Universal Security Instruments Reports Third-Quarter Results
Posted on: Thursday, 12 February 2009, 13:39 CST
The
For the nine months ended
The Company reported that it had purchased 62,725 shares of its common
stock at an average cost of
"During this most difficult housing and retail environment, Universal
remained focused on controlling expenses and increasing shareholder value, and
was able to accomplish both in its third quarter, raising the Company's book
value to
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 39-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.
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"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, 2008 2007 Sales $5,595,049 $7,776,986 Net income from continuing operations 292,513 1,165,817 Income per share from continuing operations: Basic 0.12 0.47 Diluted 0.12 0.47 Loss from discontinued operations 0.00 (2,801,606) Loss per share from discontinued operations: Basic 0.00 (1.13) Diluted 0.00 (1.13) Net income (loss): 292,513 (1,635,789 Net income (loss) per share - basic 0.12 (0.66) Net income (loss)per share - diluted 0.12 (0.66) Weighted average number of common shares outstanding: Basic 2,467,028 2,489,132 Diluted 2,467,028 2,489,132 CONSOLIDATED STATEMENTS OF INCOME Nine Months Ended December 31, 2008 2007 Sales $20,169,229 $27,152,181 Net income from continuing operations 1,405,953 3,175,726 Income per share from continuing operations: Basic 0.57 1.28 Diluted 0.57 1.26 Gain (loss) from discontinued operations 3,381,254 (3,702,373) Gain (loss) per share from discontinued operations: Basic 1.36 (1.49) Diluted 1.36 (1.47) Net income (loss): 4,787,207 (526,647) Net income (loss) per share - basic 1.93 (0.21) Net income (loss) per share - diluted 1.93 (0.21) Weighted average number of common shares outstanding: Basic 2,480,330 2,481,802 Diluted 2,480,330 2,523,316 CONSOLIDATED BALANCE SHEETS ASSETS December 31, 2008 March 31, 2008 Cash $180,755 $3,863,784 Accounts receivable and amount due from factor 5,105,608 6,144,169 Inventory 9,378,114 5,357,488 Prepaid expenses 156,947 206,197 Assets held in receivership 219,402 2,850,731 TOTAL CURRENT ASSETS 15,040,826 18,422,369 INVESTMENT IN HONG KONG JOINT VENTURE 10,688,904 9,986,579 PROPERTY, PLANT AND EQUIPMENT - NET 130,530 130,347 OTHER ASSETS AND DEFERRED TAX ASSET 2,216,942 1,929,622 TOTAL ASSETS $28,077,202 $30,468,917 LIABILITIES AND SHAREHOLDERS' EQUITY Amount due to factor $101,911 $- Accounts payable and accrued expenses 2,748,636 2,465,292 Liabilities held in receivership 219,402 7,823,450 Accrued liabilities 893,420 665,080 TOTAL CURRENT LIABILITIES 3,963,369 10,953,822 LONG TERM OBLIGATION 95,324 91,160 SHAREHOLDERS' EQUITY: Common stock, $.01 par value per share; authorized 20,000,000 shares; issued and outstanding 2,443,292 and 2,487,867 at December 31, 2008 and March 31, 2008 24,448 24,879 Additional paid-in capital 13,316,830 13,453,378 Retained earnings 10,677,231 5,890,023 Other comprehensive income - 55,655 TOTAL SHAREHOLDERS' EQUITY 24,018,509 19,423,935 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 28,077,202 $30,468,917SOURCE Universal Security Instruments, Inc.
Source: PR Newswire
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