UUU -- Saw you had this listed on your thread. Another great qtr. Would've done .74/sh without legal settlement. Cannot believe it only trades for $18.
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Universal Security Instruments Posts Increased Sales and Earnings
Friday August 12, 8:03 am ET
Earnings Rise to $0.54/Share on 42 Percent Increase in Sales
OWINGS MILLS, Md., Aug. 12 /PRNewswire-FirstCall/ -- Universal Security Instruments, Inc. (Amex: UUU - News) today announced its financial results for its first quarter ended June 30, 2005.
The Company reported net earnings of $889,770 or $0.54 per basic share ($0.50 per diluted share), on net sales which rose approximately 42% to $6,923,810 in the first quarter ended June 30, 2005 compared to net earnings of $766,297 or $0.49 per basic share ($0.44 per diluted share) on net sales of $4,874,782 in the same period last year.
Included in its first quarter results were legal fees of approximately $430,000 associated with the settlement of a suit brought by a former director and company executive. These costs were partially offset by a net tax benefit of $87,428.
The Company cited continued strengths in its core smoke and carbon monoxide alarm product lines in both the electrical distribution and retail markets.
"We are pleased we were able to drive sales growth across all product lines and we are continuing to focus on gaining market share in both the retail sector and electrical distribution channel. Our results reflect our continued ability during the quarter to grow in a financially efficient manner," said Harvey Grossblatt, chief executive officer. |
