Mace Security International Reports Preliminary Q3 2024 Financial Results

Mace Security International, a leader in personal self-defense products, has announced its preliminary financial results for the third quarter of 2024, pending final report filings. Net sales fell to $1.411 million, a decrease of 6% compared to the same quarter in 2023. This decline is attributed to the loss of two major retail customers, which was only slightly mitigated by minor sales increases in other segments.

The estimated gross profit rate dropped to 23.1% from 30% in the previous year. Although operational cost reductions lowered manufacturing costs by 29%, these savings were countered by inflationary component cost increases.

SG&A expenses were recorded at $961,000, with adjusted expenses at $765,000, showing a decrease compared to Q2 2023. The operating loss is projected at $635,000, marginally better than last year's Q3 loss of $644,000.

Cash reserves decreased to $1,000, with $1.209 million drawn from a $2 million bank credit line as of September 30, 2024.