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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 .

"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.
                                           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
        Basic                                 2,387,887        2,467,028
        Diluted                               2,395,201        2,467,028
                                               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
        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
                                                 ===========      ===========
    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
       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.

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