Universal Security Instruments Q1 Financial Highlights 2024
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Universal Security Instruments Q1 Financial Performance
OWINGS MILLS, Md. — Universal Security Instruments, Inc. (NYSE Amex: UUU) has reported its financial results for the fiscal quarter ending June 30, 2024.
Sales and Net Income Overview
The company recorded sales of $4,598,516 for the quarter, a decrease from $6,698,771 during the same period last year. Consequently, Universal Security Instruments experienced a net loss of $442,206, equivalent to $(0.19) per basic and diluted share, contrasting with a net income of $165,130, or $0.07 per basic and diluted share, reported for the previous year.
CEO's Insights
Harvey Grossblatt, President and CEO, commented on the situation: “Sales were lower due to supply chain delays in obtaining components for the Company’s security products. Additionally, gross margins were impacted in the June quarter by heightened ocean freight and component costs.”
About Universal Security Instruments
Founded in 1969, Universal Security Instruments, Inc. is recognized for its innovative safety and security devices. With over 55 years of experience, the company specializes in developing user-friendly products, including smoke, fire, and carbon monoxide alarms.
For more details about Universal Security Instruments, please visit: www.universalsecurity.com.
Contact Information
For inquiries, please contact:
Harvey Grossblatt, CEO
Universal Security Instruments, Inc.
(410) 363-3000, Ext. 224
or
Zachary Mizener
Lambert & Co.
(315) 529-2348
Financial Statements Summary
While the detailed financial statements provide further insights into the company's current financial standing, the key numbers indicate a significant shift from profitability to loss over the reported quarters. This shift underscores the impacts of market dynamics and operational challenges faced by the organization.
Future Outlook
The company is focusing on addressing the supply chain issues that have affected its product availability and pricing strategies. Efforts to streamline operations and improve logistics are expected to be prioritized in future quarters to enhance sales performance and recover from the losses.
Frequently Asked Questions
1. What were the main financial results for Universal Security Instruments in Q1 2024?
Universal Security Instruments reported sales of $4,598,516 and a net loss of $442,206 for the quarter ending June 30, 2024.
2. Why did Universal Security Instruments experience a decrease in sales?
The decrease in sales was primarily attributed to supply chain delays in obtaining the necessary components for their security products.
3. Who is the CEO of Universal Security Instruments?
The CEO of Universal Security Instruments is Harvey Grossblatt, who provided insights into the company's current situation regarding sales and logistics challenges.
4. What type of products does Universal Security Instruments offer?
Universal Security Instruments offers a range of safety and security devices, including smoke alarms, fire alarms, and carbon monoxide detectors.
5. How long has Universal Security Instruments been in operation?
Universal Security Instruments has a history of over 55 years, having been founded in 1969.
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