EUCLID, OH / ACCESSWIRE / May 17, 2023 / USLG, Inc. (OTC PINK:USLG) ("USLG" or the "Company"), an innovative composite technology manufacturer, today announced its financial results for the first quarter of fiscal 2023, the three months ended March 31, 2023. The Company posted record revenue, beating all of 2022, reflecting the highest-ever shipments of Cortes Campers molded fiberglass RV travel trailers. The Company's performance underscores the fact that USLG has executed its strategic growth plan to rapidly expand operations and retains a positive outlook for 2023, including the introduction of new products into its portfolio.
Recent Highlights
- Net sales for the three months ended March 31, 2023 were approximately $1.2 million, more than for fiscal 2022 in total
- Gross profit was $0.5 million, representing a gross margin of approximately 42%
- The Company posted positive net income for the quarter - the first time since its transformation into a diversified provider of outdoor composite products and solutions
- The company launched its Futuro Houses at the Cleveland Home & Remodeling Expo, signed its first Futuro Houses dealers, and sold its first Futuro House UFO home
- During the quarter the Company shipped record numbers of its Cortes Campers and remains on track for continued double-digit top line growth in 2023
"I'm very pleased to announce that USLG had an incredible quarter - with strong top line growth, record shipments, and profitable underlying results," said Anthony Corpora, Chief Executive Officer. "Our innovative engineers and savvy marketing staff - combined with a production team focused on operating execution - achieved results that defied even our expectations. We're becoming more efficient and agile at meeting robust demand for our Cortes Campers, while the launch of our Futuro House will accelerate our already-strong growth trajectory.
"The Company remains on track for its best year ever, and we are investing in additional products and concepts while keeping an eye on cost as we work towards positive cash flow and generating higher returns for our shareholders. I'd like to thank our investors, employees, and customers for their passion in our company and its future; the best is yet to come."
First Quarter 2023 Results
Net sales for the three months ended March 31, 2023 were $1.2 million compared with $76,000 in the prior-year period, reflecting increased orders and overall higher demand for the Company's products. Gross profit was $0.5 million, representing a gross margin of approximately 42% of sales. Selling, general, and administrative expenses ("SG&A") were $0.5 million in the first quarter of 2023 versus $0.3 million in 2022 - primarily due to investments in marketing, sales, and staffing - and the Company posted net income of approximately $25,000 during the quarter versus a loss of $0.4 million in the prior-year period.
About USLG
US Lighting Group (OTC:USLG) has three subsidiaries which design and market various products made from the exact same raw materials: Cortes Campers, LLC, for molded fiberglass travel trailers and campers; Fusion X Marine, LLC, for high-performance boats; Futuro Houses, LLC, for fiberglass houses; and one subsidiary, Mig Marine Corp., which manufacturers composite products. The Company and its subsidiaries have manufacturing and R&D facilities in Cleveland, Ohio. For additional information: uslightinggroup.com
Forward-Looking Statements
Certain statements in this news release, including, but not limited to, reference to distribution, demand, orders, sales goals, design effects, growth of the production and industries, may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. Statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
Investor Relations Contact:
Chris Witty
646-438-9385
cwitty@darrowir.com
US LIGHTING GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) / (Combined)
|
For the Three Months ended March 31, |
||||||||
| 2023 | 2022 | |||||||
Sales |
$ | 1,205,235 | $ | 76,000 | ||||
Cost of goods sold |
701,319 | 68,000 | ||||||
Gross profit |
503,916 | 8,000 | ||||||
Operating expenses: |
||||||||
Selling, general and administrative expenses |
472,349 | 266,000 | ||||||
Product development costs |
- | - | ||||||
Total operating expenses |
472,349 | 266,000 | ||||||
Income (loss) from operations |
31,567 | (258,000 | ) | |||||
Other income (expense): |
||||||||
Other income, net |
- | 15,000 | ||||||
Unrealized loss |
- | (157,000 | ) | |||||
Realized gain |
- | 31,000 | ||||||
Interest income |
249 | 2,000 | ||||||
Interest expense |
(7,046 | ) | (5,000 | ) | ||||
Interest expense, related party |
- | (4,000 | ) | |||||
Total other expense |
(6,797 | ) | (118,000 | ) | ||||
Net income (loss) from operations |
24,769 | (376,000 | ) | |||||
Net income (loss) |
$ | 24,769 | $ | (376,000 | ) | |||
Basic income (loss) per share |
$ | 0.00 | $ | (0.00 | ) | |||
Diluted income (loss) per share |
$ | 0.00 | $ | (0.00 | ) | |||
Weighted average common shares outstanding, basic |
98,947,384 | 97,848,735 | ||||||
Weighted average common shares outstanding, diluted |
98,947,384 | 97,848,735 | ||||||
US LIGHTING GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
|
March 31, 2023 |
December 31, 2022 |
|||||||
| (Unaudited) | ||||||||
ASSETS |
||||||||
Current Assets: |
||||||||
Cash |
$ | 45,843 | $ | 124,529 | ||||
Accounts receivable |
162,657 | 5,950 | ||||||
Prepaid expenses and other current assets |
80,920 | 87,174 | ||||||
Inventory |
$ | 188,666 | $ | 200,162 | ||||
Total Current Assets |
478,086 | 417,815 | ||||||
Property and equipment, net |
2,443,506 | 2,298,107 | ||||||
Total Assets |
$ | 2,921,592 | $ | 2,715,922 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |
||||||||
Current Liabilities: |
||||||||
Accounts payable |
$ | 662,405 | $ | 607,647 | ||||
Accrued expenses |
61,735 | 111,223 | ||||||
Accrued payroll to a former officer |
125,167 | 125,167 | ||||||
Convertible notes payable |
- | - | ||||||
Loan payable- current portion |
104,499 | 140,905 | ||||||
Loans payable, related party |
442,126 | 176,000 | ||||||
Total Current Liabilities |
1,395,932 | 1,160,942 | ||||||
Loans payable, net of current portion |
295,984 | 300,351 | ||||||
Loans Payable, related party |
6,788,503 | 7,004,629 | ||||||
Total Liabilities |
$ | 8,480,419 | $ | 8,465,922 | ||||
Commitments and Contingencies |
||||||||
Shareholders' Equity: |
||||||||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding |
- | - | ||||||
Common stock, $0.0001 par value, 500,000,000 shares authorized; 101,609,825 shares issued and outstanding |
10,376 | 10,209 | ||||||
Additional paid-in-capital |
19,937,348 | 19,771,111 | ||||||
Accumulated deficit |
(25,506,551 | ) | (25,531,320 | ) | ||||
Total Shareholders' Equity |
(5,558,827 | ) | (5,750,000 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ | 2,921,592 | $ | 2,715,922 | ||||
SOURCE: USLG, Inc.
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https://www.accesswire.com/755585/USLG-Posts-Net-Profit-Despite-Industry-Downturn-Record-Revenue-of-12-Million-On-Track-for-Best-Year-Ever
