Universal Security Instruments, Inc. reported net income of $468,223, or $0.20 per diluted share, in the fourth quarter of fiscal 2010, which ended 3/31/2010. The company earned net income of only $78,150, or $0.03 per diluted share, in the corresponding quarter in 2009.
Universal Security Instruments, Inc. reported net income of $2.2 million, or $0.95 per diluted share, in fiscal 2010. The company earned net income of $4.8 million, or $1.96 per diluted share, in fiscal 2009. Universal Security Instruments, Inc. said that net income in fiscal 2009 was artificially boosted by a one-time gain from discontinued operations of $3.4 million.
Universal Security Instruments, Inc. reported flat sales in fiscal 2010 on a year over year basis. The company reported revenues of $26.4 million in fiscal 2010, compared to $26.1 million in fiscal 2009.
Harvey Grossblatt, the CEO of Universal Security Instruments, Inc., said, “We are very pleased with the Company’s performance during the past fiscal year, particularly in light of the challenges the economy has created.”
Universal Security Instruments, Inc. manufactures devices to ensure the safety and security of homes and businesses. These include smoke, fire and carbon monoxide alarms. The company recently introduced twenty five new products at an industry trade show in Las Vegas.
For more information on the company, go to www.universalsecurity.com
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