ACCESS Newswire
27 Feb 2020, 04:07 GMT+10
CLEVELAND, OH / ACCESSWIRE / February 26, 2020 / Mace Security International Inc. (OTCQX: MACE) today released unaudited financial results for the quarter ended December 31, 2019 and audited results for the twelve months ended December 31, 2019.
The Company's net sales for the fourth quarter ended December 31, 2019 decreased $459,000 or 16% over the same period in 2018, with a net loss in the fourth quarter of ($77,000). EBIDTA for the fourth quarter of 2019 improved to $45,000 compared to ($1,749,000) in the same period of 2018. Adjusted EBIDTA was $61,000 for the quarter ended December 31, 2019 compared to ($223,000) in the same period of the prior year.
For the year ended December 31, 2019 net sales declined to $10,504,000 from $11,489,000 in the prior year, while net loss for the twelve-month period ended December 31, 2019 declined to ($1,700,000) from ($1,946,000) in the same period of 2018. EBIDTA and Adjusted EBIDTA for the year ended December 31, 2019 were ($1,207,000) and ($158,000), versus ($1,523,000) and $172,000, respectively, for the year ended December 31, 2018.
President and CEO Gary Medved commented: 'As a result of our relentless focus on financial and operating performance improvement, we have reached the point where these improvements are now taking hold. Each of the quarters in 2019 resulted in increased EBIDTA levels from the preceding period. We have lowered our cost structure so that SG&A expenses are now down to 36% of net sales, from 46% in the three months ended December 31, 2018, and approximately half of SG&A run rate of 67% of net sales that existed when we came on board in the first quarter of 2019.'
'Furthermore, our customers are beginning to react to our refreshed products and packaging. We have added new customers in Q4, as well as incremental product placements that together we expect to contribute to a top line sale increase late Q1 or early Q2 of 2020.'
Fourth Quarter/Full Year 2019 Financial Highlights
Fourth Quarter/Full Year 2019 Operational Highlights
Conference Call
Mace® will conduct a conference call on Thursday February 27, 2020 at 11 AM Eastern, 8 AM Pacific time to discuss its financial and operational performance for the quarter and for the twelve months ended December 31, 2019.
Participant Toll-Free Dial-In Number: (877) 719-8065; Conference ID 4919426
A full set of the consolidated financial statements are available on www.Mace.com. A digital recording of the conference call will be available for replay two hours after the call's completion. The time period that the recording will be available is listed below. To access the recording, use the dial-in number listed below and the conference ID 4919426
Encore dial-in number: 855-859-2056 (or internationally on 404-537-3406)
Encore dates: Will be available 2 hours after the call and will expire 4/22/2020.
About Mace Security International, Inc.
Mace Security International Inc. is a globally recognized leader in personal safety and security products. Based in Cleveland, Ohio, the Company has spent more than 30 years designing and manufacturing consumer and tactical products for personal defense and security under its world-renowned Mace® Brand - the original trusted brand of pepper spray products. The Companies other leading brands include Tornado® Brand stun guns and pepper spray, and Vigilant® Brand alarms. The Company also offers aerosol defense sprays for law enforcement and security professionals worldwide through its Take Down® Brand.
Mace Security International distributes and supports its products and services through mass-market retailers, wholesale distributors, independent dealers, e-commerce channels and through its website, www.mace.com. For more information, please visit www.mace.com.
Forward-Looking Statements
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)
Mace Security International, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended December 31
(Unaudited)
(Amounts in thousands)
Mace Security International, Inc.
Condensed Consolidated Statements of Operations
Twelve Months Ended December 31
(Audited)
(Amounts in thousands)
Mace Security International, Inc.
EBIDTA and Adjusted EBIDTA reconciliation
Three Months Ended December 31
(Unaudited)
(Amounts in thousands)
Mace Security International, Inc.
EBIDTA and Adjusted EBIDTA Reconciliation
Year Ended December 31
(Unaudited)
(Amounts in thousands)
In this press release, the Company's financial results and financial guidance are provided in accordance with accounting principles generally accepted in the United States (GAAP) and using certain non-GAAP financial measures. Management believes that presentation of operating results using non-GAAP financial measures provides useful supplemental information to investors and facilitates the analysis of the Company's core operating results and comparison of operating results across reporting periods. Management also uses non-GAAP financial measures to establish budgets and to manage the Company's business. A reconciliation of the GAAP financial results to non-GAAP financial results is included in the attached schedules.
Contacts:
Gary Medved
President and Chief Executive Officer
[email protected]
Mark Barrus
SVP and Chief Financial Officer
[email protected]
SOURCE: Mace Security International Inc.
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