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USLG Reports Fiscal 2022 Third Quarter Results, Record Revenue for Cortes Campers; Outlook Improving

Wednesday, November 23, 2022 8:00 AM
Topic:
Earnings

EUCLID, OH / ACCESSWIRE / November 23, 2022 / USLG, Inc. (OTC PINK:USLG) today announced its financial results for the third quarter of 2022, the three months ended September 30, 2022.

Recent Highlights

  • Net sales for the three months ended September 30, 2022 were approximately $0.5 million, almost 25 times that of the prior-year period
  • Net loss from continuing operations was $0.7 million, versus $0.2 million in the third quarter of 2021, reflecting investments in staffing, marketing, and expansion
  • As of September 30, 2022, the Company's backlog was approximately $5.06 million, versus $5.1 million as of June 30, 2022
  • The Company continues to add new states to its dealership territories - including, most recently, California - and remains on track for increased deliveries of Cortes Campers in the fourth quarter in 2022
  • USLG met with investors and analysts at the LD Micro Conference on October 26, and the associated webcast presentation is available for viewing on the Company's website

"As promised, we delivered a record number of Cortes Campers during the third quarter and are on track for even higher shipments going forward," said Anthony Corpora, Chief Executive Officer. "Revenue rose to $0.5 million, and we continued to invest in expanding our dealership base to key states across the U.S. including, after the quarter, California, where our partnership with Hamilton & Jackson Investments is already resulting in inquiries and additional orders. We're also on schedule with regard to higher production levels which, we anticipate, will drive the Company to become cash flow positive during the first half of 2023. With our current backlog, manufacturing technology, unique camper attributes and strong demand, we are well positioned to see rapid growth in the quarters to come."

Third Quarter 2022 Results

Net sales for the three months ended September 30, 2022 were $0.5 million compared with $21,000 in the prior-year period, reflecting sales by the Company's Cortes Campers subsidiary. Selling, general, and administrative expenses ("SG&A") were $0.5 million in the third quarter of 2022 versus $0.2 million in 2021 - primarily due to investments in marketing, sales, and staffing - and the Company posted a net loss from continuing operations of $0.7 million in 2022 versus $0.2 million in the prior-year period.

Balance Sheet Highlights

As of September 30, 2022, the Company had approximately $68,000 of cash compared with $286,000 of cash as of December 31, 2021. Total current liabilities as of the end of the third quarter were $1.8 million compared with $2.4 million as of December 31, 2021.

US Lighting Group, Inc., Wednesday, November 23, 2022, Press release picture

About USLG

US Lighting Group (OTC:USLG) has three subsidiaries which design and market various products: 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
[email protected]

Tables to Follow

US LIGHTING GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) / (Combined)


For the Three Months ended
September 30,
For the Nine Months ended
September 30,

2022 2021 2022 2021
Sales
$516,000 $21,000 $641,000 $23,000
Cost of goods sold
528,000 - 754,000 3,000
Gross profit (loss)
(12,000) 21,000 (113,000) 20,000
Operating expenses:
Selling, general and administrative expenses
526,000 240,000 1,134,000 859,000
Product development costs
78,000 2,000 123,000 41,000
Total operating expenses
604,000 242,000 1,257,000 900,000
Loss from operations
(616,000) (221,000) (1,370,000) (880,000)
Other income (expense):
Other income (expense), net
(4,000) 3,000 60,000 3,000
Extinguishment of debt - related party
- - - 9,000
Extinguishment of debt
- 52,000 - 52,000
Unrealized gain (loss)
(32,000) (9,000) (288,000) 195,000
Realized gain (loss)
18,000 - (18,000) -
Interest income
1,000 7,000 4,000 7,000
Interest expense, net
(40,000) (17,000) (56,000) (17,000)
Interest expense, related party
- (19,000) - (75,000)
Gain on disposal of fixed assets
10,000 - 23,000 -
Total other income (expense)
(47,000) 17,000 (275,000) 174,000
Net loss from continuing operations
(663,000) (204,000) (1,645,000) (706,000)
Net income from sale of discontinued operations
- - - 3,915,000
Net loss from discontinued operations
- (7,000) - (158,000)
Net income (loss)
$(663,000) $(211,000) $(1,645,000) $3,051,000
Basic loss per share from continuing operations
$(0.00) $(0.00) $(0.02) $(0.01)
Basic income (loss) per share from discontinued operations
$- $(0.00) $- $0.04
Basic income (loss) per share
$(0.00) $(0.00) $(0.02) $0.03
Diluted income (loss) per share from discontinued operations
$- $(0.00) $- $0.03
Weighted average common shares outstanding, basic
97,848,735 97,834,996 97,982,618 97,310,548
Weighted average common shares outstanding, diluted
97,848,735 97,834,996 97,982,618 97,310,548

US LIGHTING GROUP, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS


September 30,
2022
December 31,
2021
ASSETS
(Unaudited) (Combined)
Current Assets:
Cash
$68,000 $289,000
Accounts Receivable
32,000 -
Prepaid expenses and other current assets
82,000 157,000
Inventory
177,000 65,000
Deposits and other assets
- 9,000
Investment in trading securities
- 1,647,000
Total Current Assets
359,000 2,167,000
Property and equipment, net
1,982,000 1,848,000
Total Assets
$2,341,000 $4,015,000
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable
$341,000 $77,000
Accrued expenses
- 33,000
Customer advance payments
- 10,000
Accrued payroll to a former officer
125,000 686,000
Convertible notes payable
- 60,000
Loan payable- current portion
101,000 82,000
Loans payable, related party
1,202,000 1,458,000
Total Current Liabilities
1,769,000 2,406,000
Loans payable, net of current portion, related party
5,709,000 -
Loans payable, net of current portion
280,000 344,000
Total Liabilities
7,758,000 2,750,000
Commitments and Contingencies
Shareholders' Equity (Deficit):
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding
- -
Common stock, $0.0001 par value, 100,000,000 shares authorized; 98,648,735 and 97,848,735 shares issued and outstanding, respectively
10,000 10,000
Additional paid-in-capital
19,519,000 17,796,000
Accumulated deficit
(24,946,000) (16,541,000)
Total Shareholders' (Deficit) Equity
(5,417,000) 1,265,000
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
$2,341,000 $4,015,000

SOURCE: US Lighting Group, Inc.

Topic:
Earnings
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