OWINGS MILLS, Md., Aug. 13 /PRNewswire-FirstCall/ -- Universal Security
Instruments, Inc. (Amex: UUU) today announced results for its fiscal first
quarter ended June 30, 2008.
The Owings Mills, MD-based designer and marketer of safety and security
equipment posted net earnings for the quarter of $403,480 or $0.16 per basic
and diluted share on sales of $6,192,801 compared to net earnings of $791,002
or $0.32 per basic share ($0.31 per diluted share) on sales of $10,449,343 for
last year's first quarter. Included in this year's first quarter results was a
charge of $53,659 and $413,842 in last year's results from our discontinued
Canadian operation.
The Company said its Canadian operations ceased activities as of August 5,
2008, and has liquidated all its inventory and equipment. The Company
anticipates the receiver will file the necessary documents with the Court and
the Company should be able to record a gain between $3,750,000 and $4,250,000
later this fiscal year due to abatement of debt to certain unsecured
creditors.
'We are pleased with the improvement in Universal's operating results for
the June quarter which rose to $457,139 compared to $37,591 for the quarter
ended March 31, 2008, despite the continued softening in the housing market.
Universal will continue to focus on increasing retail sales and controlling
expenses,' said CEO, Harvey Grossblatt.
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 39-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.
