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Universal Security Instruments Reports Second-Quarter Results

Wednesday, November 14, 2012 7:30 AM


OWINGS MILLS, Md., Nov. 14, 2012 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced its results for the second quarter ended September 30, 2012.

For the three months ended September 30, 2012, the Company reported a net loss of $218,193, or $0.09 per basic and diluted share, on net sales of $3,456,813, compared to a net loss of $309,941, or $0.13 per basic and diluted share, on net sales of $3,307,514 for the same period last year.

For the six months ended September 30, 2012, sales were $6,516,165 versus $6,508,816 for the same period last year. The Company reported a net loss of $580,791, or $0.25 per basic and diluted share, compared to a net loss of $309,360, or $0.13 per basic and diluted share.

"Our second quarter sales grew from both the comparable and previous quarter. However, operating results were negatively impacted by continued advertising costs to support our New Gen product line, partially offset by higher gross profit margins. In addition, lower earnings by our Joint Venture further impacted our results for the period," said Harvey Grossblatt, CEO of Universal.

The Company reported that it has purchased 11,990 shares of stock under its Stock Repurchase Plan. The total buyback to date is 75,128 shares at an average price of $5.32. The book value of the Company at September 30, 2012 was $11.06.

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. 

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"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 September 30,


2012

2011

Sales

$ 3,456,813

$ 3,307,514

Net (loss) income

(218,193)

(309,941)

(Loss) income per share:



Basic

(0.09)

(0.13)

Diluted

(0.09)

(0.13)

Weighted average number of common shares outstanding:  



Basic

2,314,714

2,387,887

Diluted

2,314,714

2,387,887




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




    Six Months Ended September 30,


2012

2011

Sales

$   6,516,165

$   6,508,816

Net (loss) income

(580,791)

(309,360)

(Loss) income per share:



Basic

(0.25)

(0.13)

Diluted

(0.25)

(0.13)

Weighted average number of common shares outstanding:



Basic

2,320,655

2,387,887

Diluted

2,320,655

2,387,887




CONDENSED CONSOLIDATED BALANCE SHEETS



ASSETS



September 30, 2012

September 30, 2011

Cash and investments

$   1,270,393

$  4,689,459

Accounts receivable and amount due from factor

2,553,889

2,613,718

Inventory

6,453,652

4,987,278

Prepaid expenses

537,432

493,356

TOTAL CURRENT ASSETS

10,815,366

12,783,811




INVESTMENT IN HONG KONG JOINT VENTURE

12,899,043

13,003,839

PROPERTY, PLANT AND EQUIPMENT – NET

246,048

271,673

OTHER ASSETS AND DEFERRED TAX ASSET

2,572,717

2,076,847

TOTAL ASSETS

$26,533,174

$28,136,170




LIABILITIES AND SHAREHOLDERS' EQUITY



Accounts payable and accrued expenses

$     772,802

$   1,160,672

Accrued liabilities

145,725

259,572

TOTAL CURRENT LIABILITIES

918,527

1,420,244




LONG TERM OBLIGATION

25,000

25,000




SHAREHOLDERS' EQUITY:



      Common stock, $.01 par value per share; authorized 20,000,000

      shares; issued and outstanding 2,312,759 and 2,336,354 

      at September 30, 2012 and March 31, 2012, respectively

 

 

23,128

 

 

23,879

Additional paid-in capital

12,809,389

13,135,198

Retained earnings

12,757,130

13,531,849

TOTAL SHAREHOLDERS' EQUITY

25,589,647

26,690,926




TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$26,533,174

$28,136,170

 

SOURCE Universal Security Instruments, Inc.

(Source: PR Newswire )
(Source: Quotemedia)

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