Mace Reports Strong Third Quarter 2016 Financial Results

Mace Security International Inc. (OTCPINK: MACE) today announced unaudited financial results for the third quarter and nine-month period ended September 30, 2016.

"Strong sales to key domestic and international retailers and distributors along with improved operational efficiencies allowed Mace to post back-to-back profitable quarters." said Richard Barone, Chairman. "Management's continued focus on growing the top line, while reducing and managing costs in a restructured organization, has positioned the company to deliver sustainable profitable growth for investors." Mr. Barone added.

Third Quarter/Nine Months 2016 Financial Highlights
  • Net revenue up 58.2% for quarter; up 33.8% year-to-date
  • Gross profit up 81.9% for quarter; up 39.0% year-to-date
  • Key channels of distribution (sporting goods & consumer) net revenues up 65.2% for the quarter; up 32.2% year-to-date
  • International net revenues up 218.2% for the quarter; up 137.8% year-to-date
  • Selling, general and administrative expenses at 34.7% of net revenue, down from 54.1%
  • Net income of $250,000 reported for the quarter
  • EBITDA of $272,000 reported for the quarter
   
Select Consolidated Financial Results, Third Quarter Ended September 30, 2016 and 2015
(in thousands):
 
For the Three Months Ended
Sept 30,    

% ofSales
    Sept 30,    

% ofSales
       
2016 2015 $ Chg % Chg
Net revenue $ 2,706 100.0 % $ 1,710 100.0 % 996 58.2 %
 
Gross profit 1,166 43.1 % 641 37.5 % 525 81.9 %
Selling, general, and administrative expenses 940 34.7 % 925 54.1 % 15 1.6 %
 
Operating income (loss) 186 6.9 % (319 ) -18.7 % 505
 
Net income (loss) 250 9.2 % (335 ) -19.6 % 585
 

Third Quarter 2016 Operational Highlights

All key channels experienced growth. In particular, International is up 218% for the quarter, and is becoming an increasing part of the sales mix. The sporting goods channel also experienced growth, despite the loss of a former major customer that completed its bankruptcy liquidation earlier this year. The Company continued to broaden its customer base, adding another 19 accounts in the third quarter across consumer, tactical and sporting goods channels. "Retailers and distributors see the power of the Mace Brand in the safety and security business segment. This provides Mace with opportunities to continue its top line growth", said Mace President and CEO John J. McCann.

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