OWINGS MILLS, Md., Aug. 21, 2017 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal quarter ended June 30, 2017.
The Company reported sales of $3,318,237 for the quarter ended June 30, 2017 versus $3,178,607 for the comparable period of last year. The Company reported a net loss of $543,663, or $0.24 per basic and diluted share, compared to a net loss of $389,679 or $0.17 per basic and diluted share, for the same period last year.
"The primary reason for the increase in operating loss was lower gross margins during the quarter resulting from more aggressive pricing to drive sales for the balance of the fiscal year. With anticipated increased sales of our new sealed product, Management expects that our financial results should improve," said 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 an over 48-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 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 OPERATIONS
Three Months Ended June 30,
Net loss per share – basic and diluted
Weighted average number of common shares outstanding:
Basic and diluted
CONSOLIDATED BALANCE SHEETS
June 30, 2017
June 30, 2016
Funds held by factor
Accounts receivable and amount due from factor
TOTAL CURRENT ASSETS
INVESTMENT IN HONG KONG JOINT VENTURE
PROPERTY, EQUIPMENT AND INTANGIBLE ASSET– NET
LIABILITIES AND SHAREHOLDERS' EQUITY
Line of credit - factor
Accounts payable and accrued expenses
TOTAL CURRENT LIABILITIES
LONG TERM OBLIGATION
Common stock, $.01 par value per share; authorized 20,000,000
Additional paid-in capital
Accumulated other comprehensive income
TOTAL SHAREHOLDERS' EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
SOURCE Universal Security Instruments, Inc.
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