Wednesday, August 3rd, 2016
Mace Security International, Inc.
4400 Carnegie
Cleveland, OH 44103

Mace Reports First Quarter 2016 Financial Results

-       Net revenue up 39.7%

-       Gross profit  up 48.3%

-       Continued world-wide sales growth

 

CLEVELAND – August 2, 2016 – Mace Security International Inc. (OTCPINK: MACE) today released its unaudited financial results for the first quarter ending March 31, 2016. The release of the Company’s first quarter unaudited financial results was delayed pending release of the Company’s 2015 annual financial statements.  The Company’s unaudited financial statements for the first quarter ended March 31, 2016 and 2015 are available on the OTC Markets’ website.

The Company expects to release second quarter financial results on Monday, August 8, 2016.  The investor call to discuss financial results for the six months ending, June 30, 2016 and 2015, and to take investor questions will be on Tuesday, August 9, 2016.  Investor call details will be provided with the second quarter earnings release.

“The first quarter of 2016 is a continuation of the positive momentum we built in the calendar year 2015. We will continue to strategically focus on sales and operations to build the Mace Brand into the number one brand in personal defense and safety world-wide, said John McCann President and CEO.”

 

First Quarter 2016 Financial Highlights

  • Net revenue up 39.7% for quarter
  • Gross profit up 48.3% for quarter
  • Key channels of distribution  net revenues up 19.8%
  • Company added 22 new accounts in the quarter
  • International sales up 357%

 

About Mace Security International, Inc.

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. For more information, please visit www.mace.com.

 

Contact:
John J. McCann
President and Chief Executive Officer
440-424-5322
john@mace.com 

Forward-Looking Statements

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.

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Mace Security International, Inc.
Condensed Consolidated Balance Sheets
 (Amounts in thousands)

ASSETS

March 31,

  2016

 

December 31, 2015

Current assets:

(Unaudited)

Cash and cash equivalents

 $  395

 $ 446

Restricted cashShort-term investments

60

2,111

60

2,142

Accounts receivable, net

            1,443

            1,562

Inventories,  net

            1,695

            1,601

Prepaid expenses and other current assets

878

779

Assets held for sale

319

              430

Total current assets

           6,901

          7,020

Plant and equipment, net

             672

522

Other intangible assets

            685

            685

Other assets

 951

              1,034

Total assets

  $ 9,209

 $ 9,261

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payableIncome taxes payable

345

59

222

61

Accrued expenses and other current liabilities

542

695

Total current liabilities

          946

          978

    Other liabilities

73

-

Total stockholders’ equity

       8,190

8,283

     Total liabilities and stockholders’ equity     $9,209        $9,261

 

 

Mace Security International, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended March 31, 2016 and 2015
(Unaudited)
(Amounts in thousands)  

2016

 

2015

Net revenue

 $2,079

 $1,488

Cost of  revenue

          1,262

937

Gross profit

        817

       551

Selling, general, and administrative expenses

          972

971

Depreciation

           38

36

Operating loss

       (193)

       (456)

Interest expense

              (10)

              (53)

Interest income

              37

              52

Loss on sale of short-term investments

              -

             (12)

Other income

-

322

Loss from continuing operations before income tax provision

        (166)

(147)

Income tax provision

-

                -

     
Loss from continuing operations

       (166)

       (147)

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

             5

(36)

Net loss

 $(161)

 $(183)