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Mace Security International, Inc. Reports Financial Results For The Three And Nine Months Ended September 30, 2012

Stocks in this article: MACE

Mace Security International, Inc. (OTC PINK: MACE) today announced financial results for the three and nine months ended September 30, 2012.

“Mace saw a 30 +% increase in revenues from personal defense and law enforcement operations,” said John J. McCann, CEO and President. “We also experienced 10 +% sales growth in our wholesale security monitoring operation which now serves more than 75,000 customers.”

To be better positioned for profitability in 2013, the firm also undertook a series of long-term cost cutting initiatives that will continue through the 4 th quarter and into 2013. Specifically, the company experienced a one-time charge of ($500,000) in discontinued operations related to its car wash operations and approximately ($370,000) toward one-time severance, legal and moving expenses necessary to transform Mace’s future footprint and structure.

“To become the nation’s recognized leader in security, safety and protection, Mace is reallocating resources to products, marketing and sales,” McCann explained. “Over the next couple months we expect to announce new product initiatives, licensing partnerships and marketing campaigns that will enhance the value of the Mace brand.”

2012 Third Quarter and Current Highlights

  • Relocated corporate headquarters from Horsham, PA to Solon, OH, resulting in annual savings of at least $400,000. (October)
  • Moved distribution of electronic surveillance equipment from Texas to existing Vermont location; saving $100,000 in annual facility and personnel costs. (August)
  • Merged Mace Personal Defense, Inc. (personal defense and law enforcement aerosol) and Mace Security Products, Inc. (electronic surveillance equipment) into one entity called Mace Personal Defense & Security, Inc. (November)
  • Effective with the Corporate relocation, Carl R. Smith was hired as Senior VP of Finance and appointed Treasurer and Corporate Secretary by the Board of Directors. He replaced Gregory M. Krzemien, CFO, Treasurer, and Corporate Secretary. Mr. Smith was the Chief Financial Officer, Treasurer, and Secretary of Saeco USA, Inc., a privately owned company that distributes and markets coffee brewing appliances. Mr. Smith also served as VP of Operations for Saeco and held accounting positions with Sifco Industries and Mr. Coffee. (November)
  • Effective with the Corporate relocation, Eric Lewis was hired as Corporate Controller; he replaced Steve R. Rolle. Mr. Lewis was the Internal Audit Manager for LKQ Corporation, a remanufacturer, retailer, and distributor of aftermarket auto and truck parts. Mr. Lewis also served as Vice-President, Treasurer, and Controller for Europower, Inc. a distributor of hydraulic hoses and fittings. (November)
  • Centralized storage of files and records for additional cost savings. (November)

Financial Results, Three Months Ended September 30, 2012 and 2011

Revenues were approximately $3.4 million and $3.5 million for the three months ended September 30, 2012 and 2011, respectively.

September 30, 2012
Personal Defense & Aerosol Operations:       $1.82 million           54%
Wholesale Security Monitoring Operation: $1.07 million 32%
Electronic Surveillance Equipment Operation: $490,000 14%

September 30, 2011

Personal Defense & Aerosol Operations: $1.39 million 40%
Wholesale Security Monitoring Operation: $1.06 million 30%
Electronic Surveillance Equipment Operation*: $1.06 million 30%
*Includes $108,000 from high-end digital and machine vision cameras and professional imaging components operation (IVS) that was sold on October 21, 2011.

Overall revenues within the security segment decreased $128,000, or 3.6%, in 2012 compared to 2011. This decrease is mainly attributed to a $568,000, or 53.7%, decrease in sales from electronic surveillance equipment operations offset by a $429,000, or 30.8%, increase in personal defense and law enforcement operations, and a slight increase of $10,000 or 0.9% in wholesale security monitoring operation.

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