Universal Security Instruments, Inc. (UUU) is up 17.63% in the after-hours trading session at the price of $6.94 despite any recent news.
UUU Reported First-Quarter 2021 Financial Results
On 20th August 2021, UUU reported results for its first quarter ended on 30th June 2021. The company reported growth of approximately 58.7% to $4,667,998 in sales for the first quarter ended 30th June 2021. The sales revenue was $2,940,768 for the comparable period of the previous year. The Company reported a net income of $14,641 or $0.01 per basic and diluted share during this period. A net loss of $78,982 or $0.03 per basic and diluted share was reported for the same quarter last year.
CEO of UUU, Harvey Grossblatt remarked that they are excited to return to profitability for its first quarter despite the continuous supply chain and transportation cost issues. They are working with their suppliers and customers to minimize these issues as much as possible, he added.
Announcement of Fourth-Quarter and Year-End Results
On 9th July 2021, UUU declared its financial results for the fourth quarter and its fiscal year ended 31st March 2021. For the fourth quarter ended 31st March 2021, sales declined 17.1% to $2,997,338 from $3,613,786 from the comparable period the previous year. The company revealed a net loss of $456,838 or $0.19 per basic and diluted share during this quarter. Net loss was $3,492,290 or $1.51 per basic and diluted share for the same period of 2020.
For the 12 months ended 31st March 2021, sales improved $2,717,127 (18.4%) to $17,520,151. The revenue from sales was $14,803,024 for the fiscal year ended 31st March 2020. UUU announced a net income of $268,343 or $0.12 per basic and diluted share during the year 2021. Net loss was $5,813,891 or $2.51 per basic and diluted share for the same period the previous year.
CEO Harvey Grossblatt remarked that they are delighted to announce that UUU returned to profitability for the fiscal year ended 31st March 2021. Their fiscal fourth quarter was negatively affected by severe supply chain challenges which impacted their ability to receive inventory and ship orders. These challenges have improved somewhat during the fiscal first quarter of the fiscal year ending 31st March 2021. The company has been able to start shipping backorders to their customers, he added. Their previous year-end results included a charge of $2,472,620 from the previously reported sale of their 50% interest in the Hong Kong Joint Venture, he further commented.
