| USEC 4.50...OTC BB...Nasadq soon...deserves it's own thread. First is this year's 1st qtr, which was a knockout. Then recent releases and concluding with last year's numbers. This stock can be volatile due to low outstanding shares but the volatility if it appears should be on the up side. Good looking forecast for rest of this year as well.
2003 1st qtr:
(COMTEX) B: Universal Security Instruments Posts Sharply Higher Sales &
B: Universal Security Instruments Posts Sharply Higher Sales & Earnings Sales
Grow 66%; Earnings Rise to $0.57 Per Share Vs. $0.07
OWINGS MILLS, Md., Aug 6, 2002 /PRNewswire-FirstCall via COMTEX/ -- Powered by
continuing market-share gains and strong performance by its Hong Kong joint
venture, Universal Security Instruments, Inc. (OTC Bulletin Board: USEC) today
announced significantly higher sales and earnings for its first quarter ended
June 30, 2002.
The Owings Mills, Md.-based designer and marketer of safety and security
equipment posted net earnings of $576,940, or $0.57 per basic share ($0.55 per
diluted share), on net sales of $3,750,926, compared with net earnings of
$62,359, or $0.07 per basic and diluted share, on net sales of $2,255,130 for
last year's first quarter.
"Our first-quarter results were among the best in our history and reflect our
success in gaining market share in both the retail and wholesale markets, as
well as our ability to increase our operating efficiency and leverage our Hong
Kong joint venture," said Steve Knepper, chairman of the board and chief
executive officer of Universal Security Instruments. "New customer orders were
very strong during the period. We also continue to experience excellent
performance internationally, thanks in large part to efforts with our joint
venture partner which have helped generate gains across Europe and elsewhere."
Knepper added that Universal's gross margins increased 18%, from 24% to 29% of
sales, reflecting increased productivity and efficiency across the Company.
"Moving forward, we are very enthusiastic about our new line of carbon monoxide
alarms debuting this week at the National Hardware Show in Chicago. We believe
this line will be an important contributor as we continue to focus on our core
strategy of building market share and accelerating the development and
introduction of new products," he said.
UNIVERSAL SECURITY INSTRUMENTS, INC., founded in 1970, is a Maryland-based
manufacturer and worldwide marketer of safety and security products directly and
through its 50%-owned Hong Kong joint venture.
Statements contained in this press release that are not historical facts are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Although UNIVERSAL SECURITY INSTRUMENTS, INC.
believes that the expectations reflected in such forward- looking statements are
reasonable; the forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
projections.
UNIVERSAL SECURITY INSTRUMENTS, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
First Quarter Ended June 30,
2002 2001
Sales $3,750,926 $2,255,130
Net income* 576,940 62,359
Income per share
Basic .57 .07
Diluted .55 .07
Weighted average number of common
shares outstanding
Basic 1,014,770 912,270
Diluted 1,057,976 926,333
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