23,129 |
Additional paid-in capital | 12,885,841 | 12,885,841 |
Accumulated Deficit | (8,177,773) | (8,539,739) |
TOTAL SHAREHOLDERS' EQUITY | 4,731,197 | 4,369,231 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $7,633,978 | $7,257,678 |
Contact: Harvey Grossblatt, CEO
Universal Security Instruments, Inc.
(410) 363-3000, Ext. 224
or
Zachary Mizener
Lambert & Co.
(315) 529-2348
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SOURCE Universal Security Instruments, Inc.