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Universal Security Instruments Reports Third-Quarter Results

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OWINGS MILLS, Md., Feb. 9, 2021 /PRNewswire/ -- Universal Security Instruments, Inc. (NYSE AMEX: UUU) today announced results for its fiscal third quarter and nine months ended December 31, 2020.

For the three months ended December 31, 2020, sales increased approximately 59% to $5,124,750 compared to sales of $3,223,678 for the same period last year. The Company reported net income of $78,318 or $0.03 per basic and diluted share, compared to a net loss of $1,011,833 or $0.44 per basic and diluted share for the same period last year.

For the nine months ended December 31, 2020, sales increased approximately 30% to $14,522,813 versus $11,189,238 for the same period last year. The Company reported net income of $725,181, or $0.31 per basic and diluted share, compared to a net loss of $2,321,601 or $1.00, per basic and diluted share for the corresponding 2019 period.

"We were pleased that our sales continued to increase and that our operations continued to be profitable. The 450-store test, which we mentioned in our last press release, has been completed and now has been expanded to 1,350 stores. We have applied for loan forgiveness of our PPP loan and should know the status in the next several months," said Harvey Grossblatt President and CEO.

UNIVERSAL SECURITY INSTRUMENTS, INC. is an importer and 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.

"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 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

Contact: Harvey Grossblatt, CEO
Universal Security Instruments, Inc.
410-363-3000, Ext. 224
or
Tyler Deur
Lambert & Co.
616-233-0500

UNIVERSAL SECURITY INSTRUMENTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – (UNAUDITED)



Three Months Ended
December 31,


2020

2019

Sales

$5,124,750

$3,223,678

Net income (loss)

78,318

(1,011,833)

Income (loss) per share:



Basic and diluted

$ 0.03

$ (0.44)

Weighted average number of common shares outstanding:

Basic and diluted

2,312,887

2,312,887


Nine Months Ended December 31,


2020

2019

Sales

$ 14,522,813

$ 11,189,238

Net income (loss)

725,181

(2,321,601)

Income (loss) per share:



Basic and diluted

$ 0.31

$ (1.00)

Weighted average number of common shares outstanding:

Basic and diluted

2,312,887

2,312,887

CONDENSED CONSOLIDATED BALANCE SHEETS – (UNAUDITED)



ASSETS




December 31,


2020


2019

Cash and cash equivalents

$ 580,904


$ 177,337

Accounts receivable and amount due from factor

3,463,933


2,129,755

Inventory

3,039,779


6,563,829

Prepaid expenses

178,518


145,711

TOTAL CURRENT ASSETS

7,263,134


9,016,632





INVESTMENT IN HONG KONG JOINT VENTURE

-


7,004,447

PROPERTY, EQUIPMENT, AND INTANGIBLE ASSET – NET

270,962


436,559

OTHER ASSETS

4,000


4,000

TOTAL ASSETS

$ 7,538,096


$16,461,638





LIABILITIES AND SHAREHOLDERS' EQUITY








Line of credit – factor

$ -


$1,344,661

Note payable - bank

221,400



Short-term portion of operating lease liability

167,926


155,564

Accounts payable

569,161


6,031,074

Accrued liabilities

281,175


452,367

TOTAL CURRENT LIABILITIES

1,239,662


7,983,666





NOTE PAYABLE – Eyston Company Ltd.

1,081,440



LONG-TERM PORTION OF OPERATING LEASE LIABILITY

43,600


211,528


1,125,040


211,528





COMMITMENTS AND CONTINGENCIES

-


-

SHAREHOLDERS' EQUITY




Common stock, $.01 par value per share; authorized 20,000,000

shares; issued and outstanding 2,312,887 at December 31, 2020 and

2019

23,129


23,129

Additional paid-in capital

12,885,841


12,885,841

Accumulated Deficit

(7,735,576)


(4,968,467)

Accumulated other comprehensive income

-


325,941

TOTAL SHAREHOLDERS' EQUITY

5,173,394


8,266,444

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$ 7,538,096


$16,461,638

Cision
Cision

View original content:http://www.prnewswire.com/news-releases/universal-security-instruments-reports-third-quarter-results-301224331.html

SOURCE Universal Security Instruments, Inc.