Mace Reports First Quarter 2015 Financial Results
Mace Security International Inc., (OTCPINK: MACE) today announced unaudited financial results (amounts in thousands) for the first quarter ended March 31, 2015. The Company reported a $611 or 77% improvement in net income on a $144 or 8.6% increase in net revenues.
Select Consolidated Financial Results, First Quarter Ended March 31, 2015 and 2014:
|For the Three Months Ended|
|March 31,||% of||March 31,||% of|
|2015||Sales||2014||Sales||$ Chg||% Chg|
|Selling, general, and administrative expenses||1,135||62.2||%||1,405||83.5||%||270||19.2||%|
First Quarter Highlights:
- Mace® successfully closed on $2,000 of stand-by financing. The Company has obtained commitments from a group of private investors, including some members of its Board of Directors, for stand-by financing of a two-year put option for $2,000 of convertible notes.
- Mace® repaid its convertible $1,400 debenture note and recognized a $322 gain in conjunction with this repayment which is included in the net loss for the quarter ending March 31, 2015.
“Net sales, gross profits, and net income for the first quarter of 2015 were all favorable to the first quarter of 2014. We expect continued quarterly improvements to last year as we grow sales through core Mace® branded product offerings. To that end, the Company recently launched a full line of less-lethal munitions products through its Mace Tactical Solutions subsidiary, and a comprehensive line of LED light-enhanced safety products under the Mace® Brand NiteBeams tradename. On May 1, 2015 we launched our newly designed and mobile friendly website, www.mace.com, which we expect to significantly increase our web sales, and educate consumers on Mace® Branded personal defense and security products,” said John J. McCann, President and CEO of Mace.
Mace® will conduct a conference call on Monday, May 11, 2015 at 1:00 PM EDT, 10:00 AM PDT to discuss its financial results for the quarter ended March 31, 2015, provide an update on the business, and respond to questions. The participant conference call number is (877) 719-8065, conference ID: 45415601. A full set of the consolidated financial statements is available on the Mace website. Presentation materials for the conference call will be available Monday, May 11, 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: 45415601. This will be available for the period commencing two hours following the teleconference and ending July 9, 2015.
About Mace Security International, Inc.
(OTCPINK: MACE) Mace® Brand Means Security
Mace Security International, Inc., located in Cleveland, Ohio, is a diversified manufacturer and provider of personal defense and security products to consumer and business market segments under the world renowned Mace® Brand.
Mace® Brand directly distributes and supports its branded products and services through strategically targeted customer channels that include mass market retailers, wholesale distributors, independent dealers, e-commerce marketers, and installation service providers.
- Personal Defense Products: Mace® Brand is the original trusted brand of pepper spray products for self- defense against attacks by people and animals. Mace® Brand has over 40 years experience developing aerosol defense spray dispensing technologies for both the consumer and law enforcement markets around the world.
- Personal & Home Protection Products: Mace® Brand produces portable safety solutions for every personal and home protection need. We design and manufacture products, which provide peace of mind for our consumers.
- Electronic Security & Surveillance Products: Mace® Brand has an entire line of high quality security cameras, digital video recorders, observation monitors and installation accessories for CCTV and IP network-based video surveillance, as well as wireless alarm security systems for local and remote monitoring. We design and manufacture surveillance equipment for every need, with both analog to high definition solutions.
- Personal Security & Safety Wearables: Mace Wear™ is a family of products that features innovative wearable devices related to safety, security and overall personal well-being and is supported by strategic partnerships between Mace Security International, Inc., and innovative technology companies.
- Security Monitoring Services: Mace® Brand partners with Security Partners which owns three UL/ETL/CSAA Five Star listed central monitoring stations throughout the USA providing full-service security & life-safety alarm monitoring to the wholesale security trade.
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||March 31,2015||December 31,2014|
|Cash and cash equivalents||$||100||$||359|
|Accounts receivable, net||1,406||1,352|
|Prepaid expenses and other current assets||1,138||1,303|
|Total current assets||8,114||10,705|
|Plant and equipment, net||589||585|
|Other intangible assets||685||685|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Current portion of long-term debt||$||–||$||1,241|
|Income taxes payable||59||60|
|Accrued expenses and other current liabilities||1,007||961|
|Total current liabilities||1,525||2,743|
|Total stockholders’ equity||8,787||10,286|
|Total liabilities and stockholders’ equity||$||10,312||$||13,029|
|Mace Security International, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended March 31, 2015 and 2014 (Unaudited)
(Amounts in thousands)
|Cost of revenue||1,155||1,119|
|Selling, general, and administrative expenses||1,135||1,405|
|Gain (loss) on sale of short-term investments||(12||)||104|
|Loss from continuing operations before income tax provision||(193||)||(790||)|
|Income tax provision||–||1|
|Loss from continuing operations||(193||)||(791||)|
|Income (loss) from discontinued operations, net of tax||10||(3||)|