August, 2015 Press Releases

August 7th, 2015

Mace Reports Second Quarter 2015 Financial Results

Mace Reports Second Quarter 2015 Financial Results

CLEVELAND, OH, August 7, 2015 /PRNewswire/Mace Security International Inc., (OTCPINK: MACE) today announced unaudited financial results (amounts in thousands) for the second quarter ended June 30, 2015.

 

Second Quarter 2015 Financial Highlights Compared to Prior Year:

  • Net revenue increased 23%.
  • Gross profit increased 63%.
  • Key channels of distribution (sporting goods & consumer) net revenues improved 64%.
  • General and administrative expenses decreased 25%.
  • Net income improved 69% resulting in a nominal net loss for the quarter of $59 or $0.00 EPS.

 “The second quarter results should prove to be another step towards our goal of achieving profitability in the near future.” stated Richard Barone, Chairman of the Board of Mace.

 

Select Consolidated Financial Results, Second Quarter Ended June 30, 2015 and 2014

(in thousands):

For the Three Months Ended

June 30,

% of Sales

June 30,

% of Sales

2015

2014

$ Chg

% Chg

Net revenue   $2,241

100.0%

 $1,817

100.0%

     424

23.3%

Gross profit             974

43.5%

            598

32.9%

         376

62.9%

Selling, general, and administrative expenses         1,062

47.4%

         1,185

65.2%

123

-10.4%

Operating loss           (126)

-5.6%

           (630)

-34.7%

     504

80.0%

Net loss             (59)

-2.6%

           (192)

-10.6%

    133

69.3%

 

“Mace® experienced consecutive quarters of net revenue, gross profit, and net income growth compared to last year. Net revenue, gross profit, and net income for the year represent improvements of 16.2%, 41.7%, and 75.5% respectively.   As I mentioned after the first quarter, we expect continued quarterly improvements as we increase revenues of our core Mace® branded products and our new products.” said John J. McCann, President and CEO of Mace.

Conference Call
Mace® will conduct a conference call on Monday, August 10, 2015 at 11:00 AM EDT, 8:00 AM PDT to discuss its financial results for the quarter ended June 30, 2015, provide an update on the business, and respond to questions.  The participant conference call number is (877) 719-8065, conference ID: 8293740. A full set of the consolidated financial statements is available on the Mace website.  Presentation materials for the conference call will be available Monday, August 10, 2015 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: 8293740.  This recording will be available for the period commencing two hours following the teleconference and ending October 9, 2015.

 

ABOUT THE COMPANY:

Mace Security International Inc. is a globally recognized leader in personal safety and security. Based in Cleveland, Ohio, the company has spent more than 40 years designing and manufacturing consumer and tactical products for personal defense, security and surveillance under its world-renowned Mace® Brand – the original trusted brand of pepper spray products. The company also offers aerosol defense sprays and tactical products for law enforcement and security professionals worldwide through its Mace® Take Down® brand.

Mace Security International distributes and supports Mace® Brand products and services through mass-market retailers, wholesale distributors, independent dealers, e-commerce marketers and installation service providers. Mace® Brand products are manufactured in the U.S. For more information, please visit www.mace.com.

Contact Information: Mace Security International, Inc., 4400 Carnegie Avenue, Cleveland, OH 44103. 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,

  2015

 

December 31, 2014

Current assets:

(Unaudited)

Cash and cash equivalents

 $           165

 $         359

Restricted cashShort-term investments

60

2,869

60

5,848

Accounts receivable, net

            1,608

            1,352

Inventories,  net

            2,462

            1,783

Prepaid expenses and other current assets

1,077

              1,303

Total current assets

           8,241

          10,705

Plant and equipment, net

             588

585

Other intangible assets

            685

            685

Other assets

 836

              1,054

Total assets

  $      10,350

 $        13,029

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Current portion of long-term debt $               -   $          1,241
Accounts payableIncome taxes payable

679

59

481

60

Accrued expenses and other current liabilities

856

961

Total current liabilities

          1,594

          2,743

Total stockholders’ equity

        8,756

10,286

     Total liabilities and stockholders’ equity $      10,350  $         13,029

 

Mace Security International, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended June 30, 2015 and 2014
(Unaudited)
(Amounts in thousands) 

2015

 

2014

Net revenue

 $       2,241

 $       1,817

Cost of  revenue

          1,267

1,219

Gross profit

        974

       598

Selling, general, and administrative expenses

          1,062

1,185

Depreciation

           38

43

Operating loss

       (126)

       (630)

Interest expense

              -

              (57)

Interest income

              69

              63

Gain (loss) on sale of short-term investments

              (3)

              20

Other loss

(9)

-

Loss from continuing operations before income tax provision

        (69)

(604)

Income tax provision

-

                (1)

     
Loss from continuing operations

       (69)

       (603)

Income from discontinued operations, net of tax

              10

 411

Net loss

 $      (59)

 $       (192)

Mace Security International, Inc.
Condensed Consolidated Statements of Operations
Six Months Ended June 30, 2015 and 2014
(Unaudited)
(Amounts in thousands) 

2015

 

2014

Net revenue

 $       4,066

 $       3,500

Cost of  revenue

          2,241

2,339

Gross profit

        1,645

       1,161

Selling, general, and administrative expenses

          2,196

2,590

Depreciation

           76

87

Operating loss

       (627)

       (1,516)

Interest expense

              (25)

              (112)

Interest income

              94

              110

Gain (loss) on sale of short-term investments

              (16)

              124

Other income

312

-

Loss from continuing operations before income tax provision

        (262)

(1,394)

Income tax provision

-

                -

     
Loss from continuing operations

       (262)

       (1,394)

Income from discontinued operations, net of tax

              20

 408

Net loss

 $      (242)

 $       (986)