{"id":529973,"date":"2021-08-19T16:33:36","date_gmt":"2021-08-19T20:33:36","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/"},"modified":"2021-08-19T16:33:36","modified_gmt":"2021-08-19T20:33:36","slug":"universal-security-instruments-reports-first-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/","title":{"rendered":"Universal Security Instruments Reports First-Quarter Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

OWINGS MILLS,\u00a0Md., Aug. 19, 2021<\/span> \/PRNewswire\/ —\u00a0Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal quarter ended June 30, 2021<\/span>. <\/p>\n

The Company reported that sales increased approximately 58.7% to $4,667,998<\/span> for the quarter ended June 30, 2021<\/span>, versus $2,940,768<\/span> for the comparable period of last year.\u00a0 The Company reported net income of $14,641<\/span>, or $0.01<\/span> per basic and diluted share, compared to a net loss of $78,982<\/span>, or $(0.03)<\/span> per basic and diluted share, for the same period last year. <\/p>\n

“Universal is pleased to return to profitability for it first quarter despite the supply chain and transportation cost issues which are continuing. We are working with our suppliers and customers to mitigate these issues as much as possible.” said Harvey Grossblatt<\/span> – President and CEO.<\/p>\n

UNIVERSAL SECURITY INSTRUMENTS, INC. is a U.S.-based manufacturer\u00a0 and distributor of safety and security devices. Founded in 1969, the Company has an over 52-year heritage of developing innovative and easy-to-install products, including smoke, fire and carbon monoxide alarms.\u00a0 For more information on Universal Security Instruments, visit our website at www.universalsecurity.com<\/a>.\u00a0\u00a0 <\/b><\/p>\n

“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.\u00a0 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.\u00a0 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.\u00a0 We will revise our outlook from time to time and frequently will not disclose such revisions publicly.<\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n UNIVERSAL SECURITY INSTRUMENTS, INC.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (UNAUDITED)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Three Months Ended June 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales<\/span>\n <\/p>\n<\/td>\n

\n

\n $4,667,998<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,940,768<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income (loss):<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,641<\/span>\n <\/p>\n<\/td>\n

\n

\n (78,982)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Net Income (loss) per share \u2013 basic and diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.01<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.03)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Weighted average number of common shares outstanding:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Basic and diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,312,887<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,312,887<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n
\n CONDENSED CONSOLIDATED BALANCE SHEETS<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (UNAUDITED)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n ASSETS<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n June 30, 2021<\/span>\n <\/p>\n<\/td>\n

\n

\n June 30, 2020<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,371<\/span>\n <\/p>\n<\/td>\n

\n

\n $278,234<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Accounts receivable and amount due from factor<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,904,755<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,849,881<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Inventory<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,106,328<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,620,029<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Prepaid expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 383,833<\/span>\n <\/p>\n<\/td>\n

\n

\n 151,436<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n TOTAL CURRENT ASSETS<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,445,287<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,899,580<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS\u2013NET<\/span>\n <\/p>\n<\/td>\n

\n

\n 184,691<\/span>\n <\/p>\n<\/td>\n

\n

\n 354,098<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n OTHER ASSETS<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n TOTAL ASSETS<\/span>\n <\/p>\n<\/td>\n

\n

\n $7,633,978<\/span>\n <\/p>\n<\/td>\n

\n

\n $7,257,678<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Line of credit \u2013 factor<\/span>\n <\/p>\n<\/td>\n

\n

\n $105,283<\/span>\n <\/p>\n<\/td>\n

\n

\n $777,685<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Note payable \u2013 Eyston Company Ltd.<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,081,440<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Note payable – bank<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 221,400<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Short-term portion of operating lease liability<\/span>\n <\/p>\n<\/td>\n

\n

\n 128,341<\/span>\n <\/p>\n<\/td>\n

\n

\n 161,655<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accounts payable and accrued expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,404,569<\/span>\n <\/p>\n<\/td>\n

\n

\n 302,683<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accrued liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 183,148<\/span>\n <\/p>\n<\/td>\n

