Universal Security Instruments Inc (UUU, Financial) filed Quarterly Report for the period ended 2010-12-31.
Universal Security Instruments Inc has a market cap of $19 million; its shares were traded at around $8.1 with a P/E ratio of 14.8 and P/S ratio of 0.7. Hedge Fund Gurus that owns UUU: Jim Simons of Renaissance Technologies LLC.
Operating activities provided cash of $601,489 for the nine months ended December 31, 2010. This was primarily due to a decrease in accounts receivable and amounts due from factor of $2,881,769, offset by a decrease in accounts payable and accrued expenses of $1,381,854 and earnings of the Joint Venture of $1,209,050. For the same period last year, operating activities provided cash of $4,171,918, primarily as a result of decreases in inventory and prepaid expenses offset by a decrease in accounts payable and accrued expenses.
Net Sales. Net sales of the Joint Venture for the three and nine months ended December 31, 2010 were $6,922,505 and $19,391,269, respectively, compared to $8,533,190 and $22,592,798, respectively, for the comparable period in the prior fiscal year. The 18.9% and 14.2% respective decreases in net sales by the Joint Venture for the three and six month periods were due to lower volumes of sales of smoke alarm products to the Company for sale to a national retailer.
Expenses. Selling, general and administrative expenses were $1,039,048 and $3,075,969, respectively, for the three and nine month periods ended December 31, 2010, compared to $1,541,932 and $3,694,679 in the prior year s respective periods. As a percentage of sales, expenses were 15.0% and 15.9% for the three and nine month periods ended December 31, 2010, compared to 18.1% and 16.3% for the three and nine month periods ended December 31, 2009. The decrease in selling, general and administrative actual expense and as a percent of sales were primarily due to lower selling and freight costs on decreased net sales.
Interest Income and Expense. Net interest income on assets held for investment was $113,964 and $285,697 respectively, for the three and nine month periods ended December 31, 2010, compared to net interest income of $59,504 and $153,966, respectively, for the prior year s periods.
Net Income. For the reasons stated above, net income for the three and nine months ended December 31, 2010 was $889,164 and $2,537,992, respectively, compared to $1,321,702 and $3,737,826, respectively, in the comparable periods last year.
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Universal Security Instruments Inc has a market cap of $19 million; its shares were traded at around $8.1 with a P/E ratio of 14.8 and P/S ratio of 0.7. Hedge Fund Gurus that owns UUU: Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Our factored accounts receivable as of the end of our last fiscal year was $3,824,553, and was $1,142,696 as of December 31, 2010. Our prepaid expenses as of the end of our last fiscal year were $351,192, and were $319,596 as of December 31, 2010.Operating activities provided cash of $601,489 for the nine months ended December 31, 2010. This was primarily due to a decrease in accounts receivable and amounts due from factor of $2,881,769, offset by a decrease in accounts payable and accrued expenses of $1,381,854 and earnings of the Joint Venture of $1,209,050. For the same period last year, operating activities provided cash of $4,171,918, primarily as a result of decreases in inventory and prepaid expenses offset by a decrease in accounts payable and accrued expenses.
Net Sales. Net sales of the Joint Venture for the three and nine months ended December 31, 2010 were $6,922,505 and $19,391,269, respectively, compared to $8,533,190 and $22,592,798, respectively, for the comparable period in the prior fiscal year. The 18.9% and 14.2% respective decreases in net sales by the Joint Venture for the three and six month periods were due to lower volumes of sales of smoke alarm products to the Company for sale to a national retailer.
Expenses. Selling, general and administrative expenses were $1,039,048 and $3,075,969, respectively, for the three and nine month periods ended December 31, 2010, compared to $1,541,932 and $3,694,679 in the prior year s respective periods. As a percentage of sales, expenses were 15.0% and 15.9% for the three and nine month periods ended December 31, 2010, compared to 18.1% and 16.3% for the three and nine month periods ended December 31, 2009. The decrease in selling, general and administrative actual expense and as a percent of sales were primarily due to lower selling and freight costs on decreased net sales.
Interest Income and Expense. Net interest income on assets held for investment was $113,964 and $285,697 respectively, for the three and nine month periods ended December 31, 2010, compared to net interest income of $59,504 and $153,966, respectively, for the prior year s periods.
Net Income. For the reasons stated above, net income for the three and nine months ended December 31, 2010 was $889,164 and $2,537,992, respectively, compared to $1,321,702 and $3,737,826, respectively, in the comparable periods last year.
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