US Lighting Group Reports Fiscal 2022 First Quarter Results
US Lighting Group (OTC:USLG) reported its fiscal 2022 first-quarter results, showcasing a significant revenue increase with net sales of approximately $76,000, up from $2,000 a year prior. Despite a net loss from continuing operations of $376,000 compared to $295,000, the company reported a growing backlog, which rose to $5.1 million as of June 30, 2022. With a net income of $3 million for fiscal year 2021, primarily from the sale of its Intellitronix subsidiary, USLG is optimistic about increased deliveries of Cortes Campers in the latter half of 2022.
- Net sales increased to $76,000 in Q1 2022 from $2,000 in Q1 2021.
- Backlog growth from approximately $2.4 million to $5.1 million by June 30, 2022.
- Net income of $3 million for fiscal year-end December 31, 2021.
- Net loss from continuing operations increased to $376,000 in Q1 2022, up from $295,000.
Company on Track for Significant Revenue Ramp in Second Half
EUCLID, Ohio, July 20, 2022 /PRNewswire/ -- US Lighting Group, Inc. (OTC:USLG) today announced its financial results for the first quarter of fiscal 2022, the three months ended March 31, 2022.
- In fiscal year-ending December 31, 2021, US Lighting Group had a net income of
$3 million , primarily due to the sale of its Intellitronix subsidiary - Net sales for the three months ended March 31, 2022, were approximately
$76,000 as compared to$2,000 for the same period last year - Net loss from continuing operations was
$376,000 versus a loss of$295,000 in the prior-year period - As of March 31, 2022, the Company's backlog was approximately
$2.4 million , which subsequently rose to$5.1 million as of June 30, 2022 - The Company remains on track for increased deliveries of its Cortes Campers in the third and fourth quarters in 2022
- Filing and reporting of first quarter results were delayed due to auditing requirements and other factors, which have since been resolved
- Second quarter results are expected to be issued on or about August 15, 2022
"We are pleased to announce our first quarter results, where we focused on building a distribution network, putting us on track for a productive and growth-oriented remainder of 2022," said Anthony Corpora, Chief Executive Officer of US Lighting Group. "We have been focused on winning new orders for our Cortes Campers unit, since December 2021, and have successfully received over
Net sales for the three months ended March 31, 2022, were
Selling, general, and administrative expenses ("SG&A") were
As of March 31, 2022, the Company had approximately
For more information, click here to review US Lighting Group Fiscal 2022 First Quarter Results.
US Lighting Group, Inc. (OTC:USLG) has three subsidiaries, Cortes Campers, LLC, a manufacturer of molded fiberglass travel trailers and campers, Fusion X Marine, LLC, a boat manufacturer, and Futuro Houses, LLC, a fiberglass house manufacturer. The Company, its subsidiaries and affiliate, 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 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
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SOURCE US LIGHTING GROUP
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