\n

\n 214,440<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n TOTAL CURRENT LIABILITIES<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,902,781<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,677,863<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n NOTE PAYABLE \u2013 Eyston Company Ltd.<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,081,440<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n LONG TERM OPERATING LEASE LIABILITY<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 129,144<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n TOTAL LONG-TERM LIABILITIES<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,210,584<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n SHAREHOLDERS’ EQUITY:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Common stock, $.01 par value per share; authorized
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>
\n 20,000,000 shares; issued and outstanding 2,312,887\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 at June 30, 2021 and 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n 23,129<\/span>\n <\/p>\n<\/td>\n

\n

\n 23,129<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Additional paid-in capital<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,885,841<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,885,841<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accumulated Deficit<\/span>\n <\/p>\n<\/td>\n

\n

\n (8,177,773)<\/span>\n <\/p>\n<\/td>\n

\n

\n (8,539,739)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n TOTAL SHAREHOLDERS’ EQUITY<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,731,197<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,369,231<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY<\/span>\n <\/p>\n<\/td>\n

\n

\n $7,633,978<\/span>\n <\/p>\n<\/td>\n

\n

\n $7,257,678<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

Contact:\u00a0 Harvey Grossblatt<\/span>, CEO\u00a0\u00a0\u00a0
Universal Security Instruments, Inc.\u00a0
(410) 363-3000, Ext. 224\u00a0
or\u00a0
Zachary Mizener\u00a0\u00a0
Lambert & Co.\u00a0\u00a0
(315) 529-2348<\/p>\n

\n \"Cision\" View original content:https:\/\/www.prnewswire.com\/news-releases\/universal-security-instruments-reports-first-quarter-results-301359174.html<\/a><\/p>\n

SOURCE Universal Security Instruments, Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire OWINGS MILLS,\u00a0Md., Aug. 19, 2021 \/PRNewswire\/ —\u00a0Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal quarter ended June 30, 2021. The Company reported that sales increased approximately 58.7% to $4,667,998 for the quarter ended June 30, 2021, versus $2,940,768 for the comparable period of last year.\u00a0 The Company reported net income of $14,641, or $0.01 per basic and diluted share, compared to a net loss of $78,982, or $(0.03) per basic and diluted share, for the same period last year. “Universal is pleased to return to profitability for it first quarter despite the supply chain and transportation cost issues which are continuing. We are working with our suppliers and customers to mitigate these issues … <\/p>\n

Continue reading “Universal Security Instruments Reports First-Quarter Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-529973","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nUniversal Security Instruments Reports First-Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Universal Security Instruments Reports First-Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire OWINGS MILLS,\u00a0Md., Aug. 19, 2021 \/PRNewswire\/ —\u00a0Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal quarter ended June 30, 2021. The Company reported that sales increased approximately 58.7% to $4,667,998 for the quarter ended June 30, 2021, versus $2,940,768 for the comparable period of last year.\u00a0 The Company reported net income of $14,641, or $0.01 per basic and diluted share, compared to a net loss of $78,982, or $(0.03) per basic and diluted share, for the same period last year. “Universal is pleased to return to profitability for it first quarter despite the supply chain and transportation cost issues which are continuing. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/","og_locale":"en_US","og_type":"article","og_title":"Universal Security Instruments Reports First-Quarter Results - Market Newsdesk","og_description":"PR Newswire OWINGS MILLS,\u00a0Md., Aug. 19, 2021 \/PRNewswire\/ —\u00a0Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal quarter ended June 30, 2021. The Company reported that sales increased approximately 58.7% to $4,667,998 for the quarter ended June 30, 2021, versus $2,940,768 for the comparable period of last year.\u00a0 The Company reported net income of $14,641, or $0.01 per basic and diluted share, compared to a net loss of $78,982, or $(0.03) per basic and diluted share, for the same period last year. “Universal is pleased to return to profitability for it first quarter despite the supply chain and transportation cost issues which are continuing. We are working with our suppliers and customers to mitigate these issues … Continue reading \"Universal Security Instruments Reports First-Quarter Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-08-19T20:33:36+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=DE79775&sd=2021-08-19","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Universal Security Instruments Reports First-Quarter Results","datePublished":"2021-08-19T20:33:36+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/"},"wordCount":504,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=DE79775&sd=2021-08-19","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-security-instruments-reports-first-quarter-results\/","name":"Universal Security Instruments Reports First-Quarter Results - 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