Attached files
| file | filename |
|---|---|
| 10-Q - UNIVERSAL SECURITY INSTRUMENTS INC | v174339_10q.htm |
| EX-32.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v174339_ex32-1.htm |
| EX-31.2 - UNIVERSAL SECURITY INSTRUMENTS INC | v174339_ex31-2.htm |
| EX-10.5 - UNIVERSAL SECURITY INSTRUMENTS INC | v174339_ex10-5.htm |
| EX-31.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v174339_ex31-1.htm |
Exhibit
99.1
 |
For
Immediate Release
Contact: Harvey
Grossblatt, CEO
Universal
Security Instruments, Inc.
410-363-3000,
Ext. 224
or
Don
Hunt, Jeff Lambert
Lambert,
Edwards & Associates, Inc.
616-233-0500
|
Universal Security
Instruments, Inc. Reports Third-Quarter Results
OWINGS
MILLS, MD. February 16 2010: Universal Security Instruments, Inc. (NYSE AMEX:
UUU) today announced its earnings for the third quarter ended December 31,
2009.
For the
three months ended December 31, 2009, the Company reported net income of
$263,490, or $0.11 per basic and diluted share, on net sales of $6,321,490,
compared to net income of $292,513, or $0.12 per basic and diluted share, on net
sales of $5,595,049 for the same period in 2008.
For the
nine months ended December 31, 2009, sales were $20,137,200, versus $20,169,229
for the same period last year. The Company reported net income of $1,799,825, or
$0.75 per basic and diluted share for the nine month period ended December 31,
2009, compared to net income of $4,787,207, or $1.93 per basic and diluted share
for the 2008 period. Included in the results of the prior-year period was a gain
from our discontinued Canadian operation of $3,381,254. Income from continuing
operations rose 28.0% to $1,799,825 in the 2009 period from $1,405,953 in the
comparable 2008 period, as a result of higher earnings from the Hong Kong Joint
Venture. The Company’s book value at December 31, 2009 rose to $10.76 from $9.83
at December 31, 2008.
“The
majority of the Company’s new products have been submitted to UL (Underwriters
Laboratories) for testing and approval. We anticipate that several of these
products will be available starting in the June 2010 quarter. In addition, we
would like to congratulate our Joint Venture partners for their excellent
quarter,” 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 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.
————————————————————
"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 –
Universal/Page
2
UNIVERSAL
SECURITY INSTRUMENTS, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(UNAUDITED)
|
Three Months Ended December 31,
|
||||||||
|
2009
|
2008
|
|||||||
|
Sales
|
$ | 6,321,490 | $ | 5,595,049 | ||||
|
Net
income:
|
263,490 | 292,513 | ||||||
|
Net income per share –
basic
|
0.11 | 0.12 | ||||||
|
Net income per share –
diluted
|
0.11 | 0.12 | ||||||
|
Weighted
average number of common shares outstanding:
|
||||||||
|
Basic
|
2,387,887 | 2,467,028 | ||||||
|
Diluted
|
2,395,201 | 2,467,028 | ||||||
CONSOLIDATED STATEMENTS OF
INCOME
(UNAUDITED)
|
Nine Months Ended December 31,
|
||||||||
|
2009
|
2008
|
|||||||
|
Sales
|
$ | 20,137,200 | $ | 20,169,229 | ||||
|
Net
income from continuing operations
|
1,799,825 | 1,405,953 | ||||||
|
Income
per share from continuing operations:
|
||||||||
|
Basic
|
0.75 | 0.57 | ||||||
|
Diluted
|
0.75 | 0.57 | ||||||
|
Gain
from discontinued operations
|
- | 3,381,254 | ||||||
|
Gain
per share from discontinued operations:
|
||||||||
|
Basic
|
- | 1.36 | ||||||
|
Diluted
|
- | 1.36 | ||||||
|
Net
income:
|
1,799,825 | 4,787,207 | ||||||
|
Net
income per share – basic
|
0.75 | 1.93 | ||||||
|
Net
income per share – diluted
|
0.75 | 1.93 | ||||||
|
Weighted
average number of common shares outstanding:
|
||||||||
|
Basic
|
2,389,360 | 2,480,330 | ||||||
|
Diluted
|
2,395,621 | 2,480,330 | ||||||
CONSOLIDATED BALANCE
SHEETS
|
UNAUDITED
|
||||||||
|
UNAUDITED
|
AUDITED
|
|||||||
|
December 31, 2009
|
March 31, 2009
|
|||||||
|
ASSETS
|
||||||||
|
Cash
|
$ | 5,087,869 | $ | 284,030 | ||||
|
Accounts
receivable and amount due from factor
|
4,177,463 | 5,076,217 | ||||||
|
Inventory
|
5,497,833 | 8,997,231 | ||||||
|
Prepaid
expenses
|
217,049 | 255,745 | ||||||
|
Current
assets of discontinued operations
|
- | 202,565 | ||||||
|
TOTAL
CURRENT ASSETS
|
14,980,214 | 14,815,788 | ||||||
|
INVESTMENT
IN HONG KONG JOINT VENTURE
|
12,108,352 | 10,550,373 | ||||||
|
PROPERTY,
PLANT AND EQUIPMENT – NET
|
213,349 | 251,366 | ||||||
|
OTHER
ASSETS AND DEFERRED TAX ASSET
|
1,930,932 | 2,160,151 | ||||||
|
TOTAL
ASSETS
|
$ | 29,232,847 | $ | 27,777,678 | ||||
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
|
Accounts
payable and accrued expenses
|
$ | 2,844,067 | $ | 2,761,438 | ||||
|
Accrued
liabilities
|
605,544 | 752,452 | ||||||
|
Current
liabilities of discontinued operations
|
- | 202,565 | ||||||
|
TOTAL
CURRENT LIABILITIES
|
3,449,611 | 3,716,455 | ||||||
|
LONG
TERM OBLIGATION
|
97,469 | 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 at December 31, 2009 and
March 31, 2009
|
23,879 | 24,083 | ||||||
|
Additional
paid-in capital
|
13,106,683 | 13,186,436 | ||||||
|
Retained
earnings
|
12,555,205 | 10,755,380 | ||||||
|
TOTAL
SHAREHOLDERS’ EQUITY
|
25,685,767 | 23,965,899 | ||||||
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 29,232,847 | $ | 27,777,678 | ||||