Universal Security Instruments, Inc. - UUU STOCK NEWS

Universal Security Instruments, Inc. (NYSE Amex: UUU) reported significant growth for its fiscal quarter ended June 30, 2021. Sales surged approximately 58.7% to $4,667,998, compared to $2,940,768 in the prior year. The company achieved a net income of $14,641 or $0.01 per share, a remarkable recovery from a net loss of $78,982 or $(0.03) per share a year ago. Despite ongoing supply chain and transportation cost challenges, the company is managing these issues with its partners.

Universal Security Instruments (UUU) reported its financial results for Q4 and fiscal year ending March 31, 2021. Q4 sales fell by $616,448 (17.1%) to $2,997,338, resulting in a net loss of $456,838 or $0.19 per share. Conversely, for the year, sales rose by $2,717,127 (18.4%) to $17,520,151, with net income of $268,343 or $0.12 per share. Challenges included supply chain issues affecting inventory and shipping. The company noted improvements in early fiscal 2022.

Universal Security Instruments (NYSE AMEX: UUU) reported a strong fiscal third quarter ending December 31, 2020, with sales rising by approximately 59% to $5.12 million compared to $3.22 million in the previous year. The company posted a net income of $78,318, a significant turnaround from a net loss of $1.01 million during the same period in 2019. For the nine months, sales increased by around 30% to $14.52 million, with net income at $725,181, recovering from a loss of $2.32 million the previous year. The company expanded its 450-store test to 1,350 stores and is awaiting the status of its PPP loan forgiveness application.

Universal Security Instruments, Inc. (NYSE AMEX: UUU) released a statement addressing recent unusual trading activity of its stock, which led to a trading halt by the New York Stock Exchange. The Company confirmed that it is unaware of any undisclosed material changes affecting its business that could explain the rise in stock price and trading volume. Established in 1969, the Company specializes in safety and security devices, including smoke, fire, and carbon monoxide alarms. For further information, visit www.universalsecurity.com.

Universal Security Instruments received a letter from the NYSE American on November 5, 2020, confirming acceptance of its compliance restoration plan. This follows a prior notification on August 31, 2020, indicating the company failed to meet the required stockholders' equity of $6 million after consecutive losses over five years. The plan aims for compliance by February 28, 2022, with quarterly reviews by the Exchange. Failure to meet this deadline may lead to delisting proceedings. The company remains committed to executing its plan to regain compliance.

Universal Security Instruments, Inc. (NYSE AMEX: UUU) reported a strong fiscal second quarter for the period ending September 30, 2020, with sales soaring approximately 78% to $6,457,295, compared to $3,622,269 in the previous year. The company achieved net income of $725,845, or $0.31 per share, reversing a net loss of $(700,814) a year prior. For the six months ended September 30, 2020, sales also rose 18% to $9,398,063, with net income of $646,863 compared to a loss of $(1,309,768) in 2019. The growth was driven by increased shipments and reduced expenses during the COVID-19 pandemic.

Universal Security Instruments, Inc. (NYSE Amex: UUU) announced on September 4, 2020, that it received a non-compliance notice from NYSE American, citing failure to maintain a minimum stockholders' equity of $6.0 million. The company has reported losses over the past five fiscal years. To address this, UUU must submit a compliance plan by September 30, 2020, outlining steps to regain compliance by February 28, 2022. If successful, it may continue listing; otherwise, delisting proceedings will commence.

Universal Security Instruments, Inc. (UUU) reported a 32.3% decline in sales to $2,940,768 for the quarter ended June 30, 2020, compared to $4,343,291 last year. The company incurred a net loss of $78,982 or $0.03 per share, markedly improved from a loss of $608,954 or $0.26 per share in the same period of 2019. Key factors for this performance included increased sales margins and reduced tariffs. The company expects orders in Q3 to enhance sales compared to $3,622,269 from September 2019.

Universal Security Instruments (NYSE: UUU) reported significant financial declines for the fourth quarter and fiscal year ending March 31, 2020. Q4 sales dropped by $910,144 (20.1%) to $3,613,786, resulting in a net loss of $3,492,290, or $1.51 per share. For the fiscal year, sales fell by $2,785,016 (15.8%) to $14,803,024, with a net loss of $5,813,891, or $2.51 per share. The company attributed these declines to the impact of the COVID-19 pandemic and a loss from the sale of its Hong Kong Joint Venture, totaling $2,472,620. Despite these challenges, sales are expected to improve in the upcoming quarter as operations resume.