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Universal Security Instruments Reports Third-Quarter Results

OWINGS MILLS, Md. Feb. 11, 2011 December 31, 2010

December 31, 2010 $19,545 $0.01 $2,475,511 $263,490 $0.11 $6,321,490

December 31, 2010 $9,871,310 $20,137,200 $569,788 $0.24 $1,799,825 $0.75 December 31, 2010 $11.20 $10.75 December 31, 2009

Harvey Grossblatt

www.universalsecurity.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the federal securities laws that inherently include certain risks and uncertainties.  Actual results could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, among other items, our and our Hong Kong Joint Venture’s respective ability to maintain operating profitability, currency fluctuations, the impact of current and future laws and governmental regulations affecting us and our Hong Kong Joint Venture and other factors which may be identified from time to time in our Securities and Exchange Commission filings and other public announcements.  We do not undertake and specifically disclaim any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.  We will revise our outlook from time to time and frequently will not disclose such revisions publicly.

UNIVERSAL SECURITY INSTRUMENTS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

Three Months Ended December 31,

2010

2009

Sales

$ 2,475,511

$  6,321,490

Net income

19,545

263,490

Income per share:

Basic

Diluted

0.01

0.01

0.11

0.11

Weighted average number of common shares outstanding:

Basic

Diluted

2,387,887

2,394,865

2,387,887

2,395,201

CONSOLIDATED STATEMENTS OF INCOME

Nine Months Ended December 31,

2010

2009

Sales

$  9,871,310

$20,137,200

Net income

569,788

1,799,825

Income per share:

Basic

Diluted

0.24

0.24

0.75

0.75

Weighted average number of common shares outstanding:

Basic

Diluted

2,387,887

2,395,341

2,389,360

2,395,621

CONSOLIDATED BALANCE SHEETS

ASSETS

December 31, 2010

March 31, 2010

Cash and investments

$  7,297,247

$  6,255,521

Accounts receivable and amount due from factor

1,492,455

4,374,224

Inventory

3,644,012

3,439,906

Prepaid expenses

319,596

351,192

TOTAL CURRENT ASSETS

12,753,310

14,420,843

INVESTMENT IN HONG KONG JOINT VENTURE

12,905,017

12,153,456

PROPERTY, PLANT AND EQUIPMENT — NET

189,263

199,163

OTHER ASSETS AND DEFERRED TAX ASSET

2,011,098

1,897,292

TOTAL ASSETS

$27,858,688

$28,670,754

LIABILITIES AND SHAREHOLDERS’ EQUITY

Accounts payable and accrued expenses

$     858,319

$  2,162,755

Accrued liabilities

201,617

279,035

TOTAL CURRENT LIABILITIES

1,059,936

2,441,790

LONG TERM OBLIGATION

46,459

46,459

SHAREHOLDERS’ EQUITY:

Common stock, $.01 par value per share; authorized 20,000,000

shares; issued and outstanding 2,387,887 at

December 31, 2010 and March 31, 2010

23,879

23,879

Additional paid-in capital

13,135,198

13,135,198

Retained earnings

13,593,216

13,023,428

TOTAL SHAREHOLDERS’ EQUITY

26,752,293

26,182,505

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 27,858,688

$28,670,754

SOURCE Universal Security Instruments, Inc.

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