Letter From The CEO Of Universal Security Instruments Inc.
Sales for the fiscal year ended March 31, 2017 rose 2.5% to $14,083,428 versus $13,740,840 for the same period last year. The Company reduced its loss from $2,137,792 ($0.92 per basic and diluted share) for the fiscal year ended March 31, 2016 to $2,056,089 ($0.89 per basic and diluted share) for the recent fiscal year ended March 31, 2017.
We are pleased to announce that the Company has received approvals for the four remaining sealed photoelectric and photoelectric combination units and will start shipping these models in the quarter ending September 30, 2017. The introduction of these models will open markets to us in jurisdictions that require photoelectric models and we expect that this development will increase sales in the current fiscal year.
Our USI Electric division has seen growth in its new construction business with the completion of our sealed product line and we have commitments from several large electrical contractors to use our product starting in this fiscal year. We expect with the increased USI Electric business and the completion of sealed product line, sales should increase during the current fiscal year which will allow USI to purchase more product from our Joint Venture to improve our Joint Venture's results for the year ending March 31, 2018.
We are continuing to develop products for 2019 and look forward to sharing news with you once we receive testing lab approvals.
We take this opportunity to thank our dedicated employees, sales agents and customers for their effort. Of course we thank you, our loyal shareholders, for your support and look forward to sharing more news with you.
USI (Universal Security Instruments, Inc.) makes the most innovative home protection solutions available today. Since our founding in 1969, we’ve become one of the largest manufacturers of smoke and carbon monoxide alarms in the world. We hold 11 patents on detection technologies, based on our proprietary research...