OWINGS MILLS, Md., July 14,
2017 /PRNewswire/ -- Universal Security Instruments,
Inc. (NYSE Amex: UUU) today announced its financial results for the
fiscal year ended March 31, 2017.
The Company reported the following for its fourth quarter and
fiscal year ended March 31, 2017:
- For the fourth quarter ended March 31,
2017, a net loss of $1,055,351, or $0.45 per basic and diluted share, on sales of
$3,513,484. This compares to a net
loss of $775,241, or $0.34 per basic and diluted share, on sales of
$3,413,217 for the comparable period
of the previous year.
- For the 12 months ended March 31,
2017, sales increased 2.5% to $14,083,428 versus $13,740,840 for the same period last year. The
Company reported a net loss of $2,058,902, or $0.89 per basic and diluted share, versus a net
loss of $2,137,792, or $0.92 per basic and diluted share, for the same
period last year.
Harvey Grossblatt, President and
Chief Executive Officer said, "USI reduced its fiscal 2017
operating loss (from domestic operations) from the prior fiscal
year by approximately $388,000 while
our share of the Company's Joint Venture loss increased by
approximately $275,000 from the last
fiscal year. We are pleased to announce that the
Company has received approval for our four remaining sealed
photoelectric and photoelectric combo units and will start shipping
them during the quarter ending September
30, 2017. The introduction of these models will
allow us to sell products in those jurisdictions that require
photoelectric models and we expect that these developments will
increase our sales in the coming fiscal year. The company has also
seen a pickup in business in its USI Electric division and expects
sales in the fiscal year ending March 31,
2018 to increase due to the addition of several large
electrical contractor customers. Our Hong Kong Joint
Venture experienced a difficult year due to lower sales to
unaffiliated customers and we anticipate that our Joint Venture
should show substantial improvement in the fiscal year ending
March 31, 2018."
11407 CRONHILL DRIVE, SUITE A • OWINGS MILLS, MARYLAND 21117, USA
(410) 363-3000
• www.universalsecurity.com
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
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.
"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.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
(UNAUDITED)
|
|
Three Months Ended
March 31,
|
|
2017
|
|
2016
|
Net sales
|
$3,513,484
|
|
$3,413,217
|
Net loss
|
(1,055,351)
|
|
(775,241)
|
Net loss per share –
basic and diluted
|
(0.45)
|
|
(0.34)
|
|
|
|
|
Weighted average
number of common shares outstanding
Basic and diluted
|
2,312,887
|
|
2,312,887
|
|
|
(AUDITED)
|
|
Fiscal Year Ended
March 31,
|
|
2017
|
|
2016
|
Net sales
|
$14,083,428
|
|
$13,740,840
|
Net loss
|
(2,058,902)
|
|
(2,137,792)
|
Net loss per share –
basic and diluted
|
(0.89)
|
|
(0.92)
|
|
|
|
|
Weighted average
number of common shares outstanding
Basic and diluted
|
2,312,887
|
|
2,312,887
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
ASSETS
|
|
|
|
March 31,
|
|
|
|
Revised
|
|
2017
|
|
2016
|
Cash
|
$
262,355
|
|
$
362,728
|
Accounts receivable
and amount due from factor
|
2,257,152
|
|
1,929,604
|
Inventory
|
4,700,104
|
|
3,883,247
|
Prepaid
expenses
|
491,928
|
|
410,166
|
TOTAL CURRENT
ASSETS
|
7,711,539
|
|
6,585,745
|
|
|
|
|
INVESTMENT IN HONG
KONG JOINT VENTURE
|
10,562,837
|
|
12,417,450
|
PROPERTY AND
EQUIPMENT – NET
|
46,293
|
|
71,556
|
OTHER
ASSETS
|
66,604
|
|
73,075
|
TOTAL
ASSETS
|
$18,387,273
|
|
$19,147,826
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Line of credit -
factor
|
$
2,264,125
|
|
$
313,891
|
Accounts payable
trade
|
525,638
|
|
587,343
|
Accounts payable–
Hong Kong Joint Venture
|
1,206,731
|
|
1,070,103
|
Accrued
liabilities
|
158,521
|
|
150,807
|
TOTAL CURRENT
LIABILITIES
|
4,155,015
|
|
2,122,144
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
Common stock, $.01
par value per share; 20,000,000 authorized, 2,312,887 shares
outstanding at March 31, 2017 and 2016
|
23,129
|
|
23,129
|
Additional paid-in
capital
|
12,885,841
|
|
12,885,841
|
Retained
earnings
|
963,430
|
|
3,022,332
|
Accumulated other
comprehensive income
|
359,858
|
|
1,094,380
|
TOTAL SHAREHOLDERS'
EQUITY
|
14,232,258
|
|
17,025,682
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
$18,387,273
|
|
$19,147,826
|
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SOURCE Universal Security Instruments, Inc.