Skip to main content

Universal Security Instruments Reports First-Quarter Results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

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. 224
or
Zachary 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   2023
Sales$4,598,516  $6,698,771
   
Net (Loss) Income: (442,206)  165,130
Net (Loss) Income per share – basic and diluted   (0.19)  0.07
Weighted 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 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.