Universal Security Instruments Reports Third-Quarter Results
Rhea-AI Summary
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.
Positive
- Third-quarter sales increased by 8.3% to $5,758,661.
- Net income surged to $341,312, or $0.15 per share, compared to $35,351 or $0.02 per share last year.
- Nine-month sales rose 6.5% to $16,251,106.
- Decreased operational expenses contributed to improved profitability.
Negative
- Increased costs of electrical components due to supply chain issues.
- Cash decreased to $200,155 from $387,223 year-over-year.
News Market Reaction – UUU
On the day this news was published, UUU gained 12.86%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
OWINGS MILLS, Md.,
For the three months ended
For the nine months ended
"The primary reasons for the sales increases during the three and nine-month periods ended
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"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 affecting us and other factors which may be identified from time to time in our
CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED) | ||
Three Months Ended | ||
2022 | 2021 | |
Sales | ||
Net income | 341,312 | 35,351 |
Earnings per share: | ||
Basic and diluted | $ 0.15 | $ 0.02 |
Weighted average number of common shares outstanding: Basic and diluted |
2,312,887
|
2,312,887
|
Nine Months Ended | ||
2022 | 2021 | |
Sales | ||
Net income | 435,776 | 157,688 |
Earnings per share: | ||
Basic and diluted | $ 0.19 | $ 0.07 |
Weighted average number of common shares outstanding: Basic and diluted |
2,312,887
|
2,312,887 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||
ASSETS | ||
Cash
|
| $ 387,223
|
Accounts receivable and amount due from factor | 3,991,415 | 4,241,012 |
Inventory | 4,437,580 | 5,123,468 |
Prepaid expense | 313,277 | 202,669 |
TOTAL CURRENT ASSETS
| 8,942,427 | 9,954,372 |
PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS–NET | 395,278 | 95,283 |
OTHER ASSETS | 4,000 | 4,000 |
TOTAL ASSETS | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Line of credit – factor Note payable – Short-term portion of operating lease liability Accounts payable | 181,440 149,408 1,061,517 | 1,081,440 43,965 1,445,417 |
Accrued liabilities | 193,783 | 251,158 |
TOTAL CURRENT LIABILITIES
| 4,057,384
| 5,179,411
|
LONG TERM PORTION OF OPERATING LEASE LIABILITY TOTAL LONG-TERM LIABILITIES |
210,139 210,139 |
- - |
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY: |
- |
- |
Common stock, 20,000,000 shares; issued and outstanding 2,312,887 at |
23,129 |
23,129 |
Additional paid-in capital | 12,885,841 | 12,885,841 |
Accumulated Deficit | (7,834,788) | (8,034,726) |
TOTAL SHAREHOLDERS' EQUITY | 5,074,182 | 4,874,244 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Contact:
(410) 363-3000, Ext. 224
or
(315) 529-2348
View original content:https://www.prnewswire.com/news-releases/universal-security-instruments-reports-third-quarter-results-301749199.html
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