News Column

Universal Security Instruments Reports First-Quarter Results

September 2, 2014



By a News Reporter-Staff News Editor at China Weekly News -- Universal Security Instruments, Inc. (NYSE Amex: UUU) reported results for its first fiscal quarter ended June 30, 2014.

Universal reported sales of $2,514,385 for the quarter ended June 30, 2014 versus $3,005,669 for the comparable period of last year. The Company reported a net loss of $742,849, or $0.32 per basic and diluted share, compared to a net loss of $19,530 or $0.01 per basic and diluted share, for the same period last year. The major reasons for the change were lower joint venture earnings of $284,568, an income tax benefit of $169,066 and lower sales during the current fiscal period.

The Company was not able to file its 10Q due to its Hong Kong Joint Venture inability to complete their financials and we expect to file the 10Q later this week.

"The Company believes with the completion of its new sealed product line later this fiscal year it will return to profitability. Additionally we believe that our Joint Venture will be profitable for this 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.

Keywords for this news article include: Asia, China, Hong Kong, Universal Security Instruments Inc.

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Source: China Weekly News


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