Mace Security International, Inc., a NASDAQ-listed manufacturer of electronic surveillance, security and personal defense products, and an owner and operator of car and truck wash facilities, has announced financial results for the quarter ended March 31, 2005, including a 239% increase in revenues from the company's security segment, from approximately $1.9 million in the first quarter of 2004 to approximately $6.4 million in the first quarter of 2005.
Total revenues for the quarter ended March 31, 2005 were $16.9 million compared to $12.7 million for the same period in 2004.
Gross profit as a percentage of revenues decreased to 27.2% for the first quarter of 2005 compared to 29.0% for the same quarter in 2004. The gross profit percentage for 2005 was comprised of 28.1% for the Security Segment and 26.6% for the Car and Truck Wash Segment, while the 2004 percentage was comprised of 37.1% for the Security Segment and 27.6% for the Car and Truck Wash Segment. The decrease in gross profit percentage in the Security Segment is primarily the result of growth in sales of advanced imaging components and video equipment sold by Industrial Vision Source and increased sales of monitors which typically have gross profit margins lower than other security products, combined with an increase in sales to distributors.