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Mace® Reports Unaudited Financial Results for the Second Quarter Ended June 30, 2014

Companies mentioned in this article: Mace Security International Inc.

CLEVELAND -- (BUSINESS WIRE) -- Mace Security International Inc., (OTCPINK: MACE) today announced unaudited financial results for the second quarter ended June 30, 2014.

Financial Results, Second Quarter Ended June 30, 2014 and 2013

  • Net sales for the second quarter of 2014 experienced a 2.3% increase.
  • Operating loss for the second quarter of 2014 decreased by 5.7%.
  • Net loss for the second quarter of 2014 was $0.00 per share, both basic and diluted, compared to a net loss of $ (0.01) per share, both basic and diluted in the same quarter a year ago, a $649,000 or $0.01 per share improvement.
  • EBITDA for the second quarter of 2014 was a loss of $155,000 compared to a loss of $763,000 for the second quarter of 2103, a $608,000 improvement for the quarter.

“Sales for the second quarter of 2014 improved from prior year second quarter and the first quarter of 2014. After the sluggish first quarter, due to the poor weather and lost shopping days at retail, sales in the second quarter rebounded slightly and July looks to be our best sales month so far this year. Although Consumer sales continue to lag last year’s comps, sales through our Tactical/Law Enforcement and International sales channels are up 117% and 45% respectfully for the year,” stated John McCann President and CEO of Mace Security International.

Conference Call

Mace will conduct a conference call on Wednesday, August 6, 2014 at 1:00 PM EDT, 10:00 AM PDT to discuss its financial results for the quarter and six months ended June 30, 2014, provide an update on the business, and respond to questions. The participant conference call number is (877) 719-8065, conference ID: 84013954. Presentation materials for the conference call will be available Wednesday, August 6, 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: 84013954. This will be available from two hours following the teleconference until September 6, 2014.

A full set of the Company’s Consolidated Financial Statements can be accessed through its website: http://corp.mace.com/investor-relations/annual-reports .

About Mace® Brand

Mace Security International, Inc. (OTCPINK: MACE) is the manufacturer of personal defense products and markets such products and electronic surveillance products under the well known brand name Mace®. www.mace.com.

Contact Information: Mace Security International, Inc., 4400 Carnegie Avenue, Cleveland, OH 44139. Email to: john@mace.com . John J. McCann, President and Chief Executive Officer, 440-424-5322.

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)

 
June 30, December 31,
ASSETS 2014 2013
Current assets: (Unaudited)
Cash and cash equivalents $ 1,168 $ 4,923
Restricted cash 189 127
Short-term investments 5,748 2,597
Accounts receivable, net 1,053 1,732
Inventories, net 1,760 1,578
Prepaid expenses and other current assets   1,510   1,419
Total current assets 11,428 12,376
 
Plant and equipment, net

572

565

Other intangible assets, net 685 685
Other assets   741   1,148
Total assets

$

13,426

$ 14,774
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 349 $ 392
Income taxes payable 59 62
Accrued expenses and other current liabilities   667   1,086
Total current liabilities 1,075 1,540
 
Long-term debt and capital lease obligations, net of current portion 1,171 1,106
Other liabilities 205 230
Total stockholders’ equity   10,975   11,898
 

Total liabilities and stockholders’ equity

$

13,426

$

14,774

 
     
Mace Security International, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended June 30, 2014 and 2013
(Unaudited)

(Amounts in thousands)

 
2014 2013
Net sales $ 1,817 $ 1,776
Cost of goods sold   1,219     1,022  
 

Gross profit

598

754

 
Selling, general, and administrative expenses 1,185 1,384
Depreciation   43     38  
 

Operating loss

(630

)

(668

)

 
Interest expense (57 ) (53 )
Interest income 63 13
Other income   20     18  
 

Loss from continuing operations before income tax provision

(604

)

(690

)

 
Income tax provision (benefit)   (1 )   -  
 

Loss from continuing operations

(603

)

(690

)

 
Income (loss) from discontinued operations, net of tax of $0   411     (151 )
 

Net loss

$

(192

)

 

$

(841

)

 
     
Mace Security International, Inc.
Condensed Consolidated Statements of Operations
Six Months Ended June 30, 2014 and 2013
(Unaudited)

(Amounts in thousands)

 
2014 2013
Net sales $ 3,500 $ 3,967
Cost of goods sold   2,339     2,233  
 

Gross profit

1,161

1,734

 
Selling, general, and administrative expenses 2,590 2,843
Depreciation   87     76  
 

Operating loss

(1,516

)

(1,185

)

 
Interest expense (112 ) (112 )
Interest income 110 26
Other income   124     17  
 

Loss from continuing operations before income tax provision

(1,394

)

(1,254

)

 
Income tax provision (benefit)   -     -  
 

Loss from continuing operations

(1,394

)

(1,254

)

 
Income (loss) from discontinued operations, net of tax of $0   408     (236 )
 

Net loss

$

(986

)

 

$

(1,490

)


Copyright © Business Wire 2014
Contact:

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