USEC last year end 3-31-2002
B: UNIVERSAL SECURITY INSTRUMENTS INC - Fourth Quarter Sales Su
B: UNIVERSAL SECURITY INSTRUMENTS INC - Fourth Quarter Sales Surge 84% -
Earnings Rise to $0.14 Per Share and Year End Results
New York, New York, Jun 17, 2002 (Market News Publishing via COMTEX) --
UNIVERSAL SECURITY INSTRUMENTS, INC. announced results for its fourth quarter
and fiscal year ended March 31, 2002.
For the three months ended March 31, 2002, the Company said sales rose 84% to
$2,606,831, compared to sales of $1,417,841 for the same period last year. The
Company reported net income of $139,290, or $0.14 per basic and $0.13 per
diluted share, compared to a net loss of ($600,633), or a loss of ($0.66) per
basic and diluted share, last year.
For its fiscal year ended March 31, 2002, sales rose 36% to $10,480,829,
compared to sales of $7,731,501 for the same period last year. The Company
reported net income of $261,625, or $0.28 per basic and diluted share, compared
to a net loss of ($758,940), or a loss of ($0.83) per basic and diluted share,
last year.
Earnings for the fiscal year ended March 31, 2002 were the highest they have
been in 10 years. UNIVERSAL said it was very pleased with its results and is
looking for continued improvements in its first quarter ending June 30, 2002.
On June 6, 2002, the Company was very pleased to receive approval from
Underwriters Laboratories for listing of its new carbon monoxide alarm. Demand
for these lifesaving devices is expanding as a growing number of state and local
municipalities are requiring both smoke alarms and carbon monoxide alarms in new
home construction. These products will further increase the Company's sales and
profitability.
UNIVERSAL SECURITY INSTRUMENTS, INC., founded in 1970, is a Maryland-based
manufacturer and world-wide marketer of safety and security products directly
and through its 50%-owned Hong Kong joint venture.
UNIVERSAL SECURITY INSTRUMENTS, INC.
ANNOUNCES RESULTS FOR THE
FOURTH QUARTER ENDED MARCH 31:
UNAUDITED
2002 2001
Sales $2,606,831 $1,417,841
Net income (loss)(a) 139,290 (600,633)
Income (loss) per share:
Basic .14 ( .66)
Diluted .13 ( .66)
Weighted average number of
common shares outstanding:
Basic 999,562 912,270
Diluted 1,055,769 912,270
RESULTS FOR THE FISCAL YEAR ENDED MARCH 31:
AUDITED
2002 2001
Sales $10,480,829 $7,731,501
Net income (loss)(a) 261,625 (758,940)
Income (loss) per share:
Basic .28 (.83)
Diluted .28 (.83)
Weighted average number of
common shares outstanding:
Basic 938,624 912,270
Diluted 945,770 912,270 |
