Mace Reports Third Quarter 2018 Financial Results
CLEVELAND--(BUSINESS WIRE)--Nov 12, 2018--Mace Security International, Inc. (OTCQX: MACE) today released unaudited financial results for the quarter ended September 30, 2018.
The Company is pleased to announce another quarter of increased revenues with third quarter net sales of $3,447,000, a 21.9% increase over prior year third quarter. The increase was mainly driven by increased sales through our Consumer and International distribution channels. The Company also reported its second consecutive quarter of positive EBITDA of $311,000. Third quarter net income and EBITDA were lower than prior year due to one-time expenses and increased advertising and selling expenses to drive Ecommerce sales.
“We’re very pleased with the sales growth we experienced in the 3 rd quarter, as well as another consecutive quarter of positive EBITDA. The Company has reported positive EBITDA in five of the last six quarters. We also anticipate improved profitability moving into the fourth quarter, as selling, general and administrative expenses normalize in relation to revenues,” stated John McCann, President and CEO.
“Elevating our Ecommerce platform and enhancing our presence online promises to improve overall sales,” McCann continued. “This will be a key focus leading into 2019 – clarifying our brand and product position in the marketplace, as well as offering best-in-class digital experiences that catalyze online sales. To assist, we have hired a marketing company to focus on building stronger content and messaging to grow the category.” Emphasis on sales growth through Ecommerce extends to the Company’s own website, as well as numerous partners sites and platforms, all of which continue to improve.
Third Quarter/Nine Months 2018 Financial Highlights - Compared to 2017Net sales up 21.9% for quarter; $619,000 improvement over 2017, up 22.8% year-to-date Gross profit up 15.9% for quarter; $205,000 improvement over 2017, up 24.2% year-to-date Positive EBITDA of $311,000 reported for the quarter; $40,000 below 2017, $31,000 year-to-date improvement
Third Quarter 2018 Operational Highlights
The Company continued to grow revenues and gross profit. Although the Company is pleased with the improvement, there are a number of initiatives that took place which will help the Company continue these positive trends in revenue and gross profits. These initiatives included the upgrade of its Ecommerce and EDI platforms to support continued sales growth efficiently and cost effectively. In addition, the Company hired Paul Hughes as Executive Vice President. Hughes, whose hire was announced on Nov 8 th, has a strong track record of innovative approaches to revenue generation and leveraging emerging technologies to support business growth. He comes to the Company with extensive experience refining Ecommerce and multi-channel sales, including leadership positions at Guardian 8 Holdings and Taser International. His most recent position with the Arizona Commerce Authority helped to quadruple business opportunities in the territory under his management.
“Paul’s background in the security industry and military service, as well as his ability to efficiently and effectively activate brand and Ecommerce demand generation strategies makes him a valuable addition to our team,” stated McCann. “Our goal has always been to be the thought leader and best in class source for personal protection products. Paul will help us achieve this goal in new ways that take our Company into its next era of growth.”
Mace ® will conduct a conference call on Tuesday, November 13, 2018 at 11:00 AM EDT, 8:00 AM PDT to discuss its financial and operational performance for the quarter ended September 30, 2018. The participant conference call number is (877) 719-8065, conference ID: 3772047. A full set of the consolidated financial statements are available on the Mace website. Presentation materials for the conference call will be available Tuesday, November 13, 2018 on Mace’s website under Investor Relations, Shareholder Transcripts & Presentations http://corp.mace.com/investor-relations/shareholder-transcripts-presentations/. A recording of the teleconference will be available on the Mace website within 48 hours of the teleconference.
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 designs and manufactures consumer and tactical products for personal defense, security and surveillance under its world-renowned Mace® Brand – the original trusted brand of pepper spray products and Vigilant® Brand alarms, the world-wide leader and number one recognized brand in personal alarms. The Company also offers aerosol defense sprays and tactical products for law enforcement and security professionals worldwide through its Mace® and Take Down® brands.
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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CONTACT: Mace Security International, Inc.
John J. McCann
President and Chief Executive Officer
KEYWORD: UNITED STATES NORTH AMERICA OHIO
INDUSTRY KEYWORD: SENIORS WOMEN OTHER CONSUMER BUILDING SYSTEMS TECHNOLOGY ONLINE RETAIL OTHER TECHNOLOGY SECURITY MANUFACTURING CHEMICALS/PLASTICS OTHER MANUFACTURING TEENS DEFENSE RETAIL COMMUNICATIONS ADVERTISING OTHER DEFENSE MARKETING PUBLIC RELATIONS/INVESTOR RELATIONS SPECIALTY CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY CONSUMER FAMILY
SOURCE: Mace Security International, Inc.
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PUB: 11/12/2018 09:34 AM/DISC: 11/12/2018 09:33 AM