Mace Reports First Quarter 2016 Financial Results
- Net revenue up 39.7%
- Gross profit up 48.3%
- Continued world-wide sales growth
CLEVELAND–(BUSINESS WIRE)–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.
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.
Mace Security International, Inc. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Amounts in thousands) |
||||||||
March 31, | December 31, | |||||||
ASSETS |
2016 | 2015 | ||||||
Current assets: | (Unaudited) | |||||||
Cash and cash equivalents | $ | 395 | $ | 446 | ||||
Restricted cash | 60 | 60 | ||||||
Short-term investments | 2,111 | 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 payable | 345 | 222 | ||||||
Income taxes payable | 59 | 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 | ) |
Contacts
Mace Security International, Inc.
John J. McCann, President and
Chief Executive Officer, 440-424-5322
john@mace.com