UNIVERSAL SAFETY PRODUCTS, INC.

Listed Company

UUUCIK 0000102109NYSENon-AcceleratedSmaller ReportingWholesale-Electronic Parts & Equipment, NecMarylandFY ends Mar 31

Period

FY 2025

Revenue

$23.56M

Net Income

$500.7K

Total Assets

$9.82M

Equity

$5.16M

Shares Out

2.72M

Op. Cash Flow

$-1.05M

Business

Universal Safety Products, Inc. imports, designs and markets safety and electrical products, and following a May 2025 asset sale, continues to focus on product lines other than its smoke and carbon monoxide alarms. Its main offerings include door chimes, ventilation products, ground fault circuit interrupters (GFCIs) and other electrical devices, while its former smoke and carbon monoxide alarm lines were divested to Feit Electric Company. The Company operates through a direct-selling corporate organization and its Universal Electric subsidiary, which targets the electrical distribution trade, supported by independent sales organizations and regional warehouses. It distributes primarily through U.S. retailers (chain, discount, home center and catalog), electrical and lighting distributors, manufactured housing companies, its website and trade shows, with limited export sales.

Summary from filing dated 2025-07-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Net sales	24	20	22	20	18
Cost of goods sold	17	14	16	14	12
GROSS PROFIT	7	6	6	6	6
Selling, general and administrative expense	6	6	5	6	5
Engineering and product development expense	424,849	427,234	402,692	—	—
Operating income (loss)	402,049	−564,805	972,574	69,690	133,784
Interest income	—	24,746	—	—	—
Interest expense	−262,365	−155,731	−237,686	−147,840	−86,841
Net income (loss) before income tax benefit	139,684	−695,790	734,888	−78,150	268,343
Provision for income tax benefit	361,000	0	14,477	0	0
NET INCOME (LOSS)	500,684	−695,790	720,411	−78,150	268,343
Basic (in dollars per share)	0.22	−0.3	0.31	−0.03	0.12
Diluted (in dollars per share)	0.22	−0.3	0.31	−0.03	0.12
Weighted average basic shares outstanding (in shares)	2	2	2	2	2
Weighted average diluted shares outstanding (in shares)	2	2	2	2	2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Cash	348,074	65,081	151,502	438,735	160,604
Accounts receivable	589,074	897,491	414,689	993,846	653,172
Amount due from factor	4	2	3	3	2
Inventories - Finished goods	3	5	—	6	4
Assets - Held for Sale	2	—	—	—	—
Prepaid expenses	145,290	226,732	165,378	241,342	336,699
Deferred tax asset	361,000	—	—	—	—
TOTAL CURRENT ASSETS	10	8	8	11	7
INTANGIBLE ASSET - NET	—	31,301	35,773	40,243	44,717
PROPERTY AND EQUIPMENT AND RIGHT OF USE ASSET - NET	—	159,656	—	—	—
TOTAL ASSETS	10	8	8	12	7
Line of credit - factor	2	768,853	1	2	18,904
Short-term portion of operating lease liability	13,330	158,742	151,230	131,880	171,122
Accrued payroll and employee benefits	108,096	154,878	125,415	160,025	103,381
Accrued commissions and other	190,295	204,428	184,525	459,440	—
TOTAL CURRENT LIABILITIES	5	4	3	7	2
LONG-TERM PORTION OF OPERATING LEASE LIABILITY	—	13,330	172,072	335,411	—
TOTAL LONG-TERM LIABILITIES	—	13,330	172,072	335,411	1
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Common stock, $.01 par value per share; 20,000,000 shares authorized, 2,312,887 shares issued and outstanding at March 31, 2025, and 2024	23,129	23,129	23,129	23,129	23,129
Additional paid-in capital	13	13	13	13	13
Accumulated Deficit	−8	−8	−8	−8	−8
TOTAL SHAREHOLDERS' EQUITY	5	5	5	5	5
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	10	8	8	12	7

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Net Income (Loss)	500,684	−695,790	720,411	−78,150	—
Depreciation and amortization	4,470	7,692	11,692	7,694	7,695
Amortization of right-of-use asset	159,656	155,764	—	—	—
Allowance for credit losses	−65,000	377,988	—	—	—
Allowance for excess and obsolete inventory	300,000	—	—	—	—
Provision for tax benefit	−361,000	—	—	—	—
(Increase) Decrease in accounts receivable and amount due from factor	−1	186,806	425,165	−2	−236,930
(Increase) in inventories and assets held for sale	−227,396	−688,194	—	—	—
Decrease (Increase) in prepaid expenses	81,442	−61,354	75,964	95,357	−223,554
(Decrease) Increase in accounts payable and accrued expenses	−192,016	1	−2	2	751,252
(Decrease) in operating lease liability	−158,742	−151,230	−143,989	−171,122	—
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	−1	604,076	1	−2	1
Net borrowing (repayment) of line of credit - factor	1	−690,497	−697,736	2	−2
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	1	−690,497	−2	2	−1
INCREASE (DECREASE) IN CASH	282,993	−86,421	−287,233	278,131	66,810
Interest paid	262,365	155,731	237,686	147,840	82,184

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