Welcome to our dedicated page for Universal Security Instruments news (Ticker: UUU), a resource for investors and traders seeking the latest updates and insights on Universal Security Instruments stock.
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, Inc. (UUU) reported financial results for Q4 and fiscal year ending March 31, 2022. Q4 sales rose to $4.29 million, a 43.1% increase, with a reduced net loss of $235,838 ($0.10 per share). For the fiscal year, sales reached $19.55 million, up 11.6%; however, the company posted a net loss of $78,150 compared to a profit of $268,343 in the previous year, largely influenced by a prior loan forgiveness. Supply chain disruptions have pressured gross margins, impacting profitability.
On July 5, 2022, Infinite Realty finalized a $470 million acquisition of ReKTGlobal, an esports and entertainment conglomerate, enhancing its position in the Metaverse with a combined valuation of $2.47 billion. The deal integrates ReKT's established esports franchises, including Team Rogue and London Royal Ravens, into Infinite Realty's offerings. This strategic move aims to foster innovation in digital entertainment and strengthen brand relationships across platforms, leveraging ReKT's leadership and marketing expertise.
On May 18, 2022, Infinite Realty and Universal Security Instruments (NYSE: UUU) filed a Registration Statement on Form S-4 with the SEC regarding their proposed merger. Under the agreement, Infinite Realty shareholders will become majority owners of USI's stock. The merger is pending approval from both companies' shareholders, SEC clearance, and stock exchange approval. If successful, the merged entity will operate as Infinite Reality and continue trading on the NYSE. This merger is seen as crucial for establishing Infinite Reality as a leader in the Metaverse sector.
Infinite Realty, Inc. announced a definitive merger agreement to acquire ReKTGlobal, Inc. for $470 million in an all-stock transaction. This merger values Infinite Realty at $2 billion, with a combined post-close valuation of $2.47 billion. The acquisition aims to enhance Infinite Realty's presence in the Metaverse entertainment space by integrating ReKTGlobal's esports franchises, marketing services, and technology products. The deal is subject to ReKTGlobal shareholder approval and regulatory clearance.
On March 10, 2022, Infinite Reality, Inc. will hold a video conference call to announce its planned merger with Universal Security Instruments (NYSE: UUU). The call, hosted by CEO John Acunto, takes place at 4:15 PM Eastern and will be broadcast live from the Metaverse. The presentation can also be accessed later for replay. Infinite Reality aims to empower brands and creators through innovative digital solutions, while Universal Security Instruments is known for safety and security device manufacturing.
Infinite Realty has announced a Standby Equity Purchase Agreement with Yorkville Global Advisors for up to $200 million in equity financing, contingent on a merger with Universal Security Instruments (NYSE: UUU). This merger is pending shareholder approval and regulatory clearance. The CEO, John Acunto, emphasized the importance of this agreement in supporting creators in the Metaverse economy. The partnership aims to empower content creators and enhance monetization opportunities in social media and the Metaverse.
Infinite Reality, a new Metaverse innovation and entertainment company, will host a video conference call on March 10, 2022, at 4:15 PM ET. The call will be led by CEO John Acunto and will focus on the company's planned merger with Universal Security Instruments (NYSE: UUU). Participants can join the call via an online link, with contact details provided for inquiries. The presentation will also be available for replay after the event.
Universal Security Instruments (UUU) has entered into a merger agreement with Infinite Reality, a Metaverse-focused company. This merger will result in Infinite Reality shareholders owning approximately 97% of USI's stock post-merger. The deal is subject to approval from shareholders and SEC clearance, with completion expected in Q2 2022. USI aims to enhance its value through this partnership, which focuses on the growing Metaverse and social commerce sectors. Infinite Reality has secured over $50 million in financing to support its ambitions.
Universal Security Instruments (UUU) reported a 3.8% increase in sales for Q3 2021, totaling $5,319,014. However, net income fell to $35,351 from $78,318 YoY, with diluted earnings per share dropping from $0.03 to $0.02. For the nine months, sales rose 5.1% to $15,259,235, yet net income decreased from $725,181 to $157,688. The declines are attributed to higher selling and promotional costs and supply chain disruptions affecting raw materials and freight costs.
Universal Security Instruments, Inc. (UUU) reported its fiscal second quarter results for the period ending September 30, 2021. Sales dropped by approximately 18% to $5,272,223 compared to $6,457,295 in the same quarter last year. Net income fell significantly to $107,696, or $0.05 per share, down from $725,845, or $0.31 per share, in the prior year. However, sales for the six-month period increased by 6% to $9,940,221. The lower net income was attributed to increased freight and customs costs, alongside ongoing supply chain disruptions.
FAQ
What is the current stock price of Universal Security Instruments (UUU)?
What is the market cap of Universal Security Instruments (UUU)?
What does Universal Security Instruments, Inc. specialize in?
When was Universal Security Instruments, Inc. founded?
Where is the headquarters of Universal Security Instruments, Inc. located?
What are the primary product lines of USI?
Which stock exchange is Universal Security Instruments, Inc. listed on?
How has Universal Security Instruments, Inc. performed financially recently?
What kind of technological advancements does USI hold?
How does USI ensure quick delivery of its products?
What certifications do USI's manufacturing facilities hold?
How can I stay updated with the latest news from USI?
