Pacific Safety Products Inc. Reports Fourth Quarter Fiscal 2015 and Year End Fiscal 2015 Financial Results

ARNPRIOR, ONTARIO--(Marketwired - Sep 17, 2015) - Pacific Safety Products Inc. (TSX VENTURE:PSP) ("PSP" or the "Company"), a leading North American manufacturer of advanced armour and personal protection solutions, today reported financial results for the three month period and year ended June 30, 2015.

Highlights:

Fourth Quarter

• Revenues for the fourth quarter were $5.5 million, an increase of $1.6 million or 41.0% as compared to the fourth quarter of the prior year.
• Gross margin as a percentage of revenues for the fourth quarter was 31.5%, which was an increase over gross margin of 25.1% during the fourth quarter of the prior year.
• The Company reported net income for the fourth quarter of $1.0 million compared to net income of $0.1 million during the fourth quarter of the prior year.
• Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") for the fourth quarter was $1.1 million compared to an Adjusted EBITDA of $0.1 million during fourth quarter 2014.

Fiscal Year 2015

• Revenues for the year were $17.7 million, an increase of $3.4 million or 23.6% as compared to the prior year.
• Gross margin as a percentage of revenues for the year was 28.9%, which was an increase over gross margin of 26.4% during the prior year.
• The Company reported net income for the year of $1.0 million compared to net loss of $0.2 million during the prior year
• Expenses were $3.8 million, an increase of $0.1 million or 2.4% as compared to the prior year.
• Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") was $1.5 million compared to an Adjusted EBITDA of $0.4 million during the prior year.
• Working Capital doubled to $3.4 million compared to $1.7 million in the prior year.