OWINGS MILLS, Md., Oct. 12,
2016 /PRNewswire/ -- Universal Security Instruments,
Inc. (NYSE Amex: UUU) today announced that it has filed its
Quarterly Report on Form 10-Q for the fiscal quarter ended
June 30, 2016 which was not timely
filed due to unforeseen delays in the completion of the financial
statements of the Company's 50%-owned Hong Kong Joint Venture. As
previously reported, the Company had received a letter from NYSE
MKT LLC (the "Exchange") stating that the delayed filing of the
Company's Quarterly Report on Form 10-Q for the fiscal quarter
ended June 30, 2016 violated Exchange
rules and that unless prompt corrective action is taken, the
Company could be subject to delisting. The Company believes that
the filing of this Quarterly Report on Form 10-Q satisfies the
Exchange's requirements for prompt corrective action with respect
to the Company's late Quarterly Report on Form 10-Q.
Universal reported sales of $3,178,607 for the quarter ended June 30, 2016 versus $2,936,490 for the comparable period of last
year. The Company reported a net loss of $389,679, or $0.17
per basic and diluted share, compared to a net loss of $777,077 or $0.34
per basic and diluted share, for the same period last year.
"The Company continues to execute its strategy of increasing
sales and reducing expenses in its effort to return to
profitability both domestically and internationally thru its Joint
Venture. The Company expects the favorable trends from it first
quarter of higher sales and lower recurring expenses to continue
during the current fiscal year and should accelerate once the
Company completes its line of sealed photoelectric smoke alarms and
combination alarms" said 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 an
over 47-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.
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"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 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.
|
UNIVERSAL SECURITY
INSTRUMENTS, INC.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(UNAUDITED)
|
|
Three Months Ended
June 30,
|
|
2016
|
2015
|
|
Sales
|
$3,178,607
|
$2,936,490
|
|
|
|
|
Net loss:
|
$
(389,679)
|
$(777,077)
|
|
Net loss per
share – basic and diluted
|
$(0.17)
|
$(0.34)
|
|
|
|
|
Weighted average
number of common shares outstanding:
Basic and
diluted
|
2,312,887
|
2,312,887
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
(UNAUDITED)
|
|
|
ASSETS
|
|
|
|
June 30,
2016
|
|
June 30,
2015
|
|
Cash
|
$175,753
|
|
$253,362
|
|
Funds held by
factor
|
161,305
|
|
-
|
|
Accounts receivable
and amount due from factor
|
2,066,670
|
|
2,258,378
|
|
Inventory
|
4,506,545
|
|
4,683,601
|
|
Prepaid
expense
|
436,980
|
|
476,399
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
7,347,253
|
|
7,671,740
|
|
INVESTMENT IN HONG
KONG JOINT VENTURE
|
11,399,694
|
|
12,562,630
|
|
PROPERTY, PLANT AND
EQUIPMENT – NET
|
130,757
|
|
166,782
|
|
OTHER ASSETS AND
DEFERRED TAX ASSET
|
6,000
|
|
26,000
|
|
TOTAL
ASSETS
|
$18,883,704
|
|
$20,427,152
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Line of credit -
Factor
|
$
-
|
|
$426,732
|
|
Accounts payable and
accrued expenses
|
2,953,905
|
|
1,942,470
|
|
Accrued
liabilities
|
114,466
|
|
171,545
|
|
TOTAL CURRENT
LIABILITIES
|
3,068,371
|
|
2,540,747
|
|
LONG TERM
OBLIGATION
|
-
|
|
-
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
Common stock,
$.01 par value per share; authorized
20,000,000 shares;
issued and outstanding 2,312,887
at June 30, 2016 and June 30,
2015
|
23,129
|
|
23,129
|
|
Additional paid-in
capital
|
12,885,841
|
|
12,885,841
|
|
Retained
earnings
|
2,060,861
|
|
3,811,255
|
|
Equity in
Comprehensive Income of Joint Venture
|
845,502
|
|
1,166,180
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
15,815,333
|
|
17,886,405
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
$18,883,704
|
|
$20,427,152
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/universal-security-instruments-reports-first-quarter-results-300342925.html
SOURCE Universal Security Instruments, Inc.