Universal Security Instruments Inc. (UUU) Tuesday reported a loss for the fourth quarter compared to a profit last year, primarily hurt by lower joint venture earnings.
The Owings Mills, Maryland-based company's fourth-quarter net loss was $261 thousand or $0.11 per share, compared to a net profit of $247 thousand or $0.10 per share last year.
Total revenues for the quarter grew to $3.61 million from $3.38 million in the prior-year quarter.
Chief Executive Harvey Grossblatt said, "The primary reason for our reduced fourth quarter and year end results was lower joint venture earnings, which were down approximately $491 thousand for the fourth quarter and $1.19 million for the year. The primary reason for the decline in joint venture earnings was lower sales to non-affiliated customers in Europe."
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