OWINGS MILLS, Md., July 12, 2024 (GLOBE NEWSWIRE) -- Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced its financial results for the fourth quarter and its fiscal year ended March 31, 2024. Three Months Ended March 31, 2024 2023 Net sales $ 4,831,469 $ 5,927,767 Net (loss) income (476,671 ) 284,635 Net (loss) income per share – basic and diluted (0.21 ) 0.12 Weighted average number of common shares outstanding Basic and diluted 2,312,887 2,312,887 The Company reported: For the fourth qua ...

Financial Performance - Net sales for the three months ended December 31, 2023, were $4,654,978, a decrease of $1,103,683 (19.2%) compared to the same period in 2022[54]. - For the nine months ended December 31, 2023, net sales were $15,071,204, a decrease of $1,179,902 (7.3%) compared to the same period in 2022[60]. - Net income for the quarter ended December 31, 2023, was $102,176, a decrease of $239,136 (70.1%) from the corresponding quarter in the prior fiscal year[59]. - Net income for the nine months ended December 31, 2023, was $80,881, a decrease of $354,895 (81.4%) from the corresponding period in the prior fiscal year[65]. Profitability Metrics - Gross profit margin increased to 32.3% for the quarter ended December 31, 2023, compared to 29.5% for the same quarter in 2022[55]. - The gross profit margin for the nine-month period ended December 31, 2023, was 30.0%, compared to 28.8% for the same period in 2022[61]. Expenses - Selling, general and administrative expenses rose to $1,310,872 for the three months ended December 31, 2023, representing 28.2% of net sales, up from 20.5% in the prior year[56]. - Selling, general and administrative expenses for the nine months ended December 31, 2023, were $4,068,162, or 27.0% of sales, up from 23.1% in the prior year[62]. Cash Flow - Operating activities provided cash of $225,962 for the nine months ended December 31, 2023, compared to $347,270 for the same period in 2022[66]. - Financing activities used cash of $338,286 during the nine months ended December 31, 2023, compared to $585,850 in the prior year[68].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Maryland 52-0898545 (State or other jurisdiction of ( ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Maryland 52-0898545 (State or other jurisdiction of (I.R.S ...

Financial Performance - For the fiscal year ended March 31, 2023, the company's net sales increased to $22,178,873, representing a 13.4% increase from $19,549,785 in the prior year[44]. - Gross profit percentage decreased to 28.6% in fiscal 2023 from 30.9% in fiscal 2022, attributed to product mix variations and tariff impacts[45]. - Selling, general and administrative expenses decreased to $4,974,453 in fiscal 2023, down from $5,524,343 in fiscal 2022, representing 22.4% of net sales compared to 28.3% in the prior year[46]. - The company reported net income of $720,411 for fiscal 2023, a significant increase of $798,561 (1,021.8%) compared to a net loss of $78,150 in fiscal 2022[50]. Cash Flow and Working Capital - Working capital increased by $724,528 from $4,451,947 on March 31, 2022, to $5,176,475 on March 31, 2023[51]. - Operating activities generated cash of $1,491,943 for the year ended March 31, 2023, primarily from a decrease in inventories of $2,165,429[52]. - Interest expense increased to $237,686 in fiscal 2023 from $147,840 in fiscal 2022, primarily due to rising interest rates on borrowings[48]. - The unused availability of the factoring facility totaled approximately $852,000 on March 31, 2023[58]. Customer and Supplier Concentration - The Company had one customer representing 18.2% of net sales for the fiscal year ended March 31, 2023, compared to no customers exceeding 10% in the previous fiscal year[70]. - Accounts receivable from Eyston Company, Ltd. amounted to $75,947 as of March 31, 2023, down from $358,958 in the previous year[70]. - Eyston Company, Ltd. accounted for approximately 88.5% of the Company's purchases in the fiscal year ended March 31, 2023, compared to 83.6% in 2022[70]. Market Outlook - The company anticipates that the shift towards ten-year sealed alarms will positively impact future sales of its sealed battery units and other electrical devices[43]. - The company’s financial condition remains dependent on the strength of the U.S. housing market, which directly affects sales through its USI Electric subsidiary[42].

For the Quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Maryland 52-0898545 (State or other jurisdiction of (I ...

FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Maryland 52-0898545 (State or other jurisdiction of ( ...

Table of Contents For the Quarterly period ended June 30, 2022 OR [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Maryland 52-0898545 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [☒] QUARTERLY REPORT PURSU ...

Table of Contents | | | Securities registered pursuant to Section 12(g) of the Act: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended March 31, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Commission file number: 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of re ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended December 31, 2021 OR [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SECURITY INSTRUMENTS, INC. (Exact name of registrant as specified in its charter) Maryland 52-0898545 11407 Cronhill Drive, Suite A ...