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Universal Safety Products, Inc. reports operating results and corporate actions for a NYSE American-listed home safety products company formerly known as Universal Security Instruments. Company updates center on sales trends, profitability, import-tariff effects and the operating shift after the completed May 2025 sale of its smoke and carbon monoxide alarm business.
Recurring news also covers the company's continuing wiring device and bath fan product lines, plans for a new business segment, capital returns such as special dividends, and listing or reporting-compliance matters tied to NYSE American and SEC filing deadlines.
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Universal Security Instruments, Inc. (NYSE Amex: UUU) has received a notice from NYSE American LLC regarding noncompliance with continued listing standards. The issue stems from the failure to hold an annual meeting for the fiscal year ended March 31, 2022, by the required date of March 31, 2023. The Company plans to rectify this by holding the annual meeting in fall 2023, which is expected to restore compliance.
Founded in 1969, Universal Security Instruments specializes in safety and security devices, including alarms. The Company's commitment to innovative solutions continues to drive its business forward.
Universal Security Instruments, Inc. (AMEX: UUU) reported a sales increase of 8.3% to $5,758,661 for the third quarter ended December 31, 2022, compared to $5,319,014 in the same period last year. Net income rose significantly to $341,312 or $0.15 per share, up from $35,351 or $0.02 per share a year earlier. Year-to-date sales were $16,251,106, reflecting a 6.5% increase. The improved performance was attributed to better deliveries from China and reduced port congestion. Despite higher costs for electrical components, operational expenses decreased.
Universal Security Instruments, Inc. (NYSE Amex: UUU) reported its financial results for the quarter ending June 30, 2022, revealing sales of $4,635,304, a slight decrease from $4,667,998 year-over-year. The company faced a net loss of $106,138 or $0.05 per share, contrasting with a net income of $14,641 or $0.01 per share during the same quarter last year. Factors contributing to the loss included increased freight costs and higher professional fees due to an impending merger and ongoing supply chain challenges.
Universal Security Instruments, Inc. (UUU) reported financial results for Q4 and fiscal year ending March 31, 2022. Q4 sales rose to $4.29 million, a 43.1% increase, with a reduced net loss of $235,838 ($0.10 per share). For the fiscal year, sales reached $19.55 million, up 11.6%; however, the company posted a net loss of $78,150 compared to a profit of $268,343 in the previous year, largely influenced by a prior loan forgiveness. Supply chain disruptions have pressured gross margins, impacting profitability.
On July 5, 2022, Infinite Realty finalized a $470 million acquisition of ReKTGlobal, an esports and entertainment conglomerate, enhancing its position in the Metaverse with a combined valuation of $2.47 billion. The deal integrates ReKT's established esports franchises, including Team Rogue and London Royal Ravens, into Infinite Realty's offerings. This strategic move aims to foster innovation in digital entertainment and strengthen brand relationships across platforms, leveraging ReKT's leadership and marketing expertise.
On May 18, 2022, Infinite Realty and Universal Security Instruments (NYSE: UUU) filed a Registration Statement on Form S-4 with the SEC regarding their proposed merger. Under the agreement, Infinite Realty shareholders will become majority owners of USI's stock. The merger is pending approval from both companies' shareholders, SEC clearance, and stock exchange approval. If successful, the merged entity will operate as Infinite Reality and continue trading on the NYSE. This merger is seen as crucial for establishing Infinite Reality as a leader in the Metaverse sector.