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Universal Security Instruments Announces its Fourth-Quarter and Year-End Results

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OWINGS MILLS, Md., July 14, 2022 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced its financial results for the fourth quarter and its fiscal year ended March 31, 2022.

The Company reported:

  • For the fourth quarter ended March 31, 2022, sales increased $1,293,212 (43.1%) to $4,290,550 from $2,997,338 from the comparable period last year. The Company reported a net loss of $235,838, or $0.10 per basic and diluted share compared to a net loss of $456,838, or $0.20 per basic and diluted share for the comparable period of the previous year.

  • For the 12 months ended March 31, 2022, sales increased $2,029,634 (11.6%) to $19,549,785 versus $17,520,151 for the fiscal year ended March 31, 2021. The Company reported a net loss of $78,150, or $0.03 per basic and diluted share, versus net income of $268,343 or $0.12 per basic and diluted share, for the same period last year. The results for the 12 months ended March 31, 2021 included forgiveness of the Company's Payroll Protection Plan loan in the amount of $221,400.

Harvey Grossblatt, President and Chief Executive Officer said, "While our sales have increased for the year, our gross margins have decreased due to higher costs caused by supply chain disruptions due to ocean freight shortages, port congestion in Long Beach, California and domestic trucking issues. We are also experiencing difficulty obtaining raw materials such as micro-processing chips and other electrical components.

UNIVERSAL SECURITY INSTRUMENTS, INC. is distributor of safety and security devices. Founded in 1969, the Company has an over 50-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. On February 25, 2022, the Company entered into an Agreement and Plan of Merger by and among the Company, a wholly owned subsidiary of the Company and Infinite Reality, Inc. Closing is subject to shareholder and regulatory approval. On May 16, 2022, the Company filed with the SEC a proxy statement and Form S-4 registration statement in connection with the Merger.

------------------------------------------------------------

"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, currency fluctuations, the impact of current and future laws and governmental regulations, 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




 (UNAUDITED)


Three Months Ended March 31,


2022

2021

Net sales

$4,290,550

$2,997,338

Net loss

(235,838)

(456,838)

Net loss per share – basic and diluted

(0.10)

(0.20)




Weighted average number of common shares outstanding

         Basic and diluted

        

 

2,312,887

 

 

2,312,887

 

 

                  


Fiscal Year Ended March 31,


2022

2021

Net sales

$19,549,785

$17,520,151

Net (loss) income

(78,150)

268,343

Net (loss) income per share – basic and diluted

(0.03)

0.12




Weighted average number of common shares outstanding

         Basic and diluted

        

 

2,312,887

 

 

2,312,887

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS



ASSETS

March 31,


2022


2021

Cash

$    438,735


$   160,604

Accounts receivable and amount due from factor

4,090,113


2,583,463

Inventory

6,229,061


4,181,193

Prepaid expenses

241,342


336,699

TOTAL CURRENT ASSETS

10,999,251


7,261,959









PROPERTY AND EQUIPMENT – NET

477,627


184,678

OTHER ASSETS

44,243


48,717

TOTAL ASSETS

$11,521,121


$7,495,354





LIABILITIES AND SHAREHOLDERS' EQUITY








Line of credit - factor

Short-term portion of operating lease liability

$2,157,086

131,880


$   18,904

171,122

Accounts payable– Trade

Note payable – Eyston Company Ltd.

Accrued liabilities

2,557,433

1,081,440

 619,465


1,264,709

-

 242,623

TOTAL CURRENT LIABILITIES

6,547,304


1,697,358

NOTE PAYABLE – Eyston Company Ltd. - noncurrent

LONG-TERM PORTION OF OPERATING LEASE LIABILITY

TOTAL LONG-TERM LIABILITIES

 

-

335,411

335,411 


 

1,081,440

-

1,081,440 

COMMITMENTS AND CONTINGENCIES

 

-


-

SHAREHOLDERS' EQUITY




Common stock, $.01 par value per share; 20,000,000 authorized, 2,312,887 shares issued and

outstanding at March 31, 2022 and 2021

 

23,129


 

23,129

Additional paid-in capital

12,885,841


12,885,841

(Accumulated Deficit)

(8,270,564)


(8,192,414)





TOTAL SHAREHOLDERS' EQUITY

4,638,406


4,716,556

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$11,521,121


$7,495,354

 

Contact:  Harvey Grossblatt, President   
Universal Security Instruments, Inc.
410-363-3000, Ext. 224
Or
Zachary Mizener
Lambert & Co.
315-529-2348

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/universal-security-instruments-announces-its-fourth-quarter-and-year-end-results-301586212.html

SOURCE Universal Security Instruments, Inc.