Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Universal Security Instruments Reports First-Quarter Results By: Universal Security Instruments, Inc. via GlobeNewswire August 19, 2024 at 16:30 PM EDT OWINGS MILLS, Md., Aug. 19, 2024 (GLOBE NEWSWIRE) -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal quarter ended June 30, 2024. The Company reported sales of $4,598,516 for the quarter ended June 30, 2024, versus $6,698,771 for the comparable period of last year. The Company reported a net loss of $442,206 or $(0.19) per basic and diluted share, compared to net income of $165,130, or $0.07 per basic and diluted share, for the same period last year. Harvey Grossblatt - President and CEO said: “Sales were lower due to supply chain delays in obtaining components for the Company’s security products, and gross margins were reduced in the June quarter by higher ocean freight and component costs.” UNIVERSAL SECURITY INSTRUMENTS, INC. is a distributor of safety and security devices. Founded in 1969, the Company has an over 55-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. Contact: Harvey Grossblatt, CEO Universal Security Instruments, Inc.(410) 363-3000, Ext. 224orZachary Mizener Lambert & Co. (315) 529-2348 "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, 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, 2024 2023Sales$4,598,516 $6,698,771 Net (Loss) Income: (442,206) 165,130Net (Loss) Income per share – basic and diluted (0.19) 0.07Weighted average number of common shares outstanding: Basic and diluted 2,312,887 2,312,887 CONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED) ASSETS June 30, 2024 June 30, 2023 Cash$321,539 $240,817 Accounts receivable and amount due from factor 2,955,164 4,670,947 Inventory 5,106,588 2,878,373 Prepaid expense 132,241 280,594 TOTAL CURRENT ASSETS 8,515,532 8,070,731 PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS–NET 149,925 313,550 TOTAL ASSETS$8,665,457 $8,384,281 LIABILITIES AND SHAREHOLDERS’ EQUITY Line of credit – factor$2,223,419 $1,370,299 Short-term portion of operating lease liability 132,659 153,095 Accounts payable 1,526,605 831,915 Accrued liabilities 261,953 372,366 TOTAL CURRENT LIABILITIES 4,144,636 2,727,675 LONG-TERM OPERATING LEASE LIABILITY - 132,659 TOTAL LONG-TERM LIABILITIES - 132,659 SHAREHOLDERS’ EQUITY: Common stock, $.01 par value per share; authorized 20,000,000 shares; issued and outstanding 2,312,887 at June 30, 2024 and 2023 23,129 23,129 Additional paid-in capital 12,885,841 12,885,841 Accumulated Deficit (8,388,149) (7,385,023) TOTAL SHAREHOLDERS’ EQUITY 4,520,821 5,523,947 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$8,665,457 $8,384,281 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Universal Security Instruments Reports First-Quarter Results By: Universal Security Instruments, Inc. via GlobeNewswire August 19, 2024 at 16:30 PM EDT OWINGS MILLS, Md., Aug. 19, 2024 (GLOBE NEWSWIRE) -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal quarter ended June 30, 2024. The Company reported sales of $4,598,516 for the quarter ended June 30, 2024, versus $6,698,771 for the comparable period of last year. The Company reported a net loss of $442,206 or $(0.19) per basic and diluted share, compared to net income of $165,130, or $0.07 per basic and diluted share, for the same period last year. Harvey Grossblatt - President and CEO said: “Sales were lower due to supply chain delays in obtaining components for the Company’s security products, and gross margins were reduced in the June quarter by higher ocean freight and component costs.” UNIVERSAL SECURITY INSTRUMENTS, INC. is a distributor of safety and security devices. Founded in 1969, the Company has an over 55-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. Contact: Harvey Grossblatt, CEO Universal Security Instruments, Inc.