Letter from the CEO
August 30, 2013
The fiscal year ended March 31, 2013 had many positive developments. For example:
- Sales rose 16% from the previous year.
- Our Joint Venture earnings increased by 44%.
- Our net loss as compared to the previous fiscal year was reduced by 10%, despite including a $300,000 charge to establish a valuation reserve for deferred taxes and an additional $400,000 of marketing costs in the current fiscal year.
- Universal completed its stock repurchase plan by acquiring 100,000 shares at an average cost of $5.06, which is less than 50% of your Company’s book value.
For the 12 months ended March 31, 2013, sales were $15,383,877 compared to $13,304,602 for the same period last year. The Company reported a net loss of $452,561, or $0.20 per basic and diluted share, versus a net loss of $503,288, or $0.21 per basic and diluted share, for the same period last year.
We are continuing to develop new products which should be introduced later this fiscal year. This will allow us to stay ahead of our competitors and meet new legislative requirements.
We are excited by our market prospects, and the growth opportunities anticipated in the coming year.
We thank you for your continued support and invite you to contact us at any time.
Harvey B. Grossblatt
President and CEO
President, USI Electric
Statements contained in this document that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Although UNIVERSAL SECURITY INSTRUMENTS, INC. believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projections.
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