Globenewswire·2025-11-19 21:30Core Viewpoint - Universal Safety Products, Inc. reported significant declines in sales and a net loss for the fiscal second quarter and six months ended September 30, 2025, primarily due to the sale of its smoke and carbon monoxide alarm business in May 2025 [2][4]. Financial Performance - For the three months ended September 30, 2025, sales decreased by 89.4% to $759,999 from $7,203,269 in the same period last year. The company reported a net loss of $999,780, or $0.43 per share, compared to a net income of $576,978, or $0.25 per share, for the same period last year [2][8]. - For the six months ended September 30, 2025, sales decreased by 61.2% to $4,584,246 from $11,801,785 in the same period last year. The company reported a net income of $810,541, or $0.35 per basic share and $0.33 per diluted share, compared to a net income of $134,772, or $0.06 per share, for the corresponding 2024 period [3][9]. Business Operations - The CEO, Harvey B. Grossblatt, indicated that the sales decreases were primarily due to the divestiture of the smoke and carbon monoxide alarm business. The loss in the three-month period was attributed to increased reserves for accounts receivable and significantly lower sales. The gain for the six-month period was mainly due to the sale of the smoke and CO alarm business [4][5]. Balance Sheet Overview - As of September 30, 2025, total assets were $6,769,836, a decrease from $12,936,686 in the previous year. Cash increased to $5,225,625 from $234,199, while accounts receivable dropped to $707,464 from $6,460,368 [11][13]. - Total current liabilities were $3,108,371, down from $7,838,887 the previous year, with a notable reduction in accounts payable [11][13].