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Universal Security Instruments fiscal Q3 loss narrows YOY

Universal Security Instruments Inc. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 5 cents per share, compared with a loss of 30 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $108,860, compared with a loss of $688,360 in the prior-year period.

The normalized profit margin increased to negative 2.6% from negative 29.0% in the year-earlier period.

Total revenue increased 73.5% on an annual basis to $4.1 million from $2.4 million, and total operating expenses rose 30.7% from the prior-year period to $4.1 million from $3.1 million.

Reported net income came to a loss of $174,170, or a loss of 8 cents per share, compared to a loss of $1.1 million, or a loss of 48 cents per share, in the year-earlier period.