Universal Security Instruments, Inc. (UUU) saw its loss widen to $0.55 million, or $0.24 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.17 million, or $0.08 a share.
Revenue during the quarter dropped 22.74 percent to $3.18 million from $4.11 million in the previous year period.
"The Company's third fiscal quarter results did not include $660,000 for orders received in the quarter that will be delivered in the Company's fourth fiscal quarter. Comparable orders received in the Company's third fiscal quarter of the previous year were able to be delivered in that quarter. Additionally our Joint Venture recorded a non-recurring inventory write down of $387,000 this quarter. Also the Company is pleased to announce that it has received approval from the testing laboratory for its ten year sealed photoelectric smoke and combination smoke and carbon monoxide alarms and expects to start delivery of these products in the first fiscal quarter of the fiscal year ending March 31, 2018." said Harvey Grossblatt chief executive officer of Universal Security Instruments Inc.
Working capital declines
Universal Security Instruments, Inc. has witnessed a decline in the working capital over the last year. It stood at $4.10 million as at Dec. 31, 2016, down 13.66 percent or $0.65 million from $4.75 million on Dec. 31, 2015. Current ratio was at 2.23 as on Dec. 31, 2016, down from 2.47 on Dec. 31, 2015.
Days sales outstanding went up to 50 days for the quarter compared with 40 days for the same period last year.
Debt comes down significantly
Universal Security Instruments, Inc. has recorded a decline in total debt over the last one year. It stood at $0.69 million as on Dec. 31, 2016, down 57.39 percent or $0.93 million from $1.63 million on Dec. 31, 2015. Universal Security Instruments has recorded a decline in short-term debt over the last one year. It stood at $0.69 million as on Dec. 31, 2016, down 57.39 percent or $0.93 million from $1.63 million on Dec. 31, 2015. Total debt was 3.82 percent of total assets as on Dec. 31, 2016, compared with 8.06 percent on Dec. 31, 2015. Debt to equity ratio was at 0.05 as on Dec. 31, 2016, down from 0.10 as on Dec. 31, 2015.
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