Universal Security Instruments Reports First-Quarter Results

OWINGS MILLS, Md., Aug. 19, 2021 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal quarter ended June 30, 2021.

The Company reported that sales increased approximately 58.7% to $4,667,998 for the quarter ended June 30, 2021, versus $2,940,768 for the comparable period of last year.  The Company reported net income of $14,641, or $0.01 per basic and diluted share, compared to a net loss of $78,982, or $(0.03) per basic and diluted share, for the same period last year.

"Universal is pleased to return to profitability for it first quarter despite the supply chain and transportation cost issues which are continuing. We are working with our suppliers and customers to mitigate these issues as much as possible." said Harvey Grossblatt - President and CEO.

UNIVERSAL SECURITY INSTRUMENTS, INC. is a U.S.-based manufacturer  and distributor of safety and security devices. Founded in 1969, the Company has an over 52-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, currency fluctuations, the impact of current and future laws and governmental regulations affecting us 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,


2021

2020

Sales

$4,667,998

$2,940,768




Net income (loss):

14,641

(78,982)

       Net Income (loss) per share – basic and diluted

0.01

(0.03)

Weighted average number of common shares outstanding:



       Basic and diluted

2,312,887

2,312,887

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


ASSETS



June 30, 2021

June 30, 2020

Cash

$50,371

$278,234




Accounts receivable and amount due from factor

2,904,755

1,849,881

Inventory

4,106,328

4,620,029

Prepaid expense

383,833

151,436




TOTAL CURRENT ASSETS

7,445,287

6,899,580




PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS–NET

184,691

354,098

OTHER ASSETS

4,000

4,000

TOTAL ASSETS

$7,633,978

$7,257,678


LIABILITIES AND SHAREHOLDERS' EQUITY






Line of credit – factor

$105,283

$777,685

Note payable – Eyston Company Ltd.

1,081,440

-

Note payable - bank

-

221,400

Short-term portion of operating lease liability

128,341

161,655

Accounts payable and accrued expenses

1,404,569

302,683

Accrued liabilities

183,148

214,440

TOTAL CURRENT LIABILITIES

2,902,781

1,677,863




NOTE PAYABLE – Eyston Company Ltd.

-

1,081,440

LONG TERM OPERATING LEASE LIABILITY

-

129,144

TOTAL LONG-TERM LIABILITIES

-

1,210,584




SHAREHOLDERS' EQUITY:



       Common stock, $.01 par value per share; authorized
      
20,000,000 shares; issued and outstanding 2,312,887 
       at June 30, 2021 and 2020

23,129

23,129

Additional paid-in capital

12,885,841

12,885,841

Accumulated Deficit

(8,177,773)

(8,539,739)




TOTAL SHAREHOLDERS' EQUITY

4,731,197

4,369,231

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$7,633,978

$7,257,678

 

Contact:  Harvey Grossblatt, CEO   
Universal Security Instruments, Inc. 
(410) 363-3000, Ext. 224 
or 
Zachary Mizener  
Lambert & Co.  
(315) 529-2348

Cision View original content:https://www.prnewswire.com/news-releases/universal-security-instruments-reports-first-quarter-results-301359174.html

SOURCE Universal Security Instruments, Inc.

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