Attached files
| file | filename |
|---|---|
| 10-Q - UNIVERSAL SECURITY INSTRUMENTS INC | v210994_10q.htm |
| EX-32.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v210994_ex32-1.htm |
| EX-31.2 - UNIVERSAL SECURITY INSTRUMENTS INC | v210994_ex31-2.htm |
| EX-31.1 - UNIVERSAL SECURITY INSTRUMENTS INC | v210994_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 Reports Third-Quarter Results
OWINGS
MILLS, MD. February 11, 2011: Universal Security Instruments, Inc. (NYSE AMEX:
UUU) today announced its earnings for the third quarter ended December 31,
2010.
For the
three months ended December 31, 2010, the Company reported net income of
$19,545, or $0.01 per basic and diluted share, on net sales of $2,475,511,
compared to net income of $263,490, or $0.11 per basic and diluted share, on net
sales of $6,321,490 for the same period last year.
For the
nine months ended December 31, 2010, sales were $9,871,310 versus $20,137,200
for the same period last year. The Company reported net income of $569,788, or
$0.24 per basic and diluted share, compared to net income of $1,799,825, or
$0.75 per basic and diluted share. The lower sales and net income for the three
and nine month periods were primarily the result of the loss of a large national
retail customer. The Company’s book value at December 31, 2010 rose
to $11.20 from $10.75 at December 31, 2009.
“We are
pleased to report that in December the Company received its first certifications
for North American sales of its next generation line of smoke and carbon
monoxide alarms and expects additional certifications to issue during this
year. We believe these products will add to our sales immediately and
should significantly increase sales during our next fiscal year” 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,
|
||||||||
|
2010
|
2009
|
|||||||
|
Sales
|
$ | 2,475,511 | $ | 6,321,490 | ||||
|
Net
income
|
19,545 | 263,490 | ||||||
|
Income
per share:
|
||||||||
|
Basic
|
0.01 | 0.11 | ||||||
|
Diluted
|
0.01 | 0.11 | ||||||
|
Weighted
average number of common shares outstanding:
|
||||||||
|
Basic
|
2,387,887 | 2,387,887 | ||||||
|
Diluted
|
2,394,865 | 2,395,201 | ||||||
CONSOLIDATED STATEMENTS OF
INCOME
|
Nine Months Ended December 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
Sales
|
$ | 9,871,310 | $ | 20,137,200 | ||||
|
Net
income
|
569,788 | 1,799,825 | ||||||
|
Income
per share:
|
||||||||
|
Basic
|
0.24 | 0.75 | ||||||
|
Diluted
|
0.24 | 0.75 | ||||||
|
Weighted
average number of common shares outstanding:
|
||||||||
|
Basic
|
2,387,887 | 2,389,360 | ||||||
|
Diluted
|
2,395,341 | 2,395,621 | ||||||
CONSOLIDATED BALANCE
SHEETS
|
December 31, 2010
|
March 31, 2010
|
|||||||
|
ASSETS
|
||||||||
|
Cash
and investments
|
$ | 7,297,247 | $ | 6,255,521 | ||||
|
Accounts
receivable and amount due from factor
|
1,492,455 | 4,374,224 | ||||||
|
Inventory
|
3,644,012 | 3,439,906 | ||||||
|
Prepaid
expenses
|
319,596 | 351,192 | ||||||
|
TOTAL
CURRENT ASSETS
|
12,753,310 | 14,420,843 | ||||||
|
INVESTMENT
IN HONG KONG JOINT VENTURE
|
12,905,017 | 12,153,456 | ||||||
|
PROPERTY,
PLANT AND EQUIPMENT – NET
|
189,263 | 199,163 | ||||||
|
OTHER
ASSETS AND DEFERRED TAX ASSET
|
2,011,098 | 1,897,292 | ||||||
|
TOTAL
ASSETS
|
$ | 27,858,688 | $ | 28,670,754 | ||||
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
|
Accounts
payable and accrued expenses
|
$ | 858,319 | $ | 2,162,755 | ||||
|
Accrued
liabilities
|
201,617 | 279,035 | ||||||
|
TOTAL
CURRENT LIABILITIES
|
1,059,936 | 2,441,790 | ||||||
|
LONG
TERM OBLIGATION
|
46,459 | 46,459 | ||||||
|
SHAREHOLDERS’
EQUITY:
|
||||||||
|
Common
stock, $.01 par value per share; authorized 20,000,000 shares; issued and
outstanding 2,387,887 at December 31, 2010 and March 31,
2010
|
23,879 | 23,879 | ||||||
|
Additional
paid-in capital
|
13,135,198 | 13,135,198 | ||||||
|
Retained
earnings
|
13,593,216 | 13,023,428 | ||||||
|
TOTAL
SHAREHOLDERS’ EQUITY
|
26,752,293 | 26,182,505 | ||||||
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 27,858,688 | $ | 28,670,754 | ||||