US Lighting Group, Inc. Reports Third Quarter FY 2021 Results

Rhea-AI Summary

US Lighting Group, Inc. (OTC:USLG) announced its financial results for Q3 2021, revealing significant growth. For the nine months ended September 30, 2021, net sales reached $23,000, up from $2,000 in 2020, while net profit surged to $3.1 million, compared to a loss of $440,000 last year. The results included a one-time gain of $3.915 million from asset sales. Q3 net sales were $21,000 with a slight loss of $149,000. The company's strategic asset sale has paved the way for new ventures, including the launch of Cortes Campers and Fusion X Marine.

Positive

• Net sales for the nine months rose to $23,000 from $2,000 year-over-year.
• Net profit increased to $3.1 million, a significant improvement from a net loss of $440,000 in the prior year.
• One-time gain of $3.915 million from asset sales positively impacted net income.
• Formation of new subsidiary Cortes Campers targeting the RV market.
• Launch of Fusion X Marine to engage in the recreational marine sector.
• Partnerships in four states anticipated to expand market reach.

Negative

• Q3 net loss of $149,000 compared to $147,000 loss in the previous year, indicating ongoing financial challenges.

EUCLID, Ohio, Dec. 1, 2021 /PRNewswire/ -- US Lighting Group, Inc. (OTC:USLG) today announced its financial results for the three and nine-months ended September 30, 2021.

Key Financial Highlights:

Operating Results for the Nine Months Ended September 30, 2021

• The Company achieved net sales for the nine months ended September 30, 2021, of $23,000, as compared to $2,000 for the same period of 2020, excluding sales from discontinued Intellitronix operations of $2.5 Million.
• Net profit was $3.1 million, as compared to a loss of $440,000 in the same period of 2020.
• Net income included a one-time gain of $3.915 million from the sale of selected assets of the Company's wholly owned subsidiary Intellitronix Corporation in May 2021. 

Operating Results for the Three Months Ended September 30, 2021

• Net sales for three months ended September 30, 2021, were $21,000, as compared to $1,000 for the same period last year, excluding sales from discontinued operations of $961,000
• Net loss was $149,000, as compared to a loss of $147,0000 for the same period last year.

Anthony Corpora, Chief Executive Officer of US Lighting Group, Inc., stated, "Our strategic decision to sell certain Intellitronix assets has not only strengthened our balance sheet, but allowed us the unique opportunity to rebrand and expand our operations. In January, we formed a new subsidiary called Cortes Campers, LLC. Cortes Campers was created to market and distribute tow behind travel campers for the rapidly growing recreational vehicle market. In April, we created Fusion X Marine, LLC. Fusion X Marine plans to sell boats and other related products to the recreational marine market. And we continue to leverage our expertise in automotive electronics by developing new proprietary products for OEM and RV segments."

"We are optimistic that our recent partnership/dealer agreements with dealers in four states will provide us the opportunity to establish Cortes Campers nationally as we continue to negotiate new agreements. We continue to conduct product development efforts on various electronics products for the vehicle OEM applications." continued Mr. Corpora.

About US Lighting Group, Inc.

US Lighting Group, Inc. (OTC:USLG) has two divisions, "Cortes Campers", a manufacturer of state-of-the-art molded fiberglass travel trailers and campers with revolutionary designs for comfort, style, durability and longevity. Another division of the Company, "Fusion X Marine", is anticipated to be a boat manufacturer and franchisor of mini powerboats. The Company and its subsidiaries have manufacturing and R&D facilities in Cleveland, Ohio.

For additional information: www.uslightinggroup.com

Forward-Looking Statements

Certain statements in this news release 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
Andrew Barwicki
516-662-9461
andrew@barwicki.com 

View original content:https://www.prnewswire.com/news-releases/us-lighting-group-inc-reports-third-quarter-fy-2021-results-301435503.html

SOURCE US Lighting Group, Inc.

FAQ

What were the key financial results for US Lighting Group in Q3 2021?

In Q3 2021, US Lighting Group reported net sales of $21,000 and a net loss of $149,000.

How did US Lighting Group perform in the nine months ending September 30, 2021?

For the nine months ending September 30, 2021, US Lighting Group achieved net sales of $23,000 and a net profit of $3.1 million.

What contributed to the increase in net profit for US Lighting Group in 2021?

The net profit increase was largely due to a one-time gain of $3.915 million from the sale of assets from the subsidiary Intellitronix.

What new business initiatives has US Lighting Group launched recently?

US Lighting Group has launched Cortes Campers and Fusion X Marine to capitalize on the RV and recreational marine markets.

What is the significance of the partnerships formed by US Lighting Group?

Partnerships with dealers in four states are expected to enhance the market presence of Cortes Campers.