Universal Security Instruments Inc., maker and distributor of safety and security devices, announced an increase in both sales and net income for the fourth quarter ended March 31, 2010.
The company reported sales of $6,301,918 for the fourth quarter, compared to sales of $5,928,367 for the comparable period last year. Fourth quarter net income was $468,223 ($0.20 per basic and diluted share), versus net income of $78,150 ($0.03 per basic and diluted share) for the same period last year. Included in last year’s results was income from discontinued operations of $41,767.
For the 12 months ended March 31, 2010, sales were $26,439,118, versus sales of $26, 097,596 for the same period last year. Net earnings for the period were $2,268,048 ($0.95 per basic and diluted share). Reported net income for the same 12 month period last year was higher, $4,865,357, due partly to a gain of $3,423,021 from discontinued operations. The company’s book value on March 31, 2010, increased to $10.96 per share, from $9.95 per share at the same time last year.
Universal Chairman and CEO, Harvey Grossblatt, said, “We are very pleased with the company’s performance during the past fiscal year, particularly in light of the challenges the economy has created. Included in our results is approximately $500,000 of research and development expenses, which we expended for new product development, and we expect to spend another $400,000-$600,000 in this fiscal year to complete the development and testing of our new product line.”
Universal is a U.S. based manufacturer (through a Hong Kong joint venture) and distributor of smoke alarms, fire alarms, carbon monoxide alarms, and other safety and security products. The company previewed approximately 25 new products in May at the International Hardware Show in Las Vegas, receiving very positive feedback from customers. Initial deliveries of several of these products is expected to begin in September.
For more information, visit the company website at www.UniversalSecurity.com.