Rochester,NY 8/31/2009 10:00:28 PM
Universal Security Instruments Inc. UUU, Reports First-Quarter Results
Universal Security Instruments Inc.
Universal Security Instruments, Inc. (NYSE Amex: UUU) today announced results for its fiscal first quarter ended June 30, 2009.
The Owings Mills, MD-based designer and marketer of safety and security equipment reported its net income rose for the quarter to $611,465, or $0.25 per basic and diluted share, from $403,480, or $0.16 per basic and diluted share, for the comparable quarter last year. Sales for its first quarter were $5,914,905 compared to $6,192,801 for last year.
Results for the first quarter of 2009 include an increase in the Company's Hong Kong Joint Venture earnings of $428,335. Included in this increase is the recognition by the Company of a $246,180 gain on intercompany sales of inventory from prior periods which, in accordance with GAAP, may only be recognized as income upon sales by the Company to customers, and a gain on currency holdings of $117,050. Included in last year's results was a charge of $53,659 from discontinued operations.
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