OWINGS MILLS, Md., Aug. 19,
2019 /PRNewswire/ -- Universal Security Instruments,
Inc. (NYSE Amex: UUU) today announced results for its fiscal
quarter ended June 30, 2019.
The Company reported sales rose approximately 7.3% to
$4,343,291 for the quarter ended
June 30, 2019, versus $4,045,996 for the comparable period of last
year. The Company reported a net loss of $608,954, or $0.26
per basic and diluted share, compared to a net loss of $438,833, or $0.19
per basic and diluted share, for the same period last year.
"The primary reason for the higher loss was an increase in Joint
Venture loss and higher interest expense in the amount of
$148,482. Additionally, the Company's
gross margins were lower compared to the comparable quarter due to
the impact of tariffs," said Harvey
Grossblatt, President and CEO.
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 50-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.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(UNAUDITED)
|
|
|
Three Months Ended
June 30,
|
|
2019
|
|
2018
|
Sales
|
$4,343,291
|
|
$4,045,996
|
|
|
|
|
Net loss:
|
(608,954)
|
|
(438,833)
|
Net loss per share –
basic and diluted
|
(0.26)
|
|
(0.19)
|
|
|
|
|
Weighted average
number of common shares outstanding:
Basic and
diluted
|
2,312,887
|
|
2,312,887
|
CONSOLIDATED
BALANCE SHEETS
|
(UNAUDITED)
|
|
ASSETS
|
|
|
June 30,
2019
|
|
June 30,
2018
|
Cash
|
$223,598
|
|
$77,072
|
|
|
|
|
Accounts receivable
and amount due from factor
|
2,493,998
|
|
2,551,794
|
Inventory
|
7,487,800
|
|
5,863,773
|
Prepaid
expense
|
130,163
|
|
223,856
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
10,335,559
|
|
8,716,495
|
|
|
|
|
INVESTMENT IN HONG
KONG JOINT VENTURE
|
7,923,355
|
|
9,390,105
|
PROPERTY, EQUIPMENT
AND INTANGIBLE ASSET– NET
|
518,425
|
|
86,625
|
OTHER
ASSETS
|
4,000
|
|
4,000
|
TOTAL
ASSETS
|
$18,781,339
|
|
$18,197,225
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Line of credit –
factor
|
$1,695,381
|
|
$1,204,399
|
Short-term portion of
lease obligation
|
162,906
|
|
-
|
Accounts payable and
accrued expenses
|
6,016,987
|
|
4,946,391
|
Accrued
liabilities
|
506,945
|
|
120,702
|
TOTAL CURRENT
LIABILITIES
|
8,382,219
|
|
6,271,492
|
|
|
|
|
LONG TERM LEASE
OBLIGATION
|
283,784
|
|
-
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
Common stock,
$.01 par value per share; authorized 20,000,000
shares; issued and outstanding 2,312,887
at June 30, 2019 and
2018
|
23,129
|
|
23,129
|
Additional paid-in
capital
|
12,885,841
|
|
12,885,841
|
Accumulated
Deficit
|
(3,255,820)
|
|
(1,737,713)
|
Accumulated other
comprehensive (loss) income
|
462,186
|
|
754,476
|
TOTAL SHAREHOLDERS'
EQUITY
|
10,115,336
|
|
11,925,733
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
$18,781,339
|
|
$18,197,225
|
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
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content:http://www.prnewswire.com/news-releases/universal-security-instruments-reports-first-quarter-results-300903763.html
SOURCE Universal Security Instruments, Inc.