USLG Posts Net Profit Despite Industry Downturn! Record Revenue of $1.2 Million; On Track for Best Year Ever

USLG Posts Net Profit Despite Industry Downturn! Record Revenue of $1.2 Million; On Track for Best Year Ever
USLG

USLG Posts Net Profit Despite Industry Downturn!

USLG, Inc. (OTC:USLG) (“USLG” or the “Company”), an innovative composite technology manufacturer, today announced its financial results for the first quarter of fiscal 2023, the three months ended March 31, 2023. The Company posted record revenue, beating all of 2022, reflecting the highest-ever shipments of Cortes Campers molded fiberglass RV travel trailers. The Company’s performance underscores the fact that USLG has executed its strategic growth plan to rapidly expand operations and retains a positive outlook for 2023, including the introduction of new products into its portfolio.

Recent Highlights

  • Net sales for the three months ended March 31, 2023 were approximately $1.2 million, more than for fiscal 2022 in total
  • Gross profit was $0.5 million, representing a gross margin of approximately 42%
  • The Company posted positive net income for the quarter – the first time since its transformation into a diversified provider of outdoor composite products and solutions
  • The company launched its Futuro Houses at the Cleveland Home & Remodeling Expo, signed its first Futuro Houses dealers, and sold its first Futuro House UFO home
  • During the quarter the Company shipped record numbers of its Cortes Campers and remains on track for continued double-digit top line growth in 2023


“I’m very pleased to announce that USLG had an incredible quarter – with strong top line growth, record shipments, and profitable underlying results,” said Anthony Corpora, Chief Executive Officer. “Our innovative engineers and savvy marketing staff – combined with a production team focused on operating execution – achieved results that defied even our expectations. We’re becoming more efficient and agile at meeting robust demand for our Cortes Campers, while the launch of our Futuro House will accelerate our already-strong growth trajectory.

“The Company remains on track for its best year ever, and we are investing in additional products and concepts while keeping an eye on cost as we work towards positive cash flow and generating higher returns for our shareholders. I’d like to thank our investors, employees, and customers for their passion in our company and its future; the best is yet to come.”

First Quarter 2023 Results

Net sales for the three months ended March 31, 2023 were $1.2 million compared with $76,000 in the prior-year period, reflecting increased orders and overall higher demand for the Company’s products. Gross profit was $0.5 million, representing a gross margin of approximately 42% of sales. Selling, general, and administrative expenses (“SG&A”) were $0.5 million in the first quarter of 2023 versus $0.3 million in 2022 – primarily due to investments in marketing, sales, and staffing – and the Company posted net income of approximately $25,000 during the quarter versus a loss of $0.4 million in the prior-year period.

About USLG

US Lighting Group (OTC:USLG) has three subsidiaries which design and market various products made from the exact same raw materials: 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

cwitty@darrowir.com

Tables to Follow

 

US LIGHTING GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) / (Combined)

   

For the Three Months ended March 31,

 
   

2023

   

2022

 

Sales

 

$

1,205,235

   

$

76,000

 

Cost of goods sold

   

701,319

     

68,000

 

Gross profit

   

503,916

     

8,000

 
                 

Operating expenses:

               

Selling, general and administrative expenses

   

472,349

     

266,000

 

Product development costs

   

     

 

Total operating expenses

   

472,349

     

266,000

 
                 

Income (loss) from operations

   

31,567

     

(258,000

)

                 

Other income (expense):

               

Other income, net

   

     

15,000

 

Unrealized loss

   

     

(157,000

)

Realized gain

   

     

31,000

 

Interest income

   

249

     

2,000

 

Interest expense

   

(7,046

)

   

(5,000

)

Interest expense, related party

   

     

(4,000

)

Total other expense

   

(6,797

)

   

(118,000

)

                 

Net income (loss) from operations

   

24,769

     

(376,000

)

Net income (loss)

 

$

24,769

   

$

(376,000

)

                 

Basic income (loss) per share

 

$

0.00

   

$

(0.00

)

Diluted income (loss) per share

 

$

0.00

   

$

(0.00

)

                 

Weighted average common shares outstanding, basic

   

98,947,384

     

97,848,735

 

Weighted average common shares outstanding, diluted

   

98,947,384

     

97,848,735

 

US LIGHTING GROUP, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

   

March 31, 2023

   

December 31, 2022

 
   

(Unaudited)

       

ASSETS

           

Current Assets:

           

Cash

 

$

45,843

   

$

124,529

 

Accounts receivable

   

162,657

     

5,950

 

Prepaid expenses and other current assets

   

80,920

     

87,174

 

Inventory

 

$

188,666

   

$

200,162

 

Total Current Assets

   

478,086

     

417,815

 
                 

Property and equipment, net

   

2,443,506

     

2,298,107

 

Total Assets

 

$

2,921,592

   

$

2,715,922

 
                 

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

               

Current Liabilities:

               

Accounts payable

 

$

662,405

   

$

607,647

 

Accrued expenses

   

61,735

     

111,223

 

Accrued payroll to a former officer

   

125,167

     

125,167

 

Convertible notes payable

   

     

 

Loan payable– current portion

   

104,499

     

140,905

 

Loans payable, related party

   

442,126

     

176,000

 

Total Current Liabilities

   

1,395,932

     

1,160,942

 
                 

Loans payable, net of current portion

   

295,984

     

300,351

 

Loans Payable, related party

   

6,788,503

     

7,004,629

 

Total Liabilities

 

$

8,480,419

   

$

8,465,922

 
                 

Commitments and Contingencies

               
                 

Shareholders’ Equity:

               

Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding

   

     

 

Common stock, $0.0001 par value, 500,000,000 shares authorized; 101,609,825 shares issued and outstanding

   

10,376

     

10,209

 

Additional paid-in-capital

   

19,937,348

     

19,771,111

 

Accumulated deficit

   

(25,506,551

)

   

(25,531,320

)

Total Shareholders’ Equity

   

(5,558,827

)

   

(5,750,000

)

                 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

2,921,592

   

$

2,715,922

 

SOURCE: USLG, Inc.

Media Contact
Company Name: US Lighting Group, Inc.
Contact Person: Patricia Salaciak
Email: Send Email
City: Euclid
State: OH
Country: United States
Website: https://uslightinggroup.com/


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