Attached files
file | filename |
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10-K - UNIVERSAL SECURITY INSTRUMENTS INC | v188826_10k.htm |
EX-23.2 - UNIVERSAL SECURITY INSTRUMENTS INC | v188826_ex23-2.htm |
EX-32.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v188826_ex32-1.htm |
EX-31.2 - UNIVERSAL SECURITY INSTRUMENTS INC | v188826_ex31-2.htm |
EX-31.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v188826_ex31-1.htm |
EX-23.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v188826_ex23-1.htm |
EXHIBIT
99.1
For
Immediate Release
Contact: Harvey
Grossblatt, President
Universal
Security Instruments, Inc.
410-363-3000,
Ext. 224
or
Don
Hunt, Jeff Lambert
Lambert,
Edwards & Associates, Inc.
616-233-0500
|
Universal Security
Instruments Reports Fourth-Quarter and Year-End Results
OWINGS
MILLS, Md. June 23, 2010 - Universal Security Instruments, Inc. (NYSE Amex:
UUU) today announced results for its fourth quarter and fiscal year ended March
31, 2010.
Universal
reported fourth quarter net income of $468,223, or $0.20 per basic and diluted
share, on sales of $6,301,918. This compares to net income of $78,150, or
$0.03 per basic and diluted share, on sales of $5,928,367 for the comparable
period of the previous year. Included in last year’s results was income
from discontinued operations of $41,767.
For the
12 months ended March 31, 2010, sales were $26,439,118 versus $26,097,596 for
the same period last year. The Company reported net earnings of $2,268,048
or $0.95 per basic and diluted share versus net income of $4,865,357 or $1.97
per basic and $1.96 per diluted share for the same period last
year. Included in the March 31, 2009 results was a gain of $3,423,021
from discontinued operations. The Company’s book value at March 31,
2010 has increased to $10.96 per share versus $9.95 per share at March 31,
2009.
“We are
very pleased with the Company’s performance during the past fiscal year,
particularly in light of the challenges the economy has created. Included in our
results is approximately $500,000 of research and development expenses, which we
expended for new product development, and we expect to spend another
$400,000-$600,000 in this fiscal year to complete the development and testing of
our new product line,” said Harvey Grossblatt, Chairman and CEO of
Universal.
Universal
previewed approximately 25 new products in May at the International Hardware
Show in Las Vegas and received very positive feedback from our customers.
Initial deliveries of several of these products should begin in the September
time frame.
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 41 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, our and 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.
—
more –
11407
CRONHILL DRIVE, SUITE A • OWINGS MILLS, MARYLAND 21117, USA
(410)
363-3000 • www.universalsecurity.com
Universal/Page
2
UNIVERSAL
SECURITY INSTRUMENTS, INC.
CONSOLIDATED STATEMENT OF
INCOME
(UNAUDITED)
|
||||||||
Three Months Ended March
31,
|
||||||||
2010
|
2009
|
|||||||
Sales
|
$ | 6,301,918 | $ | 5,928,367 | ||||
Net
income from continuing operations
|
468,223 | 36,383 | ||||||
Income
per share from continuing operations:
|
||||||||
Basic
|
0.20 | 0.02 | ||||||
Diluted
|
0.20 | 0.02 | ||||||
Gain
from discontinued operations
|
- | 41,767 | ||||||
Gain
per share from discontinued operations:
|
||||||||
Basic
|
- | 0.02 | ||||||
Diluted
|
- | 0.02 | ||||||
Net
income
|
468,223 | 78,150 | ||||||
Net
income per share – basic
|
0.20 | 0.03 | ||||||
Net
income per share – diluted
|
0.20 | 0.03 | ||||||
Weighted
average number of common shares outstanding
|
||||||||
Basic
|
2,387,887 | 2,421,755 | ||||||
Diluted
|
2,398,927 | 2,423,323 |
(AUDITED)
|
||||||||
Twelve Months Ended March
31,
|
||||||||
2010
|
2009
|
|||||||
Sales
|
$ | 26,439,118 | $ | 26,097,596 | ||||
Net
income from continuing operations
|
2,268,048 | 1,442,336 | ||||||
Income
per share from continuing operations:
|
||||||||
Basic
|
0.95 | 0.58 | ||||||
Diluted
|
0.95 | 0.58 | ||||||
Gain
from discontinued operations
|
- | 3,423,021 | ||||||
Gain
per share from discontinued operations:
|
||||||||
Basic
|
- | 1.39 | ||||||
Diluted
|
- | 1.38 | ||||||
Net
income
|
2,268,048 | 4,865,357 | ||||||
Net
income per share – basic
|
0.95 | 1.97 | ||||||
Net
income per share – diluted
|
0.95 | 1.96 | ||||||
Weighted
average number of common shares outstanding
|
||||||||
Basic
|
2,387,887 | 2,466,983 | ||||||
Diluted
|
2,398,300 | 2,471,807 |
CONSOLIDATED BALANCE
SHEET
|
March 31,
|
|||||||
2010
|
2009
|
|||||||
ASSETS
|
||||||||
Cash,
cash equivalents and investments
|
$ | 6,255,521 | $ | 284,030 | ||||
Accounts
receivable and amount due from factor
|
4,374,224 | 5,076,217 | ||||||
Inventory
|
3,439,906 | 8,997,231 | ||||||
Prepaid
expenses
|
351,192 | 255,745 | ||||||
Current
assets of discontinued operations
|
- | 202,565 | ||||||
TOTAL
CURRENT ASSETS
|
14,420,843 | 14,815,788 | ||||||
INVESTMENT
IN HONG KONG JOINT VENTURE
|
12,153,456 | 10,550,373 | ||||||
PROPERTY,
PLANT AND EQUIPMENT – NET
|
199,163 | 251,366 | ||||||
OTHER
ASSETS AND DEFERRED TAX ASSET
|
1,897,292 | 2,160,151 | ||||||
TOTAL
ASSETS
|
$ | 28,670,754 | $ | 27,777,678 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
Accounts
payable and accrued expenses
|
$ | 2,162,755 | $ | 2.761,438 | ||||
Current
liabilities of discontinued operations
|
- | 202,565 | ||||||
Accrued
liabilities
|
279,035 | 752,452 | ||||||
TOTAL
CURRENT LIABILITIES
|
2,441,790 | 3,716,455 | ||||||
LONG
TERM OBLIGATION
|
46,459 | 95,324 | ||||||
SHAREHOLDERS’
EQUITY
|
||||||||
Common
stock, $.01 par value per share; authorized 20,000,000 shares; issued and
outstanding 2,387,887 and 2,408,220 shares at March 31, 2010 and March 31,
2009, respectively
|
23,879 | 24,083 | ||||||
Additional
paid-in capital
|
13,135,198 | 13,186,436 | ||||||
Retained
earnings
|
13,023,428 | 10,755,380 | ||||||
TOTAL
SHAREHOLDERS’ EQUITY
|
26,182,505 | 23,965,899 | ||||||
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 28,670,754 | $ | 27,777,678 |