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 a 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.
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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, our and 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 INCOME
(UNAUDITED)
Three Months Ended June 30,
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2009 2008
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Sales $5,914,905 $6,192,801
Net income from continuing operations 611,465 457,139
Income per share from continuing
operations: 0.25 0.18
Basic 0.25 0.18
Diluted
Loss from discontinued operations - (53,659)
Loss per share from discontinued
operations: (0.00) (0.02)
Basic (0.00) (0.02)
Diluted
Net income: $611,465 $403,480
Net income per share - basic $0.25 $0.16
Net income per share - diluted $0.25 $0.16
Weighted average number of common shares
outstanding: Basic 2,417,338 2,487,867
Diluted 2,422,379 2,487,867
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, 2009 March 31, 2009
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Cash $934,820 $284,030
Accounts receivable and amount due
from factor 4,704,299 5,076,217
Inventory 7,407,697 8,997,231
Prepaid expenses 252,059 255,745
Assets held for sale 69,988 202,565
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TOTAL CURRENT ASSETS 13,368,863 14,815,788
INVESTMENT IN HONG KONG JOINT VENTURE 11,271,479 10,550,373
PROPERTY, PLANT AND EQUIPMENT - NET 240,148 251,366
OTHER ASSETS AND DEFERRED TAX ASSET 2,208,392 2,160,151
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TOTAL ASSETS $27,088,882 $27,777,678
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LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses $1,900,734 $2,761,438
Accrued liabilities 536,125 752,452
Liabilities held for sale 69,988 202,565
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TOTAL CURRENT LIABILITIES 2,506,847 3,716,455
LONG TERM OBLIGATION 96,034 95,324
SHAREHOLDERS' EQUITY:
Common stock, $.01 par value per
share; authorized 20,000,000 shares;
issued and outstanding 2,387,887 at
June 30, 2009 and 2,408,220 at March
31, 2009 23,879 24,083
Additional paid-in capital 13,096,862 13,186,436
Retained earnings 11,365,260 10,755,380
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TOTAL SHAREHOLDERS' EQUITY 24,486,001 23,965,899
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TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $27,088,882 $27,777,678
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SOURCE BIGONTHENET PRIVATE LIMITED/XPRN HK