Core Viewpoint - Universal Security Instruments, Inc. reported its third-quarter results for the fiscal year ending December 31, 2024, highlighting significant sales growth but also a net loss compared to the previous year [1][2]. Financial Performance - For the three months ended December 31, 2024, sales increased by 18.9% to $5,535,148, compared to $4,654,978 for the same period last year [2][8]. - The company reported a net loss of $936,639, or $0.40 per basic and diluted share, compared to a net income of $102,176, or $0.04 per basic and diluted share for the same period last year [2][10]. - For the nine months ended December 31, 2024, sales increased by 15.0% to $17,336,933, compared to $15,071,204 for the same period last year [3][10]. - The company reported a net loss of $801,867, or $0.35 per basic and diluted share, compared to a net income of $80,881, or $0.03 per basic and diluted share for the corresponding 2023 period [3][10]. Strategic Developments - The CEO, Harvey Grossblatt, mentioned that the quarterly and year-to-date results were impacted by bulk sales of excess and obsolete inventory at reduced gross profit margins and substantial expenses related to a potential asset sale to Feit Electric Company, Inc. [4]. - The company is seeking shareholder approval for the asset sale, which is expected to close in the second quarter of calendar 2025 if approved [4]. - If the asset sale is not approved, the company may consider alternatives, including delisting its shares from the NYSE MKT [4]. Company Overview - Universal Security Instruments, Inc. is a U.S.-based manufacturer and distributor of safety and security devices, with a history of over 56 years in developing innovative products such as smoke, fire, and carbon monoxide alarms [5].
CORRECTION - Universal Security Instruments Reports Third-Quarter Results