(410) 363-3000, Ext. 224orZachary Mizener Lambert & Co. (315) 529-2348 "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, 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, 2024 2023Sales$4,598,516 $6,698,771 Net (Loss) Income: (442,206) 165,130Net (Loss) Income per share – basic and diluted (0.19) 0.07Weighted average number of common shares outstanding: Basic and diluted 2,312,887 2,312,887 CONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED) ASSETS June 30, 2024 June 30, 2023 Cash$321,539 $240,817 Accounts receivable and amount due from factor 2,955,164 4,670,947 Inventory 5,106,588 2,878,373 Prepaid expense 132,241 280,594 TOTAL CURRENT ASSETS 8,515,532 8,070,731 PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS–NET 149,925 313,550 TOTAL ASSETS$8,665,457 $8,384,281 LIABILITIES AND SHAREHOLDERS’ EQUITY Line of credit – factor$2,223,419 $1,370,299 Short-term portion of operating lease liability 132,659 153,095 Accounts payable 1,526,605 831,915 Accrued liabilities 261,953 372,366 TOTAL CURRENT LIABILITIES 4,144,636 2,727,675 LONG-TERM OPERATING LEASE LIABILITY - 132,659 TOTAL LONG-TERM LIABILITIES - 132,659 SHAREHOLDERS’ EQUITY: Common stock, $.01 par value per share; authorized 20,000,000 shares; issued and outstanding 2,312,887 at June 30, 2024 and 2023 23,129 23,129 Additional paid-in capital 12,885,841 12,885,841 Accumulated Deficit (8,388,149) (7,385,023) TOTAL SHAREHOLDERS’ EQUITY 4,520,821 5,523,947 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$8,665,457 $8,384,281
OWINGS MILLS, Md., Aug. 19, 2024 (GLOBE NEWSWIRE) -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal quarter ended June 30, 2024. The Company reported sales of $4,598,516 for the quarter ended June 30, 2024, versus $6,698,771 for the comparable period of last year. The Company reported a net loss of $442,206 or $(0.19) per basic and diluted share, compared to net income of $165,130, or $0.07 per basic and diluted share, for the same period last year. Harvey Grossblatt - President and CEO said: “Sales were lower due to supply chain delays in obtaining components for the Company’s security products, and gross margins were reduced in the June quarter by higher ocean freight and component costs.” UNIVERSAL SECURITY INSTRUMENTS, INC. is a distributor of safety and security devices. Founded in 1969, the Company has an over 55-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. Contact: Harvey Grossblatt, CEO Universal Security Instruments, Inc.(410) 363-3000, Ext. 224orZachary Mizener Lambert & Co. (315) 529-2348 "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, 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, 2024 2023Sales$4,598,516 $6,698,771 Net (Loss) Income: (442,206) 165,130Net (Loss) Income per share – basic and diluted (0.19) 0.07Weighted average number of common shares outstanding: Basic and diluted 2,312,887 2,312,887 CONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED) ASSETS June 30, 2024 June 30, 2023 Cash$321,539 $240,817 Accounts receivable and amount due from factor 2,955,164 4,670,947 Inventory 5,106,588 2,878,373 Prepaid expense 132,241 280,594 TOTAL CURRENT ASSETS 8,515,532 8,070,731 PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS–NET 149,925 313,550 TOTAL ASSETS$8,665,457 $8,384,281 LIABILITIES AND SHAREHOLDERS’ EQUITY Line of credit – factor$2,223,419 $1,370,299 Short-term portion of operating lease liability 132,659 153,095 Accounts payable 1,526,605 831,915 Accrued liabilities 261,953 372,366 TOTAL CURRENT LIABILITIES 4,144,636 2,727,675 LONG-TERM OPERATING LEASE LIABILITY - 132,659 TOTAL LONG-TERM LIABILITIES - 132,659 SHAREHOLDERS’ EQUITY: Common stock, $.01 par value per share; authorized 20,000,000 shares; issued and outstanding 2,312,887 at June 30, 2024 and 2023 23,129 23,129 Additional paid-in capital 12,885,841 12,885,841 Accumulated Deficit (8,388,149) (7,385,023) TOTAL SHAREHOLDERS’ EQUITY 4,520,821 5,523,947 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$8,665,457 $8,384,281
