News Column

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

August 4, 2014

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,
    ASSETS20142013
    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)

     
    20142013
    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)

     
    20142013
    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

    )






    Mace Security International, Inc.

    John J. McCann, President and Chief Executive Officer, 440-424-5322

    john@mace.com

    Source: Mace Security International Inc.


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