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

Discontinued operations are comprised of the Company’s car wash operations. The results of these operations are shown as discontinued operations for financial reporting purposes. These operations generated a loss of approximately $(504,000), or $(0.01) per share, and $(262,000), or $(0.01) per share, for the three months ended September 30, 2012 and 2011 respectfully. The $(504,000) loss in the third quarter of 2012, included expenses associated with a Lease Assignment and Release Agreement on one of the remaining car wash and lube facilities; and accrued expenses to further monitor and test two car wash locations.

Net loss for the three months ended September 30, 2012 was approximately $(1.2) million, or $(0.02) per share, compared to a net loss of approximately $(2.1) million, or $(0.05) per share, for the three months ended September 30, 2011. Weighted average shares for computing loss per share for the three months ending September 30, 2012 and 2011 were 58,946,441 and 43,571,698 respectively.

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

Revenues were approximately $9.8 million and $10.6 million for the nine months ended September 30, 2012 and 2011, respectively.

 
September 30, 2012
Personal Defense & Aerosol Operations:       $4.9 million           50%
Wholesale Security Monitoring Operation: $3.2 million 33%
Electronic Surveillance Equipment Operation: $1.7 million 17%
 
September 30, 2011
Personal Defense & Aerosol Operations: $3.7 million 35%
Wholesale Security Monitoring Operation: $2.9 million 28%
Electronic Surveillance Equipment Operation*: $3.0 million 28%
 
*Includes $1 million 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 $797,000 or 7.5%, in 2012 compared to 2011. This decrease is mainly attributed to a $2.3 million, or 57%, decrease in sales from electronic surveillance equipment operations offset by a $1.2 million, or 32%, increase in personal defense and law enforcement aerosol operation, and an increase of $340,000, or 12%, in wholesale security monitoring operation, which includes the acquisition of a monitoring center TCCI, on March 31, 2011.

 

Sales By Channel

    September 30, 2012   September 30, 2011   % Increase
Consumer   $1.5 million   $1.05 million   44
International   $465,000   $196,000   137
Sporting Goods   $2.1 million  

1.72 million

  22
     

Loss from continuing operations for the nine months ended September 30, 2012 was approximately $(1.9) million, or $(0.03) per share, compared to a loss from continuing operations of $(4.1) million, or $(0.17) per share, in the nine months ended September 30, 2011. The improvement is attributed to decreases in selling, general and administration (“SG&A”) expenses of $1.8 million, or 26%, and an increase in gross profit of $189,000, or approximately 5%.

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