Wednesday, August 6th, 2014
Mace Security International, Inc.
4400 Carnegie
Cleveland, OH 44103

Mace® Reports unaudited Financial Results for the Second Quarter Ended June 30, 2014.

CLEVELAND, OH, August 4, 2014 /PRNewswire/Mace Security International Inc., (OTCPINK: MACE) today announced unaudited financial results for the second quarter ended June 30, 2014.

Financial Results, Second Quarter Ended June 30, 2014 and 2013

  • Net sales for the second quarter of 2014 experienced a 2.3% increase.
  • Operating loss for the second quarter of 2014 decreased by 5.7%.
  • Net loss for the second quarter of 2014 was $0.00 per share, both basic and diluted, compared to a net loss of $ (0.01) per share, both basic and diluted in the same quarter a year ago, a $649,000 or $0.01 per share improvement.
  • EBITDA for the second quarter of 2014 was a loss of $155,000 compared to a loss of $763,000 for the second quarter of 2103, a $608,000 improvement for the quarter.

“Sales for the second quarter of 2014 improved from prior year second quarter and the first quarter of 2014. After the sluggish first quarter, due to the poor weather and lost shopping days at retail, sales in the second quarter rebounded slightly and July looks to be our best sales month so far this year. Although Consumer sales continue to lag last year’s comps, sales through our Tactical/Law Enforcement and International sales channels are up 117% and 45% respectfully for the year” – stated John McCann President and CEO of Mace Security International.

Conference Call

Mace will conduct a conference call on Wednesday, August 6, 2014 at 1:00 PM EDT, 10:00 AM PDT to discuss its financial results for the quarter and six months ended June 30, 2014, provide an update on the business, and respond to questions. The participant conference call number is (877) 719-8065, conference ID: 84013954. Presentation materials for the conference call will be available Wednesday, August 6, on Mace’s website under Investor Relations, Shareholder Transcripts & Presentations. There will also be access to a digital recording of the teleconference by calling (855) 859-2056 and entering the conference ID: 84013954. This will be available from two hours following the teleconference until September 6, 2014.

A full set of the Company’s Consolidated Financial Statements can be accessed through its website: http://corp.mace.com/investor-relations/annual-reports .

About Mace® Brand
Mace Security International, Inc. (OTCPINK: MACE) is the manufacturer of personal defense products and markets such products and electronic surveillance products under the well known brand name Mace®. www.mace.com.
Contact Information: Mace Security International, Inc., 4400 Carnegie Avenue, Cleveland, OH 44139. Email to: john@mace.com . John J. McCann, President and Chief Executive Officer, 440-424-5322.

Certain statements and information included in this press release constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used in this press release, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “projected,” “intend to” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to economic conditions, dependence on management, our ability to compete with competitors, dilution to shareholders, and limited capital resources.

Mace Security International, Inc.

Condensed Consolidated Balance Sheets

  (Amounts in thousands)

ASSETS

June 30,
2014

 

December 31, 2013

Current assets:

(Unaudited)

Cash and cash equivalents

 $        1,168

 $         4,923

Restricted cash

       189

       127

Short-term investments

       5,748

       2,597

Accounts receivable, net

           1,053

            1,732

Inventories,  net

            1,760

          1,578

Prepaid expenses and other current assets

            1,510

1,419

Total current assets

           11,428

         12,376

Plant and equipment, net

          572

565

Other intangible assets, net

          685

         685

Other assets

741

1,148

Total assets

  $     13,426

 $        14,774

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable

$            349

$              392

Income taxes payable

59

62

Accrued expenses and other current liabilities

667

1,086

Total current liabilities

          1,075

          1,540

Long-term debt and capital lease obligations, net of current portion

  1,171

1,106

Other liabilities

205

           230

Total stockholders’ equity

        10,975

        11,898

Total Liabilities and stockholders’ equity

       13,426

       14,774

 

Mace Security International, Inc. 

Condensed Consolidated Statements of Operations 

Three Months Ended June 30, 2014 and 2013 

(Unaudited) 

(Amounts in thousands) 

2014

 

2013

Net sales

 $       1,817

 $       1,776

Cost of goods sold

          1,219

1,022

Gross profit

        598

       754

Selling, general, and administrative expenses

          1,185

1,384

Depreciation

           43

38

Operating loss

       (630)

       (668)

Interest expense

              (57)

              (53)

Interest income

63

13

Other income

20

18

Loss from continuing operations before income tax provision

        (604)

(609)

Income tax provision (benefit)

(1)

                –

Loss from continuing operations

       (603)

       (690)

Income (loss) from discontinued operations, net of tax of $0

              411

              (151)

Net loss

 $      (192)

 $       (841)

 

Mace Security International, Inc. 

Condensed Consolidated Statements of Operations 

Six Months Ended June 30, 2014 and 2013 

(Unaudited) 

(Amounts in thousands)

 

2014

 

2013

Net sales

 $       3,500

 $       3,967

Cost of goods sold

          2,339

2,233

Gross profit

        1,161

       1,734

Selling, general, and administrative expenses

         2,590

          2,843

Depreciation

            87

            76

Operating loss

       (1,516)

      (1,185)

Interest expense

              (112)

              (112)

Interest income

110

                26

Other income

        124

17

Loss from continuing operations before income tax provision

       (1,394)

       (1,254)

Income tax provision (benefits)

                –

Loss from continuing operations

       (1,394)

       (1,254)

Income (loss) from discontinued operations, net of tax of $0

408

              (236)

Net loss

 $       (986)

 $       (1,490)