WJTV News Channel 12 - Universal Security Instruments Reports Third-Quarter Results

Universal Security Instruments Reports Third-Quarter Results

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Universal Security Instruments, Inc.

OWINGS MILLS, Md., Feb. 13, 2014 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced its results for the third quarter ended December 31, 2013.

For the three months ended December 31, 2013, the Company reported a net loss of $367,191, or $0.16 per basic and diluted share, on net sales of $3,738,914, compared to a net income of $23,257, or $0.01 per basic and diluted share, on net sales of $4,753,736 for the same period last year.  The primary reason for the decrease in the Company's net income was lower Joint Venture earnings of $864,483 caused by lower sales to unaffiliated European customers.

For the nine months ended December 31, 2013, sales were $9,940,194 versus $11,269,901 for the same period last year.  The Company reported a net loss of $2,945,939, or $1.29 per basic and diluted share, compared to a net loss of $557,534, or $0.24 per basic and diluted share.  Included in the nine month results ending December 31, 2013, was a non-cash charge of $2,310,835 to provide an allowance against the Company's deferred tax asset.

The Company continues to fund its new line of sealed smoke and carbon monoxide alarms, which will be available during the Spring/Summer timeframe. The Company expects this line to significantly increase sales and earnings in future periods due to various states mandating these types of alarms.

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 40-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 STATEMENT OF INCOME
(UNAUDITED)




Three Months Ended December 31,


2013

2012

Sales

$3,738,914

$4,753,736

Net (loss) income

(367,191)

23,257

(Loss) income per share:



        Basic

(0.16)

0.01

        Diluted

(0.16)

0.01

Weighted average number of common shares outstanding:

         Basic

         Diluted

 

  2,287,887

  2,287,887

  2,310,672

  2,314,338







CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




Nine Months Ended December 31,


2013

2012

Sales

$9,940,194

$11,269,901

Net (loss)

(2,945,939)

(557,534)

(Loss) per share:



        Basic

(1.29)

(0.24)

        Diluted

(1.29)

(0.24)

Weighted average number of common shares outstanding:

         Basic

         Diluted

 

  2,287,887

  2,287,887

 

  2,317,315

  2,317,315

CONDENSED CONSOLIDATED BALANCE SHEETS



ASSETS



December 31, 2013

March 31, 2013


2013

2012

Cash and investments

$ 1,917,866

$ 2,438,892

Accounts receivable and amount due from factor

2,731,695

2,919,431

Inventory

4,751,345

4,341,652

Prepaid expenses

258,660

598,686

TOTAL CURRENT ASSETS

9,659,566

10,298,661




INVESTMENT IN HONG KONG JOINT VENTURE

14,542,448

14,906,573

PROPERTY, PLANT AND EQUIPMENT – NET

202,234

232,692

OTHER ASSETS AND DEFERRED TAX ASSET

38,134

2,348,969

TOTAL ASSETS

$24,442,382

$27,786,895




LIABILITIES AND SHAREHOLDERS' EQUITY



Accounts payable and accrued expenses

$     298,853

$  548,388

Accrued liabilities

152,191

179,602

TOTAL CURRENT LIABILITIES

451,044

727,990




LONG TERM OBLIGATION

25,000

25,000




SHAREHOLDERS' EQUITY



   Common stock, $.01 par value per share; authorized 20,000,000

   shares; issued and outstanding 2,287,887 at December 31, 2013 and

   March 31, 2013 

22,879

22,879

Additional paid-in capital

12,804,841

12,749,256

Retained earnings

9,939,421

12,885,360

Accumulated other comprehensive income

1,199,197

1,376,410

TOTAL SHAREHOLDERS' EQUITY

23,966,338

27,033,905

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$24,442,382

$27,786,895







©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow

1820 TV Road
Jackson, MS 39204

Telephone: 601.372.6311
Fax: 804.819.5569
Email: wjtvnews@wjtv.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.