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 $0.00 EPS.
“The second quarter results should prove to be another step
towards our goal of achieving profitability in the near future.” stated
Richard Barone, Chairman of the Board of Mace.
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Select Consolidated Financial Results, Second Quarter Ended June
30, 2015 and 2014
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(in thousands):
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For the Three Months Ended
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June 30,
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% of
Sales
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June 30,
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% of
Sales
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2015
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2014
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$ Chg
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% Chg
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Net revenue
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$
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2,241
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100.0
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%
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$
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1,817
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100.0
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%
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424
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23.3
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%
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Gross profit
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974
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43.5
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%
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598
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32.9
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%
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376
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62.9
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%
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Selling, general, and administrative expenses
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1 ,062
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47.4
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%
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1,185
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65.2
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%
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|
123
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-10.4
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%
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Operating loss
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(126
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)
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-5.6
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%
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(630
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)
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-34.7
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%
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|
504
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80.0
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%
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Net loss
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(59
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)
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-2.6
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%
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(192
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)
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-10.6
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%
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133
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69.3
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%
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"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.
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.
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Condensed Consolidated Balance Sheets
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(Amounts in thousands)
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ASSETS
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June 30,
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December 31,
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2015
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2014
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Current assets:
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(Unaudited)
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Cash and cash equivalents
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$
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165
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$
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359
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Restricted cash
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60
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60
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Short-term investments
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2,869
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5,848
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Accounts receivable, net
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|
1,608
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|
|
1,352
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Inventories, net
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2,462
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|
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|
1,783
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Prepaid expenses and other current assets
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1,077
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1,303
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Total current assets
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8,241
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10,705
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Plant and equipment, net
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|
588
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|
585
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Other intangible assets
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|
|
685
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|
685
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Other assets
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836
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1,054
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Total assets
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$
|
10,350
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$
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13,029
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Current portion of long-term debt
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$
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-
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$
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1,241
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Accounts payable
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679
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481
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Income taxes payable
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59
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60
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Accrued expenses and other current liabilities
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856
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961
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Total current liabilities
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1,594
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2,743
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Total stockholders’ equity
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8,756
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10,286
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Total liabilities and stockholders’ equity
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$
|
10,350
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$
|
13,029
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Mace Security International, Inc.
|
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Condensed Consolidated Statements of Operations
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Three Months Ended June 30, 2015 and 2014
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(Unaudited)
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(Amounts in thousands)
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|
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|
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2015
|
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2014
|
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Net revenue
|
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$
|
2,241
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$
|
1,817
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Cost of revenue
|
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1,267
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|
|
1,219
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Gross profit
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974
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|
598
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|
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Selling, general, and administrative expenses
|
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|
|
|
1,062
|
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|
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|
1,185
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Depreciation
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38
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43
|
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|
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|
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Operating loss
|
|
|
|
|
(126
|
)
|
|
|
|
|
(630
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)
|
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|
|
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|
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|
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Interest expense
|
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|
-
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(57
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)
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Interest income
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69
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63
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Gain (loss) on sale of short-term investments
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(3
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)
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|
20
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Other loss
|
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|
(9
|
)
|
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-
|
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|
|
|
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|
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Loss from continuing operations before income tax provision
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|
(69
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)
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(604
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)
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Income tax provision
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|
-
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|
(1
|
)
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Loss from continuing operations
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|
|
|
(69
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)
|
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|
|
|
(603
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)
|
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|
|
|
|
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Income from discontinued operations, net of tax
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|
|
10
|
|
|
|
|
|
411
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|
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|
|
|
|
|
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Net loss
|
|
|
|
$
|
(59
|
)
|
|
|
|
$
|
(192
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)
|
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|
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|
|
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|
|
|
|
|
|
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|
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Mace Security International, Inc.
|
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Condensed Consolidated Statements of Operations
|
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Six Months Ended June 30, 2015 and 2014
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(Unaudited)
|
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(Amounts in thousands)
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
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|
|
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|
|
|
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Net revenue
|
|
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|
$
|
4,066
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|
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$
|
3,500
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Cost of revenue
|
|
|
|
|
2,241
|
|
|
|
|
|
2,339
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
1,645
|
|
|
|
|
|
1,161
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
|
|
|
2,196
|
|
|
|
|
|
2,590
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|
|
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
|
)
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150807005128/en/
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