Universal Security Instruments reports Q2 EPS (8c) vs. (9c) last year

Reports Q2 revenue $3.7M vs. $5.9M last year. “Sales were lower this quarter due to delays in getting cargo off the pier in California and supply chain issues. Our net loss was also partially due to an additional premium expense of $148,000 in the 2023 period following an insurance audit, and lower net income for the 2023 period when compared to the 2022 period due to a Federal Employee Retention Credit of approximately $181,000 in the 2022 period which was not repeated in the 2023 period.” said Harvey Grossblatt, President.