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.
- 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 (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
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.
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US LIGHTING GROUP, INC. AND SUBSIDIARY
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SOURCE: US Lighting Group, Inc.
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