Mace Reports First Quarter 2016 Financial Results

  • Net revenue up 39.7%
  • Gross profit up 48.3%
  • Continued world-wide sales growth

CLEVELAND--()--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

Release Summary

Mace Reports First Quarter 2016 Financial Results

Contacts

Mace Security International, Inc.
John J. McCann, President and Chief Executive Officer, 440-424-5322
john@mace.com