OWINGS MILLS, Md., July 28, 2025 (GLOBE NEWSWIRE) -- Universal Safety Products, Inc. (formerly Universal Security Instruments, Inc.) (NYSE American LLC: UUU) today announced its financial results for the fourth quarter and its fiscal year ended March 31, 2025.
The Company reported:
- For the fourth quarter ended March 31, 2025, sales increased $1,780,152 (40.0%) to $6,226,621 from $4,446,469 from the comparable period last year. The Company reported net income of $1,302,551, or $0.56 per basic and diluted share compared to a net loss of $776,671, or $0.34 per basic and diluted share for the comparable period of the previous year.
- For the twelve months ended March 31, 2025, sales increased $4,045,881 (20.7%) to $23,563,554 versus $19,517,673 for the fiscal year ended March 31, 2024. The Company reported net income of $500,684, or $0.22 per basic and diluted share, versus a net loss of $695,790 or $0.30 per basic and diluted share, for the same period last year.
As previously reported, on May 22, 2025, the Company closed on the sale of its smoke alarm and carbon monoxide alarm business and certain other assets to Feit Electric Company. The Company intends to continue marketing its product lines other than smoke alarms and carbon monoxide alarms. However, all of the Company's products are imported from the People's Republic of China. The Company's ability to sell those products at competitive prices depends, among other things, on the tariffs to which imports of those products will be subject. The Company is also exploring other business opportunities to drive long-term value for shareholders.
The increase in net income for the fiscal year ended March 31, 2025, is attributed primarily to an increase in sales to retail customers, and to recording an income tax benefit associated with the reversal of a portion of the reserve for deferred tax assets arising from the gain on the sale of assets. In addition, certain revisions increasing the net loss in the prior year have been recorded.
The Company also announced that today it has filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, with the Securities and Exchange Commission, thereby curing the Company's previously announced non-compliance with the continued listing standards of NYSE American LLC.
UNIVERSAL SAFETY PRODUCTS, INC. (formerly Universal Security Instruments, Inc.) is a distributor of safety and security devices. Founded in 1969, the Company has an over 56-year heritage of developing innovative and easy-to-install products.
Contact: Harvey Grossblatt, CEO
Universal Security Instruments, Inc.
(410) 363-3000, Ext. 224
or
Kincade Ayers
Lambert by LLYC
(616) 258-5794
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the federal securities laws that inherently include certain risks and uncertainties. Actual results could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, among other items, currency fluctuations, the impact of current and future laws and governmental regulations, and other factors which may be identified from time to time in our Securities and Exchange Commission filings and other public announcements. We do not undertake and specifically disclaim any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements. We will revise our outlook from time to time and frequently will not disclose such revisions publicly.
| UNIVERSAL SAFETY PRODUCTS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (UNAUDITED) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net sales | $ | 6,226,621 | $ | 4,446,469 | |||
| Net income (loss) | 1,302,551 | (776,761 | ) | ||||
| Net income (loss) per share - basic and diluted | 0.56 | (0.34 | ) | ||||
| Weighted average number of common shares outstanding | |||||||
| Basic and diluted | 2,312,887 | 2,312,887 | |||||
| Fiscal Year Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net sales | $ | 23,563,554 | $ | 19,517,673 | |||
| Net income (loss) | 500,684 | (695,790 | ) | ||||
| Net income (loss) per share - basic and diluted | 0.22 | (0.30 | ) | ||||
| Weighted average number of common shares outstanding | |||||||
| Basic and diluted | 2,312,887 | 2,312,887 | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| ASSETS | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash | $ | 348,074 | $ | 65,081 | ||||
| Accounts receivable and amount due from factor | 4,255,864 | 3,100,154 | ||||||
| Inventory | 3,024,114 | 4,751,826 | ||||||
| Assets held for sale | 1,681,937 | - | ||||||
| Deferred tax asset | 361,000 | - | ||||||
| Prepaid expenses | 145,290 | 226,732 | ||||||
| TOTAL CURRENT ASSETS | 9,816,279 | 8,143,793 | ||||||
| PROPERTY AND EQUIPMENT AND RIGHT OF USE ASSET - NET | - | 190,957 | ||||||
| TOTAL ASSETS | $ | 9,816,279 | $ | 8,344,750 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Line of credit - factor | $ | 2,100,458 | $ | 768,853 | ||||
| Short-term portion of operating lease liability | 13,330 | 158,742 | ||||||
| Accounts payable - Trade | 1,094,546 | 2,371,492 | ||||||
| Accounts payable - Held for sale | 1,145,843 | - | ||||||
| Accrued liabilities | 298,391 | 359,306 | ||||||
| TOTAL CURRENT LIABILITIES | 4,652,568 | 3,658,393 | ||||||
| LONG-TERM PORTION OF OPERATING LEASE LIABILITY | - | 13,330 | ||||||
| TOTAL LONG-TERM LIABILITIES | - | 13,330 | ||||||
| COMMITMENTS AND CONTINGENCIES | - | - | ||||||
| SHAREHOLDERS' EQUITY | ||||||||
| Common stock, $.01 par value per share; 20,000,000 authorized, 2,312,887 shares issued and outstanding at March 31, 2025 and 2024 | 23,129 | 23,129 | ||||||
| Additional paid-in capital | 12,885,841 | 12,885,841 | ||||||
| (Accumulated Deficit) | (7,745,259 | ) | (8,245,943 | ) | ||||
| TOTAL SHAREHOLDERS' EQUITY | 5,163,711 | 4,663,027 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 9,816,279 | $ | 8,334,750 | ||||
