USEC approaching 5.00...last price 4.90 up .23...here is yest earn release for 1st qtr...made 57 cents in 1st qtr on nice pop in revenue:...edit 1.04p now over 5.00 at 5.05
(PR NEWSWIRE) Universal Security Instruments Posts Sharply Higher Sales & Ear
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 /PRNewswire-FirstCall/ -- 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 |
