Universal Security Instruments Inc. reported an increase in sales for its fourth quarter and fiscal year ended March 31 due to continued market share expansion, new product launches and solid growth at its venture overseas.
The Owings Mills, Md.-based designer and marketer of safety and security equipment reported fourth quarter net earnings rose to $519,883, or 42 cents per diluted share. Sales rose 48 percent to $3.8 million, compared with net earnings of $139,000, or 13 cents per diluted share, and sales of $2.6 million for last year’s fourth quarter.
For the 12 months ended March 31, sales rose 52 percent to $15.9 million, vs. $10.4 million for the same period last year. The company reported net earnings rose to $2.4 million, or $2.05 per diluted share, compared to net earnings of $260,000, or 28 cents per diluted share, for the same period last year.
The company said the annual results are the best in its 33-year history, reflecting consistent performance, efficiency and growth in all areas of the company’s business.
Company officials said Universal’s 50-percent-owned Hong Kong manufacturing joint venture has expanded sales in international markets as it continues to explore new opportunities.
