Universal Security Instruments (UUU) Approves 100K Stock Buyback; Reports Q4 Loss

July 7, 2008 1:23 PM EDT

Universal Security Instruments, Inc. (Universal) (Amex: UUU) has authorized the Company to repurchase from time to time up to 100,000 shares of the Company's common stock.

Universal Security reported a fourth quarter loss of $5,042,257 or ($2.02) per basic and diluted share on sales of $6,677,293 compared to net earnings of $850,395, or $0.35 per basic and $0.34 per diluted share, on sales of $8,199,551 for the comparable period of the previous year. Included in the results of the fourth quarter was a loss from discontinued operations of $5,079,848 and $489,030 for the same quarter last year. Continuing operations resulted in net income of $37,591, or $0.02 per basic and diluted share, compared to net income of $1,339,425, or $0.56 per basic and $0.53 per diluted share, in the comparable quarter last year.

Sales at the Company's USI ELECTRIC division continued to be affected by the softening in the U.S. housing market. The Company has recently introduced a new line of exhaust and bath fans and believes these sales should reduce the impact of slower home building during the current fiscal year.

Sales from the Company's retail division continue to increase with the addition of a major Canadian retailer, and these sales will start in the Company's second fiscal quarter.

Universal Security Instruments, Inc. designs and markets a variety of safety products consisting primarily of smoke alarms, carbon monoxide alarms and related products. [SM]

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