This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Universal Security Instruments, Inc. Reports Third-Quarter Results

OWINGS MILLS, Md., Feb. 16 /PRNewswire-FirstCall/ -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced its earnings for the third quarter ended December 31, 2009.

For the three months ended December 31, 2009, the Company reported net income of $263,490, or $0.11 per basic and diluted share, on net sales of $6,321,490, compared to net income of $292,513, or $0.12 per basic and diluted share, on net sales of $5,595,049 for the same period in 2008.

For the nine months ended December 31, 2009, sales were $20,137,200, versus $20,169,229 for the same period last year. The Company reported net income of $1,799,825, or $0.75 per basic and diluted share for the nine month period ended December 31, 2009, compared to net income of $4,787,207, or $1.93 per basic and diluted share for the 2008 period. Included in the results of the prior-year period was a gain from our discontinued Canadian operation of $3,381,254. Income from continuing operations rose 28.0% to $1,799,825 in the 2009 period from $1,405,953 in the comparable 2008 period, as a result of higher earnings from the Hong Kong Joint Venture. The Company's book value at December 31, 2009 rose to $10.76 from $9.83 at December 31, 2008.

"The majority of the Company's new products have been submitted to UL (Underwriters Laboratories) for testing and approval. We anticipate that several of these products will be available starting in the June 2010 quarter. In addition, we would like to congratulate our Joint Venture partners for their excellent quarter," said CEO 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 a 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 and 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 INCOME
                         ---------------------------------
                                   (UNAUDITED)
    
                                           Three Months Ended December 31,
                                           ------------------------------
                                                   2009             2008
                                                   ----             ----
    
    Sales                                    $6,321,490       $5,595,049
    Net income:                                 263,490          292,513
        Net income per share – basic               0.11             0.12
        Net income per share – diluted             0.11             0.12
    Weighted average number of common shares
     outstanding:
        Basic                                 2,387,887        2,467,028
        Diluted                               2,395,201        2,467,028
    
    
    
                          CONSOLIDATED STATEMENTS OF INCOME
                          ---------------------------------
                                    (UNAUDITED)
    
                                               Nine Months Ended December 31,
                                               ------------------------------
                                                        2009             2008
                                                        ----             ----
    
    Sales                                        $20,137,200      $20,169,229
    Net income from continuing operations          1,799,825        1,405,953
    Income per share from continuing operations:
        Basic                                           0.75             0.57
        Diluted                                         0.75             0.57
    Gain from discontinued operations                      -        3,381,254
    Gain per share from discontinued operations:
        Basic                                              -             1.36
        Diluted                                            -             1.36
    Net income:                                    1,799,825        4,787,207
        Net income per share – basic                    0.75             1.93
        Net income per share – diluted                  0.75             1.93
    Weighted average number of common shares
     outstanding:
        Basic                                      2,389,360        2,480,330
        Diluted                                    2,395,621        2,480,330
    
    
    
                            CONSOLIDATED BALANCE SHEETS
                            ---------------------------
    
                 ASSETS                                   UNAUDITED
                                                          ---------
                                                UNAUDITED           AUDITED
                                                ---------           -------
                                           December 31, 2009   March 31, 2009
                                           -----------------   --------------
    
    Cash                                          $5,087,869         $284,030
    Accounts receivable and amount due from
     factor                                        4,177,463        5,076,217
    Inventory                                      5,497,833        8,997,231
    Prepaid expenses                                 217,049          255,745
    Current assets of discontinued operations              -          202,565
                                                 -----------      -----------
    TOTAL CURRENT ASSETS                          14,980,214       14,815,788
    INVESTMENT IN HONG KONG JOINT VENTURE         12,108,352       10,550,373
    PROPERTY, PLANT AND EQUIPMENT – NET              213,349          251,366
    OTHER ASSETS AND DEFERRED TAX ASSET            1,930,932        2,160,151
                                                 -----------      -----------
    TOTAL ASSETS                                 $29,232,847      $27,777,678
                                                 ===========      ===========
           LIABILITIES AND SHAREHOLDERS' EQUITY
    Accounts payable and accrued expenses         $2,844,067       $2,761,438
    Accrued liabilities                              605,544          752,452
    Current liabilities of discontinued operations         -          202,565
                                                  ----------       ----------
    TOTAL CURRENT LIABILITIES                      3,449,611        3,716,455
    LONG TERM OBLIGATION                              97,469           95,324
    SHAREHOLDERS' EQUITY:
       Common stock, $.01 par value per share;
        authorized 20,000,000 shares; issued and
        outstanding 2,387,887 and 2,408,220 at
        December 31, 2009 and March 31, 2009          23,879           24,083
    Additional paid-in capital                    13,106,683       13,186,436
    Retained earnings                             12,555,205       10,755,380
                                                 -----------      -----------
    TOTAL SHAREHOLDERS' EQUITY                    25,685,767       23,965,899
                                                 -----------      -----------
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $29,232,847      $27,777,678
                                                 ===========      ===========
    

SOURCE Universal Security Instruments, Inc.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs