OWINGS MILLS, Md., Aug. 21, 2017 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal quarter ended June 30, 2017.

The Company reported sales of $3,318,237 for the quarter ended June 30, 2017 versus $3,178,607 for the comparable period of last year.  The Company reported a net loss of $543,663, or $0.24 per basic and diluted share, compared to a net loss of $389,679 or $0.17 per basic and diluted share, for the same period last year.

"The primary reason for the increase in operating loss was lower gross margins during the quarter resulting from more aggressive pricing to drive sales for the balance of the fiscal year.  With anticipated increased sales of our new sealed product, Management expects that our financial results should improve," 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 48-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,


2017


2016

Sales

$3,318,237


$3,178,607





Net loss:

(543,663)


(389,679)

       Net loss per share – basic and diluted 

(0.24)


(0.17)





Weighted average number of common shares outstanding:

       Basic and diluted 

2,312,887


2,312,887





CONSOLIDATED BALANCE SHEETS

(UNAUDITED)





ASSETS





June 30, 2017


June 30, 2016

Cash

$246,508


$175,753

Funds held by factor

-


161,305

Accounts receivable and amount due from factor

2,572,396


2,066,670

Inventory

4,424,193


4,506,545

Prepaid expense

519,882


436,980





TOTAL CURRENT ASSETS

7,762,979


7,347,253





INVESTMENT IN HONG KONG JOINT VENTURE

10,526,794


11,399,694

PROPERTY, EQUIPMENT AND INTANGIBLE ASSET– NET

114,974


130,757

OTHER ASSETS

4,000


6,000

TOTAL ASSETS

$18,408,747


$18,883,704




LIABILITIES AND SHAREHOLDERS' EQUITY








Line of credit - factor

$1,727,836


$               -

Accounts payable and accrued expenses

2,729,271


2,953,905

Accrued liabilities

110,978


114,466

TOTAL CURRENT LIABILITIES

4,568,085


3,068,371





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, 2017 and
    2016  

23,129


23,129

Additional paid-in capital

12,885,841


12,885,841

Retained earnings

419,767


2,060,861

Accumulated other comprehensive income

511,925


845,502

TOTAL SHAREHOLDERS' EQUITY

13,840,662


15,815,333

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$18,408,747


$18,883,704

 

View original content:http://www.prnewswire.com/news-releases/universal-security-instruments-reports-first-quarter-results-300506722.html

SOURCE Universal Security Instruments, Inc.

Copyright 2017 PR Newswire

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