EX-99.1 5 v351464_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

  

For Immediate Release

Contact: Harvey Grossblatt, CEO

Universal Security Instruments, Inc.

410-363-3000, Ext. 224

or
Don Hunt, Jeff Lambert

Lambert, Edwards & Associates, Inc.

616-233-0500

 

Universal Security Instruments Reports First-Quarter Results

 

OWINGS MILLS, MD, August 16, 2013 – Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal first quarter ended June 30, 2013.

 

Universal reported sales of $3,005,669 for the quarter ended June 30, 2013 versus $3,059,352 for the comparable period last fiscal year. The Company reported a net loss of $(19,530), or $(0.01) per basic and diluted share, compared to a net loss of $(362,588) or $(0.16) per basic and diluted share, for the same period a year prior. The Company’s book value as of June 30, 2013 and June 30, 2012 was $11.74 and $11.68, respectively.

 

“We are pleased with the bottom-line improvement for the period, which was driven primarily by improved Joint Venture earnings.  Universal is continuing to develop new products which we expect to introduce later in the fiscal year,” said Harvey Grossblatt, Universal CEO.

 

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 40-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.

 

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UNIVERSAL SECURITY INSTRUMENTS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Three Months Ended June 30, 
   2013   2012 
Sales  $3,005,669   $3,059,352 
           
Net loss:  $(19,530)  $(362,588)
Net loss per share – basic   (0.01)   (0.16)
Net loss per share – diluted   (0.01)   (0.16)
           
Weighted average number of common shares outstanding:          
Basic   2,287,887    2,326,662 
Diluted   2,287,887    2,326,662 

 

CONSOLIDATED BALANCE SHEETS

 

   June 30, 2013   June 30, 2012 
ASSETS          
Cash  $1,488,034   $2,819,522 
Accounts receivable and amount due from factor   2,880,664    2,655,384 
Inventory   5,002,976    5,636,350 
Prepaid expenses   637,207    532,538 
           
TOTAL CURRENT ASSETS   10,008,881    11,643,794 
INVESTMENT IN HONG KONG JOINT VENTURE   14,998,034    14,355,963 
PROPERTY, PLANT AND EQUIPMENT – NET   222,552    256,063 
OTHER ASSETS AND DEFERRED TAX ASSET   2,518,035    2,586,555 
TOTAL ASSETS  $27,747,502   $28,842,375 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
Accounts payable and accrued expenses  $723,971   $1,504,201 
Accrued liabilities   142,502    150,094 
TOTAL CURRENT LIABILITIES   866,473    1,654,295 
LONG TERM OBLIGATION   25,000    25,000 
SHAREHOLDERS’ EQUITY:          
Common stock, $.01 par value per share; authorized 20,000,000 shares; issued and outstanding 2,287,887 at June 30, 2013 and 2,324,749 at June 30, 2012   22,879    23,247 
Additional paid-in capital   12,771,490    12,845,786 
Retained earnings   12,865,830    12,975,323 
Accumulated other comprehensive income   1,195,830    1,318,724 
TOTAL SHAREHOLDERS’ EQUITY   26,856,029    27,163,080 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $27,747,502   $28,842,375