MACE SECURITY INTERNATIONAL, INC. 
By CLEVELAND, Nov. 26, 2013 /PRNewswire/ -- Mace Security International Inc., (OTCPINK: MACE) today announced financial results for the three and nine months ended September 30, 2013.
The Company's Chairman of the Board, Richard A. Barone, comments on the third quarter results and on the outlook for Mace in letter to Shareholders available on Mace.com http://corp.mace.com/investor-relations/shareholder-transcripts-presentations/ Letter to Shareholders.
2013 Third Quarter
-- The Company completed the integration of manufacturing, distribution,
and Corporate Offices into one efficient facility in Cleveland, OH.
-- Revenue decline of approximately 11% mainly attributed to 39% decrease
in Surveillance equipment revenues and $200k in orders pushed to the
fourth quarter, reflecting one of the final stages of restructuring.
-- The company saw a (52) % increase in product sales to distributors
servicing foreign embassies, correctional facilities, and law
enforcement agencies.
-- Third quarter gross profit decline attributed to approximately $180k in
one-time severance, and overall lower sales.
-- Loss from continuing operations increase of approximately $400k mainly
attributed to one-time expenses associated with the move including
severance and relocation / move related expenses.
"We have short-term pain for long-term savings," said John J. McCann, President and CEO of Mace. "The future holds tremendous possibility. We are encouraged by consumer trends."
Conference Call
Mace will conduct a conference call on Wednesday, November 27, 2013 at 2:00 PM EST, 11:00 AM PST. The participant conference call number is (877) 719-8065, conference ID: 17543062. Presentation materials for the conference call will be available Wednesday, November 27, 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: 17543062. This will be available from two hours following the teleconference until December 27, 2013.
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(®), and is the owner and operator of a wholesale central security monitoring station. Mace's web site is 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)
ASSETS September 30, 2013 December 31, 2012
------------------ -----------------
Current assets: (Unaudited) (Audited)
Cash and cash
equivalents $676 $2,505
Short-term investments 2,453 2,397
Accounts receivable,
net 1,560 1,288
Inventories, net 1,827 2,121
Prepaid expenses and
other current assets 1,616 1,712
Assets held for sale 165 231
--- ---
Total current assets 8,297 10,254
Plant and equipment,
net 952 1,052
Other intangible
assets, net 1,690 1,774
Goodwill 2,805 2,805
Other assets 82 703
--- ---
Total assets $13,826 $16,588
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of
long-term debt and
capital lease
obligations $ - $26
Accounts payable and
accrued expenses 1,447 1,734
Deferred revenue 68 77
Total current
liabilities 1,515 1,837
Long-term debt and
capital lease
obligations, net of
current maturities 1,074 981
Other liabilities 194 225
Total stockholders'
equity 11,043 13,545
------ ------
Total liabilities and
stockholders' equity $13,826 $16,588
======= =======
Mace Security International, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended September 30, 2013 and 2012
(Unaudited)
(Amounts in thousands)
2013 2012
---- ----
Revenues $3,018 $3,385
Cost of revenues 2,053 2,035
----- -----
Gross profit 965 1,350
Selling, general, and
administrative expenses 1,915 1,899
Depreciation and
amortization 116 102
--- ---
Operating loss (1,066) (651)
Interest expense, net (39) (43)
Other income 17 (6)
--- ---
Loss from continuing
operations before income
tax provision (1,088) (700)
Income tax provision - -
--- ---
Loss from continuing
operations (1,088) (700)
Loss from discontinued
operations, net of tax (56) (504)
--- ----
Net loss $(1,144) $(1,204)
======= =======
Mace Security International, Inc.
Condensed Consolidated Statements of Operations
Nine Months Ended September 30, 2013 and 2012
(Unaudited)
(Amounts in thousands)
2013 2012
---- ----
Revenues $9,090 $9,778
Cost of revenues 5,807 6,019
----- -----
Gross profit 3,283 3,759
Selling, general, and
administrative expenses 5,460 5,221
Depreciation and
amortization 337 328
--- ---
Operating loss (2,514) (1,790)
Interest expense, net (126) (142)
Other income 23 (4)
--- ---
Loss from continuing
operations before income
tax provision (2,617) (1,936)
Income tax provision - 5
--- ---
Loss from continuing
operations (2,617) (1,941)
Income (loss) from
discontinued operations,
net of tax (17) (576)
--- ----
Net loss $(2,634) $(2,517)
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SOURCE Mace Security International Inc.
