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) |