UUU Universal Security Instruments Inc.

Universal Security Instruments Reports Second-Quarter Results

Universal Security Instruments Reports Second-Quarter Results

OWINGS MILLS, Md., Nov. 21, 2022 (GLOBE NEWSWIRE) -- Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced results for its fiscal second quarter and six months ended September 30, 2022.

For the three months ended September 30, 2022, sales increased 11.1% to $5,857,141 compared to sales of $5,272,223 for the same period last year. The Company reported net income of $200,602, or $0.09 per basic and diluted share, compared to net income of $107,696 or $0.05 per basic and diluted share for the same period last year.

For the six months ended September 30, 2022, sales increased 5.6% to $10,492,445 versus $9,940,221 for the same period last year. The Company reported net income of $94,464, or $0.04 per basic and diluted share, compared to net income of $122,337 or $0.05, per basic and diluted share for the corresponding 2021 period.

“The primary reason for the sales increase in the September quarter was improvement in our deliveries from China. Our gross margins decreased for the September quarter which was caused by increases in the cost of certain electrical components caused by supply chain disruptions. Our net income increased for the September quarter due to the inclusion of approximately $181,000 of Employee Retention Credit under the provisions of the Coronavirus Aid Relief, and Economic Security Act which was partially offset by the lower gross margins,” said Harvey Grossblatt - President and CEO.             

UNIVERSAL SECURITY INSTRUMENTS, INC. is a U.S.-based manufacturer and distributor of safety and security devices. Founded in 1969, the Company has an over 53-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 .

"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, currency fluctuations, the impact of current and future laws and governmental regulations affecting us 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.

Contact: Harvey Grossblatt, CEO

Universal Security Instruments, Inc.

(410) 363-3000, Ext. 224

or

Zachary Mizener

Lambert & Co.

(315) 529-2348



UNIVERSAL SECURITY INSTRUMENTS, INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(UNAUDITED)

 Three Months Ended

September 30,
  2022  2021
Sales$5,857,141 $5,272,223
Net income     200,602       107,696
Earnings per share:  
Basic and diluted

$0.09 $0.05
Weighted average number of common shares outstanding:     
Basic and diluted 2,312,887

  2,312,887

                                    

 Six Months Ended September 30,
  2022  2021
Sales$10,492,445 $9,940,221
Net income         94,464         122,337
Earnings per share:  
Basic and diluted$0.04 $0.05
Weighted average number of common shares outstanding:     
Basic and diluted

 2,312,887

  2,312,887

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

ASSETS 
 Sept. 30, 2022 Sept. 30, 2021
Cash

$

178,878

  $

168,570

 
Accounts receivable and amount due from factor 5,367,025   3,882,455 
Inventory 5,171,217   4,966,226 
Prepaid expense        328,188          529,196 
   
TOTAL CURRENT ASSETS

 11,045,308   9,546,447 
   
PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS–NET 436,142   139,987 
OTHER ASSETS  4,000    4,000 
TOTAL ASSETS$11,485,450  $9,690,434 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
   
Line of credit – factor $2,876,070  $2,413,447 
Note payable – Eyston Company Ltd. 481,440   1,081,440 
Short-term portion of operating lease liability 147,593   87,908 
Accounts payable 2,605,544   1,071,670 
Accrued liabilities        393,900         197,076 
TOTAL CURRENT LIABILITIES

 6,504,547

   4,851,541

 
        
LONG TERM PORTION OF OPERATING LEASE LIABILITY 248,033   - 
TOTAL LONG-TERM LIABILITIES 248,033   - 
        
SHAREHOLDERS’ EQUITY:  
Common stock, $.01 par value per share; authorized 20,000,000 shares; issued and outstanding 2,312,887 at September 30, 2022 and 2021                                                                             23,129   23,129 
Additional paid-in capital 12,885,841   12,885,841 
Accumulated Deficit  (8,176,100)   (8,070,077)
   
TOTAL SHAREHOLDERS’ EQUITY 4,732,870    4,838,893 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$11,485,450  $9,690,434 



EN
21/11/2022

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Universal Security Instruments Inc.

Universal Safety Products Inc: 1 director

A director at Universal Safety Products Inc bought 25,010 shares at 4.279USD and the significance rating of the trade was 66/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights.com Daily Ratings Report: September 30, 2025

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights Weekly Report: September 27, 2025

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights.com Daily Ratings Report: September 26, 2025

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights.com Daily Ratings Report: September 19, 2025

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

ResearchPool Subscriptions

Get the most out of your insights

Get in touch