EXCHANGE: New York
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.
http://www.universalsecurity.com/Universal Security Instruments Reports Second-Quarter Results
Md., Nov. 17, 2017 /PRNewswire/ -- Universal Security Instruments, Inc.
(NYSE AMEX: UUU) today announced results for its fiscal second quarter
ended September 30, 2017.
For the three
months ended September 30, 2017, the Company reported sales of
$3,582,816 compared to sales of $4,213,705 for the same period last
year. The Company reported a net loss of $167,925, or $0.07 per
basic and diluted share, compared to a net loss of $64,066 or $0.03 per
basic and diluted share for the same period last year.
For the six
months ended September 30, 2017, sales were $6,901,053 versus
$7,392,312 for the same period last year. The Company reported a
net loss of $711,588, or $0.31 per basic and diluted share, compared to
a net loss of $453,745 or $0.20, per basic and diluted share for the
corresponding 2016 period.
reason for the decrease in sales for the three and six month periods
was the deferral to the third quarter of fiscal 2018 of a large
purchase by one customer which comparatively purchased products during
the first half of fiscal 2017. The Company continues to
grow its new construction business and expects this trend to continue
into calendar year 2018," said Harvey Grossblatt, CEO of Universal
Security Instruments Inc.
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