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Universal Security Instruments, Inc. (USI) (NYSE Amex: UUU) is a prominent U.S.-based manufacturer and distributor of advanced safety and security devices, including smoke, fire, and carbon monoxide alarms. Founded in 1969, the company has grown to be a leader in home protection solutions, boasting over five decades of innovation and customer satisfaction.
Headquartered in Owings Mills, Maryland, USI is renowned for its cutting-edge detection technology, holding 11 patents in this domain. The company's strategic warehouse facilities across the United States ensure that products can be delivered to customers quickly, often by the next day, without incurring extra costs for overnight shipping.
USI markets its products under the trade names UNIVERSAL and USI Electric, catering to both residential users and the electrical distribution trade, including lighting distributors and manufactured housing companies. The product portfolio consists of smoke and fire alarms, carbon monoxide alarms, multi-gas alarms, and plug-in alarms. These products are recognized for their quality and reliability, with manufacturing facilities certified to ISO 9001 standards.
In recent financial updates, USI reported substantial growth. For the fiscal quarter ending June 30, 2023, the company achieved sales of $6,698,771, up from $4,635,304 for the same period the previous year. This improvement comes despite ongoing supply chain challenges. Net income for the same period was $165,130 or $0.07 per basic and diluted share, marking a turnaround from a net loss of $106,138 in the previous year.
USI's leadership team, led by President and CEO Harvey Grossblatt, continues to prioritize financial stability by reducing debt and increasing shareholder equity. The company remains committed to providing high-quality, innovative products designed to keep families safe.
Stay updated on the latest developments from Universal Security Instruments, Inc. by visiting their official website or following them on Twitter at @usialarms.
Universal Security Instruments (NYSE AMEX: UUU) reported significant growth in its fiscal second quarter ended September 30, 2024. Sales increased 93.8% to $7.2 million, compared to $3.7 million in the same period last year. The company posted a net income of $576,978 ($0.25 per share), reversing last year's loss of $186,425. Six-month sales rose 13.3% to $11.8 million. A major sale to a national retail chain contributed $3.5 million to quarterly revenue, though this level is not expected to continue. The company has entered into an Asset Purchase Agreement with Feit Electric Company, pending shareholder approval in Q1 2025.
Universal Security Instruments (NYSE Amex: UUU) reported its fiscal quarter results ended June 30, 2024. The company experienced a significant decline in sales, dropping from $6,698,771 in the previous year to $4,598,516 this quarter. UUU also reported a net loss of $442,206, or $(0.19) per basic and diluted share, compared to a net income of $165,130, or $0.07 per share, in the same period last year.
CEO Harvey Grossblatt attributed the lower sales to supply chain delays in obtaining components for security products. Additionally, gross margins were reduced due to higher ocean freight and component costs. Universal Security Instruments, founded in 1969, is a distributor of safety and security devices, specializing in smoke, fire, and carbon monoxide alarms.
Universal Security Instruments (NYSE Amex: UUU) reported its financial results for Q4 and the fiscal year ending March 31, 2024. In Q4, sales dropped 18.5% to $4.83 million, leading to a net loss of $476,671, or $0.21 per share, from a net income of $284,635 in the same period last year. Annual sales decreased by 10.3% to $19.90 million, resulting in a net loss of $395,790, or $0.17 per share, compared to a net income of $720,411 the previous year. Current-year results reflect a $150,000 insurance audit and a $168,000 increase in the provision for credit losses, including amounts under litigation. Supply chain issues and rising ocean freight rates further impacted sales.
Universal Security Instruments, Inc. (NYSE Amex: UUU) has received a notice from NYSE American LLC regarding noncompliance with continued listing standards. The issue stems from the failure to hold an annual meeting for the fiscal year ended March 31, 2022, by the required date of March 31, 2023. The Company plans to rectify this by holding the annual meeting in fall 2023, which is expected to restore compliance.
Founded in 1969, Universal Security Instruments specializes in safety and security devices, including alarms. The Company's commitment to innovative solutions continues to drive its business forward.
Universal Security Instruments, Inc. (AMEX: UUU) reported a sales increase of 8.3% to
Universal Security Instruments, Inc. (NYSE Amex: UUU) reported its financial results for the quarter ending June 30, 2022, revealing sales of $4,635,304, a slight decrease from $4,667,998 year-over-year. The company faced a net loss of $106,138 or $0.05 per share, contrasting with a net income of $14,641 or $0.01 per share during the same quarter last year. Factors contributing to the loss included increased freight costs and higher professional fees due to an impending merger and ongoing supply chain challenges.
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